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NOTE 6 — LONG-TERM DEBT (CONTINUED) B. Descriptions of Long -Term Debt • General Obligation Improvement Bonds — The Series 2011 B were Improvement Crossover Refunding bonds that were issued to refund the 2005B Series bonds that were called on December 15, 2014. The Series 2015A bonds were issued to finance the construction of Fire Station #2 in the City. The Series 2015B were issued to fund the street improvements related to the reconstruction of Garnet and 168th Avenue and some overlay projects. The Series 2016A were issued to fund the street improvements related to the reconstruction of Andrie Street and 164th Lane and some overlay projects. The Series 2017A were issued to fund street improvements related to the reconstruction of Alpine Drive and Sunwood Drive. The Series 2018A were issued to fund street improvements related to the reconstruction of Riversbend Avenue and Stanhope Terrace. The Series 2020A were issued to fund approximately 50% of the construction costs of the Public Works Facility in the City. The Series 2021A, a $9,845,000 Capital Improvement Plan Bond, was issued to refund the 2012A Series bonds that were called on December 15, 2021. The Series 2022A were issued to fund the reconstruction and overlay street improvement projects as outlined in the City's 5-Year Street Reconstruction and Overlay Plan (SROP). The Series 2023A has $6,915,000 of the total $8,315,000 issue to fund improvements in the COR area. • Capital Equipment Certificates — Series 2023A has $1,400,000 of the total $8,315,000 issue to finance capital equipment purchases and will be repaid via ad valorem levies. Debt service is covered respectively by special assessments, state aids, and general property taxes. General Obligation bonds and equipment certificates are direct obligations and have the pledge of the full faith and credit of the City. • Unamortized Bond Premiums — This amount represents the remaining bond premium that will be amortized against interest expense in the future. • Arbitrage liability — Liability related to the 2022A bond issue. The Pavement Management Program Fund funded this liability that was paid off in 2024. 77