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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2021
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<br />Note 6 LONG-TERM DEBT
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<br />The City issues general obligation bonds and certificates of indebtedness to provide funds for the acquisition and
<br />construction of major capital facilities and equipment. City indebtedness at December 31, 2021 consisted of the
<br />following:
<br />
<br />Final
<br />Issue Maturity Interest Original Payable
<br />Date Date Rate Issue 12/31/2021
<br />Governmental activities:
<br />General Obligation Bonds:
<br />G.O. TIF Bonds, Series 2007A 07/15/07 02/01/24 4.00% - 4.125% $4,215,000 $790,000
<br />G.O. Refunding Bonds, Series 2012A 11/15/12 02/01/24 1.00% - 2.00% 2,015,000 490,000
<br />G.O. Bonds, Series 2015A 08/01/15 02/01/31 2.00% - 3.00% 3,095,000 2,105,000
<br />EDA Lease Revenue Bonds, Series 2015B 10/01/15 04/01/36 2.00% - 3.00% 4,350,000 3,485,000
<br />G.O. Utility Revenue Bonds, Series 2016A 11/23/16 02/01/27 2.00% 1,420,000 875,000
<br />G.O. Tax Abatement Refunding Bonds, Series 2016C 11/23/16 02/01/23 1.00% - 1.50% 1,600,000 595,000
<br />G.O. Bonds, Series 2018A 12/19/18 02/01/34 3.00% - 5.00% 6,915,000 6,460,000
<br />G.O Utility Revenue Bonds, Series 2020A 07/08/20 02/01/35 2.00% - 4.00% 4,330,000 4,055,000
<br />G.O. Street Reconstruction Bonds, Series 2021A 07/15/21 02/01/32 1.00% - 4.00% 1,815,000 1,815,000
<br />Total General Obligation Bonds 29,755,000 20,670,000
<br />Special Assessment Bonds:
<br />G.O. Improvement Bonds, Series, 2013A 07/15/13 02/01/24 1.25% - 4.00% 615,000 195,000
<br />G.O. Improvement Bonds, Series 2014A 11/20/14 02/01/26 0.40% - 2.30% 2,645,000 650,000
<br />Total Special Assessment Bonds 5,235,000 845,000
<br />Direct Borrowings:
<br />G.O. Certificates of Indebtedness, Series 2019 02/01/19 12/31/22 1.00%388,535 131,535
<br />G.O. Capital Note, Series 2016A 04/14/16 02/01/26 2.00%294,525 103,950
<br />G.O. Certificates of Indebtness 2020A 01/01/20 12/31/23 1.00%294,235 199,235
<br />Total Direct Borrowings 1,281,195 434,720
<br />Unamortized bond premiums 1,102,333 889,410
<br />Unamortized bond discounts (38,362) (7,948)
<br />Compensated absences payable N/A 857,546
<br />Total Government Activities $37,335,166 $23,688,728
<br />Business-Type Activities:
<br />Compensated absences payable N/A $50,396
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