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CITY OF ROSEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2008 <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 secured 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, 2008, there were twelve series of Industrial Revenue Bonds outstanding, with an aggregate <br />principal amount payable of $75 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 $ 8119714 <br />I. Change in accounting principle <br />At the beginning of the fiscal year, the City changed the accounting principle related to capital assets, <br />raising the capitalization threshold level for tracking and recording capital assets from $2,000 to $5,000. <br />This resulted in the following adjustments to the beginning balances: <br />Fund <br />General <br />Recreation <br />Non major funds <br />Total Governmental Activities <br />Amount <br />$ (445,014) <br />(110,369) <br />(4,160) <br />$ (559,543) <br />E <br />Fund Amount <br />Sanitary Sewer $ (4,421) <br />Water (3,869) <br />Golf (7,334) <br />Storm (18,461) <br />Total Business -type $ (34,085) <br />Activities <br />