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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2018
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<br />DEBT SERVICE REQUIREMENTS
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<br />Future principal and interest payments required to retire long-term debt are as follows:
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<br />Years Ending
<br />December 31 Principal Interest Principal Interest
<br />2019 $2,782,900 $543,811 $32,175 $4,042
<br />2020 2,696,000 600,599 33,000 3,399
<br />2021 2,615,000 542,386 33,000 2,739
<br />2022 1,830,000 483,876 33,825 2,079
<br />2023 1,905,000 428,672 34,650 1,403
<br />2024-2028 5,950,000 1,463,166 35,475 710
<br />2029-2033 4,535,000 628,950 - -
<br />2034-2036 1,425,000 61,438 - -
<br />Total $23,738,900 $4,752,898 $202,125 $14,372
<br />Bonded Debt Capital Note
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<br />It is not practicable to determine the specific year for payment of long-term compensated absences payable. For
<br />governmental activities, compensated absences are liquidated by the General Fund. For business-type activities,
<br />compensated absences are liquidated by the Water and Sewer Funds.
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<br />DEFERRED AD VALOREM TAX LEVIES – BONDED DEBT
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<br />All long-term bonded indebtedness is backed by the full faith and credit of the City, including special assessment
<br />and revenue bond issues. General Obligation bond issues are financed by ad valorem tax levies and special
<br />assessment bond issues are partially financed by ad valorem tax levies in addition to special assessments levied
<br />against the benefiting properties. When a bond issue to be financed partially or completely by ad valorem tax
<br />levies is sold, specific annual amounts of such tax levies are stated in the bond resolution and the County
<br />Auditor is notified and instructed to levy these taxes over the appropriate years. The future tax levies are subject
<br />to cancellation when and if the City has provided alternative sources of financing. The City Council is required
<br />to levy any additional taxes found necessary for full payment of principal and interest.
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<br />The future scheduled tax levies are not shown as assets in the accompanying financial statements. Future
<br />scheduled tax levies for all bonds outstanding at December 31, 2018 totaled $18,719,815.
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