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City of Orono, Minnesota
<br />Notes to the Financial Statements
<br />December 31, 2021
<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 2021A 15,350,000$ 2.00 - 3.00 %12/31/21 12/31/51 15,350,000$
<br />G.O. Improvement Bonds, Series 2014A 5,275,000 2.00 - 3.00 06/19/14 02/01/29 2,010,000
<br />Street Reconstruction Refunding Bonds, Series 2016A 3,505,000 2.00 - 3.00 12/11/17 02/01/23 1,025,000
<br />Total G.O. Inmprovement Bonds 18,385,000$
<br />Business Activites
<br />G.O. Improvement Bonds, Series 2014A 5,275,000 2.00 - 3.00 06/19/14 02/01/29 725,000$
<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 />2022 735,000$ 475,226$ 1,210,226$
<br />2023 1,095,000 461,438 1,556,438
<br />2024 595,000 430,582 1,025,582
<br />2025 615,000 401,619 1,016,619
<br />2026 635,000 371,394 1,006,394
<br />2027 - 2031 2,950,000 1,497,151 4,447,151
<br />2032 - 2036 2,525,000 1,098,220 3,623,220
<br />2037 - 2041 2,775,000 835,720 3,610,720
<br />2042 - 2046 3,065,000 546,920 3,611,920
<br />2047 - 2051 3,395,000 219,399 3,614,399
<br />Total 18,385,000$ 6,337,669$ 24,722,669$
<br />Governmental Activities
<br />Year Ending
<br />December 31,Principal Interest Total
<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 90,000 9,350 99,350
<br />2027 - 2029 290,000 12,725 302,725
<br />Total 725,000$ 79,797$ 804,797$
<br />Business-type Activities
<br />DRAFT
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