Laserfiche WebLink
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 />The annual requirements to amortize all debt outstanding as of December 31, <br />1984 including interest payments of $332,872 are as follows: <br />Assessments <br />Payable on Special <br />Year Ending City Owned Contracts Assessment <br />December 31, Property Payable Bonds <br />1985 <br />1986 <br />1987 <br />1988 <br />1989 <br />1990 -1991 <br />Total <br />$ 22,475 <br />21,061 <br />19,646 <br />18,232 <br />16,835 <br />29,390 <br />$ 2,917 <br />1,631 <br />$ 194,072 <br />183,719 <br />192,289 <br />179,992 <br />173,577 <br />361,317 <br />Total <br />$ 219,464 <br />206,411 <br />211,935 <br />198,224 <br />190,412 <br />390,707 <br />$127,639 $ 4,548 $1,284,966 $1,417,153 <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 />and assessments payable on City property. <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 />$232,442. <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 $ 888,722 <br />Deduct: Depreciation on contributed <br />assets 21,004 <br />Balance - December 31 $ 867,718 <br />