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CITY OF LITTLE CANADA, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2021 <br /> <br /> <br /> <br /> <br />NOTE 15 STEWARDSHIP AND ACCOUNTABILITY <br />At December 31, 2021, individual funds with deficit fund balances/net position are as follows: <br /> <br />Fund Amounts The deficit fund balances will be resolved through: <br />Major Governmental Funds: <br /> Canabury Square Condo. HIA $(227,487) Future special assessment payments <br /> TIF 6-1 (437,546) Future TIF Revenue <br />Nonmajor Governmental Funds: <br /> Canabury Condo Notes (7,894) Future special assessment payments <br /> TIF 7-2 (1,193) Future TIF Revenue <br /> TIF 7-3 (10,417) Future TIF Revenue <br /> <br /> <br />NOTE 16 CONDUIT DEBT OBLIGATIONS <br />The City has issued Industrial Revenue Bonds to provide financial assistance to private-sector entities <br />for the acquisition and construction of industrial and commercial facilities which are deemed to be in <br />the public interest. The bonds are secured by the property financed and are payable solely from <br />payments on the underlying mortgage loans. Upon repayment of the bonds, ownership of the acquired <br />facilities transfers to the private sector entity served by the bond issue. The City is not obligated in any <br />manner for the repayment of the bonds. Accordingly, the bonds are not reported as liabilities in the <br />accompanying financial statements. As of December 31, 2021, there were fourteen bond issues <br />outstanding. <br />Project Type Number of Issues <br />Housing 8 <br />Educational 3 <br />Healthcare 2 <br />Community Service 1 <br />Total 14 <br />The aggregate principal amount payable for the bonds could not be determined; however, their original <br />issue amounts totaled $85,311,197. <br /> <br />75