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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2024 <br />DEBT SERVICE REQUIREMENTS <br />Future principal and interest payments required to retire long-term debt are as follows: <br />GovermentalActivities <br />Business -Type Activities <br />Years Ending <br />Bonded Debt <br />G.O. Water Revenue Note <br />December 31 <br />Principal <br />Interest <br />Principal <br />Interest <br />2025 <br />$1,615,000 <br />$444,190 <br />$349,190 <br />$18,231 <br />2026 <br />1,525,000 <br />394,554 <br />688,000 <br />16,882 <br />2027 <br />1,540,000 <br />341,433 <br />179,095 <br />3,487 <br />2028 <br />1,395,000 <br />288,420 <br />- <br />- <br />2029 <br />1,450,000 <br />238,582 <br />- <br />- <br />2030-2034 <br />6,630,000 <br />610,943 <br />- <br />- <br />2035-2036 <br />915,000 <br />26,450 <br />- <br />- <br />Total <br />$15,070,000 <br />$2,344,572 <br />$1,216,285 <br />$38,600 <br />DEFERRED AD VALOREM TAX LEVIES — BONDED DEBT <br />All long-term bonded indebtedness is backed by the full faith and credit of the City, including special assessment <br />and revenue bond issues. General Obligation bond issues are financed by ad valorem tax levies and special <br />assessment bond issues are partially financed by ad valorem tax levies in addition to special assessments levied <br />against the benefiting properties. When a bond issue to be financed partially or completely by ad valorem tax levies <br />is sold, specific annual amounts of such tax levies are stated in the bond resolution and the County Auditor is <br />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 <br />any additional taxes found necessary for full payment of principal and interest. <br />63 <br />