|
CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 1983
<br />Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
<br />LONG -TERM DEBT - Continued
<br />Long -term debt at December 31, 1983 was comprised of the following types of
<br />issues:
<br />General Long -Term Debt:
<br />1
<br />1
<br />1
<br />1
<br />$122,524, assessments payable on City property due in
<br />semi- annual installments of various amounts with
<br />interest at 11.25% through October 15, 1991 $122,524
<br />$4,580, contract payable for purchase of copier due in 1
<br />monthly installments of $93 which includes interest
<br />at 8.0% through August 1, 1985. 1,734
<br />$5,301, contract payable for purchase of phone system due
<br />in monthly installments of $181, which includes interest
<br />at 14.0% through September 25, 1986 4,939 1
<br />• Total General Long -Term Debt $129,197
<br />Special Assessment 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%
<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%
<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 10%
<br />to 11%
<br />$750,000, 1982 improvement bonds, issued for various
<br />improvements, due in annual installments ranging from
<br />$50,000 to $130,000 through February 1, 1991 together with
<br />interest ranging from 7.25% to 8.80%
<br />$100,000, 1983 improvement bonds, issued for sanitary sewer
<br />improvements, due in annual installments of $10,000 through
<br />October 1, 1993 together with interest ranging from 8% to 9%
<br />1
<br />25,280
<br />1
<br />120,000 II
<br />40,000
<br />1
<br />750,000 1
<br />100,000
<br />Total $1,035,280
<br />1
<br />1
<br />1
<br />
|