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<br />
<br />NOTE 5 – LONG-TERM DEBT (CONTINUED)
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<br />C. Changes in Long-Term Debt
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<br />D. Minimum Debt Payments
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<br />Minimum annual principal and interest payments required to retire bonds and capital equipment certificates
<br />are as follows:
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<br />E. Revenue Pledged
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<br />Future revenue pledged for the payment of long-term debt is as follows:
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<br />Percent of Remaining Principal Pledged
<br />Use of Total Term of Principal and Interest Revenue
<br />Bond Issue Proceeds Type Debt Service Pledge and Interest Paid Received
<br />Tax increment bonds Street & Building Tax increment 100%1,835,593$
<br /> improvements financing
<br />Series 2007B 2007–2014 312,000$ 220,495$
<br />Series 2012B 2012–2024 8,457,060$ 154,920$
<br />Revenue Pledged Current Year
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<br />Beginning Balance – Due Within
<br />of Year Additions Deletions End of Year One Year
<br />Tax Increment Bonds 7,820,000$ –$ 200,000$ 7,620,000$ 300,000$
<br />Capital Improvement Refunding Bonds 635,000 – 120,000 515,000 125,000
<br />G.O. Improvement Bonds 27,890,000 – 995,000 26,895,000 3,990,000
<br />Capital Equipment Certificates – 635,000 – 635,000 60,000
<br />Compensated absences 760,944 490,800 431,911 819,833 532,891
<br />OPEB 279,642 75,531 8,166 347,007 –
<br />37,385,586$ 1,201,331$ 1,755,077$ 36,831,840$ 5,007,891$
<br />Bonded and Capital Equipment Certificate Debt
<br />Year Ending
<br />December 31, Principal Interest
<br />2014 4,475,000 1,055,384
<br />2015 1,555,000 876,767
<br />2016 2,280,000 834,333
<br />2017 2,325,000 778,823
<br />2018 2,255,000 720,892
<br />2019-2023 11,600,000 2,646,534
<br />2024-2028 7,180,000 1,221,971
<br />2029-2032 3,995,000 272,497
<br />35,665,000$ 8,407,201$
<br />Governmental Activities
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