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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31,2015
<br />Note4 CITY INDEBTEDNESS (CONTINUED)
<br />The following is a schedule of changes in City indebtedness for the year ended December 31, 2015:
<br />Payable Payable DueWi1hin
<br />12131/2014 Issues Payments 12/3112015 One Year
<br />Governmental activities:
<br />Bonded debt:
<br />General Obligation $ 9,231,000 $ 8,606,250 $ 1,431,000 s 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 />Compeesated 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,%3 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 s 9,391,729 $ 3,362,482 $ 25,561,232 $ 3,258,478
<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 />Minimum annual principal and interest payments required to retire long-term debt, not including compensated
<br />absences payable are as follows.
<br />Bonded Debt Notes Payable Total
<br />PrinciE! ~ Principal~ Princ;pa! lntere"
<br />Yem ~December 31
<br />2016 $ 2,364,000 $ 716,762 375,000 s 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)42 ~ $ 235,670 24,611,250 $ 4,478,012
<br />Description and Restrictions of Long-Term Debt
<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.
<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.
<br />Note Payable-Anoka County 2009F-This note was used to finance improvement projects at the l-ISE and
<br />County State Highway 14 interchange and will be repaid primarily with special assessments levied on the properties
<br />benefiting from the improvements.
<br />CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2015
<br />Note4 CITY INDEBTEDNESS (CONTINUED)
<br />Description and Restrictions of Long-Term Debt (Continued)
<br />Revenue Bonds -These bonds were issued to finance various improvements in the water fund and will be repaid
<br />primarily from pledged revenues derived from the constructed assets.
<br />In August 2015, the City issued General Obligation Bonds of $3,095,000 to fund various street improvements
<br />within the City. The bond was issued at a rate of2-3%. The bonds will mature in 2031. In October 2015, the City
<br />issued EDA Leased Revenue bonds of $4,350,000 to fund the construction of a fire station. The bond was issued at
<br />a rate of2-3%. The bonds will mature in 2036.
<br />The liabilities for compensated absences, other post-employment benefits, and net pension in the governmental
<br />activities will be liquidated by the general fund. The liabilities for Proprietary Fund employees are included in the
<br />accrued liabilities of those funds.
<br />NoteS LEGAL DEBT MARGIN
<br />The City is subject to a statutory limitation by the State of Minnesota for bonded indebtedness payable principally
<br />from property taxes. The City ofLino Lakes' legal debt margin for 2015 is computed as follows:
<br />Market Value
<br />Applicable Percenlage
<br />Debt Limit
<br />Amount of Debt Applicable to Debt Limit:
<br />Total Bonded Debt
<br />Less: Special Assessment Bonds
<br />Tax Abatement Bonds
<br />Utility Revenue Bonds
<br />Tax Increment Financing Bonds
<br />Total Debt Applicable to Debt Limit
<br />Legal Debt Margin
<br />12/31/2015
<br />1,694,366,064
<br />3.0%
<br />50,830,982
<br />22,891,250
<br />(6,485,000)
<br />(1,925,000)
<br />(135,000)
<br />{2,405,000)
<br />11,941,250
<br />38,889,732 IV-26
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