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NOTE 4 — CAPITAL ASSETS (CONTINUED) C. Depreciation Expense by Function Governmental activities General government $ 820,366 Public safety 408,193 Highways and streets 1,885,071 Culture and recreation 443,115 Total depreciation ez-pense — governmental activities $ 3,556,745 Business-typ e activities Water Utility $ 727,864 Sewer Utility 528,995 Street Light Utility 40,008 Storm Water Utility 316,122 Total depreciation expense — business -type activities $ 1,612,989 NOTE 5 — LONG-TERM DEBT A. Components of Long -Term Debt Original Issue Interest Rate Issue Date Final Balance — Maturity Date End of Year Governmental activities Bonds payable General Obligation Improvement Bonds Series 20112^, S 4.365.000 2.00-3.1500 9 7 2011 2 1 2026 S 2.180.000 Series 2011E S 3.090.000 2.00-2.7000 12 29 2011 12 15 2025 1.765 000 Series 2012A S 16.875.000 3.00-3.75°o 6 7 2012 12 15 2031 12.100.000 Series 2015A S 3.880.000 2.00-3.500o 6 15 2015 12 1 2035 3.375 000 Series 2015E S 1.205.000 2.00-2.2500 6 15 2015 12 1 2025 750.000 Series 2016A S 1,650,000 2.0000 7 21 2016 12 15 2026 1.185 000 Series 20172^, S 895.000 1.15-2.5000 8 17 2017 12 15 2027 730.000 Series 20182^, S 1,175,000 3.0000 7 17 2018 12 15 2028 1.080.000 Total general obligation improvement bonds 23,165,000 Capital Equipment Certificates Series 2013A $ 635,000 0.50-3.0000 9 5 2013 9 1 2023 270,000 Series 2014A S 875,000 0.60-2.3500 12 3 2014 12 15 2024 -455.000 Total capital equipment certificates 725,000 Compensated absences payable 948,700 Net pension liability 4,867,794 Total OPEB liability 699,412 Total governmental activities 30, 405,906 Business -type activites Net pension liability 544,044 Total government and business -type activities S 30.949.950 B. Descriptions of Long -Term Debt • General Obligation Improvement Bonds — The Series 2011A 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. 75