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CITY OF LINO LAKES, MINNESOTA <br />Page 13 of 23 <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 1990 <br />NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued) <br />LEGAL DEBT MARGIN (continued) <br />December 31, <br />1990 1989 <br />Market value $264,157,000 $231,211,700 <br />Applicable percentage <br />Debt limit <br />2% 2% <br />5.283.140 4.624.234 <br />Amount of debt applicable to debt limit: <br />Total bonded debt 9,244,000 8,787,500 <br />Less: Special assessment bonds 7,614,000 8,487,500 <br />Public project revenue bonds 1,115,000 <br />Cash and investments in <br />debt service funds 60,764 0 <br />Total debt applicable to debt limit 454,236 300,000 <br />Legal debt margin $4,828,904 $4,324,234 <br />Legal debt margin is calculated on general obligation bond issues only (i.e., this does not include <br />General Obligation Debt with special assessments pledged for payment or Revenue/Enterprise <br />Fund bonded debt). <br />COMPENSATED ABSENCES <br />The accrued liability for compensated absences is not recorded as a liability in the General Long- <br />Term Debt Account Group (for governmental funds) nor the Proprietary Funds. Unused vacation, <br />the portion of sick leave payable as severance pay, and the compensatory time are not considered <br />material to these financial statements. Unpaid vacation pay totaled $14,346 and $12,313 at <br />December 31, 1990 and 1989 respectively. <br />The City also has an unrecorded contingent liability for unused employee sick leave of $181,814 <br />and $141,969 at December 31, 1990 and 1989 respectively. <br />DEFERRED REVENUE <br />Deferred revenue at December 31, 1990 consisted of the following amounts: <br />Uncollected park dedication fees $5,060 <br />Property tax revenue 112,202 <br />Special assessment revenue 3,172,105 <br />Totals $3,289,367 <br />