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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2019
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<br />Note 6 LONG-TERM DEBT
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<br />The City issues general obligation bonds and certificates of indebtedness to provide funds for the acquisition and
<br />construction of major capital facilities and equipment. City indebtedness at December 31, 2019 consisted of the
<br />following:
<br />
<br />Final
<br />Issue Maturity Interest Original Payable
<br />Date Date Rate Issue 12/31/19
<br />Governmental activities:
<br />General Obligation Bonds:
<br />G.O. TIF Bonds, Series 2007A 07/15/07 02/01/24 4.00% - 4.125% $4,215,000 $1,235,000
<br />G.O. Refunding Bonds, Series 2012A 11/15/12 02/01/24 1.00% - 2.00%2,015,000 810,000
<br />G.O. Bonds, Series 2015A 08/01/15 02/01/31 2.00% - 3.00% 3,095,000 2,510,000
<br />EDA Lease Revenue Bonds, Series 2015B 10/01/15 04/01/36 2.00% - 3.00% 4,350,000 3,840,000
<br />G.O. Utility Revenue Bonds, Series 2016A 11/23/16 02/01/27 2.00% 1,420,000 1,155,000
<br />G.O. Tax Abatement Refunding Bonds, Series 2016C 11/23/16 02/01/23 1.00% - 1.50% 1,600,000 1,130,000
<br />G.O. Bonds, Series 2018A 12/19/18 02/01/34 3.00% - 5.00% 6,915,000 6,915,000
<br />Total General Obligation Bonds 23,610,000 17,595,000
<br />Special Assessment Bonds:
<br />G.O. Imp & Utility Revenue Bonds, Series 2010A 07/09/10 02/01/20 2.00% - 3.00% 1,000,000 115,000
<br />G.O. Improvement Bonds, Series, 2013A 07/15/13 02/01/24 1.25% - 4.00% 615,000 315,000
<br />G.O. Improvement Bonds, Series 2014A 11/20/14 02/01/26 0.40% - 2.30% 2,645,000 1,420,000
<br />G.O. Improvement Refunding Bonds, Series 2016B 11/23/16 02/01/21 0.875% - 1.50% 1,975,000 1,005,000
<br />Total Special Assessment Bonds 6,235,000 2,855,000
<br />Direct Borrowings:
<br />G.O. Certificates of Indebtedness, Series 2015 08/25/15 12/31/20 1.50% 963,000 201,000
<br />G.O. Certificates of Indebtedness, Series 2017 03/01/17 12/31/20 1.00% 311,000 105,000
<br />G.O. Certificates of Indebtedness, Series 2018 02/01/18 12/31/21 1.00% 303,900 200,000
<br />G.O. Certificates of Indebtedness, Series 2019 02/01/19 12/31/22 1.00% 388,535 388,535
<br />G.O. Capital Note, Series 2016A 04/14/16 02/01/26 2.00% 294,525 169,950
<br />Total Direct Borrowings 2,260,960 1,064,485
<br />Unamortized bond premiums 575,188 476,139
<br />Unamortized bond discounts (38,362) (13,310)
<br />Compensated absences payable N/A 801,182
<br />Total Government Activities $32,642,786 $22,778,496
<br />Business-Type Activities:
<br />Compensated absences payable N/A $39,268
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