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CITY OF LITTLE CANADA, MINNESOTA
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2019
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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, 2019 was as follows:
<br />
<br />
<br />Beginning
<br />Balance
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<br />Additions Reductions
<br />Ending
<br />Balance
<br />Due
<br />Within
<br />One Year
<br /> Governmental activities:
<br /> General Obligation Bonds $3,925,000 $ - $ (270,000) $3,655,000 $275,000
<br /> Tax Increment Bonds 965,000 - (965,000) - -
<br /> Plus: unamortized bond premium 57,296 - (10,358) 46,938 -
<br /> Total bonds payable 4,947,296 - (1,245,358) 3,701,938 275,000
<br /> Notes from Direct Borrowings 104,243 - (33,077) 71,166 33,791
<br /> Compensated absences payable 87,695 95,140 (81,345) 101,490 5,854
<br /> Total Governmental activities 5,139,234 95,140 (1,359,780) 3,874,594 314,645
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<br /> Business-Type activities:
<br /> Compensated absences payable 60,580 63,275 (51,496) 72,359 4,419
<br /> Total Debt $5,199,814 $158,415 $ (1,411,276) $3,946,953 $319,064
<br />Compensated absences are generally liquidated in the General Fund for governmental activities
<br />and for business-type activities they are liquidated in the fund they are accrued (water and sewer).
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<br />The 2001A Tax Increment Bonds were called and retired in 2019. These bonds were retired since
<br />there were sufficient funds in the TIF District to pay these bonds in full and to comply with State
<br />TIF requirements.
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<br />C. Future Minimum Debt Payments
<br />Annual debt service requirements to maturity for long-term debt are as follows:
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<br />Year Ending General Obligation Bonds Notes from Direct Borrowings
<br />December 31 Principal Interest Principal Interest
<br />2020 $275,000 $99,328 $33,791 $1,258
<br />2021 280,000 93,778 12,173 787
<br />2022 285,000 87,753 7,212 468
<br />2023 295,000 81,178 7,358 323
<br />2024 305,000 74,378 7,506 176
<br />2025 310,000 67,307 3,126 31
<br />2026 315,000 59,468 - -
<br />2027 175,000 52,625 - -
<br />2028 185,000 47,225 - -
<br />2029 185,000 41,675 - -
<br />2030 190,000 36,050 - -
<br />2031 200,000 29,700 - -
<br />2032 210,000 22,000 - -
<br />2033 220,000 13,400 - -
<br />2034 225,000 4,500 - -
<br />Total $3,655,000 $810,365 $71,166 $3,043
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