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City of Orono, Minnesota
<br />Notes to the Financial Statements
<br />December 31, 2020
<br />Note 3: Detailed Notes on All Funds (Continued)
<br />D.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 02/01/26 1,425,000$
<br />G.O. Improvement Bonds, Series 2014A 5,275,000 2.00 - 3.00 06/19/14 02/01/29 2,240,000
<br />Street Reconstruction Refunding Bonds, Series 2016A 3,505,000 2.00 - 3.00 12/11/17 02/01/23 1,520,000
<br />Total G.O. Inmprovement Bonds 5,185,000$
<br />Business Activites
<br />G.O. Improvement Bonds, Series 2014A 5,275,000 2.00 - 3.00 06/19/14 02/01/29 805,000$
<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 />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 495,000 46,375 541,375
<br />2026 - 2029 1,315,000 65,880 1,380,880
<br />Total 5,185,000$ 478,847$ 5,663,847$
<br />Governmental Activities
<br />Year Ending
<br />December 31,Principal Interest Total
<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 90,000 11,544 101,544
<br />2026 - 2029 380,000 22,075 402,075
<br />Total 805,000$ 98,628$ 903,628$
<br />Business-type Activities
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