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• CITY OF FALCON HEIGHTS, NIINNESOTA <br />NOTES TO THE FINANCIAL STATEMENTS <br />For the Year Ended December 31, 2003 <br />NOTE 3 -DETAILED NOTES ON ALL FUNDS <br />D. Transfers <br />Transfers during the year ended December 31, 2003 are as follows: <br />Transfers In: <br />Nonmaj or <br />General Improvement Governmental <br />Fund Bonds of 1999 Funds Total <br />Transfers Out: <br />General Fund $ - $ - $ 15,000 $ 15,000 <br />Future Improvements 22,738 100,000 - 122,738 <br />Nonmajor Governmental Funds - 291,168 60,000 351,168 <br />Total $ 22,738 $ 391,168 $ 75,000 $ 488,906 <br />• E. Lonb term Debt <br />General Obligation Bonds <br />The City issues general obligation bonds to provide for financing tax increment projects and <br />street improvements. Debt service is covered respectively by tax increments and special <br />assessments against benefited properties with any shortfalls being paid from general taxes. <br />General obligation bonds are direct obligations and pledge the full faith and credit of the <br />government. These bonds generally are issued as 15-year serial bonds with equal debt service <br />payments each year. General obligation bonds currently outstanding are as follows: <br />Purpose Interest Rates Amount <br />Governmental Activities - G.O. Improvement 3.70 - 4.50% $ 1,085,000 <br />Governmental Activities - G.O. Tax Increment 3.20 - 5.25% 1,355,000 <br />Total $ 2,440,000 <br />r~ <br />56 <br />