|
IV-30CITY OF LINO LAKES, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2018 DEHT SERVICE REQUIREMENTS Future principal and interest payments required to retire long-term debt are as follows: Years Ending Bonded Debt C!!J:!italNote December31 Princi.l?!!.._ Interest Princil!!! Interest 2019 $2,782,900 $543,811 $32,175 $4,042 2020 2,696,000 600,599 33,000 3,399 2021 2,615,000 542,386 33,000 2,739 2022 1,830,000 483,876 33,825 2,079 2023 1,905,000 428,672 34,650 1,403 2024-2028 5,950,000 1,463,166 35,475 710 2029-2033 4,535,000 628,950 2034-2036 1,425,000 61438 Total $23,738,900 $4,752,898 $202,125 $14,372 It is not practicable to determine the specific year for payment oflong-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 ADV ALOREM 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 necessa,y for full payment of principal and interest. The future scheduled tax levies are not shown as assets in the accompanying financial statements. Future scheduled tax levies for all bonds outstanding at December 31, 2018 totaled $18,719,815. CITY OF LINO LAKES, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2018 REVENUE PLEDGED Future revenue pledged for the payment of long-term debt is as follows: ReYenuePI c-,,iy.., -Principol -I~~~ -andln1mSt Ro,en,e Bondlaue UseofProceedl ~ ............ Poid """""" ICertificatesofhldclbtedness --Advaloremtaxes f 2016-2021 Sl,091,430 $537,650 I $562,872 [2007A 0.0. TIF Bonds --Tax incnment, MSA I 200, -202, I SI,622,ml $252,126 I $252.776 fundingviatransfen 2010A Improvement and Utility Oenaal mdwaterinfrastructure Special asscssmmts, I 2011-201, I 1226,1so I s113,11s I $113,281 !R,,enuoBmdo -tnmkutility ....... 2012A o.o. Bonds --Ad valorem taxes. 2013-2023 $1,083,433 $244,660 $193,492 --l2013A Improvement Bonds ----2014-2023 $419,700 $74,460 $222,639 l2014A Improvement Bonds --Special usessments 2015-2025 $1,894,869 $399,632 $402,403 12015A 0.0. Bonds Infrastructure improvements Advolman"""' 2016-2030 $3,139,093 $258,262 $273,420 l201se EDA Lease hveoue Bonds Consttuctionofafirestation Advalorcm taxes 2016-203S SS,387,068 S300,888 $318,282 l2016ACapital.Note ICable communications equipment Franchiscfccs 2016-2025 $216,497 $36,019 $37,820 l2016A Utility Rcvawc Bonds lwaaer infrastructure improYemeDts :''"°""""v1, 2011-202• 1 s1,40B.200 I s1S1,100 I $163,764 20168 lmpmvementBands 1-"'-=.:assessments.taxi 2017-2020 I Sl,S26,473 J sso1.s1s I $278,137 l2016C 0.0. Tax Abatancnt Bonds 'Infrastructure improvements Advol<xanmxe, I 2011-2022 I $1,424,7631 $244,150 I S27S,421 l2018A 0.0. Bonds 1,--~:ataxes,tnm1tl 2019-2003 I $9,267.2461 s I s
|