Management Report and Recommendations 12/31/1995

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w construction balances available to the City. The financing plan for the following bond issues have pledged area and unit charges for the repayment of debt service: City of Lino Lakes, Minnesota Management Report, Page 28 The transfers from the tax increment funds represent partial reimbursement for cost of the West Central Trunk sewer main which serves Rice Lake Estates (TIF 1 -1) and Sunrise Meadows (TIF 1 -2). Designations of balances required for debt service is necessary to define discretionary Vow w Improvement Bonds of 1992A Water Reserve Bonds of 1992B Temporary Improvement Bonds of 1994 The Improvement Bonds of 1992A have future scheduled property tax levies totaling $1,487,519. Revenue from area and unit charges are expected to be sufficient to cancel these levies. The Water Revenue Bonds of 1992B have future debt service requirements totaling $1,487,519 (principal and interest). The City annually transfers amounts from the Area and Unit Charge Fund to the Water Fund sufficient to cover the debt services of The Bonds of 1992B. The Temporary Bonds of 1994 were issued to finance The Country Lakes, Hodgson Road and Hwy 49 /CSAH 23 Improvements. The unassessed costs of The Country Lakes and Hodgson Road Improvements (by approximately 10 %) are expected to be financed by the Area and Unit Charge Fund. The unassessed portion is estimated to be $85,000. The assessment portion which relates directly to current construction costs (lateral assessment charges) is pledged directly to the related debt service fund to retire outstanding bonds. The area and unit charge portion of the assessment roll, however, is governed by the City's policy which was established by Resolution #1 -88. Such area and unit charges are contingently pledged to the related debt service fund in accordance with this policy. These amounts are to be segregated to the Area and Unit Charge Fund and such amounts are transferred on an as needed basis to the related debt service fund. Any surplus accruing above the amount required to retire bonds will be available for expansion of the core water and sewer systems of the City.