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CITY OF HUGO, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS (CONTINUED) <br />3. Detailed Notes on All Funds (Continued) <br />D. Long -Term Debt <br />The City issues general obligation bonds to provide funds for economic development and for the <br />acquisition and construction of major capital facilities including infrastructure. General obligation <br />bonds have been issued for both general government and proprietary activities. Bonds issued to <br />provide funds for proprietary activities are reported in proprietary funds if they are expected to <br />be repaid from proprietary revenues. <br />General obligation bonds are direct obligations and pledge the full faith and credit of the City. <br />Tax increment bonds are expected to be repaid from tax increments received over the life of the <br />tax increment districts. Special assessment bonds are expected to be repaid, in part, from <br />assessments to the benefited properties. <br />A summary of long-term debt outstanding at December 31, 2015 is as follows: <br />General obligation bonds: <br />2007 A Improvement Bonds <br />2009 A Improvement Bonds <br />2009 B Tax Abatement Bonds <br />2010 Capital Improvement Bonds <br />2011 Improvement Bonds <br />2013 Crossover Refunding Bonds <br />Other Liabilities: <br />Compensated Absences <br />Unamortized premium <br />Less: Unamortized (discount) <br />326,320 <br />25,628 <br />(18,041) <br />Total Long-term Debt $ 9,128,907 <br />Liquidation of the compensated absences liability occurs within the department and fund <br />(typically the General Fund for the governmental fund liability) for which the corresponding <br />employees are assigned. <br />LK <br />Range of <br />Final <br />Balance <br />Issue Date <br />Interest Rates <br />Maturity <br />12/31/15 <br />10/17/2007 <br />4.00% - 4.15% <br />2023 <br />$ 565,000 <br />7/21/2009 <br />3.00% - 3.875% <br />2020 <br />485,000 <br />11/5/2009 <br />2.50% - 3.00% <br />2020 <br />520,000 <br />8/19/2010 <br />2.00% - 2.50% <br />2018 <br />395,000 <br />11/9/2011 <br />2.00% - 3.00% <br />2027 <br />995,000 <br />3/20/2013 <br />0.50% - 1.15% <br />2020 <br />5,835,000 <br />326,320 <br />25,628 <br />(18,041) <br />Total Long-term Debt $ 9,128,907 <br />Liquidation of the compensated absences liability occurs within the department and fund <br />(typically the General Fund for the governmental fund liability) for which the corresponding <br />employees are assigned. <br />LK <br />