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City of Orono, Minnesota <br />Notes to the Financial Statements <br />December 31, 2022 <br />Note 3: Detailed Notes on All Funds (Continued) <br />The City made transfers during the fiscal year 2022 as shown and described below: <br />Transfer In <br />Nonmajor <br />Governmental <br />Transfer Out <br />General 300,000$ <br />Water 15,000 <br />Sewer 82,500 <br />Total 397,500$ <br />•The General fund transferred $400,000 to the Nonmajor Governmental funds for future capital purchases and for <br />debt service payments. <br />•The Water fund transferred $20,000 and the Sewer funds transferred $110,000 to the Nonmajor Governmental <br />funds for future debt service and capital funding. <br />F.Long-term Debt <br />General Obligation Improvement (G.O.) Bonds <br />The bonds were issued to finance various improvements and will be repaid from taxes, special assessments and pledged <br />revenues. <br />Authorized Issue Maturity Balance at <br />and Issued Date Date Year End <br />Governmental Activites <br />G.O. Improvement Bonds, Series 2021A 15,350,000$ 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 1,780,000 <br />Street Reconstruction Refunding Bonds, Series 2016A 3,505,000 2.00 - 3.00 12/11/17 02/01/23 520,000 <br />Total G.O. Inmprovement Bonds 17,650,000$ <br />Business Activites <br />G.O. Improvement Bonds, Series 2014A 5,275,000 2.00 - 3.00 06/19/14 02/01/29 640,000$ <br />Interest <br />RateDescription <br />70 116