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CITY OF EUGENE, OREGON <br />Notes to Basic Financial Statements <br />(4) Detailed Notes on All Funds, continued <br /> (H) Noncurrent Liabilities, continued <br />Notes Payable, continued <br />The HUD notes will be repaid from principal and interest payments received from a loan to Beam Properties Eugene <br />LLC, who purchased the property from the City. The loan proceeds from the Beam Properties Eugene LLC loan will <br />be received in the Community Development Special Revenue Fund. <br /> Compensated Absences <br />At June 30, 2015, the City reported compensated absences of $9,096,477 in governmental activities. The General <br />Fund, internal service funds, and other governmental funds are typically used to liquidate these liabilities. <br /> Internal Service Fund Debt <br />Based on an analysis of billings, governmental activities have been determined to be the predominant source of <br />revenue for all internal service funds. Therefore, noncurrent liabilities of the internal service funds are reported in <br />governmental activities. As of June 30, 2015, internal service fund debt included the Atrium Obligations of $570,000, <br />Limited Tax Pension Bonds (net of unamortized discount) of $10,442,366, deferred bond discounts of $13,824, a net <br />OPEB obligation of $3,050,124, and $903,796 in compensated absences. <br />continued <br />67 <br />