|
IV-29CITY OF LINO LAKES, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2018 Note6 WNG-TERM DEBT The City issues general obligation bonds and certificates of indebtedness to provide funds for the acquisition and construction of major capital facilities and equipment. City indebtedness at December 31, 2018 consisted of the following: Final Issue M-hy inme,t Original Payablo ~~ Rate Issue ---12:!lli!L_ Governmental activities: General Obligation Bonds: 20159 Certificates oflndebtedness 08/25/15 12/31/20 I.SO% 963,000 398,000 2016A Certificates oflndebtedness 02/01/16 12/31/19 1.00% 469,000 158,000 2017A Certificates oflndebtedness 03/01/17 12/31/20 1.00% 311,000 209,000 2018A Ccrtificatcs oflndcbtedness 02/01/18 12/31/21 1.00% 303,900 303,900 G.O. TIF Bonds, Series 2007A 07/15/07 02/01/24 4.00%-4.125% 4,215,000 1,435,000 0.0. Refi.mding Bonds, Series 2012A 11/15112 02/01/24 1.00% -2.00% 2,0IS,000 1,040,000 G.O. Bonds, Series 2015A 08/01115 02/01/31 2.00% -3.00% 3,095,000 2,710,000 EDA Lease Revenue Bonds, Series 2015B 10/01/15 04/01/36 2.00% -3.00% 4,350,000 4,015,000 0.0. Utility Revenue Bonds, Series 2016A 11123/16 02/01/27 2.00% 1,420,000 1,290,000 G.O. Tax Abatement Refunding Bonds, Series 2016C 11123/16 02/01/23 1.00%-1.50% 1,600,000 1,375,000 G.O. Bonds,. Series 2018A 12/19/18 02/01/34 3.00%-5.00% 619151000 609ts,ooo Total General Obligation Bonds 25,656,900 19,848,900 Special Assessment Bonds: G.O. lmp It Utility Revenue Bond,, Serio, 2010A 07/09/10 02/01120 2.00%-3.00% 1,000,000 220,000 G.O.Improvemont8onds,Sories,2013A 07/15/13 02/01/24 1.25% -4.00% 615,000 375,000 G.O. Improvement Bonda, Series 2014A 11/20/14 02/01/26 0.40% -2.30% 2,645,000 1,800,000 G.O.ImprovemontRofundiog8onds,Series20l6B 11/23/16 02/01/21 0.875%-1.50% 1191s,ooo ~ Total Specia!Asseumen!Bonds 6.235,000 3,890,000 G.O. Cap;tal Note, Serio, 2016A 04/14/16 02/01/26 2.00% 294,525 202,125 Unamortized bond premiums 575,188 527,800 Unamortiz.ed bond diacowrts (38,362) (15,987) Compensated absences payable NIA ___!!1AZ!_ Total Government Activities $3~723~1 $25,266,710 Business-Type Activities: Compensated absences payable NIA ~ CITY OF LINO LAKES, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2018 CHANGES IN LONG-TERM DEBT The following is a schedule of changes in City indebtedness for the year ended December 31, 2018: Beginning Ending Due Within Balance Additions Deletions Balance One Year Governmental Activities: General obligation bonds $14,714,250 $7,218,900 $2,084,250 $19,848,900 $1,747,900 Special assessment bonds 4,905,000 1,0151000 3,890,000 110351000 Total bonded debt 19,619,250 7,218,900 3,099,250 23,738,900 2,782,900 capital note 233,475 31,350 202,125 32,175 Unamortized bond premiums 142,182 401,193 15,575 527,800 Unamortized bond discounts (18,664) (2,677) (15,987) Compensated abseru:es payable 768 908 634 743 589 779 813 872 497161 Total governmental activities $20,745,151 $812541836 $3,733~77 $25~661710 ~236 Business-Type Activities: Compensated abseru:es payable $66,556 $33,311 $66,989 $32,878 ~292 DESCRIPTIONS OF LONG-TERM DEBT General Obligation Bonds -The bonds were issued for improvements or projects which benefited the City as a whole and, therefore, are repaid from ed valorem levies. Special Assessment Bonds -The bonds were issued to finance various improvements and will be repaid primarily from special assessments levied on the properties benefiting from the improvements. However, some issues are partly financed by ed valorem levies. Capital Note -This note was issued to fund the cost of the acquisition of capital equipment to be used by the North Metro Telecommunications Commission in the operation of a cable communications system. The note will be repaid from franchise fee revenue. Utility Revenue Bonds -These bonds were issued to finance various improvements in the water fund and will be repaid primarily from pledged revenues derived from the constructed assets.
|