|
IMmIn
<br />NEM
<br />Nom
<br />MINN
<br />CITY OF LINO LAKES, MINNESOTA
<br />Page 11 of 23
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 1990
<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, 1990:
<br />Balance Balance
<br />1/1/90 Additions Deletions 12/31/90
<br />Bonded Debt:
<br />General Obligation $300,000 $1,390,000 $60,000 $1,630,000
<br />Special Assessment 8,487,500 1,015,000 1,888,500 7,614,000
<br />Capital Lease Payable 7,715 1,992 5,723
<br />Contract Payable 32,000 16,000 16,000
<br />Assessments Payable 151,130 151,130
<br />Totals $8,978,345 $1,015,000 $1,966,492 $9,416,853
<br />All bond issues outstanding at December 31,1990 are backed by the full faith and credit of the
<br />City, including special assessment bond issues. Outstanding balances at December 31, 1990,
<br />principal and interest payments due in 1991, fmal 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, 1990 including
<br />interest payments of $2,244,323 are as follows:
<br />General Special
<br />Year Ending Obligation Assessment
<br />December 31, Bonds Bonds Total
<br />1991 $142,270 $1,346,605 $1,488,875
<br />1992 244,003 5,203,316 5,447,319
<br />1993 208,854 258,162 467,016
<br />1994 205,525 246,444 451,969
<br />1995 164,270 1,241,776 1,406,046
<br />1996 -2010 1,820,900 406,198 2,227,098
<br />Total $2,785,822 $8,702,501 $11,488,323
<br />
|