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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2012
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<br />49
<br />
<br />Note 4 CITY INDEBTEDNESS (CONTINUED)
<br />The following is a schedule of changes in City indebtedness for the year ended December 31, 2012:
<br />
<br />PayablePayableDue Within
<br />12/31/2011IssuesPayments12/31/2012One Year
<br />Governmental activities:
<br />Bonded debt:
<br />General Obligation 9,421,000 $ 2,165,000 $ 940,000 $ 10,646,000 $ 974,000 $
<br />Special Assessment 7,985,000 - 1,205,000 6,780,000 1,675,000
<br />Unamortized Bond Discounts(27,621) - (2,469) (25,152) -
<br />Unamortized Bond Premiums89,014 - 21,641 67,373 -
<br />Note Payable - Anoka County 3,695,000 - - 3,695,000 -
<br />Compensated Absences Payable 610,655 539,523 515,606 634,572 388,714
<br />Other Post Employment Benefit Plan 72,808 5,013 - 77,821 -
<br />Total Governmental Activities 21,845,856 2,709,536 2,679,778 21,875,614 3,037,714
<br />Business-Type Activities:
<br />Revenue Bonds 405,000 - 405,000 - -
<br />Unamortized Bond Discounts(64) - (64) - -
<br />Compensated Absences Payable 45,398 36,738 38,726 43,410 28,400
<br />Total Business-Type Activities 450,334 36,738 443,662 43,410 28,400
<br />Total 22,296,190 $ 2,746,274 $ 3,123,440 $ 21,919,024 $ 3,066,114 $
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<br />All long-term bonded indebtedne ss outstanding at December 31, 2012 is backed by the full faith and credit of the
<br />City, including special assessment bond issues.
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<br />Minimum annual principal and interest payments require d to retire long-term debt, not including compensated
<br />absences payable are as follows.
<br />
<br />PrincipalInterestTotal
<br />Years Ending December 31,
<br />2013 2,649,000 $ 756,248 $ 3,405,248 $
<br />2014 1,986,000 662,594 2,648,594
<br />2015 2,466,000 583,986 3,049,986
<br />2016 2,100,000 501,220 2,601,220
<br />2017 2,205,000 424,665 2,629,665
<br />2018-2022 8,110,000 1,171,669 9,281,669
<br />2023-2024 1,605,000 109,896 1,714,896
<br />Total 21,121,000 $ 4,210,278 $ 25,331,278 $
<br />Governmental Activities
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<br />Description and Restrict ions of Long-Term Debt
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<br />General Obligation Bonds – The bonds were issued for im provements or projects which benefited the City as a
<br />whole and are, therefore, repaid from ad valorem levies.
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<br />Special Assessment Bonds – These bonds were issued to fi nance 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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