Management Report and Recommendations 12/31/1991

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City of Lino Lakes, Minnesota Management Report, Page 24 Improvement Bonds of 1988 The Improvement Bonds of 1988 were issued to provide permanent financing for the Temporary Improvement Bonds of 1985 and to fmance 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. 1988 Temporary Improvement Bonds The City issued these bonds to finance Erickson's 2nd Addition, Phase 2 and South Reshanau Phase 2 Improvements. These bonds matured during 1991. Bond proceeds in the amount of $83,451 from the Temporary Improvement Bonds of 1991A were used to retire the 1988 Bonds. The remaining assets of the Temporary Bonds of 1988 were transferred to the Temporary Improvement Bonds of 1991A Debt Service Fund. 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 will mature on July 1, 1992. 1990E 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.