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City of Lino Lakes, Minnesota
<br />Management Report, Page 17
<br />DEBT SERVICE FUNDS
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<br />The combining financial statements for the debt service funds are presented in Statements 10
<br />and 11 of the 1994 Annual Financial Report. Debt service funds are a type of governmental fund
<br />to account for the accumulation of resources for the payment of interest and principal on debt (other
<br />than enterprise fund debt). Debt service funds may have one or a combination of revenue sources
<br />pledged to retire debt including property taxes, tax increments, special assessments and area and
<br />unit charges.
<br />The diverse nature of the type of debt included in the same fund type requires careful analysis
<br />to determine the adequacy of the fund balance and projected fund balance. The following schedule
<br />extracts information from several sections of the 1994 Annual Financial Report to assist in this
<br />analysis. The following schedule compares outstanding debt with assets pledged for debt
<br />retirement. This comparison provides a means to judge (on a preliminary basis) the financial
<br />position of each debt service fund.
<br />December 31, 1994 Scheduled Final
<br />Fund Deferred Outstanding Property Maturity
<br />Fund Description Balance Revenue Total Debt Taxes Date
<br />General Debt:
<br />1989B Certificates of Indebtedness $81,703 $969 582,672 560,000 $ - 2/1/95
<br />1990 Certificates of Indebtedness 4,517 300 4,817 18,500 20,726 1/1/96
<br />1992 Certificates of Indebtedness (107,349) (107,349) 50,000 166,305 2/1/95
<br />1994 Certificates of Indebtedness 150,000 175,246 12/31/96
<br />Public Project Revenue Bonds of 1990A 165,083 1.280 166,363 1,115,000 1,911,949 2/1/10
<br />Total general debt 143,954 2,549 146,503 1,393,500 2,274,226
<br />Special Assessment Debt:
<br />Improvement Bonds of 1988 * 767,195 88,757 855,952 500,000 - 2/1/97
<br />Improvement Bonds of 1992A 531,590 217,741 749,331 3,340,000 3,540,670 2/1/06
<br />Temporary Improvement Bonds of 1994A 85,773 327,885 413,658 2,095,000 - 11/1/97
<br />Total special assessment debt 1.384,558 634,383 2,018,941 5,935,000 3,540,670
<br />Total - All Debt Service Funds $1,528,512 5636,932 $2,165,444 $7,328,500 $5,814,896
<br />* Called for early redemption on February 1, 1995.
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