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NOTES TO FINANCIAL STATEMENTS o Continued
<br />December 31, 1977
<br />Note 3: Special Assessment Bonds
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<br />In addition to the long -term debt exhibited in the Statement of Long -Term Debt,
<br />the City of Lino Lakes has a contingent liability against its full faith and
<br />credit on $203,200 of special assessment bonds recorded in the Special Assess - II
<br />ment Funds. The general credit of the municipality is obligated only to the
<br />extent that any liens foreclosed against properties involved in the special
<br />assessment district are insufficient to retire the outstanding special assess- II ment bond.
<br />Note 4: Bond Principal Payable
<br />Bond principal payable is comprised of the general obligation bond and special
<br />assessment bonds outstanding at year -end as follows:
<br />General
<br />Long -Term Debt
<br />G.O. Municipal Bldg.
<br />Year Bonds of 1970
<br />Payable Principal Interest
<br />BONDS PAYABLE
<br />As of December 31, 1977
<br />Special Assessment Bonds
<br />Improvement Bond Improvement Bond
<br />of 1974 of 1977 Total
<br />Principal Interest Principal Interest Principal Interest
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<br />1978 $10,000 $3,050 $ 35,000 $ 7,963 $ 6,320 $ 3,160 $ 51,320 $14,173 II
<br />1979 10,000 2,378 35,000 5,687 6,320 2,844 51,320 10,909
<br />1980 10,000 1,700 35,000 3,413 6,320 2,528 51,320 7,641
<br />1981 10,000 1,020 35,000 1,137 6,320 2,212 51,320 4,369 II
<br />1982 10,000 340 6,320 1,896 16,320 2,236.
<br />1983 6,320 1,580 6,320 1,580
<br />1984 6,320 1,264 6,320 1,264 II
<br />1985 6,320 X948 6,320 948
<br />1986 6,320 632 6,320 632
<br />1987 6,320 316 6,320 316
<br />$50.000 $8,488 $140,000 $18,200 $63,200 $17.380 $253.200 $44.068
<br />Paying Northwestern Nat. Northwestern Nat. Centennial State
<br />Agent: Bank of Mpls. Bank of Mpls.
<br />Interest
<br />Rates:
<br />6.5% - 6.8%
<br />Bank of Lexington
<br />6.5% 5.0%
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