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CITY OF ST. ANTHONY, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2015 CONSTRUCTION COMMITMENTS At December 31, 2015, the City had construction project contracts in progress. The commitments related to the remaining contract balances are summarized as follows: Contract Remaining Project Amount Commitment 2015 Street Improvements $2,319,894 $199,169 Regional Stormwater Treatment 1,381,360 888,034 $1,087,203 Note 6 LONG-TERM DEBT The City issues general obligation bonds to finance its street improvement program, tax increment projects and other City purposes. General obligation bonds are direct obligations of the City and are supported by the full faith and credit of the City. The City has several types of general obligation bonds outstanding at December 31, 2015. Following is a brief description of the different bond types:  Improvement bonds are issued to finance street improvement projects. These bonds are payable primarily from special assessments levied on benefited properties. The costs of these projects are shared by the City; general property taxes levied provide the revenues for these costs.  Tax increment bonds were used to finance redevelopment projects and are payable primarily from incremental property taxes derived from the tax increment districts with any deficiency to be provided from general property taxes.  Storm sewer revenue bonds used to finance storm water improvement projects are payable primarily from service charges to residents.  Tax abatement bonds were issued to finance a portion of the park improvement project and are payable from a special general property tax levy.  Certificates of indebtedness issued to finance various equipment acquisitions are payable from a special general property tax levy. REVENUE BONDS The City has issued revenue bonds to finance business-type activities. These bonds are Utility Revenue Bonds. The liability for these bonds is recorded in the Proprietary Funds. 59