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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2019
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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 />2020 $2,290,000 $594,534 $565,000 $16,911
<br />2021 2,515,000 541,386 264,000 6,365
<br />2022 1,830,000 483,876 165,360 3,395
<br />2023 1,905,000 428,672 34,650 1,403
<br />2024 1,665,000 372,600 35,475 710
<br />2025-2029 5,250,000 1,273,754 - -
<br />2030-2034 4,425,000 484,200 - -
<br />2035-2036 570,000 23,000 - -
<br />Total $20,450,000 $4,202,022 $1,064,485 $28,784
<br />Bonded Debt Direct Borrowings
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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, 2019 totaled $17,244,281.
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