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NOTE 5 - LONG -TERM DEBT (CONTINUED)
<br />• Lease Revenue Bonds Public Facility Lease Revenue Bonds Series 2005A (EDA) - During
<br />June, 2005 the Economic Development Authority (EDA) issued Lease Revenue Bonds totaling
<br />$19,200,000. A ground lease was entered into between the EDA and the City to finance the
<br />ongoing debt service obligation. These bonds were issued to finance the municipal center which
<br />includes City Hall offices as well as a Police facility.
<br />• Capital Equipment Certificates - These certificates were issued to finance various capital
<br />equipment purchases and will be repaid via ad valorem levies.
<br />• Compensated Absences - The liability represents vested benefits earned by Governmental Fund
<br />employees through the end of the year which will be paid or used in future periods. The General
<br />Fund is the primary fund used to liquidate this liability.
<br />• Other Post - Employment Benefits (OPEB) Liability -The liability represents non - pension
<br />benefits provided after the termination of employment. Governmental entities have traditionally
<br />accounted for OPEB on a pay -as- you -go basis. OPEB liability is accrued as service is provided
<br />by employees. The General Fund is the primary fund used to liquidate this liability.
<br />C. Changes in Long -Term Debt
<br />Beginning
<br />of Year Additions Deletions
<br />Tax Increment Bonds
<br />Lease Revenue Bonds
<br />Capital Improvement
<br />Refunding Bonds
<br />GO. Improvement Bonds
<br />Capital Equipment Certificates
<br />Compensated absences
<br />OPEB
<br />D. Minimum Debt Payments
<br />Year Ending
<br />December 31,
<br />2012
<br />2013
<br />2014
<br />2015
<br />2016
<br />2017 -2021
<br />2022 -2026
<br />2027 -2031
<br />2032
<br />Principal
<br />$ 1,415,000
<br />1,680,000
<br />4,775,000
<br />1,665,000
<br />1,825,000
<br />8,810,000
<br />8,175,000
<br />2,035,000
<br />125,000
<br />$ 30,505,000
<br />$ 1,175,000 $
<br />17,790,000
<br />865,000
<br />4,865,000
<br />335,000
<br />742,211
<br />141,817
<br />$ 25,914,028
<br />Bonded Debt
<br />$ 1,139,940
<br />1,091,238
<br />1,025,984
<br />827,055
<br />768,083
<br />2,926,681
<br />1,418,484
<br />144,011
<br />2,438
<br />$ 9,343,914
<br />76
<br />7,455,000
<br />450,421
<br />90,444
<br />$ 7,995,865
<br />Governmental Activities
<br />Interest Principal
<br />Balance -
<br />End of Year
<br />$ 475,000 $ 700,000
<br />750,000 17,040,000
<br />115,000 750,000
<br />305,000 12,015,000
<br />165,000 170,000
<br />393,740 798,892
<br />17,514 214,747
<br />$ 2,221,254 $ 31,688,639 $ 2,104,280
<br />Minimum annual principal and interest payments required to retire bonds and certificates of indebtedness
<br />are as follows:
<br />Capital Equipment Certificates
<br />$ 170,000
<br />$ 170,000
<br />Interest
<br />Due Within
<br />One Year
<br />$ 200,000
<br />785,000
<br />3,188
<br />3,188
<br />115,000
<br />315,000
<br />170,000
<br />519,280
<br />
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