Annual Financial Report 12/31/1988

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CITY OF LINO LAKES, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1988 Page 11 of 19 NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued) CITY INDEBTEDNESS (continued) The amount to be provided in the General Long -Term Debt Group of Accounts represents future tax levies, special assessments and MSA grants for the retirement of bonds payable. Total scheduled deferred tax levies to retire general long -term debt bonds are $40,675. The payment of City bonds is made through various agents (banking institutions). Cash is paid to the paying agents and they in turn pay principal and interest to the various bond holders. Cash on hand with the paying agent is not included in these financial statements. City indebtedness at December 31, 1988 is composed of the following: Final Issue Maturity Interest Original Payable Date Date Rates Issue 12/31/88 General obligation Bonds: 1985 Certificates of Indebtedness 12/1/85 12/1/88 6.25 - 6.75 8107,500 80 1987 Equipment Certificates 11/1/87 11/1/88 6.75 78.000 0 Total General Obligation Bonds 185.500 0 General Improvement Bonds with special assessments pledged: G. 0. Improvement Bonds of 1981 12/1/81 12/1/91 10.64 45,000 15,000 G. 0. Improvement Bonds of 1982 10/1/82 2/1/91* 7.25 - 8.80 750,000 G. 0. Improvement Bonds of 1983 10/1/83 10/1/93 8.65 100,000 50,000 G. 0. Improvement Bonds of 1984 5/1/84 11/1/94 6.50 35,000 21,000 G. 0. Temporary Improvement Bonds of 1985 11/1/85 11/1/88 7.03 1,850,000 G. 0. Improvement Bonds of 1986 12/1/86 2/1/97 5.43 475,000 465,000 G. 0. Temporary Improvement Bonds of 1987 9/1 /87 9/1/90 5.43 1,650,000 1,650,000 G. 0. Improvement Bonds of 1988A 10/1/88 2/1/97 6.43 1,160,000 1,160,000 G. 0. Temporary Improvement Bonds of 1988B 10/1/88 10/1/91 6.20 610,000 610,000 Total General Improvement Bonds with special assessments pledged 6.675.000 3.971.000 Total - All Bonds 6.860.500 3,971.000 Contractfrdeed 10/1/87 7/1/91 8.00 80,000 48,000 Total indebtedness 86,940,500 84,019,000 • Bonds maturing in years 1989 through 1991 representing 8375,000 called on 2/1/87 LEGAL DEBT MARGIN The City is subject to a statutory limitation by the State of Minnesota for bonded indebtedness payable principally from taxes. The City of Lino Lakes legal debt margin for 1988 and 1987 is computed as follows: 1 1 1 1 1 1 1 1 1 1