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NOTE 6 – LONG-TERM DEBT
<br />A.Components of Long-Term Debt
<br />
<br />B.Descriptions of Long-Term Debt
<br />•General Obligation Improvement Bonds –
<br />The Series 2011B were Improvement Crossover Refunding bonds that were issued to refund the
<br />2005B Series bonds that were called on December 15, 2014.
<br />The Series 2015A bonds were issued to finance the construction of Fire Station #2 in the City.
<br />The Series 2015B were issued to fund the street improvements related to the reconstruction of
<br />Garnet and 168th Avenue and some overlay projects.
<br />The Series 2016A were issued to fund the street improvements related to the reconstruction of
<br />Andrie Street and 164th Lane and some overlay projects.
<br />The Series 2017A were issued to fund street improvements related to the reconstruction of Alpine
<br />Drive and Sunwood Drive.
<br />The Series 2018A were issued to fund street improvements related to the reconstruction of
<br />Riversbend Avenue and Stanhope Terrace.
<br />The Series 2020A were issued to fund approximately 50% of the construction costs of the Public
<br />Works Facility in the City.
<br />The Series 2021A, a $9,845,000 Capital Improvement Plan Bond, was issued to refund the 2012A
<br />Series bonds that were called on December 15, 2021.
<br />The Series 2022A were issued to fund the reconstruction and overlay street improvement projects
<br />as outlined in the City’s 5-Year Street Reconstruction and Overlay Plan (SROP).
<br />Final Balance –
<br />Original Issue Interest Rate Issue Date Maturity Date End of Year
<br />Governmental activities
<br />Bonds payable
<br />General Obligation Improvement Bonds
<br /> Series 2011B 3,090,000$ 2.00-2.70%12/29/2011 12/15/2025 615,000$
<br /> Series 2015A 3,880,000$ 2.00-3.50%6/15/2015 12/1/2035 2,655,000
<br /> Series 2015B 1,205,000$ 2.00-2.25%6/15/2015 12/1/2025 260,000
<br /> Series 2016A 1,650,000$ 2.00% 7/21/2016 12/15/2026 515,000
<br /> Series 2017A 895,000$ 1.15-2.50%8/17/2017 12/15/2027 370,000
<br /> Series 2018A 1,175,000$ 3.00% 7/17/2018 12/15/2028 620,000
<br /> Series 2020A 9,055,000$ 1.00-1.65%12/30/2020 12/15/2041 9,055,000
<br /> Series 2021A 9,845,000$ 2.00-3.00%10/19/2021 12/15/2031 8,195,000
<br /> Series 2022A 10,765,000$ 5.00% 12/6/2022 12/15/2037 10,280,000
<br /> Series 2023A 6,915,000$ 4.25-5.00%11/15/023 12/15/2038 6,915,000
<br />Total general obligation improvement bonds 39,480,000
<br />Capital Equipment Certificates
<br /> Series 2014A 875,000$ 0.60-2.35%12/3/2014 12/15/2024 95,000
<br /> Series 2023A 1,400,000$ 5.00% 11/15/023 12/15/2033 1,400,000
<br />Total capital equipment certificates 1,495,000
<br />Unamortized bond premiums 2,099,612
<br />Arbitrage liability 166,156
<br />Compensated absences payable 1,197,478
<br />Net pension liability 7,103,501
<br />Total OPEB liability 794,822
<br />Total governmental activities 52,336,569
<br />Business-type activites
<br />Net pension liability 520,046
<br />Total government and business-type activities 52,856,615$
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