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NOTES TD F "IANCIAL STATEMENTS - Continued <br />December 31, 1985 <br />Note 4: Deferred Revenue - Cor z�d <br />B. r. 'RAL FUND, CONTRACT FOR DEED - The City sold a section of land <br />homeowners association on a Contract for Deed, in February <br />1, f. The sales price of $100,000 will be received in equal quar- <br />terly payments over a 15-year period, without interest. The <br />remaining $86,667 balance on the Contract at December 31, 1985, is <br />shown as deferred revenue in the General Fund, until collected and <br />available to finance current operations. The receivable reflects <br />total future payments rather than net present value because the <br />entire receivable is offset by deferred revenue. <br />C. 1985 SPECIAL ASSESSMENTS - The City adopted a special assessment <br />roll in 1985 which included $46,175 relating to improvements on <br />City owned property. The General Fund will pay they assessments <br />over the next 15 years in annual installments with 9.2% interest. <br />The assessment principal has been recorded as due to/from other <br />funds. The related revenue and charges have been deferred in the <br />1985 Improvement and the General Funds, respectively. <br />D. STATE -AID CONSTRUCTION FUND - The City has received state aid for <br />street constructio,: ir, exce s of amounts expended for these pro- <br />jects through December 31, 1985. :he excess revenue of $134,O00 <br />has been deferred until additional expenditures are incurred ;n <br />1986. <br />Note 5: Long -Term Debt <br />A. Components of Long -Term Debt: <br />Final <br />Balance <br />Original <br />Interest <br />Issue <br />Maturity <br />End of <br />Issue <br />Rate <br />Date <br />Date <br />Year <br />General Long -Term Debt: <br />_ <br />General obligation bonds <br />- <br />State -aid road bonds <br />$ 270,000 <br />5.25- 5.40% <br />7-01-79 <br />4-01-88 <br />$ 110,000 <br />Vacation and severance <br />beref its payable <br />N/A <br />N/A <br />N,•'A <br />N /A <br />_ 1 16,4C' <br />Total General Long <br />-Term Debt <br />226,407 <br />Special. Assessment Debt: <br />Improv. <br />Bonds <br />of <br />1971 <br />$1,130,000 <br />4.00. <br />5.40% <br />2-01-71 <br />2-01-87 <br />155,000 <br />G.O. Ref. Bonds <br />of 1976 <br />$2,635,000 <br />5.50- <br />6.00t <br />8-01-76 <br />2-01-91 <br />975,000 <br />Improv. <br />Bonds <br />of <br />1980 <br />$1,100,000 <br />7.10- <br />8.75% <br />12-01-80 <br />3-01-96 <br />825,300 <br />Improv. <br />Bonds <br />of <br />1982 <br />$ 475,000 <br />6.50-10.00% <br />12-01-82 <br />3-01-99 <br />425,000 i <br />Improv. <br />Bonds <br />of <br />1985 <br />$ 900,000 <br />5.50- <br />8.25g <br />7-01-85 <br />1-01-01 <br />90C,000 <br />Total Special Assessment Debt <br />Total All Long -Term C)ebt <br />3,280.000 i <br />407 <br />- 15 - <br />