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CITY OF LITTLE CANADA, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2019 <br /> <br /> <br /> <br /> <br /> <br />NOTE 6 LONG-TERM LIABILITIES (CONTINUED) <br />D. Revenues Pledged (Continued) <br />Canabury Condos Note – The City has pledged future housing improvement assessment revenue <br />to repay the note payable to Ramsey County issued in 2010. Proceeds from the note provided <br />financing for the 2009 Housing Improvement Area Project – Canabury Condos. Housing <br />improvement assessments were projected to produce 100% of the debt service requirements over <br />the life of the note. Total principal and interest remaining on the note is $25,489, payable through <br />2025. For the current year, principal and interest paid and total housing improvement assessment <br />revenues were $13,244 and $14,046, respectively. <br /> <br />Canabury Square Condos Note – The City has pledged future housing improvement assessment <br />revenue to repay the note payable to Ramsey County issued in 2010. Proceeds from the note <br />provided financing for the 2010 Housing Improvement Area Project – Canabury Square Condos. <br />Housing improvement assessments were projected to produce 100% of the debt service <br />requirements over the life of the note. Total principal and interest remaining on the note is $41,555, <br />payable through 2025. For the current year, principal and interest paid and total housing <br />improvement assessment revenues were $7,679 and $289,434, respectively. <br /> <br />Fleur Royale Note – The City has pledged future housing improvement assessment revenue to <br />repay the note payable to Ramsey County issued in 2010. Proceeds from the note provided <br />financing for the 2010 Housing Improvement Area Project – Fleur Royale. Housing improvement <br />assessments were projected to produce 100% of the debt service requirements over the life of the <br />note. Total principal and interest remaining on the note is $7,165, payable through 2020. For the <br />current year, principal and interest paid and total housing improvement assessment revenues were <br />$14,408 and $31,888, respectively. <br /> <br />The City’s outstanding notes from direct borrowings related to governmental activities contain <br />provisions that in an event default, the County may declare the balance of the principal and interest <br />outstanding under the notes to be immediately due and payable in full. <br /> <br />65