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NOTE 4 — LONG-TERM LIABILITIES (CONTINUED) B. Changes in Long -Term Debt Balance — Beginning Balance — Due Within of Year Additions Retirements End of Year One Year Governmental activities G.O. bonds G.O. Refunding Bonds of 2015A $ 275,000 $ — $ 65,000 $ 210,000 $ 70,000 G.O. Improvement Bonds of 2018A 475,000 — 40,000 435,000 40,000 Unamortized premiums 10,953 — 1,282 9,671 — Total S 760,953 $ — S 106,282 $ 654,67] $ 110,000 C. Minimum Debt Payments Minimum annual principal and interest payments required to retire bonds payable are as follows: Year Ending December 31, 2026 2027 2028 2029 2030 2031-2034 Total D. Description of Long -Term Debt Governmental Activities Principal Interest $ 110,000 $ 20,488 115,000 17,270 115,000 13,890 45,000 11,300 50,000 9,400 210,000 17,200 $ 645,000 $ 89,548 General Obligation Bonds — The bonds were issued for improvements or projects, or to refund previously issued bonds, which benefited the City as a whole and are, therefore, repaid from ad valorem levies or special assessment revenue. E. Ultimate Responsibility for Debt All general obligation bonds are backed by the full faith and credit of the City. F. Conduit Debt Obligations Conduit debt obligations are certain limited obligation revenue bonds or similar debt instruments issued for the express purpose of providing capital financing for specific third parties. The City has issued Educational Facilities Revenue Notes, Series 2024 for a school in the amount of $3,260,000 with a maturity date of 2045 to provide funding to private -sector and/or nonprofit entity for a project deemed to be in the public interest. Although these bonds bear the name of the City, the City has no obligation for such debt. As of December 31, 2025, these bonds have an outstanding balance in the amount of $3,260,000. -29-