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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 1995
<br />Note 4 CITY INDEBTEDNESS
<br />The following is a schedule of changes in City indebtedness for the year ended December 31, 1995.
<br />Balance Balance
<br />1/1/95 Additions Deletions 12/31/95
<br />General Long Term Debt Account Group:
<br />Bonded debt:
<br />General obligation 51,393,500 5176,000 5228,500 51,341,000
<br />Special assessment 5,935,000 650,000 5,285,000
<br />Assessment payable 10,510 - 10,510
<br />Contract for deed payable 225,300 53,000 172,300
<br />Compensated absences payable 89,559 94,456 - 184,015
<br />Total general long term debt 7,653,869 270,456 931,500 6,992,825
<br />Proprietary Fund:
<br />Revenue bond 1,035,000 40,000 995,000
<br />Compensated absences - 9,579 - 9,579
<br />Total 58,688,869 5280,035 5971,500 $7,997,404
<br />All long -term bonded indebtedness outstanding at December 31, 1995 is backed by the full faith and credit of
<br />the City, including special assessment bond issues. Delinquent assessments receivable at December 31, 1995
<br />totaled 537,341.
<br />The annual requirement to amortize all debt outstanding at December 31, 1995 including interest payments of
<br />52,740,046 is as follows:
<br />1996 1997 1998 1999 2000 2001 and on Total
<br />General Obligation Bonds 8286,063 8191,566 8111,188 8118,238 $114,913 $1 ,240 ,527 82,062,495
<br />Special Assessment Bonds 495,850 2,599,668 418,940 423,850 417,345 2 ,379 ,595 6,735,248
<br />Revenue Bonds 112,233 109 ,545 111 ,589 108 ,358 114,709 931,085 1,487 ,519
<br />Contract for deed payable 248,084 - 248,084
<br />Total $1,142,230 82,900,779 $641,717 $650,446 $646,967 $4,551,207 810,533,346
<br />It is not practicable to determine the specific year for payment of assessments payable on City property and
<br />compensated absences payable. The contract for deed payable will be repaid through the sale of Apollo
<br />Business Park property.
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