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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2017
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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, 2017:
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<br />Beginning Ending Due Within
<br />Balance Additions Deletions Balance One Year
<br />Governmental Activities:
<br /> General obligation bonds $18,196,250 $311,000 $3,793,000 $14,714,250 $2,084,250
<br />Special assessment bonds 7,795,000 - 2,890,000 4,905,000 1,015,000
<br /> Total bonded debt 25,991,250 311,000 6,683,000 19,619,250 3,099,250
<br />Improvement note 1,345,000 - 1,345,000 - -
<br />Capital note 264,000 - 30,525 233,475 31,350
<br />Unamortized bond premiums 166,322 - 24,140 142,182 -
<br />Unamortized bond discounts (25,491) - (6,827) (18,664) -
<br /> Compensated absences payable 734,415 614,868 580,375 768,908 492,042
<br />Total governmental activities $28,475,496 $925,868 $8,656,213 $20,745,151 $3,622,642
<br />Business-Type Activities:
<br />Compensated absences payable $66,390 $44,663 $44,497 $66,556 $38,130
<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
<br />primarily from special assessments levied on the properties benefiting from the improvements. However, some
<br />issues are partly financed by ad valorem levies.
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<br />Improvement Note – This note was used to finance improvement projects at the I-35E and County Road 14
<br />interchange and was repaid primarily with special assessments levied on the properties benefiting from the
<br />improvements.
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<br />Capital Note – This 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 />Utility Revenue Bonds – These 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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