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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 1985
<br />Note 2 - DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
<br />CITY INDEBTEDNESS (Continued)
<br />The annual requirement to amortize all bonded debt outstanding at December 31,
<br />1985 including interest payments of $664,749 are as follows:
<br />Assessments
<br />Payable on
<br />Year Ending City
<br />December 31, Property
<br />1986 $ 21,061
<br />1987 19,646
<br />1988 18,232
<br />1989 16,835
<br />1990 15,403
<br />1991 -1994 13,988
<br />Total $ 105,165
<br />Contracts
<br />Payable
<br />$ 1,631
<br />General
<br />Obligation
<br />Bonds
<br />$ 41,994
<br />39,806
<br />40,031
<br />1,631 $ 121,831
<br />Special
<br />Assessment
<br />Bonds
<br />$ 307,669
<br />316,239
<br />2,153,942
<br />173,577
<br />166,496
<br />194,821
<br />Total
<br />$ 372,355
<br />375,691
<br />2,212,205
<br />190,412
<br />181,899
<br />208,809
<br />$ 3,312,744 $ 3,541,371
<br />The assessments payable on City property over the next several years does not
<br />include portions still outstanding from prior years totaling $102,401. The
<br />City intends to eliminate these assessments through the sale of the property in
<br />1986.
<br />The amount to be provided in the General Long -Term Debt Group of Accounts
<br />represents future tax levies and MSA grants for the retirement of bonds_
<br />payable. Total deferred tax levies to retire general long -term debt bonds are
<br />$126,000.
<br />The amount to be provided in the special assessment funds will be derived from
<br />assessments to be levied annually against the benefited properties and future
<br />tax levies as scheduled to provide funds for debt retirement. Total deferred
<br />tax levies to retire special assessment bonds are $191,260 at December 31,
<br />1985.
<br />All bond issues outstanding at December 31, 1985 are backed by the full faith "
<br />and credit of the City.
<br />Outstanding balances at December 31, 1985, principal payments due in 1986,
<br />future interest to maturity, final due date, interest rates, and other per-
<br />tinent data are presented in the Combined Schedule of Indebtedness and /or the
<br />Schedules of Debt Service Payments to Maturity - Exhibits 1 and 3.
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