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NOTE 6 —LONG-TERM DEBT (CONTINUED) <br />• General Obligation Improvement Bonds (continued) — <br />The Series 2018A were issued to fund street 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. <br />The Series 2022A were issued to fund the reconstruction and overlay street improvement projects <br />as outlined in the City's 5-Year Street Reconstruction and Overlay Plan (SROP). <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 />amortized 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 />78 <br />