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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2013
<br />Note 4 CITY INDEBTEDNESS (CONTINUED)
<br />The following is a schedule of changes in City indebtedness for the year ended December 31, 2013:
<br />Governmental activities:
<br />Bonded debt:
<br />General Obligation
<br />Special Assessment
<br />Unamortized Bond Discounts
<br />Unamortized Bond Premiums
<br />Note Payable - Anoka County
<br />Compensated Absences Payable
<br />Other Post Employment Benefit Plan
<br />Total Governmental Activities
<br />Business -Type Activities:
<br />Compensated Absences Payable
<br />Total
<br />Payable
<br />Bonded Debt
<br />Notes Payable
<br />Payable
<br />Due Within
<br />12/31/2012
<br />Issues
<br />Payments
<br />12/31/2013
<br />One Year
<br />Principal
<br />Interest
<br />Years Ending December 31,
<br />$ 10,646,000
<br />$ 193,000
<br />$ 974,000
<br />$ 9,865,000
<br />$ 1,129,000
<br />6,780,000
<br />615,000
<br />1,675,000
<br />5,720,000
<br />920,000
<br />(25,152)
<br />-
<br />(2,469)
<br />(22,683)
<br />-
<br />67,373
<br />6,558
<br />23,096
<br />50,835
<br />-
<br />3,695,000
<br />-
<br />-
<br />3,695,000
<br />995,000
<br />634,572
<br />528,925
<br />548,961
<br />614,536
<br />382,332
<br />77,821
<br />6,148
<br />-
<br />83,969
<br />-
<br />21,875,614
<br />1,349,631
<br />3,218,588
<br />20,006,657
<br />3,426,332
<br />5,410,000
<br />547;878
<br />1,170,000
<br />154,314
<br />6,580,000
<br />43,410
<br />43,197
<br />32,425
<br />54,182
<br />34,824
<br />$ 21,919,024
<br />$ 1,392,828
<br />$ 3,251,013
<br />$ 20,060,839
<br />$ 3,461,156
<br />All long-term bonded indebtedness outstanding at December 31, 2013 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 />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.
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<br />Bonded Debt
<br />Notes Payable
<br />Total
<br />Principal
<br />Interest
<br />Principal Interest
<br />Principal
<br />Interest
<br />Years Ending December 31,
<br />2014
<br />$ 2,049,000
<br />$ 552,473
<br />$ 995,000 $
<br />114,951
<br />$ 3,044,000 $
<br />667,424
<br />2015
<br />2,231,000
<br />467,294
<br />360,000
<br />100,345
<br />2,591,000
<br />567,639
<br />2016
<br />1,850,000
<br />392,528
<br />375,000
<br />90,945
<br />2,225,000
<br />483,473
<br />2017
<br />1,875,000
<br />324,288
<br />390,000
<br />80,945
<br />2,265,000
<br />405,233
<br />2018
<br />1,660,000
<br />258,245
<br />405,000
<br />70,345
<br />2,065,000
<br />328,590
<br />2019-2023
<br />5,410,000
<br />547;878
<br />1,170,000
<br />154,314
<br />6,580,000
<br />702,192
<br />2024-2026
<br />510,000
<br />8,436
<br />-
<br />-
<br />510,000
<br />8,436
<br />Total
<br />$ 15,585,000
<br />$ 2,551,141
<br />$ 3,695,000 $
<br />611,845
<br />$ 19,280,000 $
<br />3,162,986
<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.
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