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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2016
<br />CHANGES IN LONG-TERM DEBT
<br />The following is a schedule of changes in City indebtedness for the year ended December 31, 2016:
<br />DESCRIPTIONS 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, therefore, are repaid from ad valorem levies.
<br />Special Assessment Bonds — The bonds were issued to finance various improvements and will be repaid
<br />primarily from special assessments levied on the properties benefiting from the improvements. However, some
<br />issues are partly financed by ad valorem levies.
<br />Improvement Note — This note was used to finance improvement projects at the I -35E and County Road 14
<br />interchange and will be repaid primarily with special assessments levied on the properties benefiting from the
<br />improvements.
<br />Capital Note — This note was issued to fund the cost of the acquisition of capital equipment to be used by the
<br />North Metro Telecommunications Commission in the operation of a cable communications system. The note
<br />will be repaid from franchise fee revenue.
<br />Utility Revenue Bonds — These bonds were issued to finance various improvements in the water fund and will be
<br />repaid primarily from pledged revenues derived from the constructed assets.
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<br />Beginning
<br />Ending
<br />Due Within
<br />Balance
<br />Additions
<br />Deletions
<br />Balance
<br />One Year
<br />Governmental Activities:
<br />General obligation bonds
<br />$16,406,250
<br />$3,489,000
<br />$1,699,000
<br />$18,196,250
<br />$3,793,000
<br />Special assessment bonds
<br />6,485,000
<br />1,975,000
<br />665,000
<br />7,795,000
<br />2,890,000
<br />Total bonded debt
<br />22,891,250
<br />5,464,000
<br />2,364,000
<br />25,991,250
<br />6,683,000
<br />Improvement note
<br />1,720,000
<br />-
<br />375,000
<br />1,345,000
<br />390,000
<br />Capital note
<br />-
<br />294,525
<br />30,525
<br />264,000
<br />30,525
<br />Unamortized bond premiums
<br />135,130
<br />41,497
<br />10,305
<br />166,322
<br />-
<br />Unamortized bond discounts
<br />(29,089)
<br />-
<br />(3,598)
<br />(25,491)
<br />-
<br />Compensated absences payable
<br />688,905
<br />587,725
<br />542,215
<br />734,415
<br />467,558
<br />Total governmental activities
<br />$25,406,196
<br />$6,387,747
<br />$3,318,447
<br />$28,475,496
<br />$7,571,083
<br />Business -Type Activities:
<br />Compensated absences payable
<br />$64,184
<br />$45,352
<br />$43,146
<br />$152,682
<br />$34,786
<br />DESCRIPTIONS 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, therefore, are repaid from ad valorem levies.
<br />Special Assessment Bonds — The bonds were issued to finance various improvements and will be repaid
<br />primarily from special assessments levied on the properties benefiting from the improvements. However, some
<br />issues are partly financed by ad valorem levies.
<br />Improvement Note — This note was used to finance improvement projects at the I -35E and County Road 14
<br />interchange and will be repaid primarily with special assessments levied on the properties benefiting from the
<br />improvements.
<br />Capital Note — This note was issued to fund the cost of the acquisition of capital equipment to be used by the
<br />North Metro Telecommunications Commission in the operation of a cable communications system. The note
<br />will be repaid from franchise fee revenue.
<br />Utility Revenue Bonds — These bonds were issued to finance various improvements in the water fund and will be
<br />repaid primarily from pledged revenues derived from the constructed assets.
<br />61
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