|
CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2010
<br />Note 4 CITY INDEBTEDNESS (CONTINUED)
<br />The following is a schedule of changes in City indebtedness for the year ended December 31, 2010:
<br />Governmental activities:
<br />Bonded debt:
<br />General Obligation
<br />Special Assessment
<br />Unamortized Bond Discounts
<br />Unamortized Bond Premiums
<br />Note Payable - Anoka County
<br />Compensated Absences Payable
<br />Other Post Employment Benefit Plan
<br />Total Govemmental Activities
<br />Business -Type Activities:
<br />Revenue Bonds
<br />Unamortized Bond Discounts
<br />Compensated Absences Payable
<br />Total Business -Type Activities
<br />Total
<br />Payable
<br />12/31/2009 Issues
<br />$ 10,712,000
<br />10,265,000
<br />(36,560)
<br />111,186
<br />4,260,000
<br />627,884
<br />44,734
<br />25,984,244
<br />1,170,000
<br />(1,588)
<br />35,820
<br />1,204,232
<br />$ 170,000
<br />1,000,000
<br />10,980
<br />547,346
<br />40,404
<br />1,768,730
<br />37,050
<br />37,050
<br />Payments
<br />$ 741,000
<br />2,090,000
<br />(6,469)
<br />20,065
<br />550,109
<br />21,851
<br />3,416,556
<br />375,000
<br />(762)
<br />31,766
<br />406,004
<br />Payable Due Within
<br />12/31/2010 One Year
<br />$ 10,141,000 $ 840,000
<br />9,175,000 1,190,000
<br />(30,091)
<br />102,101
<br />4,260,000
<br />625,121 399,475
<br />63,287 -
<br />24,336,418 2,429,475
<br />795,000 390,000
<br />(826)
<br />41,104 28,632
<br />835,278 418,632
<br />$ 27,188,476 $ 1,805,780 $ 3,822,560 $ 25,171,696 $ 2,848,107
<br />All long -term bonded indebtedness outstanding at December 31, 2010 is backed by the full faith and credit of the
<br />City, including special assessment bond issues. For the governmental activities, compensated absences are generally
<br />liquidated by the general fund.
<br />Minimum annual principal and interest payments required to retire long -term debt, not including compensated
<br />absences payable are as follows.
<br />Years ending December 31,
<br />2011
<br />2012
<br />2013
<br />2014
<br />2015
<br />2016 -2020
<br />2021 -2024
<br />Total
<br />Govemmental Activities Business -Type Activities
<br />Principal Interest
<br />Principal Interest
<br />$ 2,030,000 $ 955,755 $
<br />2,106,000 860,771
<br />2,135,000 768,348
<br />1,890,000 678,901
<br />2,260,000 599,184
<br />8,845,000 1,853,139
<br />4,310,000 562,898
<br />390,000 $ 21,701
<br />405,000 7,341
<br />$ 23,576,000 $ 6,278,996 $ 795,000 $ 29,042
<br />Total
<br />$ 3,397,456
<br />3,379,112
<br />2,903,348
<br />2,568,901
<br />2,859,184
<br />10,698,139
<br />4,872,898
<br />$ 30,679,038
<br />Description and Restrictions of Long -Term Debt
<br />General Obligation Bonds - The bonds were issued for improvements or projects which benefited the City as a
<br />whole and are, therefore, repaid from ad valorem levies.
<br />Special Assessment Bonds - These bonds were issued to finance various improvements and will be repaid primarily
<br />from special assessments levied on the properties benefiting from the improvements. However, some issues are
<br />partly financed by ad valorem levies.
<br />47
<br />
|