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<br />CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 1995
<br />City indebtedness at December 31, 1995 is composed of the following:
<br />General Obligation Bonds:
<br />1994 Equipment Certificates
<br />1995 Equipment Certificates
<br />-- Public Project Revenue Bonds - 1990A
<br />Total General Obligation Bonds
<br />Imo
<br />Final
<br />Issue Maturity interest Original Payable
<br />Date Date Rates Issue 12/31/95
<br />3/1/94 12/31/96 5.00% $150,000 $75,000
<br />2/1/95 12/31/97 5.00% 176,000 176,000
<br />10/1/90 2/1/10 7.12% 1,115,000 1,090,000
<br />1,441,000 1,341,000
<br />Special Assessment Bonds:
<br />G. 0. Improvement Ref mcfiing Bonds, Series 1992A 4/1/92 2/1/06 631% 3,640,000 3,190,000
<br />G. 0. Temporary Improvement Bonds, Series 1994A 11/1/94 11/1/97 4.90% 2,095,000 2,095,000
<br />Total Special Assessment Bonds 5,735,000 5,285,000
<br />Revenue Bonds:
<br />G. 0. Water Revenue Bonds, Series 1992E
<br />4/1/92 2/1/08 6.67% 1,060,000 995,000
<br />Total - All Bonds 8,236,000 7,621,000
<br />Assessments payable on City property N/A 10,510
<br />Contract for deed payable 1/9/92 4/23/96 7.00% 235,300 172,300
<br />Compensated absences payable N/A 193,594
<br />Total Indebtedness
<br />Note 5 LEGAL DEBT MARGIN
<br />$8,471 300 $7
<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 1995 and 1994 is computed as
<br />follows:
<br />Market value
<br />Applicable percentage
<br />Debt limit
<br />December 31,
<br />1995 1994
<br />$501,825,800 $426,554,800
<br />2% 2%
<br />10,036,516 8,531,096
<br />Amount of debt applicable to debt limit:
<br />Total bonded debt 7,621,000 8,363,500
<br />Less: Special assessment bonds (5,285,000) (5,935,000)
<br />Public project revenue bonds (1,090,000) (1,115,000)
<br />Cash and investments in
<br />Debt Service Funds (10,712)
<br />Revenue bonds (995,000) (1,035,000)
<br />Total debt applicable to debt limit 240,288 278,500
<br />Legal debt margin $9,796,228 $8,252 ,596
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