Laserfiche WebLink
CITY OF RO SEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2 0 0 3 <br />NOTE 4 - DETAILED NOTES ON ALL FUNDS (Continued) <br />G. Long -term debt (Continued) <br />From time to time, the City has issued Industrial Revenue Bonds to provide financial assistance to <br />private- sector entities for the acquisition and construction of industrial and commercial facilities <br />deemed to be in the public interest. The bonds are secured by the property financed and are payable <br />solely from payments received on the underlying mortgage loans. Upon repayment of the bonds, <br />ownership of the acquired facilities transfers to the private- sector entity served by the bond issuance. <br />Neither the City, the State, nor any political subdivision thereof is obligated in any manner for <br />repayment of the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying <br />financial statements. As of December 31, 2003 there were nine series of Industrial Revenue Bonds <br />outstanding, with an aggregate principal amount payable of $67.4 million. <br />H. Restricted assets <br />The balances of the restricted asset accounts in the enterprise funds are as follows: <br />Customer deposits - Water fund $7351879 <br />I. Prior period adjustment <br />In 2003, the City made a prior period adjustment to more accurately reflect the useful lives of its' <br />fixed assets. This resulted in: <br />F- <br />Sanitary Sewer <br />Water <br />Golf Course <br />Storm Drainage <br />Amount <br />($984,02 1) <br />(2,528,023) <br />3,727 <br />(5,062,415) <br />Fund Amount <br />General ($ 1,112,931) <br />Recreation (213,657) <br />Community Development (7,994) <br />Nonmajor Funds (6.,870) <br />Total Business -type Activities ($8,570,732) Total Governmental Activities ($1,341,452) <br />63 <br />