06-14-2021 Council Packet - Laserfiche WebLink

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CITY OF LINO LAKES, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2020 DEBT SERVICE REQUIREMENTS Future principal and interest payments required to retire long-term debt are as follows: Years Ending December 31 Principal Interest Principal Interest 2021 $2,790,000 $678,447 $359,000 $12,250 2022 2,060,000 602,276 264,360 5,387 2023 2,140,000 537,772 134,885 2,405 2024 1,910,000 472,100 35,475 710 2025 1,445,000 417,895 - - 2026-2030 6,450,000 1,386,009 - - 2031-2035 5,405,000 430,350 - - 2036-2040 290,000 5,800 - - Total $22,490,000 $4,530,649 $793,720 $20,751 Bonded Debt Direct Borrowings It is not practicable to determine the specific year for payment of long-term compensated absences payable. For governmental activities, compensated absences are liquidated by the General Fund. For business-type activities, compensated absences are liquidated by the Water and Sewer Funds. DEFERRED AD VALOREM TAX LEVIES – BONDED DEBT All long-term bonded indebtedness is backed by the full faith and credit of the City, including special assessment and revenue bond issues. General Obligation bond issues are financed by ad valorem tax levies and special assessment bond issues are partially financed by ad valorem tax levies in addition to special assessments levied against the benefiting properties. When a bond issue to be financed partially or completely by ad valorem tax levies is sold, specific annual amounts of such tax levies are stated in the bond resolution and the County Auditor is notified and instructed to levy these taxes over the appropriate years. The future tax levies are subject to cancellation when and if the City has provided alternative sources of financing. The City Council is required to levy any additional taxes found necessary for full payment of principal and interest. 61