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CITY OF SOUTH BEND <br />NOTES TO FINANCIAL STATEMENTS <br />(Continued) <br />2003 <br />2004 <br />2005 <br />2006 <br />2007 <br />2008-2012 <br />2013-2017 <br />Total minimum lease payments <br />Less amount representing interest <br />Present value of net minimum lease payments <br />Governmental <br />Activities <br />Business-Type <br />Activities <br />$ 765,567 $ 272,337 <br />685,560 204,453 <br />552,272 151,841 <br />458,607 - <br />364,202 <br />1,000,000 <br />600,000 <br />4,426,208 628,631 <br />970,556 50,176 <br />$ 3,455,652 $ 578,455 <br />Assets acquired through capital leases still in effect are as follows: <br />Buildings <br />Improvements other than buildings <br />Machinery and equipment <br />Governmental Business-Type <br />Activities Activities <br />$ - $ 1,960,044 <br />587,801 - <br />944,218 1,088,594 <br />1,532,019 3,048,638 <br />Accumulated depreciation <br />G. Long-Term Liabilities <br />General Obligation Bonds <br />760,374 875,569 <br />$ 771,645 $ 2,173,069 <br />The government issues general obligation bonds to provide funds for the acquisition and con- <br />struction of major capital facilities. <br />General obligation bonds are direct obligations and pledge the full faith and credit of the govern- <br />ment. General obligation bonds currently outstanding at year end are as follows: <br />Ti~re~t : a0rig~nel, <br />Purpose `7':+=- .. . ;fie - ~~- '?1~f3'tlr-~~ . . <br />1997 Redev~alopment District Refunding 4.0%to 5.1% $ 4,750,000 $ 2,085,000 <br />43 <br />