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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2021
<br />CHANGES IN LONG-TERM DEBT
<br />The following is a schedule of changes in City indebtedness for the year ended December 31, 2021:
<br />Beginning Ending Due Within
<br />Balance Additions Deletions Balance One Year
<br />Governmental Activities:
<br />General obligation bonds
<br />$20,685,000
<br />$1,815,000
<br />$1,830,000
<br />$20,670,000
<br />$1,845,000
<br />Special assessment bonds
<br />1,805,000
<br />-
<br />960,000
<br />845,000
<br />215,000
<br />Direct borrowings
<br />793,720
<br />-
<br />359,000
<br />434,720
<br />264,360
<br />Total bonds and notes payable
<br />23,283,720
<br />1,815,000
<br />3,149,000
<br />21,949,720
<br />2,324,360
<br />Unamortized bond premiums
<br />859,061
<br />102,502
<br />72,153
<br />889,410
<br />-
<br />Unamortized bond discounts
<br />(10,629)
<br />-
<br />(2,681)
<br />(7,948)
<br />-
<br />Compensated absences payable
<br />819,255
<br />698,028
<br />659,737
<br />857,546
<br />605,427
<br />Total governmental activities
<br />$24,951,407
<br />$2,615,530
<br />$3,878,209
<br />$23,688,728
<br />$2,929,787
<br />Business -Type Activities:
<br />Compensated absences payable $41,838 $47,398 $38,840 $50,396 $47,876
<br />DESCRIPTIONS OF LONG-TERM DEBT
<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.
<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.
<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.
<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.
<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.
<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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