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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 1996
<br />City indebtedness at December 31, 1996 is composed of the following:
<br />Final
<br />Issue Maturity Interest Original Payable
<br />Date Date Rates Issue 12/31/96
<br />General Obligation Bonds:
<br />1994 Equipment Certificates 3/1/94 12/31/96 5.00% $150,000 $ -
<br />1995 Equipment Certificates 2/1/95 12/31/97 5.00% 176,000 88,000
<br />1996 Equipment Certificates 2/1/96 12/31/99 5.00% 225,000 225,000
<br />Public Project Revenue Bonds - 1990A 10/1/90 2/1/10 7.12% 1 115,000 1 065,000
<br />Total General Obligation Bonds 1,666,000 1,378,000
<br />Special Assessment Bonds:
<br />G. 0. Improvement Refunding Bonds, Series 1992A 4/1/92 2/1/06 631% 3,640,000 2,990,000
<br />G. O. Temporary Improvement Bonds, Series 1994A 11/1/94 11/1/97 4.90% 2,095,000 G. O. Improvement Bonds 1996A 10/1/96 2/1/97 5.05% 4,685,000 4,685,000
<br />Total Special Assessment Bonds 10,420,000 7,675,000
<br />Revenue Bonds:
<br />G. O. Water Revenue Bonds, Series 1992B 4/1/92 2/1/08 6.67% 1,060,000 945,000
<br />G. 0. Water Revenue Bonds, Series 1996B 10/1/96 2/1/12 5.48% 3,320,000 3,320,000
<br />Total Revenue Bonds 4,380,000 4,265,000
<br />... Total - All Bonds 16,466,000 13,318,000
<br />Compensated absences payable N/A 200,950
<br />Total ladebtedneaa $16,466 ®� $13,518,950
<br />s
<br />Note 5 LEGAL DEBT MARGIN
<br />The City is subject to a statutory limitation by the State of Minnesota for bonded indebtedness payable
<br />principally from property taxes. The City of Lino Lake's legal debt margin for 1996 and 1995 is computed as
<br />follows:
<br />Market value
<br />Applicable percentage
<br />Debt limit
<br />December 31,
<br />1996 1995
<br />$552,696,200 $501,825,800
<br />2% 2%
<br />11,053,924 10,036,516
<br />Amount of debt applicable to debt limit:
<br />Total bonded debt 13,318,000 7,621,000
<br />Less: Special assessment bonds (7,675,000) (5,285,000)
<br />. Public project revenue bonds (1,065,000) (1,090,000)
<br />Cash and investments in
<br />Debt Service Funds (13,703) (10,712)
<br />Revenue bonds (4,265,000) (995,000)
<br />Total debt applicable to debt limit 299,297 240,288
<br />Legal debt margin $10,754,627 $9,796,228
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