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CITY OF EUGENE, OREGON <br />Notes to Basic Financial Statements <br />(4) Detailed Notes on All Funds, continued <br /> (J) Noncurrent Liabilities, continued <br />Notes Payable, continued <br />Annual debt service requirements to maturity for notes payable are as follows: <br />Governmental activities <br />Fiscal year <br />ending June 30PrincipalInterest <br />2011$128,00012,777 <br />2012128,00012,150 <br />2013128,00011,524 <br />2014128,00010,897 <br />2015128,00010,270 <br />2016-2020640,00041,954 <br />2021-2025640,00026,289 <br />2026-2028786,0006,780 <br /> $2,706,000132,641 <br />The HUD note will be repaid from principal and interest payments received from a loan to BEAM Development, <br />who purchased the property from the City. The loan proceeds from the BEAM Development loan will be <br />received in the Community Development Special Revenue Fund. <br />Compensated Absences <br />At June 30, 2010, the City reported compensated absences of $8,433,771 in governmental activities. The <br />General Fund, internal service funds, and other governmental funds are typically used to liquidate these <br />liabilities. <br />Internal Service Fund Debt <br />Based on an analysis of billings, governmental activities have been determined to be the predominant source <br />of revenue for all internal service funds. Therefore, noncurrent liabilities of the internal service funds are <br />reported in governmental activities. As of June 30, 2010, internal service fund debt included the Atrium <br />Obligations of $1,305,000, Limited Tax Pension Bonds of $64,394,215, deferred bond discounts net of <br />premiums of $129,065, and $910,189 in compensated absences. <br />continued <br />