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CITY OF ROSEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2 0 0 4 <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 deemed <br />to be in the public interest. The bonds are s e cued by the property financed and are payable solely from <br />payments received on the underlying mortgage loans. Upon repayment of the bonds, ownership of the <br />acquired facilities transfers to the private- sector entity served by the bond issuance. Neither the City, the <br />State, nor any political subdivision thereof is obligated in any manner for repayment of the bonds. <br />Accordingly, the bonds are not reported as liabilities in the accompanying financial statements. As of <br />December 31, 2004, there were ten series of Industrial Revenue Bonds outstanding, with an aggregate <br />principal amount payable of $63.3 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 $7481803 <br />I. Change in accounting principle <br />Due to changes with the organizational structure of the governing body and its mission, along with <br />GASB 14, the City has decided to present the Housing and Redevelopment Authority as a discretely <br />presented component unit. <br />J. Prior period adjustment <br />In 2004, the City made a prior period adjustment to more accurately reflect the investment earnings of its <br />Federal Agency Discounted Amortizing Bonds. This resulted in: <br />Fund <br />General <br />Recreation <br />Community Development <br />GO Improvement Bonds <br />Revolving Improvements <br />Economic Increments <br />Construction <br />Street Construction <br />Tax Reduction <br />Infrastructure Replacment <br />Nonmaj or Funds <br />Total Governmental Activities <br />Amount <br />F= <br />Amount <br />($81,390) <br />Sanitary Sewer <br />(80,544) <br />(3,208) <br />Water <br />$(16,801) <br />(4,476) <br />Golf <br />(81 l 57) <br />(42,495) <br />Solid Waste <br />(945) <br />(16,038) <br />Storm <br />(47,946) <br />Total Business- <br />(1412.712111 <br />type activities <br />154,393 <br />r a 0.854) Housing <br />i2•a 59.1 -_1 a) Redevelopment <br />i? 4_'! 5:r) Authority (6y 122 <br />is-) <br />