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NOTE 5 — LONG-TERM DEBT (CONTINUED) • General Obligation Improvement Bonds — The 2009A Series bonds will be repaid with annual allotments of Municipal State Aid and interest will be subsidized up to 35% through the Build America bond program. The Series 201 IA bonds will be repaid with annual allotments of Municipal State Aid and an annual assessment per the assessment agreement between the city of Ramsey and Hageman Holdings for the improvements that were necessary for the future Legacy School. The Series 2011B were Improvement Crossover Refunding bonds that were issued to refund the 2005B Series bonds that were called on December 15, 2014. The Series 2012A bonds were issued to refund Public Facility Lease Revenue Bonds Series 2005A, dated June 1, 2005, issued by the Economic Development Authority (EDA) of the city of Ramsey. The Series 2015A bonds were issued to finance the construction of Fire Station #2 in the City. The Series 2015B were issued to fund the road improvements related to the reconstruction of Garnet and 168t' Avenue and some overlay projects. The Series 2016A were issued to fund the road improvements related to the reconstruction of Andrie Street and 164' Lane and some overlay projects. • 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. • 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. • Other Post -Employment Benefits (OPEB) Liability — The liability represents non -pension benefits provided after the termination of employment. Governmental entities have traditionally accounted for OPEB on a pay-as-you-go basis. OPEB liability is accrued as service is provided by employees. The General Fund is the primary fund used to liquidate this liability. 76