Annual Financial Report 12/31/1985

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CITY OF LINO LAKES, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1985 Note 2 - DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued) AMOUNT TO BE PROVIDED The City's policy relating to Special Assessment Debt Service Funds is such that they may not reflect a fund deficit. For any Special Assessment Debt Service Fund which would reflect a deficit, an "amount to be provided" has been recorded. The "amount to be provided" is each fund's supplemental financing requirement. CITY INDEBTEDNESS The following is a schedule of long -term debt transactions of the City for the year ended December 31, 1985. Principal payable at January 1 Additions: 1985 Certificates of Indebtedness 1985 G.O. Temporary Improvement Bonds Principal retirements Assessments Payable on City Contract General Special Property Payable Obligation Assessment Total $ 129,820 $ 4,079 $ 958,960 $1,092,859 2,540 $ 107,500 1,850,000 114,820 107,500 1,850,000 117,360 Principal payable at December 31 $ 129,820 $ 1,539 $ 107,500 $2,694,140 $2,932,999 The assessments payable on City property includes principal due in prior years which the City has not yet established collection terms. All bond issues outstanding at December 31, 1985 are backed by the full faith and credit of the City, including special assessment bond issues. Outstanding balance at December 31, 1985, principal and interest payments due in 1985, final due date, interest rates, and other pertinent data are presented in the Combined Schedule of Indebtedness (Exhibit 1). Principal and interest payments through maturity is presented in Exhibit 3.