Laserfiche WebLink
CITY OF LITTLE CANADA, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2017 <br /> <br /> <br /> <br />(69) <br /> <br />NOTE 15 STEWARDSHIP AND ACCOUNTABILITY <br />At December 31, 2017, individual funds with deficit fund balances/net position are as <br />follows: <br /> <br />Capital Project Funds <br />Canbury Condos HIA - #362 (45,720) <br />TIF #6-1 - #470 (662,071) <br />The TIF District #6-1 will be replenished by future TIF revenue while the HIA funds will be <br />replenished with future special assessment revenue. Both of these had a decrease in the <br />fund balance deficit in the current year as the prior deficits were ($165,291) and ($696,782), <br />respectively. <br /> <br /> <br />NOTE 16 CONDUIT DEBT OBLIGATIONS <br />The City has issued Industrial Revenue Bonds to provide financial assistance to private- <br />sector entities for the acquisition and construction of industrial and commercial facilities <br />which are deemed to be in the public interest. The bonds are secured by the property <br />financed and are payable solely from payments on the underlying mortgage loans. Upon <br />repayment of the bonds, ownership of the acquired facilities transfers to the private sector <br />entity served by the bond issue. The City is not obligated in any manner for the repayment <br />of the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying <br />financial statements. As of December 31, 2017, ten series of industrial revenue bonds, two <br />series of educational facilities revenue bonds, one series of community service revenue <br />bonds, and two senior housing revenue refunding bonds were outstanding. The aggregate <br />principal amount payable for the fifteen series could not be determined; however their <br />original issue amounts totaled $72,558,947.