Annual Financial Report 12/31/1989

Home Search

CITY OF LINO LAKES, MINNESOTA Page 11 of 21 NOTES TO FINANCIAL STATEMENTS December 31, 1989 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 Account Group 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 $581,403. 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, 1989 is composed of the following: General Obligation Bonds: 1989 Equipment Certificates Final Issue Maturity loterest Original Payable Dace Date Rates Issue 12131/89 5/1/89 5/1/94 7.65 $300,000 $300,000 General Improvement Bonds with special assessments pledged: G. O. Improvement Bonds of 1981 12/1/81 12/1/91 10.64 45,000 10,000 G. O. Improvement Bonds of 1983 10/1/83 10/1/93 8.65 100,000 40,000 G. G. Improvement Bonds of 1984 5/1/84 11/1/94 6.50 35,000 17,500 G. O. Improvement Bonds of 1986 12/1/86 2/1/97 5.43 475,000 340,000 G. O. Temporary Improvement Bonds of 1987 9/1/87 9/1/90 5.43 1,650,000 1,650,000 G. O. Improvement Bonds of 1988A 10/1/88 2/1/97 6.43 1,160,000 1,160,000 G. G. Temporary Improvement Bonds of 1988B 10/1/88 10/1/91 6.20 610,000 610,000 G. G. Temporary Improvement Bonds of 1989 7/1/89 7/1/92 6.10 4.660.000 4.660.000 Total General Improvement Bonds with special assessments pledged 8.735.000 8.487.500 Total - All Bonds 9,035,000 8,787,500 Assessments payable on City property 151,130 Capital lease - phone system 5/89 3/93 14.92 9.249 7,715 Contract for deed 10/1/87 7/1/91 8.00 80,000 32,000 Total Indebtedness ja112149. 88.978.345 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 1989 and 1988 is computed as follows: