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City of Lino Lakes, Minnesota <br />Management Report, Page 28 <br />Temporary Improvement Bonds of 1985 <br />The Temporary Improvement Bonds of 1985 were issued to finance Weber's Addition <br />(Tomahawk Trail) and the Rice Lake Estates Addition. Final payment on these bonds is <br />due November, 1988 at which time definitive bonds will be required. Weber Addition was <br />completed and assessed in 1985. Bids were requested for Rice Lake Estates in January, <br />1986. This project is scheduled for completion and assessment in the fall of 1986. <br />This project accounts for over 98% of the $1,850,000 bond issue. The debt service fund <br />presently has enough funds to pay scheduled debt interest payments through May, 1987. <br />If the Rice Lake Estates Project is not completed and assessed prior to October, 1986, <br />this fund could have a potential cash shortage by November, 1987 as follows: <br />Cash Balance 12/31/85 (Bond Proceeds) $ 185,925 <br />Assessment Remittance (100% collection) <br />Weber's Addition 1986 <br />1987 <br />Estimated Interest Earnings 1986 <br />1987 <br />Bonded Debt Requirements: <br />1986 <br />1987 <br />6,130 <br />5,641 <br />8,800 <br />1,600 <br />(123,950) <br />(123,950) <br />Potential Shortage 12/31/87 $ (39,804) <br />We recommend that the City monitor the progress of this project and adopt <br />assessments for the Rice Lake Estates project in 1986 for collection in 1987. <br />Construction Funds <br />Lakes Addition #7 <br />Lakes Addition #7 has had the following transactions from inception: <br />1982 and 1983 and <br />Prior 1984 1985 Total <br />Miscellaneous Revenue $ 183 $ -0- $ -0- $ 183 <br />Preliminary Construction Costs $ 22,767 -0- $ 91 22,858 <br />Fund balance (deficit) - December 31, 1985 $(22,675) <br />