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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2021
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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, 2021:
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<br />Beginning Ending Due Within
<br />Balance Additions Deletions Balance One Year
<br />Governmental Activities:
<br /> General obligation bonds $20,685,000 $1,815,000 $1,830,000 $20,670,000 $1,845,000
<br />Special assessment bonds 1,805,000 - 960,000 845,000 215,000
<br />Direct borrowings 793,720 - 359,000 434,720 264,360
<br />Total bonds and notes payable 23,283,720 1,815,000 3,149,000 21,949,720 2,324,360
<br />Unamortized bond premiums 859,061 102,502 72,153 889,410 -
<br />Unamortized bond discounts (10,629) - (2,681) (7,948) -
<br /> Compensated absences payable 819,255 698,028 659,737 857,546 605,427
<br />Total governmental activities $24,951,407 $2,615,530 $3,878,209 $23,688,728 $2,929,787
<br />Business-Type Activities:
<br />Compensated absences payable $41,838 $47,398 $38,840 $50,396 $47,876
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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 primarily
<br />from special assessments levied on the properties benefiting from the improvements. However, some issues are
<br />partly financed by ad valorem levies.
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<br />Utility Revenue Bonds – the 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 – the 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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