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CITY OF ORONO
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2015
<br />
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<br />(42)
<br />
<br />NOTE 5 LONG-TERM LIABILITIES (CONTINUED)
<br />B. Bonds Payable
<br />Description Original Issue Interest Rate Issue Date
<br />Final Maturity
<br />Date
<br />Balance -
<br />End of Year
<br />Governmental Activities:
<br />General Obligation Bonds Payable:
<br />Street Reconstruction Bonds of 2008A 4,500,000$ 3.00-3.80% 03/27/08 02/01/23 3,320,000$
<br />Improvement Refunding Bonds of 2009A 1,120,000 2.00-3.00% 03/19/09 02/01/16 75,000
<br />Government Obligation Bonds of 2010A 4,315,000 3.00-3.75% 12/30/10 02/01/26 2,430,000
<br />General Obligation Bonds of 2014A 5,275,000 2.00-3.00% 06/19/14 02/01/29 3,785,000
<br />Total General Obligation Bonds Payable 9,610,000
<br />Unamortized Bond Premium 141,699
<br />Total Governmental Activities Bonds Payable 9,751,699$
<br />
<br />Business-Type Activities:
<br />G.O. Revenue Bonds:
<br />General Obligation Bonds of 2014A 5,275,000$ 2.00-3.00% 06/19/14 02/01/29 1,195,000$
<br />Unamortized Bond Premium 20,041
<br />Total Business-Type Activities Bonds Payable 1,215,041$
<br />
<br />General Obligation Bonds – These bonds were issued to finance various
<br />improvements and will be repaid from taxes and special assessments.
<br />
<br />Minimum annual principal and interest payments required to retire general obligation
<br />bonds are as follows:
<br />
<br />Years Principal Interest
<br />2016 1,080,000$ 274,153$
<br />2017 825,000 248,341
<br />2018 660,000 228,388
<br />2019 885,000 205,548
<br />2020 925,000 177,609
<br />2021-2025 3,920,000 458,987
<br />2026-2029 1,315,000 65,881
<br />Totals 9,610,000$ 1,658,907$
<br />Bonds Payable
<br />Governmental Activities
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