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City of Lino Lakes, Minnesota
<br />Management Report, Page 34
<br />1990 Construction
<br />This fund accounts for the Second Avenue construction project which is financed by the
<br />Temporary Improvement Bonds of 1990B. The fund balance of this fund was $73,226 at
<br />December 31, 1992. We recommend the City submit final MSA reimbursement requests and close
<br />this fund by transferring the remaining balance to the Debt Service Fund of the bonds issued to
<br />provide permanent financing for the Temporary Improvement Bonds of 1990B.
<br />1991 Construction
<br />— This fund accounts for the various projects financed by the Temporary Improvement Bonds of
<br />1991A. A summary of financial activity of this fund is as follows:
<br />law
<br />NNW
<br />Budget Actual Variance
<br />Financing Sources:
<br />Bond proceeds $3,949,214 $3,947,649 ($1,565)
<br />Interest earnings 73,875 73,875
<br />Refunds and reimbursements 111,521 111,521
<br />Total sources $3,949,214 4,133,045 $183,831
<br />Financing Uses:
<br />Construction costs:
<br />White Tail Ridge $50,600 60,437 $9,837
<br />Brandywood Estates 790,015 802,286 12,271
<br />Pheasant Hills 583,762 698,962 115,200
<br />Pine Ridge Estates 592,771 583,402 (9,369)
<br />Reshanau Lake Trunk 1,016,286 1,176,047 159,761
<br />Wenzel Farms 915,780 1,020,656 104,876
<br />Total uses $3,949,214 4,341,790 $392,576
<br />Fund Balance - December 31, 1992 ($208,745)
<br />The assessments for White Tail Ridge and Brandywood Estates were adopted in 1991. The
<br />— assessments for Pheasant Hills, Pine Ridge Estates, Reshanau Lake Trunk and Wenzel Farms
<br />were adopted in 1992. During 1992, the City received a reimbursement from the MWCC for a
<br />portion of the Reshanau Lake Trunk which was constructed by the City for the MWCC.
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