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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 1991
<br />Page 10 of 18
<br />A summary of Proprietary Fund fixed assets at December 31, 1991 is as follows:
<br />Water and Gas
<br />Sewer Utility Total
<br />Well $18,500 $18,500
<br />Buildings and Structures 48,690 48,690
<br />Machinery and Equipment 47,535 47,535
<br />Water and Sewer Lines 6,224,189 6,224,189
<br />Acquisition costs - gas utility $2,375 2,375
<br />Construction in progress 148,336 148,336
<br />Total 6,487,250 2,375 6,489,625
<br />Less: Accumulated Depreciation (529,126) (529,126)
<br />Net Fixed Assets $5,958,124 $2,375 $5,960,499
<br />Note 4 CITY INDEBTEDNESS
<br />The following is a schedule of changes in City indebtedness for the year ended December 31,1991.
<br />Balance Balance
<br />1/1/91 Additions Deletions 12/31/91
<br />General Long Term Debt Account Group:
<br />Bonded debt
<br />General obligation $1,630,000 $88,500 $127,500 $1,591,000
<br />Special assessment debt
<br />with governmental commitment 7,614,000 4,260,000 883,500 10,990,500
<br />Contract payable 16,000 16,000 0
<br />Assessment payable 151,130 8,577 142,553
<br />Capital lease payable 5 723 2,310 3 413
<br />Total general long term debt $9,416,853 $4,348,500 $1,037,887 $12,727,466
<br />All long -term bonded indebtedness outstanding at December 31, 1991 are backed by the full faith and credit of
<br />the City, including special assessment bond issues. Delinquent assessments receivable at December 31, 1991
<br />totaled $126,088.
<br />The annual requirement to amortize all debt outstanding at December 31, 1991 including interest payments of
<br />$2,463,667 are as follows:
<br />1992 1993 1994 1995 1996 1997 and on Total
<br />General Obligation Bonds $266,155 $229,886 $225,420 $184,010 $100,700 $1,720,200 $2,726,371
<br />Special Assessment Debt
<br />w/govt'l committment 5,437,616 492,462 4,740,744 1,241,776 199,458 206,740 12,318,796
<br />Total $5,703,771 $722,348 $4,966,164 $1,425,786 $300,158 $1,926,940 $15,045,167
<br />It is not practicable to determine the specific year for payment of long -term accrued compensated absences.
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