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NOTE 5—LONG-TERM DEBT(CONTINUED) <br /> • General Obligation Improvement Bonds (continued)— <br /> The Series 2018A were issued to fund road improvements related to the reconstruction of <br /> Riversbend Avenue and Stanhope Terrace. <br /> The Series 2020A were issued to fund approximately 50% of the construction costs of the Public <br /> Works Facility in the City. <br /> The Series 2021A, a$9,845,000 Capital Improvement Plan Bond,was issued to refund the 2012A <br /> Series bonds that were called on December 15,2021. In October 2021,the City issued$9,845,000 <br /> of General Obligation Refunding Bonds, Series 2021A. The proceeds of this issue were used to <br /> refund, in advance of their stated maturities, the remaining maturities of the City's General <br /> Obligation Bonds,Series 2012A on December 15,2021. This current refunding reduced the City's <br /> total future debt service payments by $1,120,152, and resulted in a present value savings of <br /> $1,063,618. <br /> • Capital Equipment Certificates— <br /> Series 2013A certificates were issued to finance various capital equipment purchases and will be <br /> repaid via ad valorem levies. <br /> Series 2014A certificates were issued to finance various capital equipment purchases and will be <br /> repaid via ad valorem levies. <br /> Debt service is covered respectively by special assessments,state aids,and general property taxes. General <br /> Obligation bonds and equipment certificates are direct obligations and have the pledge of the full faith and <br /> credit of the City. <br /> • Unamortized Bond Premiums — This amount represents the remaining bond premium that will be <br /> written off against interest expense in the future. <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 Fund <br /> is the primary fund used to liquidate this liability. <br /> • Net Pension Liability (NPL) — The liability represents the City's proportionate share of PERA's <br /> collective net pension liability. The General, Water Utility, Sewer Utility and Storm Water Utility <br /> funds will be used to liquidate this liability. <br /> • Total Other Post-Employment Benefits (OPEB) Liability — The liability represents non-pension <br /> benefits provided after the termination of employment. The General Fund is the primary fund used to <br /> liquidate this liability. <br /> 76 <br />