Annual Financial Report 12/31/1982

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CITY OF LINO LAKES, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1982 Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued LONG -TERM DEBT - Continued The annual requirements to amortize all debt 1982 including interest payments of $414,138 General outstanding as of December 31, are as follows: Long -Term Debt Certificates Year Ending of December 31, Indebtedness 1983 1984 1985 1986 1987 1988 -1991 Total $ 61,688 Contracts. Payable $ 1,114 1,114 743 Total $ 62,802 1,114 743 $ 61,688 $ 2,971 $ 64,659 Special Assessment Bonds $ 122,159 176,500 168,696 160,780 167,681 602,213 Total $ 184,961 177,614 169,439 160,780 167,681 602,213 $ 1,398,029 $ 1,462,688 To service the general obligation bonds and certificates of indebtedness, $465 is available in the Debt Service Funds. The amount to be provided in the General Long -Term Debt Group of Accounts represents future tax levies for debt service on certificates of indebtedness which will be placed annually as scheduled to provide funds for debt retirement. Total deferred tax levies to retire General Long -Term Debt are $64,772. The amount to be provided in the special assessment funds will be derived from assessments to be levied against the benefited properties and future tax levies which will be placed annually as scheduled to provide funds for debt retirement. Total deferred tax levies to retire special assessment bonds are $336, 667. All bonds and certificates are backed by the full faith and credit of the City. PROPRIETARY FUND CONTRIBUTED CAPITAL This balance represents the cost of property contributed to the Water and Sewer Enterprise Fund by the City, less depreciation thereon charged to operations. Changes occurring in this account during the year were as follows: Balance - January 1 $ 791,547 Add: Assets contributed by Special Assessment Funds 81,150 Deduct: Depreciation on contributed assets 20,976 Balance - December 31 $ 851,721