Annual Financial Report 12/31/1986

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1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 CITY OF LINO LAKES, MINNESOTA Page 11 of 19 NOTES TO FINANCIAL STATEMENTS December 31, 1986 Note 2 - DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued) CITY INDEBTEDNESS (Continued) 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, 1986 are backed by the full faith and credit of the City, including special assessment bond issues. Outstanding balance at December 31, 1986, principal and interest payments due in 1987, 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 are presented in Exhibit 3. The annual requirement to amortize all bonded debt outstanding at December 31, 1986 including interest payments of $466,752 are as follows: General Special Year Ending Obligation Assessment Contract December 31, Bonds Bonds Payable Total 1987 $ 39,806 $ 706,656 $ 20,800 $ 767,262 1988 40,031 2,159,312 19,840 2,219,183 1989 171,322 18,880 190,202 1990 163,969 17,920 181,889 1991 -1997 298,076 16,960 315,036 Total $ 79,837 $3,499,335 $ 94,400 $ 3,673,572 The amount to be provided in the General Long -Term Debt Group of Accounts represents future tax levies and MSA grants for the retirement of bonds payable. Total deferred tax levies to retire general long -term debt bonds are $81,000. The fund deficit in the special assessment funds will be derived from assessments to be levied annually against the benefited properties and future tax levies as scheduled to provide funds for debt retirement. Total deferred tax levies to retire special assessment bonds are $105,598. All bond issues outstanding at December 31, 1986 are backed by the full faith and credit of the City. Outstanding balances at December 31, 1986, principal payments due in 1987, future interest to maturity, final due date, interest rates, and other per- tinent data are presented in the Combined Schedule of Indebtedness and /or the Schedules of Debt Service Payments to Maturity - Exhibits 1 and 3.