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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2024
<br />Depreciation expense was charged to functions/programs of the City as follows:
<br />Governmental activities:
<br />General government $1,047,300
<br />Public safety 408,947
<br />Public works 2,466,163
<br />Culture and recreation 417,023
<br />Conservation of natural resources 1,693
<br />Total depreciation expense - governmental activities $4,341,126
<br />Business -type activities:
<br />Water $927,267
<br />Sewer 753,799
<br />Total depreciation expense -business-type activities $1,681,066
<br />Note 6 LONG-TERM DEBT
<br />The City issues general obligation bonds to provide funds for the acquisition and construction of major capital
<br />facilities and equipment. City indebtedness at December 31, 2024 consisted of the following:
<br />Governmental activities:
<br />General Obligation Bonds:
<br />G.O. Bonds, Series 2015A
<br />IDA Lease Revenue Bonds, Series 2015B
<br />G.O. Utility Revenue Bonds, Series 2016A
<br />G.O. Bonds, Series 2018A
<br />G.O. Utility Revenue Bonds, Series 2020A
<br />G.O. Street Reconstruction Bonds, Series 2021A
<br />Total General Obligation Bonds
<br />Special Assessment Bonds:
<br />G.O. Improvement Bonds, Series 2014A
<br />Unamortized bond premiums
<br />Unamortized bond discounts
<br />Compensated absences payable
<br />Total Government Activities
<br />Business -Type Activities:
<br />Direct Borrowings:
<br />G.O. Water Revenue Note, Series 2024 (MPFA)
<br />Compensated absences payable
<br />Total Business -Type Activities
<br />Issue
<br />Date
<br />08/01/15
<br />10/01/15
<br />11/23/16
<br />12/19/18
<br />07/08/20
<br />07/ 15/21
<br />11/20/14
<br />09/30/24
<br />Final
<br />Maturity Interest
<br />Date Rate
<br />Original Payable
<br />Issue 12/31/2024
<br />02/01/31
<br />2.00%
<br />- 3.00%
<br />$3,095,000
<br />$1,470,000
<br />04/01/36
<br />2.00%
<br />- 3.00%
<br />4,350,000
<br />2,910,000
<br />02/01/27
<br />2.00%
<br />1,420,000
<br />445,000
<br />02/01/34
<br />3.00%
<br />- 5.00%
<br />6,915,000
<br />5,225,000
<br />02/01/35
<br />2.00%
<br />- 4.00%
<br />4,330,000
<br />3,345,000
<br />02/01/32
<br />1.00%
<br />- 4.00%
<br />1,815,000
<br />1,480,000
<br />21,925,000
<br />14,875,000
<br />02/01/26
<br />0.40%
<br />- 2.30%
<br />2,645,000
<br />195,000
<br />1,102,333
<br />657,458
<br />(38,362)
<br />(1,234)
<br />N/A
<br />1,178,755
<br />08/20/44 1.947%
<br />$25,633,971 $16,904,979
<br />$15,996,190 $1,216,285
<br />N/A 127362
<br />$15,996,190 $1,343,647
<br />61
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