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NOTE 4 — CAPITAL ASSETS (CONTINUED)
<br />C. Depreciation Expense by Function
<br />Governmental activities
<br />General government $ 820,366
<br />Public safety 408,193
<br />Highways and streets 1,885,071
<br />Culture and recreation 443,115
<br />Total depreciation expense governmental activities $ 3,556,745
<br />Business -type activities
<br />Water Utility $ 727,864
<br />Sewer Utility 528,995
<br />Street Light Utility 40,008
<br />Storm Water Utility 316,122
<br />Total depreciation expense — business -type activities $ 1,612,989
<br />NOTE 5 — LONG-TERM DEBT
<br />A. Components of Long -Term Debt
<br />Original Issue
<br />Interest Rate Issue Date
<br />Final 1.alance—
<br />Maturity Date End of Year
<br />Governmental activities
<br />Bondspayablc
<br />General Obligation Improvement Bonds
<br />Series 2011A $ 4,36.5_000 2.00-3.159/, 9/7/2011 2/1/2026 $ 2,180,000
<br />Series 2011E $ 3,090,000 2.00-2.7091, 12/29/2011 12/15/2025 1,765,000
<br />Series 2012A $ 16,875,000 3.00-3.7591, 6/7/2012 12/15/2031 12,100,000
<br />Series 2015A $ 3,880,000 2.00-3.50% 6/15/2015 12/1/2035 3,375,000
<br />Series 2015E $ 1,205,000 2.00-2.2591, 6/15/2015 12/1/2025 750,000
<br />Series 2016A $ 1,650,000 2.00% 7/21/2016 12/15/2026 1,185,000
<br />Series 2017A $ 895,000 1 _1 5-2.50 % 8/1 7/201 7 12/15/2027 730,000
<br />Series 201 8A $ 1,175,000 3.00 % 7/1 7/201 8 12/1 5/2028 1,080,000
<br />Total general obligation improvement bonds 23,165,000
<br />Capital Equipment Certificates
<br />Series 2013A $ 635,000 0.50-3.00// 9/5/2013 9/1/2023 270,000
<br />Series 2014A $ 875,000 0.60-2.35 % 12/3/2014 12/15/2024 455,000
<br />Total capital equipment certificates 725,000
<br />Compensated absences payable
<br />Net pension liability
<br />Total GEES liability
<br />Total governmental activities
<br />948,700
<br />4,867,794
<br />699,412
<br />30,405,906
<br />Business -type act ivites
<br />Net pension liability 544,044
<br />Total government and business -type activities $ 30,949,950
<br />B. Descriptions of Long -Term Debt
<br />• General Obligation Improvement Bonds —
<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.
<br />The Series 2011B were Improvement Crossover Refunding bonds that were issued to refund the
<br />2005B Series bonds that were called on December 15, 2014.
<br />The Series 2012A bonds were issued to refund Public Facility Lease Revenue Bonds Series 2005A,
<br />dated June 1, 2005, issued by the Economic Development Authority (EDA) of the city of Ramsey.
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