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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 1996
<br />Note 4 CITY INDEBTEDNESS
<br />The following is a schedule of changes in City indebtedness for the year ended December 31, 1996:
<br />Balance Balance
<br />1/1/96 Additions Deletions 12/31/96
<br />General Long Term Debt Account Group:
<br />Bonded debt:
<br />General obligation $1,341,000 $225,000 $188,000 $1,378,000
<br />Special assessment 5,285,000 4,685,000 2,295,000 7,675,000
<br />Assessment payable 10,510 10,510
<br />Contract for deed payable 172,300 172,300
<br />Compensated absences payable 184,015 5,300 - 189,315
<br />Total general long term debt 6,992,825 4,915,300 2,665,810 9,242,315
<br />Proprietary Fund:
<br />Revenue bond 995,000 3,320,000 50,000 4,265,000
<br />Compensated absences 9,579 2,056 - 11,635
<br />Total $7,997,404 $8,237,356 $2,715,810 $13,518,950
<br />All long -term bonded indebtedness outstanding at December 31, 1996 is backed by the full faith and credit of
<br />the City, including special assessment bond issues. Delinquent assessments receivable at December 31, 1996
<br />totaled $21,040.
<br />The annual requirement to amortize all debt outstanding at December 31, 1996 including interest payments of
<br />$5,193,458 is as follows:
<br />1997 1998 1999 2000 2001 2002 and on Total
<br />General Obligation Bonds $292,427 $195,188 $197,738 $114,913 $135,706 81,104,813 82,040,785
<br />Special Assessment Bonds 586,088 933,540 1,243,400 1,184,645 1,144,858 4,895,625 9,988,156
<br />Revenue Bonds 252,462 366,347 423,111 417,937 421,906 4,600,754 6 482,517
<br />Total 81,130,977 81,495,075 $1,864,249 81,717,495 81,702,470 810,601,192 S18,511,458
<br />It is not practicable to determine the specific year for payment of compensated absences payable.
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