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Page 10 of 19 <br />CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 1987 <br />NOTE 2 - DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (CONTINUED) <br />CITY INDEBTEDNESS (CONTINUED) <br />The Minnesota Municipal Industrial Development Act allows Cities to issue industrial development bonds for the purpose of <br />financing private development, subject to State approval. Under the terms of the bond issues authorized and the requirements of <br />the Minnesota Industrial Development Act, the City has no obligation for the payment of principal or interest other than its <br />interest in the Industrial Development Project(s) which have been excluded from these financial statements. <br />The annual requirement to amortize all bonded debt outstanding at December 31,1987 including interest payments of $513,375 are <br />as follows: <br />General Special <br />Obligation Assessment <br />Yet Bonds Bonds Total <br />1988 $123,296 $2,245,112 $2,368,408 <br />1989 257,122 257,122 <br />1990 1,899,769 1,899,769 <br />1991 157,218 157,218 <br />1992 35,955 35,955 <br />1993 33,954 33,954 <br />1994 21,194 21,914 <br />1995 17,235 17,235 <br />1996 16,350 16,350 <br />1997 15.450 15.450 <br />Totals $123,296 $4,704,079 823 375 <br />The amount to be provided in the General Long -Term Debt Group of Accounts represents future tax levies, special assessments <br />and MSA grants for the retirement of bonds payable. Total scheduled deferred tax levies to retire general long -term debt bonds are <br />$192,632 . <br />The payment of City bonds is made through various agents (banking institutions). Cash is paid to the paying agents and they in <br />turn pay principal and interest to the various bond holders. Cash on hand with the paying agent is not included in these financial <br />statements. <br />