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City of Orono, Minnesota <br />Notes to the Financial Statements <br />December 31, 2023 <br />Note 3: Detailed Notes on All Funds (Continued) <br />The City made transfers during the fiscal year 2023 as shown and described below: <br />The City annually budgets transfers for specific purposes. Annual transfers include transfers made to cover funds annual <br />operations, transfers for debt service payments, transfers made as part of capital improvements plans and other transfers <br />made for various reasons. <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 />67 <br />operations, transfers for debt service payments, transfers made as part of capital improvements plans and other transfers operations, transfers for debt service payments, transfers made as part of capital improvements plans and other transfers <br />made for varimade for various reasons.ous reasons. <br />term term Debt <br />ObligationObligation ImprovementImprovement (GG..OO.) Bonds.) Bonds <br />The bonds were issued to finance variousThe bonds were issued to finance various improvements and will be repaid from taxesimprovements and will be repaid from taxes, special assessments,assessments,and pledged <br />102