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CITY OF LITTLE CANADA, MINNESOTA
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2022
<br />
<br />
<br />
<br />(54)
<br />
<br />NOTE 7 LONG-TERM LIABILITIES
<br />A. Components of Long-Term Debt
<br />The City had the following long-term liabilities outstanding at December 31, 2022:
<br />
<br />Final Maturity Interest Authorized and Balance -
<br />Description Issue Date Date Rate Issued End of Year
<br />Governmental Activities:
<br />General Obligation Bonds:
<br />G.O. Bonds of 2014A 03/11/14 02/01/34 2.98% 3,400,000 2,245,000
<br />G.O. Refunding Bonds of 2015A 06/23/15 02/01/26 2.00% 1,335,000 570,000
<br />Total 4,735,000 2,815,000
<br />Total Bonded Indebtedness 4,735,000 2,815,000
<br />Notes from Direct Borrowings:
<br />Canabury Square Condos Note 05/14/10 02/01/25 2.00% 99,100 18,093
<br />Total Notes from Direct Borrowings 99,100 18,093
<br />Unamortized Bond Premium 15,864
<br />Compensated Absences 122,337
<br />Total Governmental Activities 4,834,100$ 2,971,294$
<br />Business-Type Activities:
<br />Compensated Absences 84,580$
<br />
<br />B. Changes in Long-Term Debt
<br />Long-term liability activity for the year ended December 31, 2022 was as follows:
<br />
<br />Beginning End of Due Within
<br />of Year Additions Retirements Year One Year
<br />Governmental Activities:
<br />General Obligation Bonds 3,100,000$ -$ (285,000)$ 2,815,000$ 295,000$
<br />Plus: Unamortized Premiums 26,222 - (10,358) 15,864 -
<br />Total Bonds Payable 3,126,222 - (295,358) 2,830,864 295,000
<br />Notes from Direct Borrowings 25,282 - (7,189) 18,093 7,354
<br />Compensated Absences 115,910 87,518 (81,091) 122,337 70,369
<br />Total Governmental Activities 3,267,414 87,518 (383,638) 2,971,294 372,723
<br />Business-Type Activities:
<br />Compensated Absences 82,269 54,698 (52,387) 84,580 35,080
<br />Total Debt 3,349,683$ 142,216$ (436,025)$ 3,055,874$ 407,803$
<br />
<br />Compensated absences are generally liquidated in the General Fund for governmental
<br />activities and for business-type activities they are liquidated in the fund they are accrued
<br />(water and sewer).
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