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CITY OF LITTLE CANADA, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2015 <br /> <br /> <br /> <br />(56) <br /> <br />NOTE 6 LONG-TERM LIABILITIES (CONTINUED) <br />D. Revenues Pledged (Continued) <br />Housing Improvement Area Bonds of 2009A – The City has pledged future housing <br />improvement assessment revenue to repay the HIA bonds issued in December 2009. <br />Proceeds from the bonds provided financing for the 2009 Housing Improvement Area <br />Project Canabury Square Condominiums Association. Housing improvement <br />assessments were projected to produce 100% of the debt service requirements over the <br />life of the bonds. Total principal and interest remaining on the bonds is $2,044,205, <br />payable through February 2025. For the current year, principal and interest paid and <br />total housing improvement assessment revenue were $207,370 and $339,013, <br />respectively. <br /> <br />Tax Increment Bonds of 2001A – The City has pledged future tax increment revenue to <br />repay the $3,000,000 Bonds issued in June 2001. Proceeds from the bonds provided <br />financing for various infrastructure improvements in TIF District No. 3-2. Incremental <br />property taxes were projected to produce 67% of the debt service requirements over the <br />life of the bond issue. Total principal and interest remaining on the bonds is $2,016,450, <br />payable through December 2022. For the current year, principal and interest paid and <br />total tax increment revenues were $320,580 and $320,750, respectively. <br /> <br />Tax Increment Bonds of 2008A – The City has pledged future tax increment revenue to <br />repay the $1,790,000 Bonds issued in April 2008. Proceeds from the bonds provided <br />financing for various infrastructure improvements in the TIF District No. 5-1. Incremental <br />property taxes were projected to produce 100% of the debt service requirements over <br />the life of the bond issue. Total principal and interest remaining on the bonds is <br />$1,727,819, payable through February 2026. For the current year, principal and interest <br />paid and total tax increment revenues were $156,413 and $203,614, respectively. <br /> <br />Canabury Condos Note – The City has pledged future housing improvement <br />assessment revenue to repay the note payable to Ramsey County issued in 2010. <br />Proceeds from the note provided financing for the 2009 Housing Improvement Area <br />Project – Canabury Condos. Housing improvement assessments were projected to <br />produce 100% of the debt service requirements over the life of the note. Total principal <br />and interest remaining on the note is $90,117, payable through 2021. For the current <br />year, principal and interest paid and total housing improvement assessment revenues <br />were $13,504 and $13,791, respectively. <br /> <br />Canabury Square Condos Note – The City has pledged future housing improvement <br />assessment revenue to repay the note payable to Ramsey County issued in 2010. <br />Proceeds from the note provided financing for the 2010 Housing Improvement Area <br />Project – Canabury Square Condos. Housing improvement assessments were projected <br />to produce 100% of the debt service requirements over the life of the note. Total <br />principal and interest remaining on the note is $72,220, payable through 2025. For the <br />current year, principal and interest paid and total housing improvement assessment <br />revenues were $7,680 and $11,800, respectively.