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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2005
<br />Note 4 CITY INDEBTEDNESS (CONTINUED)
<br />The following is a schedule of changes in City indebtedness for the year ended December 31, 2005:
<br />Payable Payable Due Within
<br />12/31/2004 Issues Payments 12/31/2005 One Year
<br />Governmental activities:
<br />Bonded debt:
<br />I
<br />General obligation $ 5,764,000 $ 107,000 $ 536,000 $ 5,335,000 $ 570,000
<br />Special assessment 11,580,000 9,305,000 1,480,000 19,405,000 5,465,000
<br />Unamortized Bond Discounts (5,992) - (398) (5,594) -
<br />Unamortized Bond Premiums 3,311 176,231 3,376 176,166 -
<br />Compensated absences payable 471,792 402,195 359,404 514,583 297,871
<br />Total governmental activities 17,813,111 9,990,426 2,378,382 25,425,155 6,332,871
<br />Business -Type activities:
<br />Revenue bonds 2,705,000 - 280,000 2,425,000 295,000
<br />II
<br />Compensated absences payable 40,368 27,120 39,988 27,500 17,874
<br />Total business -type activities 2,745,368 27,120 319,988 2,452,500 312,874
<br />Total $ 20,558,479 $ 10,017,546 $ 2,698,370 $ 27,877,655 $ 6,645,745 I
<br />All long -term bonded indebtedness outstanding at December 31, 2005 is backed by the full faith and credit
<br />of the City, including special assessment bond issues. For the governmental activities, compensated
<br />absences are generally liquidated by the general fund.
<br />Minimum annual principal and interest payments required to retire long -term debt, not including
<br />compensated absences payable are as follows.
<br />Governmental Activities Business -Type Activities
<br />Principal Interest Principal Interest Total
<br />Years ending December 31,
<br />2006 $ 6,035,000 $ 899,093 $ 295,000 $ 122,868 $ 7,351,961
<br />2007 1,883,000 833,643 305,000 107,835 3,129,478
<br />2008 1,542,000 765,085 325,000 91,733 2,723,818
<br />2009 1,465,000 699,964 345,000 74,035 2,583,999
<br />2010 1,385,000 636,550 365,000 54,683 2,441,233
<br />2011 -2015 7,180,000 2,165,791 790,000 45,408 10,181,199
<br />2016 - 2020 4,725,000 698,406 - 5,423,406
<br />2021 525,000 13,519 - 538,519
<br />Total $ 24,740,000 $ 6,712,051 $ 2,425,000 $ 496,562 $ 34,373,613
<br />Description and Restrictions of Long -Term Debt
<br />General Obligation Bonds - The bonds were issued for improvements or projects which benefited the City
<br />as a whole and are, therefore, repaid from ad valorem levies.
<br />Special Assessment Bonds - These bonds were issued to finance various improvements and will be repaid
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<br />primarily from special assessments levied on the properties benefiting from the improvements. However,
<br />some issues are partly financed by ad valorem levies.
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<br />46
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