Laserfiche WebLink
CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2024 <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 />2025 $1,615,000 $444,190 $349,190 $18,231 <br />2026 1,525,000 394,554 688,000 16,882 <br />2027 1,540,000 341,433 179,095 3,487 <br />2028 1,395,000 288,420 - - <br />2029 1,450,000 238,582 - - <br />2030-2034 6,630,000 610,943 - - <br />2035-2036 915,000 26,450 - - <br />Total $15,070,000 $2,344,572 $1,216,285 $38,600 <br />Bonded Debt G.O. Water Revenue Note <br />Govermental Activities Business-Type Activities <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 <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 /> <br />63 <br />Page 99 of 353