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NOTE 5 – LONG-TERM DEBT (CONTINUED)
<br />C. Changes in Long-Term Debt
<br />BeginningBalance –Due Within
<br />of YearAdditionsDeletionsEnd of YearOne Year
<br />G.O. Tax Increment Bonds$ 7,620,000$ 300,000–$ $ 7,320,000$ 175,000
<br />G.O. Capital Improvement Bonds 515,000 125,000– 390,000 125,000
<br />G.O. Improvement Bonds 26,895,000 3,990,000– 22,905,000 1,195,000
<br />Capital Equipment Certificates 635,000 875,000 60,000 1,450,000 140,000
<br />Compensated absences payable819,833 466,519 513,573 772,779 502,306
<br />OPEB 347,007 62,922 5,374 404,555 –
<br />$ 36,831,840$ 1,404,441$ 4,993,947$33,242,334$ 2,137,306
<br />D. Minimum Debt Payments
<br />Minimum annual principal and interest payments required to retire bonds and capital equipment certificates
<br />are as follows:
<br />Governmental Activities
<br />Bonded and Capital Equipment Certificate Debt
<br />Year Ending
<br />December 31,Principal Interest
<br />20151,635,000 891,190
<br />20162,365,000 847,848
<br />20172,410,000 791,827
<br />20182,340,000 732,920
<br />20192,420,000 671,025
<br />2020-202411,955,000 2,350,130
<br />2025-20296,190,000 1,020,193
<br />2030-20322,750,000 141,650
<br />$ 7,446,78332,065,000$
<br />E. Revenue Pledged
<br />Future revenue pledged for the payment of long-term debt is as follows:
<br />Revenue PledgedCurrent Year
<br />Percent ofRemainingPrincipalPledged
<br />Use ofTotalTerm ofPrincipaland InterestRevenue
<br />Bond IssueProceedsTypeDebt ServicePledgeand InterestPaidReceived
<br />Tax increment bondsStreet & BuildingTax increment100%$ 285,421
<br /> improvements financing
<br />Series 2012B2012–20248,302,140$ $ 155,415
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