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<br />CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 1989
<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, 1989:
<br />Balance Balance
<br />1/1/89 Additions Deletions 12/31/89
<br />Bonded Debt
<br />General Obligation $300,000 $300,000
<br />Special Assessment $3,971,000 4,660,000 $143,500 8,487,500
<br />Capital Lease Payable 9,249 1,534. 7,715
<br />Contract Payable 48,000 16,000 32,000
<br />Assessments Payable 151,130 151,130
<br />Totals $4,170,130 $4,669,249 $161,034 $8,978,345
<br />All bond issues outstanding at December 31,1989 are backed by the full faith and credit of the
<br />City, including special assessment bond issues. Outstanding balances at December 31, 1989,
<br />principal and interest payments due in 1990, 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 31,1989 including
<br />interest payments of $1,460,719 are as follows:
<br />General Special
<br />Year Ending Obligation Assessment
<br />December 31, Bonds Bonds Total
<br />1990 $80,655 $2,389,089 $2,469,744
<br />1991 76,065 1,284,690 1,360,755
<br />1992 71,475 5,172,358 5,243,833
<br />1993 66,885 227,204 294,089
<br />1994 62,295 215,486 277,781
<br />1995 195,819 195,819
<br />1996 199,458 199,458
<br />1997 206,740 206.740
<br />Total $357,375 29 890 844 $10,248,219
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