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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 />LoanInterestEnding
<br />Governmental activitiesamountratebalance
<br />Notes payable:
<br />Housing and Urban Development -
<br />$varies
<br />Washburne and Centre Court Building2,706,0002,706,000
<br />varies
<br />Washburne and Centre Court Building Rehabilitation5,189,0005,189,000
<br />7,895,0007,895,000
<br />$
<br />Annual debt service requirements to maturity for notes payable are as follows:
<br />Governmental activities
<br />Fiscal year
<br />ending June 30PrincipalInterest
<br />2013$128,00051,844
<br />2014248,00049,942
<br />2015248,00048,308
<br />2016328,00046,280
<br />2017328,00044,119
<br />2018-20221,740,000187,361
<br />2023-20272,040,000124,616
<br />2028-20302,835,00025,749
<br /> $7,895,000578,219
<br />The HUD notes will be repaid from principal and interest payments received from a loan to Beam Properties
<br />Eugene LLC, who purchased the property from the City. The loan proceeds from the Beam Properties Eugene
<br />LLC loan will be received in the Community Development Special Revenue Fund.
<br />Compensated Absences
<br />At June 30, 2012, the City reported compensated absences of $8,670,758 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, 2012, internal service fund debt included the Atrium
<br />Obligations of $1,035,000, Limited Tax Pension Bonds of $63,568,860, deferred bond discounts net of
<br />premiums of $110,162, and $901,089 in compensated absences.
<br />continued
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