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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2018
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<br />CHANGES IN LONG-TERM DEBT
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<br />The following is a schedule of changes in City indebtedness for the year ended December 31, 2018:
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<br />Beginning Ending Due Within
<br />Balance Additions Deletions Balance One Year
<br />Governmental Activities:
<br /> General obligation bonds $14,714,250 $7,218,900 $2,084,250 $19,848,900 $1,747,900
<br />Special assessment bonds 4,905,000 - 1,015,000 3,890,000 1,035,000
<br /> Total bonded debt 19,619,250 7,218,900 3,099,250 23,738,900 2,782,900
<br />Capital note 233,475 - 31,350 202,125 32,175
<br />Unamortized bond premiums 142,182 401,193 15,575 527,800 -
<br />Unamortized bond discounts (18,664) - (2,677) (15,987) -
<br /> Compensated absences payable 768,908 634,743 589,779 813,872 497,161
<br />Total governmental activities $20,745,151 $8,254,836 $3,733,277 $25,266,710 $3,312,236
<br />Business-Type Activities:
<br />Compensated absences payable $66,556 $33,311 $66,989 $32,878 $28,292
<br />DESCRIPTIONS OF LONG-TERM DEBT
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<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.
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<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.
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<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.
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<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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