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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2023
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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, 2023:
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<br />Beginning Ending Due Within
<br />Balance Additions Deletions Balance One Year
<br />Governmental Activities:
<br /> General obligation bonds $18,825,000 $ - $2,090,000 $16,735,000 $1,860,000
<br />Special assessment bonds 630,000 - 215,000 415,000 220,000
<br />Direct borrowings 170,360 - 134,885 35,475 35,475
<br />Total bonds and notes payable 19,625,360 - 2,439,885 17,185,475 2,115,475
<br />Unamortized bond premiums 812,019 - 77,391 734,628 -
<br />Unamortized bond discounts (5,266) - (2,681) (2,585) -
<br /> Compensated absences payable 790,826 643,995 619,543 815,278 595,153
<br />Total governmental activities $21,222,939 $643,995 $3,134,138 $18,732,796 $2,710,628
<br />Business-Type Activities:
<br />Compensated absences payable $68,172 $50,621 $39,744 $79,049 $62,449
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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 whole and, therefore,
<br />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 from special
<br />assessments levied on the properties benefiting from the improvements. However, some issues are partly financed by ad valorem
<br />levies.
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<br />Utility Revenue Bonds – the Bonds were issued to finance various improvements in the water fund and will be repaid primarily from
<br />pledged revenues derived from the constructed assets.
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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 North Metro
<br />Telecommunications Commission in the operation of a cable communications system. The note will be repaid from franchise fee
<br />revenue.
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<br />The City’s agreements related to direct borrowings do not contain any significant events of default or termination events with finance-
<br />related consequences, other than a commitment to pledge future property tax and franchise fee revenues.
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