Management Report and Recommendations 12/31/1992

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City of Lino Lakes, Minnesota Management Report, Page 21 Improvement Bonds of 1986 The Improvement Bonds of 1986 were issued to refinance the -Improvement Bonds of 1982 and to finance the Sunset Road Improvements. These bonds were called for redemption and prepayment on February 1, 1992. Improvement Bonds of 1988 The Improvement Bonds of 1988 were issued to provide permanent financing for the Temporary Improvement Bonds of 1985 and to finance Ash Street and Main Street improvements. The remaining assets in the Temporary Improvement Bonds of 1985 were transferred into the 1988 Improvement Bonds Debt Service Fund in 1988. Final maturity of these bonds is scheduled for February 1, 1997. 1989 Temporary Improvement Bonds The City issued these bonds to finance Reshanau Phase 2B and 3A, West Central Sewer and Water Trunk, Sunrise Meadows, and Woodridge Estates Improvements. During 1990, West Central Sewer and Water Trunk, Sunrise Meadows, and Woodridge Estates were assessed. Reshanau 2B was assessed in 1991. These bonds matured during 1992. Bond proceeds in the amount of $3,279,272 from the Improvement Bonds of 1992A were used to retire the 1989 bonds. The remaining assets of the Temporary Bonds of 1989 were transferred to the Improvement Bonds of 1992A Debt Service Fund. 1990B Temporary Improvement Bonds The City issued these bonds to finance the 2nd Avenue Project and to retire the 1987 Temporary Improvement Bonds. The remaining assets of the 1987 Temporary Improvement Debt Service Fund have been pledged for the retirement of the 1990B issue. These bonds will mature on August 1, 1993. 1990A Public Project Revenue Bonds These bonds were issued by the City's Economic Development Authority for the construction of a fire station and the purchase of related equipment. These bonds are obligations of the EDA and will be payable solely from revenues received from the City pursuant to an Installment Purchase Contract. The City will levy taxes for payment of the installment contract.