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CITY OF LITTLE CANADA, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2020 <br /> <br /> <br /> <br /> <br /> <br />NOTE 5 CAPITAL ASSETS (CONTINUED) <br />C. Depreciation Expense by Function <br />Depreciation expense was charged to the functions/programs of the primary government as follows: <br /> <br />Governmental activities: General government $ 92,009 <br /> Public safety 121,397 <br /> Public works 1,694,234 <br /> Culture and recreation 72,702 <br /> Total depreciation expense governmental activities $1,980,342 <br /> Business-type activities: <br /> Water $253,933 <br /> Sewer 159,802 <br /> Total depreciation expense business-type activities $413,735 <br /> <br /> <br />NOTE 6 LONG-TERM LIABILITIES <br />A. Components of Long-Term Debt <br />The City had the following long-term liabilities outstanding at December 31, 2020: <br /> <br /> Final <br /> Interest Issue Maturity Original Payable <br /> Rate Date Date Issue 12/31/2020 <br /> Governmental Activities: <br /> General Obligation Bonds: <br /> GO Bonds of 2014A 2.98% 03/11/2014 02/01/2034 $3,400,000 $2,545,000 <br /> GO Refunding Bonds of 2015A 2.00% 06/23/2015 02/01/2026 1,335,000 835,000 <br /> Total General Obligation Bonds 4,735,000 3,380,000 <br /> Notes from Direct Borrowings: <br /> Canabury Condos Note 2.00% 02/17/2010 02/01/2025 170,900 12,174 <br /> Canabury Square Condos Note 2.00% 05/14/2010 02/01/2025 99,100 32,133 <br /> Total Notes from Direct Borrowings 400,000 44,307 <br /> Unamortized bond premium 36,580 <br /> Compensated absences payable 118,864 <br /> Total Government Activities $5,135,000 3,579,751 <br /> Business-Type Activities: <br /> Compensated absences payable $79,113 <br /> Total Business-Type Activities $79,113 <br /> <br /> <br /> <br /> <br /> <br />65