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1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />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 payment of City bonds is made through various agents (banking institutions) <br />Cash is paid to the paying agents and they in turn pay principal and interest <br />to the various bond holders. Cash on hand with the paying agent is not <br />included in these financial statements. <br />LEGAL DEBT MARGIN <br />The City is subject to a statutory limitation by the State of Minnesota for <br />bonded indebtedness payable principally from property taxes. The City of Lino <br />Lakes legal debt margin for 1985 and 1984 is computed as follows: <br />December 31, <br />1985 1984 <br />Assessed value (after fiscal disparities) $26,421,368 $24,875,071 <br />Debt limit (7 -1/3% of assessed value) $ 1,937,567 $ 1,824,172 <br />Amount of debt applicable to debt limit: <br />Total bonded debt $ 2,801,640 $ 958,960 <br />Less: Special assessment bonds and <br />proprietary bonds 2,694,140 958,960 <br />Less: Cash and investments in <br />debt service funds 292 -0- <br />Total debt applicable to debt limit $ 107,208 $ -0- <br />Legal debt margin $ 1,830,359 $ 1,824,172 <br />Legal debt margin is calculated on general obligation bond issues only (i.e., <br />this does not include Special Assessment or Revenue /Enterprise Fund bonded <br />debt) . <br />DEFERRED REVENUE <br />Deferred revenues occur when asset recognition criteria has been met, and <br />revenue recognition criteria has not been met. Deferred revenue as of <br />December 31, 1985 consists of the following: <br />Park dedication fees not collected (Note 2) $ 5,060 <br />Grant advances (state portion of LAWCON) 24,753 <br />$29,813 <br />