06-05-2017 Council Packet - Laserfiche WebLink

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CITY OF LINO LAKES, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2016 years by $133,718 and to obtain an economic gain (difference between the present value of the debt service payments on the old and new debt) of $124,952. REVENUE PLEDGED Future revenue pledged for the payment of long-term debt is as follows: Remaining Principal Pledged Term of Principal and Interest Revenue Bond Issue Use of Proceeds Type Pledge and Interest Paid Received 2006D Utility Revenue Bonds Water infrastructure improvements 2007 - 2016 $71,453 $69,254 $69,254 2009A Improvement Note Infrastructure improvements Special assessments 2010 - 2020 $1,510,505 $435,165 $128,803 2011 - 2020 $451,175 $114,250 $60,435 2013A Improvement Bonds Infrastructure improvements Special assessments 2014 - 2023 $569,940 $76,815 $37,946 2014A Improvement Bonds Infrastructure improvements Special assessments 2015 - 2025 $2,696,724 $138,543 $863,193 2016A Capital Note Cable communications equipment Franchise fees 2016 - 2025 $288,321 $41,112 $42,932 2016A Utility Revenue Bonds Water infrastructure improvements 2017 - 2026 $1,584,864 $ - $ - 2016B Improvement Bonds Special assessments 2017 - 2020 $2,044,357 $ - $ - Revenue Pledged Current Year Infrastructure improvements - refunded the 2005A Imp Bonds Water usage charges via transfers 2010A Improvement and Utility Revenue Bonds General and water infrastructure improvements Special assessments and trunk charges Trunk utility charges via transfers Note 7 CONDUIT DEBT The City has issued Industrial Development Revenue Bonds and Commercial Revenue Notes to provide financial assistance to private-sector entities for the acquisition and construction of industrial and commercial facilities which are deemed to be in the public interest. The bonds are secured by the property financed and are payable solely from payments on the underlying mortgage loans. Upon repayment of the bonds, ownership of the acquired facilities transfers to the private sector entity served by the bond issue. The City is not obligated in any manner for the repayment of the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying financial statements. As of December 31, 2016, one series of Industrial Revenue Bonds was outstanding with an aggregate remaining principal balance of $180,000, and one series of Commercial Revenue Notes was outstanding with an aggregate remaining principal balance of $1,379,480. 63