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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2006
<br />Note 4 CITY INDEBTEDNESS (CONTINUED)
<br />The following is a schedule of changes in City indebtedness for the year ended December 31, 2006:
<br />Governmental activities:
<br />Bonded debt:
<br />General Obligation
<br />Special Assessment
<br />Unamortized Bond Discounts
<br />Unamortized Bond Premiums
<br />Compensated Absences Payable
<br />Total Governmental Activities
<br />Business -Type Activities:
<br />Revenue Bonds
<br />Unamortized Bond Discounts
<br />Compensated Absences Payable
<br />Total Business -Type Activities
<br />Payable
<br />12/31/2005
<br />Payable Due Within
<br />Issues Payments 12/31 /2006 One Year
<br />$ 5,335,000 $ 6,327,000 $ 3,915,000 $ 7,747,000 $ 553,000
<br />19,405,000 - 5,465,000 13,940,000 1,420,000
<br />(5,594) (13,635) (706) (18,523)
<br />176,166 450 19,086 157,530 -
<br />514,583 481,321 411,140 584,764 369,742
<br />25,425,155 6,795,136 9,809,520 22,410,771 2,342,742
<br />2,425,000
<br />27,500
<br />2,452,500
<br />1,740,000 295,000 3,870,000
<br />(4,002) (127) (3,875)
<br />25,603 22,061 31,042
<br />1,761,601 316,934 3,897,167
<br />2,015,000
<br />20,826
<br />2,035,826
<br />Total $ 27,877,655 $ 8,556,737 $ 10,126,454 $ 26,307,938 $ 4,378,568
<br />All long -term bonded indebtedness outstanding at December 31, 2006 is backed by the full faith and credit
<br />of the City, including special assessment bond issues. For the governmental activities, compensated
<br />absences are generally liquidated by the general fund.
<br />Minimum annual principal and interest payments required to retire long -term debt, not including
<br />compensated absences payable are as follows.
<br />Govemmental Activities Business -Type Activities
<br />Principal Interest Principal Interest Total
<br />Years ending December 31,
<br />2007 $ 1,973,000 $ 896,348 $ 2,015,000 $ 107,437 $ 4,991,785
<br />2008 1,699,000 844,898 325,000 61,546 2,930,444
<br />2009 1,625,000 772,961 360,000 48,611 2,806,572
<br />2010 1,460,000 702,373 375,000 35,471 2,572,844
<br />2011 1,560,000 636,818 390,000 21,701 2,608,519
<br />2012 -2016 7,700,000 2,100,156 405,000 7,341 10,212,497
<br />2017 -2021 5,055,000 663,448 - 5,718,448
<br />2022 - 2023 615,000 26,983 641,983
<br />Total $ 21,687,000 $ 6,643,985 $ 3,870,000 $ 282,107 $ 32,483,092
<br />Description and Restrictions of Long -Term Debt
<br />General Obligation Bonds - The bonds were issued for improvements or projects which benefited the City
<br />as a 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
<br />primarily from special assessments levied on the properties benefiting from the improvements. However,
<br />some issues are partly financed by ad valorem levies.
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