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CITY OF ROSEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2 0 0 3 <br />NOTE 4 - DETAILED NOTES ON ALL FUNDS (Continued) <br />F. Leases <br />The City leases office facilities under noncancelable operating leases. Total costs for such leases <br />were $68,959 for the year ended December 31,2003. The future minimum lease payments for these <br />leases are as follows: <br />Year Ending Dec. 31 Amount <br />2004 <br />$47,382 <br />2005 <br />241996 <br />2006 <br />241996 <br />2007 -2009 <br />901000 <br />Total <br />$187,374 <br />G. Long -term debt <br />The City issues general obligation bonds to provide for financing construction of major capital <br />facilities, tax increment projects, and street improvements. Debt service for tax increment projects <br />and street improvements are covered respectively by tax increments and special assessments against <br />benefited properties with any shortfalls being paid from general taxes. <br />General obligation bonds are direct obligations and pledge the full faith and credit of the <br />government. These bonds generally are issued as 15 year serial bonds with equal debt service <br />payments each year. The original amount of general obligation bonds for the issues listed below is <br />$28,790,000. <br />General obligation bonds currently outstanding are as follows: <br />ELu2ff <br />Governmental activities TT <br />61 <br />Net Interest <br />Rates Amount <br />1_781Y-a - 5.94 E 51495, <br />