2003 Comprehensive Annual Financial Report

Home Browse Search

CITY OF SOUTH BEND NOTES TO FINANCIAL STATEMENTS (Continued) Short -term debt activity for the year ended December 31, 2003, was as follows: H. Long -Term Liabilities 1 General Obligation Bonds The primary government issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. General obligation bonds are direct obligations and pledge the full faith and credit of the primary government. General obligation bonds currently outstanding at year end are as follows: Interest Original Outstanding Purpose Rates Issue 12 -31 -03 1997 Redevelopment District Refunding 4.0% to 5.1% $ 4,750,000 $ 1,525,000 General obligation bonds at year end include the following amounts of unamortized bond dis- count: Purpose 1997 Redevelopment District Refunding Balance at Unamortized Adjusted December 31 Discount Balance $ 1,525,000 $ 9,237 $ 1,515,763 Annual debt service requirements to maturity for general obligation bonds are as follows: Year Ended Governmental Activities December 31 Principal Interest 2004 Beginning Issued/ Redeemed Ending Fund Balance Draws Repayments Balance Totals Tax anticipation notes: 116,480 General �... � (� 000 ry firji(11r1JW $ � � -. $ $ 6 000 $ 6,42fl,Ufi0 Park and recreation ' { _ 3,OKOOO - 3RO00,000 Nonmajor governmental _ 1,000 00000 1;080x000 Totals $ - $ 10,500,000 $ - $10,500,000 H. Long -Term Liabilities 1 General Obligation Bonds The primary government issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. General obligation bonds are direct obligations and pledge the full faith and credit of the primary government. General obligation bonds currently outstanding at year end are as follows: Interest Original Outstanding Purpose Rates Issue 12 -31 -03 1997 Redevelopment District Refunding 4.0% to 5.1% $ 4,750,000 $ 1,525,000 General obligation bonds at year end include the following amounts of unamortized bond dis- count: Purpose 1997 Redevelopment District Refunding Balance at Unamortized Adjusted December 31 Discount Balance $ 1,525,000 $ 9,237 $ 1,515,763 Annual debt service requirements to maturity for general obligation bonds are as follows: Year Ended Governmental Activities December 31 Principal Interest 2004 $ 590,000 $ 68,875 2005 615,000 39,445 2006 320,000 8,160 Totals $ 1,525,000 $ 116,480 43