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City of Lino Lakes <br />Management Report, Page 21 <br />Fixed Assets <br />1 <br />1 <br />The City does not currently maintain accounting records of its general fixed assets. <br />IIThis situation is not uncommon for Metropolitan suburban communities. The benefits of a <br />system are improved financial reporting, better availability of insurance information <br />and an overall improved safeguard over City assets. The implementation of such a <br />system may not be a priority of the City at this time. We recommend, however, that the <br />City consider the benefits of implementing a general fixed asset system at some future <br />date. <br />Bonds Payable <br />Balance - January 1, 1982 <br />1982 Bond Issues <br />1982 Bonds Retired <br />Balance - December 31, 1982 <br />Special <br />Assessments <br />$ 1,217,920 <br />Bonds Payable <br />General <br />Debt Totals <br />$ 142,400 $ 1,360,320 <br />750,000 750,000 <br />(981,320) (86,700) (1,068,020) <br />$ 986,600 $ 55,700 $ 1,042,300 <br />The bonds mature in 1983 through 1991. In 1982, the City refinanced the $935,000 <br />Temporary Bonds of 1979 by issuing the $750,000 1982 Improvement Bonds. Scheduled <br />bonded debt payments for all bonds including interest for 1983 is approximately $185,000. II <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />