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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2015
<br />Note 4 CITY INDEBTEDNESS (CONTINUED)
<br />The following is a schedule of changes in City indebtedness for the year ended December 31, 2015:
<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 />12/31/2014
<br />Issues
<br />Payments
<br />12/31/2015
<br />One Year
<br />Principal
<br />Interest
<br />Years Ending December 31,
<br />$ 9,231,000
<br />$ 8,606,250
<br />$ 1,431,000
<br />$ 16,406,250
<br />$ 1,699,000
<br />7,445,000
<br />-
<br />960,000
<br />6,485,000
<br />665,000
<br />(32,684)
<br />-
<br />(3,595)
<br />(29,089)
<br />-
<br />28,861
<br />114,960
<br />8,691
<br />135,130
<br />-
<br />2,080,000
<br />-
<br />360,000
<br />1,720,000
<br />375,000
<br />635,995
<br />595,793
<br />542,883
<br />688,905
<br />481,894
<br />91,023
<br />28,813
<br />28,984
<br />90,852
<br />-
<br />19,479,195
<br />9,345,816
<br />3,327,963
<br />25,497,048
<br />3,220,894
<br />52,790
<br />45,913
<br />34,519
<br />64,184
<br />37,584
<br />$ 19,531,985
<br />$ 9,391,729
<br />$ 3,362,482
<br />$ 25,561,232
<br />$ 3,258,478
<br />All long-term bonded indebtedness outstanding at December 31, 2015 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.
<br />50
<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 />2016
<br />$ 2,364,000
<br />$ 716,762
<br />$ 375,000 $
<br />70,165
<br />$ 2,739,000 $
<br />786,927
<br />2017
<br />3,028,000
<br />572,663
<br />390,000
<br />60,165
<br />3,418,000
<br />632,828
<br />2018
<br />2,656,250
<br />491,586
<br />405,000
<br />49,565
<br />3,061,250
<br />541,151
<br />2019
<br />2,242,000
<br />421,678
<br />420,000
<br />42,415
<br />2,662,000
<br />464,093
<br />2020
<br />2,251,000
<br />356,440
<br />130,000
<br />13,360
<br />2,381,000
<br />369,800
<br />2021-2025
<br />6,365,000
<br />1,002,948
<br />-
<br />-
<br />6,365,000
<br />1,002,948
<br />2026-2030
<br />2,185,000
<br />483,021
<br />2,185,000
<br />483,021
<br />2031-2035
<br />1,510,000
<br />191,444
<br />1,510,000
<br />191,444
<br />2036
<br />290,000
<br />5,800
<br />290,000
<br />5,800
<br />Total
<br />$ 22,891,250
<br />$ 4,242,342
<br />$ 1,720,000 $
<br />235,670
<br />$ 24,611,250 $
<br />4,478,012
<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.
<br />50
<br />
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