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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2023 <br /> <br /> <br /> <br /> <br />REVENUE PLEDGED <br /> <br />Future revenue pledged for the payment of long-term debt is as follows: <br /> <br />Remaining Principal Pledged <br />Term of Principal and Interest Revenue <br />Bond Issue Use of Proceeds Type Pledge and Interest Paid Received <br />2007A G.O. TIF Bonds Infrastructure improvements 2008 - 2024 $285,775 $282,016 $282,016 <br />2012A G.O. Bonds Infrastructure improvements 2013 - 2024 $166,361 $169,001 $176,109 <br />2013A Improvement Bonds Infrastructure improvements Special assessments 2014 - 2024 $66,300 $68,900 $39,000 <br />2014A Improvement Bonds Infrastructure improvements Special assessments 2015 - 2026 $359,199 $159,280 $121,576 <br />2015A G.O. Bonds Infrastructure improvements Ad valorem taxes 2016 - 2031 $1,863,031 $253,013 $273,959 <br />2015B EDA Lease Revenue Bonds Construction of a fire station Ad valorem taxes 2016 - 2036 $3,888,806 $298,388 $320,815 <br />2016A Capital Note Cable communications equipment Franchise fees 2016 - 2024 $36,185 $36,053 $37,885 <br />2016A Utility Revenue Bonds Water infrastructure improvements 2017 - 2027 $613,800 $158,250 $158,250 <br />2018A G.O. Bonds Infrastructure improvements 2019-2034 $6,820,281 $637,538 $528,508 <br />2020A G.O. Utility Revenue Bonds Infrastructure improvements 2021-2035 $4,148,600 $344,100 $344,100 <br />2021A G.O. Street Reconstruction Bonds Infrastructure improvements 2021-2032 $1,784,213 $198,045 $211,465 <br />Current YearRevenue Pledged <br />Ad valorem taxes <br />Trunk utility charges <br />via transfers <br />Ad valorem taxes, <br />trunk utility charges, <br />special assessments <br />Tax increment, MSA <br />funding via transfers <br />Ad valorem taxes, <br />special assessments <br />Trunk utility charges <br />via transfers <br /> <br /> <br /> <br />Note 7 DEFINED BENEFIT PENSION PLANS – PERA <br /> <br />A. PLAN DESCRIPTION <br /> <br />The City participates in the following cost-sharing multiple-employer defined benefit pension plans administered by the <br />Public Employees Retirement Association of Minnesota (PERA). PERA’s defined benefit pension plans are established and <br />administered in accordance with Minnesota Statutes, Chapters 353 and 356. PERA’s defined benefit pension plans are tax <br />qualified plans under Section 401(a) of the Internal Revenue Code. <br /> <br />1. General Employees Retirement Fund (GERF) <br /> <br />All full-time (with the exception of employees covered by PEPFF) and certain part-time employees of the City are <br />covered by the General Employees Retirement Fund (GERF). GERF members belong to the Coordinated Plan. <br />Coordinated Plan members are covered by Social Security. <br /> <br />62 <br />69