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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2023 <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 />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 1,540,000 341,433 - - <br />2028 1,395,000 288,420 - - <br />2029-2033 6,890,000 800,837 - - <br />2034-2036 2,105,000 75,137 - - <br />Total $17,150,000 $2,846,366 $35,475 $710 <br />Bonded Debt Direct Borrowings <br /> It is not practicable to determine the specific year for payment of long-term compensated absences payable. For governmental <br />activities, compensated absences are liquidated by the General Fund and The Rookery Activity Center Fund. For business-type <br />activities, compensated absences are liquidated by the Water, Sewer and Storm Water 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 and revenue bond <br />issues. General Obligation bond issues are financed by ad valorem tax levies and special assessment bond issues are partially financed <br />by ad valorem tax levies in addition to special assessments levied against the benefiting properties. When a bond issue to be financed <br />partially or completely by ad valorem tax levies is sold, specific annual amounts of such tax levies are stated in the bond resolution <br />and the County Auditor 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 levy any additional <br />taxes found necessary for full payment of principal and interest. <br /> <br />61 <br />68