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Annual Financial Report 12/31/1982
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Annual Financial Report 12/31/1982
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Annual Financial Report
Date
12/31/1982
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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 1982 <br />Note 2 - DEFERRED AD VALOREM TAX LEVIES <br />SPECIAL ASSESSMENT BOND ISSUES <br />Certain special assessment bond issues sold by the City are partially financed <br />by ad valorem tax levies in addition to special assessments levies against the <br />benefitting properties. When a bond issue to be financed partially or wholly <br />by ad valorem tax levies is sold, specific annual amounts of such levies are <br />stated in the bond resolution and the County auditor is notified and instructed <br />to levy these taxes over the appropriate years. These future tax levies are <br />subject to cancellation when and if the City has provided alternative <br />financing. Alternatively, the City Council is required to levy any additional <br />taxes found necessary for the full payment of principal and interest. <br />These future scheduled tax levies are not shown as assets in the accompanying <br />financial statements at December 31, 1982 nor 1981 in accordance with generally <br />accepted accounting principles. Revenue from these tax levies is recognized <br />annually as explained under "Property Tax Revenue Recognition ". <br />Scheduled and actual debt service tax levies for special assessment bonds were: <br />Levy /Collection Scheduled Actual Percent Levied <br />1982/83 $ 32,659 $ 32,658 100% <br />1983/84 36,244 <br />1984/85 36,262 <br />1985/86 40,967 <br />1986/87 44,374 <br />1987/88 47,006 <br />1988/89 48,954 <br />1989/90 50,201 <br />GENERAL BONDED DEBT <br />General obligation bonded debt of all Minnesota Cities is issued in accordance <br />with State Statutes. When a bond issue to be financed by ad valorem tax levies <br />is sold, specific annual amounts of such tax levies are stated in the bond <br />resolution and the County Auditor is notified and instructed to levy these <br />taxes over the appropriate years. These future tax levies are subject to can- <br />cellation when and if the City has provided alternative financing. <br />Alternatively, the City Council is required to levy any additional taxes found <br />necessary for the full payment of principal and interest. <br />These future scheduled tax levies are not shown as assets in the accompanying <br />financial statements at December 31, 1982 nor 1981 in accordance with generally _ <br />accepted accounting principles. Revenue from these tax levies is recognized <br />annually as explained under "Property Tax Revenue Recognition ". <br />Scheduled and actual debt service tax levies for general obligation bonded debt <br />are: <br />Levy /Collection Scheduled Actual Percent Levied <br />1981/82 $ 94,597 $ 94,597 100% <br />1982/83 64,772 64,772 100% <br />
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