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CITY OF LITTLE CANADA, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2022 <br /> <br /> <br /> <br />(55) <br />NOTE 7 LONG-TERM LIABILITIES (CONTINUED) <br /> <br />C. Future Minimum Debt Payments <br />Annual debt service requirements to maturity for long-term debt are as follows: <br /> <br />Year Ending December 31,Principal Interest Principal Interest <br />2023 295,000$ 81,178$ 7,354$ 322$ <br />2024 305,000 74,378 7,491 189 <br />2025 310,000 67,307 3,248 38 <br />2026 315,000 59,465 - - <br />2027 175,000 52,625 - - <br />2028-2032 970,000 176,650 - - <br />2033-2034 445,000 17,900 - - <br />Totals 2,815,000$ 529,503$ 18,093$ 549$ <br />General Obligation Notes from Direct Borrowings <br />Governmental Activities <br /> <br />D. Revenues Pledged <br />Canabury Square Condos Note – The City has pledged future housing improvement <br />assessment revenue to repay the note payable to Ramsey County issued in 2010. <br />Proceeds from the note provided financing for the 2010 Housing Improvement Area <br />Project – Canabury Square Condos. Housing improvement assessments were projected <br />to produce 100% of the debt service requirements over the life of the note. Total <br />principal and interest remaining on the note is $18,642, payable through 2025. For the <br />current year, principal and interest paid and total housing improvement assessment <br />revenues were $7,198 and $481, respectively. <br /> <br />The City’s outstanding notes from direct borrowings related to governmental activities <br />contain provisions that in an event default, the County may declare the balance of the <br />principal and interest outstanding under the notes to be immediately due and payable in <br />full.