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CITY OF LITTLE CANADA, MINNESOTA
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2018
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<br />
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<br />(56)
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<br />NOTE 6 LONG-TERM LIABILITIES (CONTINUED)
<br />B. Changes in Long-Term Debt
<br />Long-term liability activity for the year ended December 31, 2018 was as follows:
<br />
<br />Beginning End of Due Within
<br />of Year Additions Retirements Year One Year
<br />Governmental Activities:
<br />General Obligation Bonds 4,185,000$ -$ (260,000)$ 3,925,000$ 270,000$
<br />Tax Increment Bonds 1,165,000 - (200,000) 965,000 215,000
<br />Improvement Bonds 1,345,000 - (1,345,000) - -
<br />Plus: Unamortized Premiums 67,654 - (10,358) 57,296 -
<br />Total Bonds Payable 6,762,654 - (1,815,358) 4,947,296 485,000
<br />Canabury Condos Note 49,362 - (12,312) 37,050 12,557
<br />Canabury Square Condos Note 52,784 - (6,661) 46,123 6,794
<br />Fleur Royale Note 34,850 - (13,780) 21,070 14,054
<br />Compensated Absences 92,191 72,633 (77,129) 87,695 8,066
<br />Total Governmental Activities 6,991,841 72,633 (1,925,240) 5,139,234 526,471
<br />Business-Type Activities:
<br />Compensated Absences 80,835 55,116 (75,371) 60,580 5,306
<br />Total Debt 7,072,676$ 127,749$ (2,000,611)$ 5,199,814$ 531,777$
<br />Compensated absences are generally liquidated in the General Fund for governmental
<br />activities and for business-type activities they are liquidated in the fund they are accrued
<br />(water and sewer).
<br />
<br />C. Future Minimum Debt Payments
<br />Annual debt service requirements to maturity for long-term debt are as follows:
<br />
<br />Year Ending December 31,Principal Interest Principal Interest Principal Interest
<br />2019 215,000$ 71,985$ 33,405$ 1,927$ 270,000$ 104,778$
<br />2020 230,000 56,290 26,829 1,258 275,000 99,328
<br />2021 250,000 39,270 19,135 787 280,000 93,778
<br />2022 270,000 20,520 7,212 468 285,000 87,753
<br />2023 - - 7,356 323 295,000 81,178
<br />2024-2028 - - 10,306 208 1,290,000 301,003
<br />2029-2033 - - - - 1,005,000 142,825
<br />2034-2038 - - - - 225,000 4,500
<br />Totals 965,000$ 188,065$ 104,243$ 4,971$ 3,925,000$ 915,143$
<br />Tax Increment Bonds Notes Payable General Obligation
<br />Governmental Activities
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<br />D. Revenues Pledged
<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 $1,153,065,
<br />payable through December 2022. For the current year, principal and interest paid and
<br />total tax increment revenues were $286,385 and $286,580, respectively.
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