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Capital Projects Funds and Debt Service Funds |
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Fund-based |
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Governmental-based |
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| 1. |
On January 1, 2010, approval was obtained to begin construstion of a new city hall. As a result |
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of this approval, $2,800,000 in 5-year serial bonds,which a face interest rate of 7%, were sold |
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at 104 (an effective rate of 6%). Principal and interest payments are made semiannually beginning |
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July 1, 2010.The premium is to be used for debt payments for principal and interest. |
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January 1, 2010 |
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| CPF |
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GT |
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| DSF |
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| 2. |
On January 3, 2010, a $2,800,000 contract with GoodBuild Construction was signed for the construction. |
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January 3, 2010 |
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| CPF |
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GT |
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| 3. |
On June 30, 2010, a bill for $1,400,000 was received from GoodBuild as a result of one-half of the work on the construction being completed. |
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June 30, 2010 |
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| CPF |
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GT |
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| CPF |
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GT |
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| 4. |
On July 1, 2010, the first debt payment for capital project bond was made. |
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July 1, 2010 |
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| DSF |
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GT |
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| 5. |
On July 15, 2010, the bill from GoodBuild was paid , less a 10% retainage to ensure performance. |
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July 15, 2010 |
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| CPF |
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GT |
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| 6. |
On October 1, 2010, a bill for $1,400,000 was received from GoodBuild in recognition of the completion of work on the city hall addition |
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Oct. 1, 2010 |
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| CPF |
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GT |
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| CPF |
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GT |
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| 7. |
On November 3, 2010, after approval by the city inspectors, all amounts owed to GoodBuild were paid. |
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Nov. 3, 2010 |
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| CPF |
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GT |
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| 8. |
On January 1, 2011, the next payment on the capital project bond was made. |
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Jan. 1, 2011 |
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| DSF |
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GT |
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| 9. |
On August 1, 2012, the city entered into a capital lease agreement to purchase new equipment for its road crews. The agreement called for an initial |
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payment of $12,000, with eight more equil annual payments of $15,000 beginning August 1, 2013. The city's normal cost of borrowing is 8%. The |
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initial payment was made as agreed and the equipment was purchased. The General Fund handled all activities related to this transaction. |
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Aug. 1, 2012 |
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| GF |
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GT |
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| 10. |
On August 1, 2013, the first annual payment is made on the capital lease agreement. |
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Aug. 1, 2013 |
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| DSF |
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GT |
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| 11. |
On December 31, 2013, depreciation of $300,000 is recorded as appropriate for all govermental capital assets. |
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Dec. 31, 2013 |
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| DFS |
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GT |
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