|
Imp
<br />CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 1994
<br />All long -term bonded indebtedness outstanding at December 31,1994 is backed by the full faith and credit of the
<br />City, including special assessment bond issues. Delinquent assessments receivable at December 31, 1994
<br />totaled $36,497.
<br />The annual requirement to amortize all debt outstanding at December 31, 1994 including interest payments of
<br />$3,132,518 is as follows:
<br />1995 1996 1997 1998 1999 2000 and on Total
<br />General Obligation Bonds $323,449 $178,650 $98,294 $111,188 $118,238 $1,355,432 $2,185,251
<br />Special Assessment Bonds 983,435 495,850 2,599,660 418,940 423,850 2,796,948 7,718,683
<br />Revenue Bonds 104,565 112,233 109,545 111,589 108,358 1,045,794 1,592,084
<br />Total $1,411,449 $786,733 $2,807,499 $641,717 $650,446 $5,198,174 $11,496,018
<br />It is not practicable to determine the specific year for payment of assessments payable on City property and
<br />compensated absences payable.
<br />City indebtedness at December 31, 1994 is composed of the following:
<br />Final
<br />Issue Maturity Interest Original Payable
<br />Date Date Rates Issue 12/31/94
<br />General Obligation Bonds:
<br />1989B Equipment Certificates 8/1/90 2/1/95 6.65% $275,000 $60,000
<br />1990A Equipment Certificates 12/10/90 1/1/96 6.50% 88,500 18,500
<br />1992 Equipment Certificates 1/1/93 2/1/95 3.75% -4.15% 150,000 50,000
<br />1994 Equipment Certificates 3/1/94 12/31/96 0.05 150,000 150,000
<br />Public Project Revenue Bonds - 1990A 10/1/90 2/1/10 7.12% 1,115,000 1,115,000
<br />Total General Obligation Bonds 1,778,500 1,393,500
<br />Special Assessment Bonds:
<br />G. O. Improvement Bonds of 1988A 10 /1 /88 2/1/97 6.43% 1,160,000 500,000
<br />G. O. Improvement Refunding Bonds, Series 1992A 4/1/92 2/1/06 6.51% 3,640,000 3,340,000
<br />G. O. Temporary Improvement Bonds, Series 1994A 11/1/94 11/1/97 4.90% 2,095,000 2.095.000
<br />_
<br />Total Special Assessment Bonds 6.895,000 5.935.000
<br />Revenue Bonds:
<br />G. O. Water Revenue Bonds, Series 1992B 4/1/92 2/1/08 6.67% 1,060,000 1,035,000
<br />Total - All Bonds 9,733,500 8,363,500
<br />Assessments payable on City property
<br />Compensated absences payable
<br />N/A 10,510
<br />N A 89,559
<br />Total lndebtedness $9,733,500 $8,463,569
<br />Inor
<br />Wow
<br />29
<br />
|