Laserfiche WebLink
CITY OF LITTLE CANADA, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2020 <br /> <br /> <br /> <br /> <br /> <br />NOTE 6 LONG-TERM LIABILITIES (CONTINUED) <br />D. Revenues Pledged <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 $12,353, payable through <br />2021. For the current year, principal and interest paid and total housing improvement assessment <br />revenues were $13,244 and $5,784, 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 $34,560, <br />payable through 2025. For the current year, principal and interest paid and total housing <br />improvement assessment revenues were $7,679 and $305,822, 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 />67