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<br />CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 1988
<br />NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
<br />CITY INDEBTEDNESS
<br />The following is a schedule of changes in City indebtedness for the year ended December 31, 1988:
<br />Balance Balance
<br />1/1/88 Additions Deletions 12/31/88
<br />Bonded Debt
<br />General Obligation $115,500 $115,500 $0
<br />Special Assessment 4,194,500 $1,770,000 1,993,500 3,971,000
<br />Contract Payable 64,000 16,000 48,000
<br />Assessments Payable 148,096 3,034 151,130
<br />Totals $4,522,096 $1,773,034 $2,125,000 $4,170,130
<br />All bond issues outstanding at December 31,1988 are backed by the full faith and credit of the
<br />City, including special assessment bond issues. Outstanding balances at December 31,1988,
<br />principal and interest payments due in 1989, final due dates, interest rates, and other pertinent data
<br />are presented in the Combined Schedule of Indebtedness (Exhibit 1). Principal and interest
<br />payments through maturity are presented in Exhibit 3.
<br />The Minnesota Municipal Industrial Development Act allows Cities to issue industrial
<br />development bonds for the purpose of financing private development, subject to State approval.
<br />Under the terms of the bond issues authorized and the requirements of the Minnesota Industrial
<br />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
<br />statements.
<br />The annual requirement to amortize all bonded debt outstanding at December 31, 1988 including
<br />interest payments of $764,582 are as follows:
<br />General Special
<br />Year Ending Obligation Assessment
<br />December 31, Bonds Bonds Total
<br />1989 $357,518 $357,518
<br />1990 2,104,829 2,104,829
<br />1991 1,000,430 1,000,430
<br />1992 228,098 228,098
<br />1993 227,204 227,204
<br />1994 215,486 215,486
<br />1995 195,819 195,819
<br />1996 199,458 199,458
<br />1997 206,740 206,740
<br />Total $0 $4,735,582 $4,735,582
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