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NOTES TO FINANCIAL STATEMENTS - Continued
<br />December 31, 1981
<br />Note 7: Long -Term Debt
<br />The following is a summary of long -term debt transactions of the City
<br />for the year ended December 31, 1981:
<br />General Long -Term Debt
<br />Certif-
<br />General icates
<br />Obliga- of
<br />tion Indebted- Contracts
<br />Bonds ness Payable Total
<br />Special
<br />Assessment
<br />Bonds
<br />Total
<br />Principal payable at
<br />beginning of year $20,000 $ 42,000 $ 5,087 $ 67,087 $1,214,240 $1,281,327
<br />Additions:
<br />1981 G. 0. Improve-
<br />ment Bonds 45,000 45,000
<br />1981 Certificates
<br />of Indebtedness 111,400 111,400 111,400
<br />Principal retirements (10,000) (21,000) (1,177) (32,177) (41,320) (73,497)
<br />Principal Payable at
<br />End of Year $10,000 $132,400 $ 3,910 $146,310 $1,217,920 $1,364,230
<br />Long -term debt at December 31, 1981, was comprised of the following
<br />types of issues:
<br />General Long -Term Debt:
<br />$100,000, 1970 municipal building bonds with one remaining
<br />installment of $10,000 due on March 1, 1982, together with
<br />interest at 6.8 percent.
<br />$63,000, 1980 certificates
<br />safety equipment pursuant
<br />one remaining installment
<br />together with interest at
<br />of indebtedness, issued for public
<br />to Minnesota Statutes 412.301, with
<br />of $21,000 due on December 1, 1982,
<br />6.75 percent.
<br />$111,400, 1981 certificates of indebtedness, issued for public
<br />safety equipment pursuant to Minnesota Statutes 412.301, due
<br />in two annual installments of $55,700 each through December 1,
<br />1983, together with interest at 10.75 percent.
<br />$1,896, contract payable for purchase of Votomatic equipment
<br />with one remaining installment of $379 due in November 1982.
<br />$4,580, contract payable for purchase of copier due in monthly
<br />installments of $92.86 which includes interest at 8.0 percent
<br />through August 1, 1985.
<br />$ 10,000
<br />21,000
<br />111,400
<br />379
<br />3,531
<br />Total General Long -Term Debt $ 146,310
<br />
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