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CITY OF ROSEVILLE, MINNESOTA NOTES TO FINANCIAL S7ATEMENTS (CONTIN�ED) DECEM6ER 31, 1990 Note 9- Chanoes In Lonq Term Debt Changes in genereL long term debt during 1990 are sumnarized as folLous: BaLance Batance January 1, December 37, 1990 Additions Retired 1990 Accrued Vacation and Severance Pay General Obtigation Bonds GeneraL Obligation Revenue Bonds Generat Obligation Improvement Bonds Generet ObLigation Tax Increment Bonds General Obligaiion State Aid Highuay eonds Totat $ 295,242 300,000 25,000 16,875,000 22,420,000 z.o�s.000 841.990,242 52,000,000 S 26,777 S 268,465 550,000 250,000 25,000 0 7,005,000 11,870,000 200,000 22,020,000 85,000 1,990,000 82,000,000 87.565,�00 536,130 000 The City implemented a defeaseance in substance of the following public improvement 6ond issues on Fe6ruary 28, 1990: [ssue OutStandinq GeneraL Obligation Improvement eonds Series 5 S 300,0�0 General obligation Improvement Bonds Series 6 225,000 General Obligation lmprovement Bonds Series 7 400,000 General Obligation improvemeni Bonds Series 8 360,000 General Obligation Improvement eonds Series 9 680,000 Generat Obligation Improvement Bonds Series 10 1,385,000 Generat Obtigation Improvement Bonds Series 11 3 150 000 Totat Debt Extinguished S 6.5�0,000 Oualified treasury securities fn the amount of 56,576,040 uere purchased trom debt service sinking funds on hand and pLaced tn an irrevocable trust wiih an escrou agent. As a result, the a6ove pu6lic improvemeni debt was considered defeased and the tiability for those bonds has been removed from the general long-term debt account group. The defeasance resulted in no economic ar loss as escrowed funds uere from sinking funds and required no issuance af refunding debt.(See Tablc 7 below) � 42