CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2014
<br />Note 4 CITY INDEBTEDNESS
<br />(CONTINUED)
<br />Notes Payable
<br />Total
<br />The following is a schedule of changes
<br />in City indebtedness for the year ended December 31, 2014:
<br />Interest
<br />Principal Interest
<br />Payable
<br />Interest
<br />Years Endine December 31,
<br />Payable
<br />Due Within
<br />12/31/2013
<br />Issues
<br />Payments
<br />12/31/2014
<br />One Year
<br />Governmental activities:
<br />$ 360,000 $
<br />79,565 $
<br />2,751,000 $
<br />579,880
<br />2016
<br />Bonded debt:
<br />429,419
<br />375,000
<br />70,166
<br />2,497,000
<br />499,585
<br />General Obligation
<br />$ 9,865,000
<br />$ 495,000
<br />$ 1,129,000
<br />$ 9,231,000
<br />$ 1,431,000
<br />Special Assessment
<br />5,720,000
<br />2,645,000
<br />920,000
<br />7,445,000
<br />960,000
<br />Unamortized Bond Discounts
<br />(22,683)
<br />(12,564)
<br />(2,563)
<br />(32,684)
<br />-
<br />Unamortized Bond Premiums
<br />50,835
<br />271,373
<br />21,974
<br />28,861
<br />-
<br />Note Payable - Anoka County
<br />3,695,000
<br />-
<br />1,615,000
<br />2,080,000
<br />360,000
<br />Compensated Absences Payable
<br />614,536
<br />531,848
<br />510,389
<br />635,995
<br />412,953
<br />Other Post Employment Benefit Plan
<br />83,969
<br />7,054
<br />-
<br />91,023
<br />-
<br />Total Governmental Activities
<br />20,006,657
<br />3,666,338
<br />4,193,800
<br />19,479,195
<br />3,163,953
<br />Business -Type Activities:
<br />Compensated Absences Payable
<br />54,182
<br />46,159
<br />47,551
<br />52,790
<br />36,726
<br />Total
<br />$ 20,060,839
<br />$ 3,712,497
<br />$ 4,241,351
<br />$ 19,531,985
<br />$ 3,200,679
<br />All long-term bonded indebtedness outstanding at December 31, 2014 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.
<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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<br />Bonded Debt
<br />Notes Payable
<br />Total
<br />Principal
<br />Interest
<br />Principal Interest
<br />Principal
<br />Interest
<br />Years Endine December 31,
<br />2015
<br />$ 2,391,000
<br />$ 500,315
<br />$ 360,000 $
<br />79,565 $
<br />2,751,000 $
<br />579,880
<br />2016
<br />2,122,000
<br />429,419
<br />375,000
<br />70,166
<br />2,497,000
<br />499,585
<br />2017
<br />2,413,000
<br />358,191
<br />390,000
<br />60,164
<br />2,803,000
<br />418,355
<br />2018
<br />2,030,000
<br />287,877
<br />405,000
<br />49,565
<br />2,435,000
<br />337,442
<br />2019
<br />1,670,000
<br />258,014
<br />420,000
<br />13,359
<br />2,090,000
<br />271,373
<br />2020-2024
<br />5,855,000
<br />386,123
<br />130,000
<br />46,415
<br />5,985,000
<br />432,538
<br />2025-2026
<br />195,000
<br />3,048
<br />195,000
<br />3,048
<br />Total
<br />$ 16,676,000
<br />$ 2,222,987
<br />$ 2,080,000 $
<br />319,234 $
<br />18,756,000 $
<br />2,542,221
<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 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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