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NOTE 6 — LONG-TERM DEBT (CONTINUED)
<br />• General Obligation Improvement Bonds (continued) —
<br />The Series 2023A, has $6,915,000 of the total $8,315,000 issue to fund improvements in the COR
<br />area.
<br />• Capital Equipment Certificates —
<br />Series 2014A certificates were issued to finance various capital equipment purchases and will be
<br />repaid via ad valorem levies.
<br />Series 2023A, has $1,400,000 of the total $8,315,000 issue to finance capital equipment purchases
<br />and will be repaid via ad valorem levies.
<br />Debt service is covered respectively by special assessments, state aids, and general property taxes. General
<br />Obligation bonds and equipment certificates are direct obligations and have the pledge of the full faith and
<br />credit of the City.
<br />• Unamortized Bond Premiums — This amount represents the remaining bond premium that will be
<br />amortized against interest expense in the future.
<br />• Arbitrage liability — This amount represents the liability related to the 2022A bond issue. The
<br />Pavement Management Program Fund will fund this liability.
<br />• Compensated Absences — The liability represents vested benefits earned by Governmental Fund
<br />employees through the end of the year which will be paid or used in future periods. The General Fund
<br />is the primary fund used to liquidate this liability.
<br />• Net Pension Liability (NPL) — The liability represents the City's proportionate share of PERA's
<br />collective net pension liability. The General, Water Utility, Sewer Utility and Storm Water Utility
<br />funds will be used to liquidate this liability.
<br />• Total Other Post -Employment Benefits (OPEB) Liability — The liability represents non -pension
<br />benefits provided after the termination of employment. The General Fund is the primary fund used to
<br />liquidate this liability.
<br />C. Changes in Long -Term Debt
<br />Governmental activities
<br />GAD_ Improvement Bonds
<br />Capital Equipment Certificates
<br />Unamortized bond premiums
<br />Arbitrage liability
<br />Compensated absences payable
<br />Net pension liability
<br />Total OPEB liability
<br />Total governmental activities
<br />Business type Activities
<br />Net pension liability
<br />Total governmental and business
<br />type activities
<br />Balance -
<br />Beginning Balance— Due Within
<br />of Year Additions Deletions End of Year One Year
<br />$ 34,895,000 $ 6,915,000 $ 2,330,000 $ 39,480,000 $ 2,740,000
<br />260,000 1,400,000 165,000 1,495,000 200,000
<br />1,951,694 314,131 166,213 2,099,612 166,156 — 166,156 —
<br />1,069,926 816,229 688,677 1,197,478 778,361
<br />15,256,095 2,431,226 10,583,820 7,103,501 796,286 15,743 17,207 794,822 42,119
<br />54,229,001 12,058,485 13,950,917 52,336,569 3,760,480
<br />716,367 105,665 301,986 520,046
<br />$ 54,945,368 $ 12,164,150 $ 14,252,903 $ 52,856,615 $ 3,760,480
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