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CITY OF ROSEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2010 <br />NOTE 4 - DETAILED NOTES ON ALL FUNDS (Continued) <br />G. Leases <br />The City leases office facilities and copiers under noncancelable operating leases. Total costs for such <br />leases were $90,123 for the year ended December 31, 2010. The future minimum lease payments for <br />these leases are as follows: <br />Year Ending Dec. 31 <br />2011 <br />2012 <br />2013 <br />2014 <br />Amount <br />96,071 <br />102,711 <br />48,578 <br />7,309 <br />Total $ 25409 <br />H. Long -term debt <br />The City issues general obligation debt 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 and certificates of indebtedness are direct obligations and pledge the full faith <br />and credit of the government. The original amount of general obligation bonds and certificates of <br />indebtedness for the issues listed below is $16,200,000. <br />General obligation debt currently outstanding is as follows: <br />Purpose <br />Net Interest <br />Rates Amount <br />Governmental activities 2.0%-5.2% $ 11,520,000 <br />62 <br />