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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 on December 31,2025 are as follows:
<br /> Amount
<br /> Bond Description Outstanding
<br /> Health Care Facility Revenue Note,Series 2019 Apple Tree Dental $ 2,204,301
<br /> Multifamily Housing Revenue Note,Series 2022A Villas of Mounds View 14,297,223
<br /> Educational Facilities Revenue Note,Series 2023A and 2023B High School for Recording Arts Project 5,633,193
<br /> Multifamily Housing Revenue Note,Series 2024A Sibley Park/Sibley Court 45,000,000
<br /> Total $ 67,134,717
<br /> NOTE 7—NET POSITION/FUND BALANCES
<br /> A. Net Investment in Capital Assets
<br /> The government-wide Statement of Net Position on December 31,2025 includes the City's net investment
<br /> in capital assets, calculated as follows:
<br /> Governmental Business-Type
<br /> Activities Activities Total
<br /> Net investment in capital assets
<br /> Capital assets
<br /> Not depreciated $ 2,199,845 $ 1,353,345 $ 3,553,190
<br /> Depreciated,net of accumulated depreciation 35,341,524 15,008,528 50,350,052
<br /> Less capital-related long-term debt outstanding (4,270,000) (4,430,000) (8,700,000)
<br /> Less unamortized original issue premium — (181,018) (181,018)
<br /> Less capital-related accounts/contracts payable (21,872) (26,172) (48,044)
<br /> Total net investment in capital assets $ 33,249,497 $ 11,724,683 $ 44,974,180
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