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NOTE 4 —CAPITAL ASSETS (CONTINUED)
<br />C. Depreciation Expense by Function
<br />Governmental activities
<br />General government $ 837,791
<br />Public safety 391,966
<br />Highways and streets 1,936,447
<br />Culture and recreation 452,317
<br />Total depreciation expense — governmental activities $ 3,618,521
<br />Business -type activities
<br />Water Utility $ 755,660
<br />Sewer Utility 554,914
<br />Street Light Utility 37,437
<br />Storm Water Utility 338,921
<br />Total depreciation expense — business -type activities $ 1,686,932
<br />NOTE 5 — LONG-TERM DEBT
<br />A. Components of Long -Term Debt
<br />Final Balance —
<br />Original Issue Interest Rate Issue Date Maturity Date End of Year
<br />Governmental activities
<br />Bonds payable
<br />General Obligation Improvement Bonds
<br />Series 2011E $ 3,090,000 2.00-2.70% 12/29/2011 12/15/2025 $ 1,485,000
<br />Series 2012A $ 16,875,000 3.00-3.75% 6/7/2012 12/15/2031 11,330,000
<br />Series 2015A $ 3,880,000 2.00-3.50% 6/15/2015 12/1/2035 3,200,000
<br />Series 201513 $ 1,205,000 2.00-2.25% 6/15/2015 12/1/2025 630,000
<br />Series 2016A $ 1,650,000 2.00% 7/21/2016 12/15/2026 1,020,000
<br />Series 2017A $ 895,000 1.15-2.50% 8/17/2017 12/15/2027 640,000
<br />Series 201 8A $ 1,175,000 3.00% 7/1 7/201 8 12/15/2028 965,000
<br />Series 2020A $ 9,055,000 1.00-1.65% 12/30/2020 12/15/2041 9,055,000
<br />Total general obligation improvement bonds 28,325,000
<br />Capital Equipment Certificates
<br />Series 2013A $ 635,000 0.50-3.00% 9/5/2013 9/1/2023 205,000
<br />Series 2014A $ 875,000 0.60-2.35% 12/3/2014 12/15/2024 370,000
<br />Total capital equipment certificates 575,000
<br />Compensated absences payable
<br />Net pension liability
<br />Total OPEB liability
<br />Total governmental activities
<br />1,093,863
<br />6,043,916
<br />461,540
<br />36,499,319
<br />Business -type activites
<br />Net pension liability 509,015
<br />Total government and business -type activities $ 37,008,334
<br />B. Descriptions of Long -Term Debt
<br />• General Obligation Improvement Bonds —
<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.
<br />The Series 2015A bonds were issued to finance the construction of Fire Station #2 in the City.
<br />The Series 2015B were issued to fund the road improvements related to the reconstruction of Garnet
<br />and 168th Avenue and some overlay projects.
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