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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 1982
<br />Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
<br />LONG -TERM DEBT - Continued
<br />Long -term debt at December 31, 1982 was comprised of the following types of
<br />issues:
<br />General Long -Term Debt:
<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
<br />1, 1983, together with interest at 10.75 percent.
<br />$4,580, contract payable for purchase of copier due in monthly
<br />installments of $93 which includes interest at 8.0 percent
<br />through August 1, 1985.
<br />$ 55,700
<br />2,668
<br />Total General Long -Term Debt $ 58,368
<br />Special Assessments Bonds:
<br />$63,200, 1977 improvement bonds, issued for sanitary sewer
<br />improvements, due in annual installments of $6,320 through
<br />July 27, 1987, together with interest at 5.0 percent.
<br />$200,000, 1980 improvement bonds, issued for utility and street
<br />improvements, due in annual installments of $40,000 through
<br />December 1, 1986, together with interest at 8.25 percent.
<br />$45,000, 1981 improvement bonds, issued for sanitary sewer
<br />improvements, due in annual installments of $5,000 through
<br />December 1, 1991, together with interest ranging from
<br />10 to 11 percent.
<br />$750,000, 1982 improvement bonds, issued for various
<br />improvements, due in annual installments ranging from
<br />$50,000 to $130,000 together with interest ranging from
<br />7.25% to 8.80%
<br />$ 31,600
<br />160,000
<br />45,000
<br />750,000
<br />Total $ 986,600
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