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CITY OF ROSEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31.2004 <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 were <br />$48,234 for the year ended December 31,2004. The future minimum lease payments for these leas are <br />as follows: <br />Year Ending Dec. 31 Amount <br />2005 <br />$24,996 <br />2006 <br />29,583 <br />2007 <br />3000 <br />2008 <br />3000 <br />2009 <br />2,500 <br />Total <br />$117,079 <br />G. Long -term debt <br />The City issues general obligation bonds to provide for financing construction of major capital facilities <br />and street improvements. Debt service for street improvements is covered by 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 government. <br />These bonds generally are issued as 15 -year bonds with equal debt service payments each year. The <br />original amount of general obligation bonds for the issues listed below is $28,790,000. During the year, <br />general obligation bonds totaling $1,725,000 were issue to refund general obligation bond series 23. <br />This refunding realized a net present value benefit of $163,275. <br />General obligation bonds currently outstanding are as follows: <br />Purpose <br />Governmental activities <br />C� <br />Net Interest <br />Rates Amount <br />3.78% - 5.94% 1411751000 <br />