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NOTE 4 — CAPITAL ASSETS (CONTINUED)
<br />C. Depreciation Expense by Function
<br />Governmental activities
<br />General government $ 825,160
<br />Public safety 402,217
<br />Highways and streets 1,759,516
<br />Culture and recreation 442,750
<br />Total depreciation expense governmental activities $ 3,429,643
<br />Business -type activities
<br />Water Utility $ 706,447
<br />Sewer Utility 523,140
<br />Street Light Utility 40,125
<br />Storm Water Utility 310,649
<br />Total depreciation expense — business -type activities $ 1,580,361
<br />NOTE 5 — LONG-TERM DEBT
<br />A. Components of Long -Term Debt
<br />Original Issue Interest Rate
<br />Final Balance —
<br />Issue Date Maturity Date End of Year
<br />Governmental activities
<br />Bonds payable
<br />General Obligation Improvement Bonds
<br />Series 2009A $ 1,340,000 0.85-4.50% 11/19/2009 10/1/2019 $ 145,000
<br />Series 2011A $ 4,365,000 2_00-3.15% 9/7/2011 2/1/2026 2,540,000
<br />Series 2011B $ 3,090,000 2.00-2.70% 12/29/2011 12/15/2025 2,040,000
<br />Series 2012A $ 16,875,000 3.00-3.75% 6/7/2012 12/15/2031 12,820,000
<br />Series 2015A $ 3,880,000 2.00-3.50% 6/15/2015 12/1/2035 3,545,000
<br />Series 2015B $ 1,205,000 2.00-2.25% 6/15/2015 12/1/2025 865,000
<br />Series 2016A $ 1,650,000 2.00% 7/21/2016 12/15/2026 1,350,000
<br />Series 2017A $ 895,000 1.15-2.50% 8/17/2017 12/15/2027 815,000
<br />Series2018A $ 1,175,000 3.00% 7/17/2018 12/15/2028 1,175,000
<br />Total general obligation improvement bonds 25,295,000
<br />Capital Equipment Certificates
<br />Series 2013A $ 635,000 0.50-3.00% 9/5/2013 9/1/2023 335,000
<br />Series 2014A $ 875,000 0.60-2.35% 12/3/2014 12/15/2024 540,000
<br />Total capital equipment certificates 875,000
<br />Compensated absences payable 905,627
<br />Net pension liability 4,683,942
<br />OPEB 645,239
<br />Total governmental activities 32,404,808
<br />Business -type activites
<br />Net pension liability 543,043
<br />Total government and business -type activities $ 32,947,851
<br />B. Descriptions of Long -Term Debt
<br />• General Obligation Improvement Bonds —
<br />The 2009A Series bonds will be repaid with annual allotments of Municipal State Aid and interest
<br />will be subsidized up to 35% through the Build America bond program.
<br />The Series 2011A bonds will be repaid with annual allotments of Municipal State Aid and an annual
<br />assessment per the assessment agreement between the city of Ramsey and Hageman Holdings for
<br />the improvements that were necessary for the future Legacy School.
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