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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2016
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<br />CHANGES IN LONG-TERM DEBT
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<br />The following is a schedule of changes in City indebtedness for the year ended December 31, 2016:
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<br />Beginning Ending Due Within
<br />Balance Additions Deletions Balance One Year
<br />Governmental Activities:
<br /> General obligation bonds $16,406,250 $3,489,000 $1,699,000 $18,196,250 $3,793,000
<br />Special assessment bonds 6,485,000 1,975,000 665,000 7,795,000 2,890,000
<br /> Total bonded debt 22,891,250 5,464,000 2,364,000 25,991,250 6,683,000
<br />Improvement note 1,720,000 - 375,000 1,345,000 390,000
<br />Capital note - 294,525 30,525 264,000 30,525
<br />Unamortized bond premiums 135,130 41,497 10,305 166,322 -
<br />Unamortized bond discounts (29,089) - (3,598) (25,491) -
<br /> Compensated absences payable 688,905 587,725 542,215 734,415 467,558
<br />Total governmental activities $25,406,196 $6,387,747 $3,318,447 $28,475,496 $7,571,083
<br />Business-Type Activities:
<br />Compensated absences payable $64,184 $45,352 $43,146 $152,682 $34,786
<br /> DESCRIPTIONS 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, therefore, are repaid from ad valorem levies.
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<br />Special Assessment Bonds – The bonds were issued to finance various improvements and will be repaid
<br />primarily from special assessments levied on the properties benefiting from the improvements. However, some
<br />issues are partly financed by ad valorem levies.
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<br />Improvement Note – This note was used to finance improvement projects at the I-35E and County Road 14
<br />interchange and will be repaid primarily with special assessments levied on the properties benefiting from the
<br />improvements.
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<br />Capital Note – This note was issued to fund the cost of the acquisition of capital equipment to be used by the
<br />North Metro Telecommunications Commission in the operation of a cable communications system. The note
<br />will be repaid from franchise fee revenue.
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<br />Utility Revenue Bonds – These bonds were issued to finance various improvements in the water fund and will be
<br />repaid primarily from pledged revenues derived from the constructed assets.
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