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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 />The annual requirements to amortize all debt outstanding as of December 31, <br />1983 including interest payments of $425,287 are as follows: <br />Assessments <br />Payable on Special <br />Year Ending City Owned Contracts Assessment <br />December 31, Property Payable Bonds Total <br />1984 $ 27,109 $ 3,288 $ 194,949 $ 225,346 <br />1985 22,475 2,917 186,346 211,738 <br />1986 21,061 1,631 177,629 200,321 <br />1987 19,646 186,444 206,090 <br />1988 18,232 174,410 192,642 <br />1989 -1991 46,225 507,402 553,627 <br />Total $154,748 $ 7,836 $1,427,180 $1,589,764 <br />The amount to be provided in the General Long -Term Debt Group of Accounts <br />represents future general tax levies for the retirement of contracts payable. <br />The amount to be provided in the special assessment funds will be derived from <br />assessments to be levied against the benefited properties and future tax levies <br />which will be placed annually as scheduled to provide funds for debt <br />retirement. Total deferred tax levies to retire special assessment bonds are <br />$267,764. <br />All bonds and certificates are backed by the full faith and credit of the City. <br />PROPRIETARY FUND CONTRIBUTED CAPITAL <br />This balance represents the cost of property contributed to the Water and Sewer <br />Enterprise Fund by the City, less depreciation thereon charged to operations. <br />Changes occurring in this account during the year were as follows: <br />Balance - January 1 $ 851,721 <br />Add: Assets contributed by Special <br />Assessment Funds <br />Deduct: Depreciation on contributed <br />assets <br />58,005 <br />(21,004) <br />Balance - December 31 $ 888,722 <br />