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<br />CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 1990
<br />NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
<br />CITY INDEBTEDNESS (continued)
<br />The amount to be provided in the General Long -Term Debt Account Group represents future tax
<br />levies, special assessments and MSA grants for the retirement of bonds payable. Total scheduled
<br />deferred tax levies to retire general long -term debt bonds are $2,929,170.
<br />The payment of City bonds is made through various agents (banking institutions). Cash is paid to
<br />the paying agents and they in turn pay principal and interest to the various bond holders. Cash on
<br />hand with the paying agent is not included in these financial statements.
<br />City indebtedness at December 31, 1990 is composed of the following:
<br />Feral
<br />Issue Maturity Interest Original Payable
<br />Date Date Rates Issue 12/31/90
<br />General Obligation Bonds:
<br />1989A Equipment Certificates 5/1/89 5/1/94 7.65 $300,000 $240,000
<br />1989B Equipment Certificates 8 /1/90 2/1/95 6.65 275,000 275,000
<br />Public Project Revenue Bonds - 1990A 10/1/90 2/1/10 7.12 1.115.000 1.115,000
<br />Total General Obligation Bonds 51,690,000 81,630,000
<br />General Improvement Bonds with special assessments pledged:
<br />G. 0. Improvement Bonds of 1981 12/1/81 12/1/91 10.64 45,000 5,000
<br />G. 0. Improvement Bonds of 1983 10/1/83 10/1/93 8.65 100,000 30,000
<br />G. 0. Improvement Bonds of 1984 5/1/84 11/1/94 6.50 35,000 14,000
<br />G. 0. Improvement Bonds of 1986 12/1/86 2/1/97 5.43 475,000 215,000
<br />G. 0. Temporary Improvement Bonds of 1987 9/1/87 9/1/90 5.43 1,650,000
<br />G. 0. Improvement Bonds of 1988A 10/1/88 2/1/97 6.43 1,160,000 1,065,000
<br />G. 0. Temporary Improvement Bonds of 19883 10/1/88 10/1/91 6.20 610,000 610,000
<br />G. 0. Temporary Improvement Bonds of 1989 7/1/89 7/1/92 6.10 4,660,000 4,660,000
<br />G. 0. Temporary Improvement Bonds of 1990B 8/1/90 8/1/93 6.10 1,015,000 1,015,000
<br />Total General Improvement Bonds with
<br />special assessments pledged 9,750.000 7.614.000
<br />Total - All Bonds
<br />11,440,000 9,244,000
<br />Assessments payable on City property 151,130
<br />Capital lease - phone system 5/89 3/93 14.92 9,249 5,723
<br />Contract for deed 10/1/87 7/1/91 8.00 80,000 16,000
<br />Total Indebtedness
<br />LEGAL DEBT MARGIN
<br />811.529.249 89.416.853
<br />The City is subject to a statutory limitation by the State of Minnesota for bonded indebtedness
<br />payable principally from taxes. The City of Lino Lakes legal debt margin for 1990 and 1989 is
<br />computed as follows:
<br />
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