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Management’s Discussion and Analysis
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<br />Long-term debt. At the end of the current fiscal year, the City had total bonded debt
<br />outstanding of $24,452,838. Of this amount, $19,848,900 comprises tax supported debt and
<br />$3,890,000 is special assessment debt. All outstanding debt carries the general obligation
<br />backing for which the City is liable in the event of default by the property owners subject to
<br />the specific taxes, special assessments or revenues pledged to the retirement of the debt. In
<br />addition, the City has a note payable to the City of Circle Pines for its share of the cost of
<br />capital equipment to be used by the North Metro Telecommunications Commission in the
<br />operation of a cable communications system in the amount of $202,125.
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<br />City of Lino Lakes’ Outstanding Debt
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<br />2018 2017 2018 2017 2018 2017
<br />General obligation bonds $20,051,025 $14,947,725 $ - $ - $20,051,025 $14,947,725
<br />G.O. special assessment bonds 3,890,000 4,905,000 - - 3,890,000 4,905,000
<br />Bond premium 511,813 123,518 - - 511,813 123,518
<br /> Total $24,452,838 $19,976,243 $0 $0 $24,452,838 $19,976,243
<br />Business-Type Activities TotalsGovernmental Activities
<br />The City of Lino Lakes’ total bonded debt increased by $4,476,595 during the current fiscal
<br />year. The key factors for the change include the issuance of $303,900 of Certificates of
<br />Indebtedness to finance capital equipment purchases, $4,950,000 of General Obligation
<br />Bonds to finance the West Shadow Lake Drive and LaMotte Area street and utility
<br />improvements, and $1,965,000 to finance the Lake Drive water utility improvements.
<br />Principal retired in the amount of $3,130,600 during the year.
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<br />Additional information on the City’s long-term debt can be found in Note 6.
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<br />Requests for information. This financial report is designed to provide a general overview
<br />of the City’s finances for all those with an interest in the government’s finances. Questions
<br />concerning any of the information provided in this report or requests for additional financial
<br />information should be addressed to the Director of Finance, City of Lino Lakes, 600 Town
<br />Center Parkway, Lino Lakes, Minnesota, 55014.
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