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NOTE 4 — CAPITAL ASSETS (CONTINUED)
<br />C. Depreciation Expense by Function
<br />Governmental activities
<br />General government $ 856,788
<br />Public safety 429,718
<br />Highways and streets 1,658,030
<br />Culture and recreation 391,263
<br />Total depreciation expense — governmental activities $ 3,335,799
<br />Business -type activities
<br />Water Utility $ 681,759
<br />Sewer Utility 499,582
<br />Street Light Utility 40,554
<br />Storm Water Utility 290,073
<br />Total depreciation expense — business -type activities $ 1,511,968
<br />NOTE 5 — LONG-TERM DEBT
<br />A. Components of Long -Term Debt
<br />Original Issue
<br />Final Balance —
<br />Interest Rate Issue Date Maturity Date End of Year
<br />Governmental activities
<br />Bonds payable
<br />General Obligation Improvement Bonds
<br />Series 2009A $ 1,340,000 0.85-4.500o 11 19 2009 10 1 2019 $ 285,000
<br />Series 2011A $ 4,365,000 2.00-3.15°o 9 7 2011 2 1 2026 2,890,000
<br />Series 2011B $ 3,090,000 2.00-2.7000 12 29 2011 12 15 2025 2,310,000
<br />Series 2012A $ 16,875,000 3.00-3.75°o 6 7 2012 12 15 2031 13,495,000
<br />Series 2015A $ 3,880,000 2.00-3.50°o 6 15 2015 12 1 2035 3,715,000
<br />Series 2015B $ 1,205,000 2.00-2.25°o 6 15 2015 12 1 2025 980,000
<br />Series2016A $ 1,650,000 2.00°0 7 21 2016 12 15 2026 1,505,000
<br />Series 2017A $ 895,000 1.15-2.50°o 8 17 2017 12 15 2027 895,000
<br />Total general obligation improvement bonds 26,075,000
<br />Capital Equipment Certificates
<br />Series 2013A $ 635,000 0.50-3.00°o 9 5 2013 9 1 2023 395,000
<br />Series 2014A $ 875,000 0.60-2.35°o 12 3 2014 12 15 2024 625,000
<br />Total capital equipment certificates 1,020,000
<br />Compensated absences payable 847,202
<br />Net pension liability 5,892,660
<br />OPEB 565,491
<br />Total governmental activities 34,400,353
<br />Business -type activites
<br />Net pension liability 581,651
<br />Total government and business -type activities $ 34,982,004
<br />B. Descriptions of Long -Term Debt
<br />• Capital Improvement Refunding Bonds Series 2004A — These bonds were issued to finance Fire
<br />Station #1 and were repaid via ad valorem levies. The City made the final payment during fiscal
<br />2017.
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