06-13-2022 City Council Packet - Laserfiche WebLink

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CITY OF LINO LAKES, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2021 DEBT SERVICE REQUIREMENTS Future principal and interest payments required to retire long-term debt are as follows: Years Ending Bonded Debt December 31 Principal Interest 2022 $2,060,000 $638,513 2023 2,305,000 570,817 2024 2,080,000 501,795 2025 1,615,000 444,190 2026 1,525,000 394,554 2027-2031 7,340,000 1,223, 534 2032-2036 4,590,000 282,294 Total $21,515,000 $4,055,697 Direct Borrowings Principal Interest $264,360 $5,387 134,885 2,405 35,475 710 $434,720 $8,501 It is not practicable to determine the specific year for payment of long-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 AD VALOREM 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 necessary for full payment of principal and interest.