06-10-1985 Council Packet - Laserfiche WebLink

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NOTES TO FINANCIAL STATEMENTS - Continued December 31, 1984 Note 5: Lony-Term Debt - Continued C. Minimum Annual Principal and Interest Payments Required to Retire Long -Term Debt Excluding Vacation and Severance benefits Payable: General Special Year Ending Obligation Assessment December 31, Bonds Debt Total 1985 $ 41,859 $ 581,179 $ 623,038 1986 39,986 586,254 626,240 1987 42,970 521,255 564,225 1988 35,945 380,069 416,014 1989 361,637 361,637 1990-1999 1,246,068 1,248,068 Total $ 160,760 $3,678,462 $3,839,222 D. Descriptions and Restrictions of Long -Term Debt: General Obligation Bonds - These bonds were issued for improvements or projects which benefit the City as a whole and are, therefore, repaid from ad valorem levies. Vacation and Severance Benefits Payable - This liability represents vested benefits earned by employees through the end of the year, which will be paid or used in future periods. Special Assessment Bonds - These bonds were issued to finance various improvements and will be repaid primarily from special assessments levied on the properti.s benefiting from the improvements. Some issues are partly financed by ad valorem levies. The Refunding Bonds of 1976 were issued to refund the Improvement Bonds of 1970A, 1970B, and 1974. The liability for these assets and liabilities relating to these refunded issues are not inclu'l-i in these ::naucial statements. F. Resources to Meet Future Debt Requirements: Amounts Available for Long -Term Debt - Available fund balance designated for repayment of long-term debt include: Debt service funds Special assessment funds $6,002 $315,505 Amount to be provided in General Long -Tern. Debt group of accounts represents future state -aid payments designated for repayment of the state -aid road bond and future fundinq of severance ana vaca- tion benefits. Future tax levies of $230,800 are available, it necessary, to retire Special Assessment Debt. 0 ==I=