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CITY OF FALCON HEIGHTS, MINNESOTA •
<br />NOTES TO THE FINANCIAL STATEMENTS
<br />For the Year Ended December 31, 2003
<br />NOTE 3 -DETAILED NOTES ON ALL FUNDS
<br />E. Long-term Debt (Continued)
<br />General Obligation Bonds (Continued)
<br />Annual debt service requirements to maturity for general obligation bonds are as follows:
<br />General Obligation
<br /> General Obligation Tax Increment Total Long-Term
<br /> Improvement Bonds Financing Bonds Bonded Debt
<br />Year Principal Interest Principal Interest Principal Interest
<br />2004 $ 135,000 $ 43,710 $ 145,000 $ 64,123 $ 280,000 $ 107,833
<br />2005 145,000 38,038 150,000 57,015 295,000 95,053
<br />2006 150,000 31,915 155,000 49,685 305,000 81,600
<br />2007 155,000 25,471 165,000 41,982 320,000 67,453
<br />2008 160,000 18,698 170,000 33,710 330,000 52,408
<br />2009-2013 340,000 15,484 570,000 45,410 910,000 60,894
<br /> 25 440
<br />000
<br />$ 2 $ 465
<br />241 •
<br />Total $ 1,085,000 $ 173,316 $ 1,355,000 $ 291,9 ,
<br />, ,
<br />Changes in Long-term Liabilities
<br />Long-term liability activity for the year ended December 31, 2003, was as follows:
<br /> Beginning Ending Due Within
<br /> Balance Additions Reductions Balance One Year
<br />
<br />Governmental Actvitites:
<br />Bonds Payable:
<br />General Obligation
<br />Improvement Bonds $ 1,470,000 $ - $ (385,000) $ 1,085,000 $ 135,000
<br />General Obligation
<br />Tax Increment Bonds 1,490,000 - (135,000) 1,355,000 145,000
<br />Total Bonds Payable 2,960,000 - (520,000) 2,440,000 280,000
<br />Compensated Absences 39,685 27,550 (23,876) 43,359 3,674
<br />Governmental Activity
<br />Long-term Liabilities $ 2,999,685 $ 27,550 $ (543,876) $ 2,483,359 $ 283,674
<br />The General Fund typically liquidates the liability related to compensated absences.
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