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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2015
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<br />50
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<br />Note 4 CITY INDEBTEDNESS (CONTINUED)
<br />The following is a schedule of changes in City indebtedness for the year ended December 31, 2015:
<br />
<br />Payable Payable Due Within
<br />12/31/2014 Issues Payments 12/31/2015 One Year
<br />Governmental activities:
<br />Bonded debt:
<br />General Obligation 9,231,000$ 8,606,250$ 1,431,000$ 16,406,250$ 1,699,000$
<br />Special Assessment 7,445,000 - 960,000 6,485,000 665,000
<br />Unamortized Bond Discounts (32,684) - (3,595) (29,089) -
<br />Unamortized Bond Premiums 28,861 114,960 8,691 135,130 -
<br />Note Payable - Anoka County 2,080,000 - 360,000 1,720,000 375,000
<br />Compensated Absences Payable 635,995 595,793 542,883 688,905 481,894
<br />Other Post Employment Benefit Plan 91,023 28,813 28,984 90,852 -
<br />Total Governmental Activities 19,479,195 9,345,816 3,327,963 25,497,048 3,220,894
<br />Business-Type Activities:
<br />Compensated Absences Payable 52,790 45,913 34,519 64,184 37,584
<br />Total 19,531,985$ 9,391,729$ 3,362,482$ 25,561,232$ 3,258,478$
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<br />All long-term bonded indebtedness outstanding at December 31, 2015 is backed by the full faith and credit of the
<br />City, including special assessment bond issues.
<br />
<br />Minimum annual principal and interest payments required to retire long-term debt, not including compensated
<br />absences payable are as follows.
<br />
<br />Principal Interest Principal Interest Principal Interest
<br />Years Ending December 31,
<br />2016 2,364,000$ 716,762$ 375,000$ 70,165$ 2,739,000$ 786,927$
<br />2017 3,028,000 572,663 390,000 60,165 3,418,000 632,828
<br />2018 2,656,250 491,586 405,000 49,565 3,061,250 541,151
<br />2019 2,242,000 421,678 420,000 42,415 2,662,000 464,093
<br />2020 2,251,000 356,440 130,000 13,360 2,381,000 369,800
<br />2021-2025 6,365,000 1,002,948 - - 6,365,000 1,002,948
<br />2026-2030 2,185,000 483,021 - - 2,185,000 483,021
<br />2031-2035 1,510,000 191,444 - - 1,510,000 191,444
<br />2036 290,000 5,800 - - 290,000 5,800
<br />Total 22,891,250$ 4,242,342$ 1,720,000$ 235,670$ 24,611,250$ 4,478,012$
<br />Bonded Debt Notes Payable Total
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<br />Description and Restrictions of Long-Term Debt
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<br />General Obligation Bonds – The bonds were issued for improvements or projects which benefited the City as a
<br />whole and are, therefore, repaid from ad valorem levies.
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<br />Special Assessment Bonds – These bonds were issued to finance various improvements and will be repaid primarily
<br />from special assessments levied on the properties benefiting from the improvements. However, some issues are
<br />partly financed by ad valorem levies.
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<br />Note Payable – Anoka County 2009F – This note was used to finance improvement projects at the I-15E and
<br />County State Highway 14 interchange and will be repaid primarily with special assessments levied on the properties
<br />benefiting from the improvements.
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