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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2020
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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, 2020:
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<br />Beginning Ending Due Within
<br />Balance Additions Deletions Balance One Year
<br />Governmental Activities:
<br /> General obligation bonds $17,595,000 $4,330,000 $1,240,000 $20,685,000 $1,830,000
<br />Special assessment bonds 2,855,000 - 1,050,000 1,805,000 960,000
<br />Direct borrowings 1,064,485 294,235 565,000 793,720 359,000
<br />Total bonds and notes payable 21,514,485 4,624,235 2,855,000 23,283,720 3,149,000
<br />Unamortized bond premiums 476,139 435,623 52,701 859,061 -
<br />Unamortized bond discounts (13,310) - (2,681) (10,629) -
<br /> Compensated absences payable 801,182 491,322 473,249 819,255 445,132
<br />Total governmental activities $22,778,496 $5,551,180 $3,378,269 $24,951,407 $3,594,132
<br />Business-Type Activities:
<br />Compensated absences payable $39,268 $33,331 $30,761 $41,838 $31,072
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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 termination
<br />events with finance-related consequences, other than a commitment to pledge future property tax and franchise
<br />fee revenues.
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