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NOTE 6 — LONG-TERM LIABILITIES (CONTINUED)
<br />F. Conduit Debt Obligations
<br />The City has issued private activity bonds to provide financial assistance to private sector entities for the
<br />acquisition and construction of industrial and commercial facilities deemed to be in the public interest. The
<br />bonds constitute special obligations of the City, payable solely from revenues of the projects pledged to the
<br />payment thereof. The bonds do not constitute a debt of the City and the City has no obligation for
<br />repayment. Accordingly, the bonds are not reported as liabilities in the City's financial statements. Bonds
<br />outstanding at December 31, 2023 are as follows:
<br />Bond
<br />Amount
<br />Description Outstanding
<br />Health Care Facility Revenue Note, Series 2019
<br />Apple Tree Dental
<br />$ 2,462,366
<br />Multifamily Housing Revenue Note, Series 2022A
<br />Villas of Mounds View
<br />14,500,000
<br />Multifamily Housing Revenue Note, Series 2023A
<br />Sherman Forbes Project
<br />9,270,000
<br />Multifamily Housing Revenue Note, Series 2023B
<br />Sherman Forbes Project
<br />5,980,000
<br />Educational Facilities Revenue Note, Series 2023A
<br />High School for Recording Arts Project
<br />3,650,000
<br />Educational Facilities Revenue Note, Series 2023B
<br />High School for Recording Arts Project
<br />2,270,000
<br />Total
<br />$ 38,132,366
<br />NOTE 7 — NET POSITION/FUND BALANCES
<br />A. Net Investment in Capital Assets
<br />The government -wide Statement of Net Position at December 31, 2023 includes the City's net investment
<br />in capital assets, calculated as follows:
<br />Net investment in capital assets
<br />Capital assets
<br />Not depreciated
<br />Depreciated, net of accumulated depreciation
<br />Less capital -related long-term debt outstanding
<br />Less unamortized original issue premium
<br />Less capital -related accounts/contracts payable
<br />Total net investment in capital assets
<br />Governmental Business -Type
<br />Activities Activities Total
<br />$ 5,337,756
<br />$ 8,551,390
<br />$ 13,889,146
<br />34,614,658
<br />5,090,840
<br />39,705,498
<br />(4,965,075)
<br />(5,145,000)
<br />(10,110,075)
<br />—
<br />(217,222)
<br />(217,222)
<br />(179,851)
<br />(662,445)
<br />(842,296)
<br />$ 34,807,488
<br />$ 7,617,563
<br />$ 42,425,051
<br />-48-
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