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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 1984
<br />Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
<br />LONG -TERM DEBT - Continued
<br />Long -term debt at December 31, 1984 was comprised of the following types of
<br />issues:
<br />General Long -Term Debt:
<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
<br />$4,580, contract payable for purchase of copier due in
<br />monthly installments of $93 which includes interest
<br />at 8.0% through August 1, 1985.
<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
<br />$121,242
<br />722
<br />3,357
<br />Total General Long -Term Debt $125,321
<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 />$35,000, 1984 improvement bonds, issued for street improvements,
<br />due in annual installments of $3,500 through November 1, 1994
<br />together with interest of 6.5%
<br />$ 18,960
<br />80,000
<br />35,000
<br />700,000
<br />90,000
<br />35,000
<br />Total $ 958,960
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