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NOTES TO FINANCIAL STATEMENTS - Continued <br />December 31, 1976 <br />Note 4: Bond Principal Payable <br />Bond principal payable is comprised of the general obligation bond and <br />special assessment bond outstanding at year end as follows: <br />BONDS PAYABLE <br />As of December 31, 1976 <br />General Long -Term Debt Special Assessment Bond <br />G.O. Municipal Building Improvement Bond of <br />Year Bonds of 1970 1974 . Total <br />Payable Principal Interest Principal Interest Principal Interest <br />1977 $10,000 $ 3,715 $ 40,000 $10,400 $ 50,000 $14,115 <br />1978 10,000 3,050 35,000 7,963 45,000 11,013 <br />1979 10,000 2,378 35,000 5,687 45,000 8,065 <br />1980 10,000 1,700 35,000 3,413 45,000 5,113 <br />1981 10,000 1,020 35,000 1,137 45,000 2,157 <br />1982 10,000 340 10,000 340 <br />$60,000 $12,203 $180,000 $28,600 $240.000 $40.803 <br />Paying Northwestern National Northwestern National <br />Agent: Bank of Minneapolis Bank of Minneapolis <br />Interest <br />Rates: <br />6.5% - 6.8% 6.5% <br />