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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 />Annual debt service requirements to maturity for G.O. improvement bonds are as follows:
<br />Year Ending
<br />December 31, Principal Interest Total
<br />2024 595,000$ 407,144$ 1,002,144$
<br />2025 615,000 387,275 1,002,275
<br />2026 635,000 366,519 1,001,519
<br />2027 655,000 344,557 999,557
<br />2028 680,000 321,538 1,001,538
<br />2029-2033 2,595,000 1,300,245 3,895,245
<br />2034-2038 2,625,000 996,220 3,621,220
<br />2039-2043 2,885,000 723,620 3,608,620
<br />2044-2048 3,190,000 422,308 3,612,308
<br />2049-2051 2,080,000 88,924 2,168,924
<br />Total 16,555,000$ 5,358,350$ 21,913,350$
<br />Governmental Activities
<br />Financed Purchase Agreement
<br />This agreement was issued to finance the purchase of a fire truck in 2023.
<br />Authorized Issue Maturity Balance at
<br />and Issued Date Date Year End
<br />Governmental Activites
<br />Fire Truck Financed Purchase Agreement 484,900$ 5.00 % 12/01/23 12/01/29 484,900$
<br />Interest
<br />Description Rate
<br />68 103
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