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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2019
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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, 2019:
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<br />Beginning Ending Due Within
<br />Balance Additions Deletions Balance One Year
<br />Governmental Activities:
<br /> General obligation bonds $18,780,000 $ - $1,185,000 $17,595,000 $1,240,000
<br />Special assessment bonds 3,890,000 - 1,035,000 2,855,000 1,050,000
<br />Direct borrowings 1,271,025 388,535 595,075 1,064,485 565,000
<br />Total bonds and notes payable 23,941,025 388,535 2,815,075 21,514,485 2,855,000
<br />Unamortized bond premiums 527,800 - 51,661 476,139 -
<br />Unamortized bond discounts (15,987) - (2,677) (13,310) -
<br /> Compensated absences payable 813,872 525,435 538,125 801,182 478,866
<br />Total governmental activities $25,266,710 $913,970 $3,402,184 $22,778,496 $3,333,866
<br />Business-Type Activities:
<br />Compensated absences payable $32,878 $42,194 $35,804 $39,268 $38,596
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<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 />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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<br />Certificates of Indebtedness – the certificates were issued to finance capital purchases in accordance with the
<br />City’s Capital Equipment Replacement Schedule and will be repaid from 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 />The City’s agreements related to direct borrowings do not contain any significant events of default or
<br />termination events with finance-related consequences, other than a commitment to pledge future property tax
<br />and franchise fee revenues.
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