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CITY OF ROSEVILLE
<br />NOTES TO FINANCIAL STATEMENTS
<br />DECEMBER 31, 2001
<br />NOTE 4- DETAILED NOTES ON ALL FiJNDS (Continued)
<br />E. Long-term debt (Continued)
<br />Changes in long-term liabilities
<br />Beginning Ending Due Within
<br />Governmental Activities Balance Additions Reductions Balance One Year
<br />General obligation bonds
<br />payable
<br />Tax increment $ 16,525,000 $ 0$ 14,710,000 $ 1,815,000 $ 1,815,000
<br />Special assessment debt
<br />with gov't commitment
<br />Total bonds payable
<br />15,380,000 0 4,325,000 11,055,000 3,495,000
<br />31,905,000 0 19,035,000 12,870,000 5,310,000
<br />Long-term notes payable 118,190
<br />Severance 63,000
<br />Compensated absences 511,962
<br />0 60,404 57,786 16,247
<br />0 63,000 0 0
<br />0 25,881 486,081 0
<br />Governmental activities -
<br />Long-term liabilities $ 32,598,152 $ 0$ 19,184,285 $ 13,413,867 $ 5,326,247
<br />In 2001, the City purchased $8,400,000 of U.S. Treasury Securities State and Local Government
<br />Series that were p�aced in irrevocable trust for the purpose of generating resources for future debt
<br />service payments on the General Obligation Tax Increment Refunding Bonds, Series 1998 which
<br />mature in the years 2003 to 2006. As a result these bonds aze considered defeased and the liability
<br />has been removed from the statement of net assets.
<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
<br />deemed to be in the public interest. The bonds aze secured by the property financed and aze payable
<br />solely from payments received on the underlying mortgage loans. Upon repayment of the bonds,
<br />ownership of the acquired facilities transfers to the private-sector entity served by the bond issuance.
<br />Neither the City, the State, nor any political subdivision thereof is obligated in any manner for
<br />repayment of the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying
<br />financial statements. As of December 31, 2001 there were nine series of Industrial Revenue Bonds
<br />outstanding, with an aggregate principal amount payable of $60.7 million.
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