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NOTE 6 — LONG-TERM DEBT (CONTINUED) • General Obligation Improvement Bonds (continued) — The Series 2018A were issued to fund street improvements related to the reconstruction of Riversbend Avenue and Stanhope Terrace. The Series 2020A were issued to fund approximately 50% of the construction costs of the Public Works Facility in the City. The Series 2021A, a $9,845,000 Capital Improvement Plan Bond, was issued to refund the 2012A Series bonds that were called on December 15, 2021. The Series 2022A were issued to fund the reconstruction and overlay street improvement projects as outlined in the City's 5-Year Street Reconstruction and Overlay Plan (SROP). • Capital Equipment Certificates — Series 2013A certificates were issued to finance various capital equipment purchases and will be repaid via ad valorem levies. Series 2014A certificates were issued to finance various capital equipment purchases and will be repaid via ad valorem levies. Debt service is covered respectively by special assessments, state aids, and general property taxes. General Obligation bonds and equipment certificates are direct obligations and have the pledge of the full faith and credit of the City. • Unamortized Bond Premiums — This amount represents the remaining bond premium that will be amortized against interest expense in the future. • Compensated Absences — The liability represents vested benefits earned by Governmental Fund employees through the end of the year which will be paid or used in future periods. The General Fund is the primary fund used to liquidate this liability. • Net Pension Liability (NPL) — The liability represents the City's proportionate share of PERA's collective net pension liability. The General, Water Utility, Sewer Utility and Storm Water Utility funds will be used to liquidate this liability. • Total Other Post -Employment Benefits (OPEB) Liability — The liability represents non -pension benefits provided after the termination of employment. The General Fund is the primary fund used to liquidate this liability. 78