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NOTE 5 — CAPITAL ASSETS (CONTINUED) <br />C. Depreciation Expense by Function <br />Depreciation expense was charged to functions/programs of the City as follows: <br />Governmental activities <br />General government <br />$ <br />201,050 <br />Public safety <br />147,311 <br />Streets and highways <br />1,896,979 <br />Culture and recreation <br />576,263 <br />Total depreciation expense — governmental activities <br />$ <br />2,821,603 <br />Business -type activities <br />Water <br />$ <br />183,673 <br />Sewer <br />126,843 <br />Storm water <br />34,685 <br />Total depreciation expense — business -type activities <br />$ <br />345,201 <br />The City's commitment for uncompleted work at December 31, 2023 is $680,303. <br />NOTE 6 — LONG-TERM LIABILITIES <br />A. General Obligation Bonds Payable <br />The City currently has the following general obligation bonds payable outstanding: <br />Governmental activities <br />2013 General Obligation Fire Improvement Refunding Bonds <br />2017 General Obligation Capital Improvement Plan Bonds <br />Total governmental activities <br />Business -type activities <br />2020A G.O. Water Revenue Bonds <br />Total bonds <br />Original Issue Interest Rate <br />$ 4,900,000 1.0-2.0% <br />$ 6,000,000 2.7-3.5% <br />$ 5,830,000 1.0-2.0% <br />Maturity Balance — <br />Date End of Year <br />2025 $ 165,075 <br />2038 4,800,000 <br />4,965,075 <br />2036 5,145,000 <br />$ 10,110,075 <br />These bonds were issued to finance the acquisition and construction of major capital facilities and <br />firefighting equipment. All bonds are backed by the full faith and credit of the City. Assets of the debt <br />service fund, together with scheduled future ad valorem tax levies, are dedicated for the retirement of <br />governmental activities bonds. Revenues of the Water Fund have been pledged to finance the payment for <br />the outstanding business -type activity bonds. <br />B. Revenue Pledged <br />Future revenue pledged for the payment of water revenue bonds is as follows: <br />Revenue Pledged Current Year <br />Percent of Remaining Principal Pledged <br />Use of Total Term of Principal and Interest Revenue <br />Debt Issue Proceeds Type Debt Service Pledge and Interest Paid Received <br />Water Revenue Bonds of 2020A Utility improvements Utility charges 100% 2020-2036 $ 5,608,371 $ 435,230 $ 1,459,121 <br />-46- <br />