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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2021 <br /> <br /> <br /> <br /> <br />DEBT SERVICE REQUIREMENTS <br /> <br />Future principal and interest payments required to retire long-term debt are as follows: <br /> <br />Years Ending <br />December 31 Principal Interest Principal Interest <br />2022 $2,060,000 $638,513 $264,360 $5,387 <br />2023 2,305,000 570,817 134,885 2,405 <br />2024 2,080,000 501,795 35,475 710 <br />2025 1,615,000 444,190 - - <br />2026 1,525,000 394,554 - - <br />2027-2031 7,340,000 1,223,534 - - <br />2032-2036 4,590,000 282,294 - - <br />Total $21,515,000 $4,055,697 $434,720 $8,501 <br />Bonded Debt Direct Borrowings <br /> It is not practicable to determine the specific year for payment of long-term compensated absences payable. For <br />governmental activities, compensated absences are liquidated by the General Fund. For business-type activities, <br />compensated absences are liquidated by the Water and Sewer Funds. <br /> <br />DEFERRED AD VALOREM TAX LEVIES – BONDED DEBT <br /> <br />All long-term bonded indebtedness is backed by the full faith and credit of the City, including special assessment <br />and revenue bond issues. General Obligation bond issues are financed by ad valorem tax levies and special <br />assessment bond issues are partially financed by ad valorem tax levies in addition to special assessments levied <br />against the benefiting properties. When a bond issue to be financed partially or completely by ad valorem tax <br />levies is sold, specific annual amounts of such tax levies are stated in the bond resolution and the County Auditor <br />is notified and instructed to levy these taxes over the appropriate years. The future tax levies are subject to <br />cancellation when and if the City has provided alternative sources of financing. The City Council is required to <br />levy any additional taxes found necessary for full payment of principal and interest. <br /> <br /> <br /> <br />60