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NOTE 4 — CAPITAL ASSETS (CONTINUED)
<br />C. Depreciation Expense by Function
<br />Governmental activities
<br />General government $ 825,160
<br />Public safety 402,217
<br />Highways and streets 1,759,516
<br />Culture and recreation 442,750
<br />Total depreciation expense — governmental activities $ 3,429,643
<br />Business -type activities
<br />Water Utility
<br />Sewer Utility
<br />Street Light Utility
<br />Storm Water Utility
<br />Total depreciation expense — business -type activities
<br />NOTE 5 — LONG-TERM DEBT
<br />A. Components of Long -Term Debt
<br />706,447
<br />523,140
<br />40,125
<br />310,649
<br />1,580,361
<br />Final Balance —
<br />Original Issue Interest Rate Issue Date Maturity Date End of Year
<br />Governmental activities
<br />Bonds payable
<br />General Obligation Improvement Bonds
<br />Series2009A $ 1,340,000 0.85-4.50°,0 11'19.'2009 10.'1'2019 $ 145,000
<br />Series2011A $ 4,365,000 2.00-3.15°,0 9.'7'2011 2'1'2026 2,540,000
<br />Series2011B $ 3,090,000 2.00-2.70°,0 12'29.'2011 12'15'2025 2,040,000
<br />Series2012A $ 16,875,000 3.00-3.75°,0 6/7.'2012 12'15'2031 12,820,000
<br />Series2015A $ 3,880,000 2.00-3.50°,0 6/15'2015 12'1'2035 3,545,000
<br />Series2015B $ 1,205,000 2.00-2.25°,0 6/15'2015 12'1'2025 865,000
<br />Series2016A $ 1,650,000 2.00°,0 7.'21'2016 12'15'2026 1,350,000
<br />Series2017A $ 895,000 1.15-2.50°,0 8.'17.'2017 12'15'2027 815,000
<br />Series 2018A $ 1,175,000 3.00°,0 7' 17.'2018 12' 15'2028 1,175,000
<br />Total general obligation improvement bonds 25,295,000
<br />Capital Equipment Certificates
<br />Series2013A $ 635,000 0.50-3.00°,0 9.'5'2013 9.'1'2023 335,000
<br />Series2014A $ 875,000 0.60-2.35°,0 12'3'2014 12'15'2024 540,000
<br />Total capital equipment certificates 875,000
<br />Compensated absences payable 905,627
<br />Net pension liability 4,683,942
<br />OPEB 645,239
<br />Total governmental activities 32,404,808
<br />Business -type activites
<br />Net pension liability 543,043
<br />Total government and business -type activities $ 32,947,851
<br />B. Descriptions of Long -Term Debt
<br />• General Obligation Improvement Bonds —
<br />The 2009A Series bonds will be repaid with annual allotments of Municipal State Aid and interest
<br />will be subsidized up to 35% through the Build America bond program.
<br />The Series 2011A bonds will be repaid with annual allotments of Municipal State Aid and an annual
<br />assessment per the assessment agreement between the city of Ramsey and Hageman Holdings for
<br />the improvements that were necessary for the future Legacy School.
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