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NOTE 6 — LONG-TERM DEBT (CONTINUED)
<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 />Balance -
<br />Beginning Balance —
<br />ofYcar Additions T3cictions Fnd ofVear
<br />Due LVithut
<br />Yoa,
<br />C v ntal activities
<br />G_O"Tmprovcrricn t Bonds $ 39,480,000 $ $ 2,740,000 $ 36,740,000 $ 2,865,000
<br />Capital Equipment C'ertilicates 1,495,000 200,000 1,295,000 115,000
<br />IJnarnortized bond premiums 2,099,612 — 184,436 1,915,176
<br />Arbitrage liability 166,156 — 166,156 — Compensated absences payable- 1,197,478 899,787 826,937 1,270,328 60,000
<br />Not pension liability 7,103..501 1,644,421 3.299,007 5,448,915 —
<br />Total UPEB liability 794,822 626,757 42,119 1,379,460 49,708
<br />Total governmental activities 52,336,569 3,170,965 7,458,655 48,048,879 3,089,708
<br />Business type Activities
<br />Net pension liability 520,046 91,032 240,414 370,664
<br />Total governmental and business
<br />type activities $ 52,856,615 $ 3,261,997 $ 7,699,069 $ 48,419,543 $ 3,089,708
<br />D. Minimum Debt Payments
<br />Minimum annual principal and interest payments required to retire bonds and capital equipment certificates
<br />are as follows:
<br />Governmental Activities
<br />Bonded and Cap ital Equipment Certificate Debt
<br />Year Ending
<br />T7ecenlber 3 I , Principal Tnterest
<br />2025
<br />2026
<br />2027
<br />2028
<br />2029
<br />2030-2034
<br />2035-2039
<br />2040-2041
<br />2,980,000
<br />2,635,000
<br />2,550,000
<br />2,545,000
<br />2,5 15,000
<br />12,935,000
<br />9,960,000
<br />1,915,000
<br />1,278,651
<br />1,175,209
<br />1,078,159
<br />979,959
<br />880,309
<br />3,026,406
<br />898,156
<br />47,045
<br />$ 38,035,000 $ 9,363,894
<br />78
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