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<br />
<br />City of Little Canada, Minnesota
<br />Notes to the Financial Statements
<br />December 31, 2023
<br />
<br />Note 3: Detailed Notes on All Funds (Continued)
<br />
<br />The annual service requirements to maturity for long-term debt are as follows:
<br />
<br />Year Ending
<br />December 31,Principal Interest Total Principal Interest Total
<br />2024 305,000$ 74,378$ 379,378$ 7,505$ 189$ 7,694$
<br />2025 310,000 67,307 377,307 3,230 38 3,268
<br />2026 315,000 59,468 374,468 - - -
<br />2027 175,000 52,625 227,625 - - -
<br />2028 185,000 47,225 232,225 - - -
<br />2029 - 2033 1,005,000 142,825 1,147,825 - - -
<br />2034 225,000 4,500 229,500 - - -
<br />Total 2,520,000$ 448,328$ 2,968,328$ 10,735$ 227$ 10,962$
<br />General Oligation Notes from Direct Borrowings
<br />Governemental Activites
<br /> F. Revenue Pledged
<br />
<br />The City has pledged future housing improvement assessment revenue to repay the note payable to Ramsey County
<br />issued in 2010. Proceeds from the note provided financing for the 2010 Housing Improvement Area Project – Canabury
<br />Square Condos. Housing improvement assessments were projected to produce 100% of the debt service requirements
<br />over the life of the note. Total principal and interest remaining on the note is $10,962, payable through 2025. For the
<br />current year, principal and interest paid and total housing improvement assessment revenues were $7,358 and $323,
<br />respectively. The City’s outstanding notes from direct borrowings related to governmental activities contain provisions
<br />that in an event default, the County may declare the balance of the principal and interest outstanding under the notes to
<br />be immediately due and payable in full.
<br />
<br />G. Conduit Debt
<br />
<br />The City has issued Industrial Revenue Bonds to provide financial assistance to private sector entities for the acquisition
<br />and construction of industrial and commercial facilities which are deemed to be in the public interest. The bonds are
<br />secured by the property financed and are payable solely from payments on the underlying mortgage loans. Upon
<br />repayment of the bonds, ownership of the acquired facilities transfers to the private sector entity served by the bond
<br />issue. The City is not obligated in any manner for the repayment of the bonds. Accordingly, the bonds are not reported as
<br />liabilities in the accompanying financial statements. As of December 31, 2023, ten series of industrial revenue bonds, two
<br />series of educational facilities revenue bonds, one series of community service revenue bonds, and two senior housing
<br />revenue-refunding bonds were outstanding. The aggregate principal amount payable for the fif teen series could not be
<br />determined; however, their original issue amounts totaled $104,336,797.
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