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CITY OF ROSEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2005 <br />NOTE 4 - DETAILED NOTES ON ALL FUNDS (Continued) <br />F. Leases <br />The City leases office facilities and copiers under noncancelable operating leases. Total costs for such <br />leases were $56,184 for the year ended December 31, 2005. The future minimum lease payments for <br />these leases are as follows: <br />Year Ending Dec. 31 Amount <br />2006 <br />$73,871 <br />2007 <br />76,588 <br />2008 <br />50,350 <br />2009 <br />5700 <br />2010 <br />59,250 <br />2011 -2012 <br />66,150 <br />Total <br />$383,209 <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. <br />General obligation bonds currently outstanding are as follows: <br />Purpose <br />Governmental activities <br />62 <br />Net Interest <br />Rates Amount <br />2.0% - 5.2% $ 13,120,000 <br />