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CITY OF LITTLE CANADA, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2018 <br /> <br /> <br /> <br />(67) <br /> <br />NOTE 15 STEWARDSHIP AND ACCOUNTABILITY <br />At December 31, 2018, individual funds with deficit fund balances/net position are as <br />follows: <br /> <br />Fund Amounts <br />Major Governmental Funds: <br />Canabury Condos HIA (1,058,508)$ <br />Economic Development (493,365) <br />Nonmajor Governmental Funds: <br />TIF #6-1 (613,168) <br />TIF #7-1 (27,645) Future TIF Revenue <br />TIF #7-2 (8,300) Future TIF Revenue <br />The deficit fund balances will be resolved through <br />Future special assessment payments <br />Future TIF Revenue <br />Future loan payments from developer <br /> <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, 2018, 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 $85,558,947.