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Comprehensive Annual Financial Report 12/31/2014
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Comprehensive Annual Financial Report 12/31/2014
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Comprehensive Annual Financial Report
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12/31/2014
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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2014 <br />Note 17 CONDUIT DEBT OBLIGATIONS <br />The City has issued Industrial Development Revenue Bonds and Commercial Revenue Notes to provide financial <br />assistance to private -sector entities for the acquisition and construction of industrial and commercial facilities which <br />are deemed to be in the public interest. The bonds are secured by the property financed and are payable solely from <br />payments on the underlying mortgage loans. Upon repayment of the bonds, ownership of the acquired facilities <br />transfers to the private sector entity served by the bond issue. The City is not obligated in any manner for the <br />repayment of the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying financial <br />statements. As of December 31, 2014, one series of Industrial Revenue Bonds was outstanding with an aggregate <br />remaining principal balance of $420,000, and one series of Commercial Revenue Notes was outstanding with an <br />aggregate remaining principal balance of $1,906,323. <br />Note 18 JOINT VENTURES <br />Fire <br />The Centennial Fire District (the District) was established under a joint powers agreement between the City of Lino <br />Lakes and two other cities. The general purpose of the District is to provide fire protection services including, but <br />not limited to, fire prevention, firefighting and rescue service. Each member city is entitled to appoint two <br />commissioners to the District's Board. <br />Each calendar year, participating cities are to pay the District its share of the total operating and capital budget in <br />accordance with a funding formula contained in Section VII of the joint powers agreement. The funding formula <br />takes into account each city's average number of calls, population, and total market value. <br />During 2014, the City of Lino Lakes' contributions to the District were as follows: <br />Operating <br />$ 507,713 <br />Capital <br />85,250 <br />Total <br />$ 592,963 <br />The audited financial statements of the District as of December 31, 2014 can be reviewed upon request of the <br />Centennial Fire District. <br />In January 2014 the City Council voted to start the process to withdraw from the District which will be effective <br />January 27, 2016. The City is currently exploring options for fire protection starting in January 2016. <br />Anoka County <br />The City of Lino Lakes has a joint powers agreement with Anoka County for the reconstruction of County State Aid <br />Highway 14 (Main Street) and 1-35E Interchange County Project. <br />57 <br />
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