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City of Orono, Minnesota
<br />Notes to the Financial Statements
<br />December 31, 2019
<br />Note 3: Detailed Notes on All Funds (Continued)
<br />E. Long-term Debt
<br />General Obligation Improvement (G.O.) Bonds
<br />The bonds were issued to finance various improvements and will be repaid from taxes, special assessments and pledged
<br />revenues.
<br />Authorized Issue Maturity Balance at
<br />and Issued Date Date Year End
<br />Governmental Activites
<br />G.O. Improvement Bonds, Series 2010A 4,315,000$ 3.00 - 3.75 % 12/30/10 ###### 1,640,000$
<br />G.O. Improvement Bonds, Series 2014A 5,275,000 2.00 - 3.00 06/19/14 ###### 2,465,000
<br />Street Reconstruction Refunding Bonds, Series 2016 3,505,000 2.00 - 3.00 12/11/17 ###### 2,005,000
<br />Total G.O. Inmprovement Bonds 6,110,000$
<br />Business Activites
<br />G.O. Improvement Bonds, Series 2014A 5,275,000 2.00 - 3.00 06/19/14 ###### 885,000$
<br />Interest
<br />RateDescription
<br />Annual debt service requirements to maturity for G.O. improvement bonds are as follows:
<br />Year Ending
<br />December 31, Principal Interest Total
<br />2020 925,000$ 145,113$1,070,113$
<br />2021 945,000 124,238 1,069,238
<br />2022 960,000 102,822 1,062,822
<br />2023 990,000 78,394 1,068,394
<br />2024 480,000 61,138 541,138
<br />2025 - 2029 1,810,000 112,256 1,922,256
<br />Total 6,110,000$ 623,961$ 6,733,961$
<br />Governmental Activities
<br />Year Ending
<br />December 31, Principal Interest Total
<br />2020 80,000$ 20,431$100,431$
<br />2021 80,000 18,831 98,831
<br />2022 85,000 17,181 102,181
<br />2023 85,000 15,428 100,428
<br />2024 85,000 13,569 98,569
<br />2025 - 2029 470,000 33,619 503,619
<br />Total 885,000$ 119,059$ 1,004,059$
<br />Business-type Activities
<br />G.O. Improvement Bonds, Series 2014AG.O. Improvement Bonds, Series 2014A 5,275,000 2.00 - 3.00 06/19/14 ###### 885,00006/19/14 ###### 885,000
<br />Annual debt service requirements to maturity for G.O. Annual debt service requirements to maturity for G.O. improvement improvement bonds are as follows:bonds are as follows:
<br />Principal InterestPrincipal Interest
<br />925,000925,000$$145,113145,113$
<br />945,000 124,238124,238
<br />Governmental ActivitiesGovernmental Activities
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