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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2003
<br />Note 4 CITY INDEBTEDNESS (CONTINUED)
<br />The following is a schedule of changes in City indebtedness for the year ended December 31, 2003:
<br />Bonded debt:
<br />General obligation
<br />Special assessment
<br />Compensated absences payable - net
<br />Total general long term debt
<br />Proprietary Fund:
<br />Revenue bond
<br />Compensated absences -net
<br />Payable Payable Due Within
<br />12/31/2002 Issues Payments 12/31/2003 One Year
<br />$ 6,244,450 $ 330,000 $ 544,450 $ 6,030,000 $ 540,000
<br />11,640,000 2,340,000 1,140,000 12,840,000 2,590,000
<br />384,467 39,725 - 424,192 21,210
<br />18,268,917 2,709,725 1,684,450 19,294,192 3,151,210
<br />3,220,000 - 250,000 2,970,000 265,000
<br />29,400 3,290 32,690 1,635
<br />Total $ 21,518,317 $ 2,713,015 $ 1,934,450 $ 22,296,882 $ 3,417,845
<br />All long -term bonded indebtedness outstanding at December 31, 2003 is backed by the full faith and credit of
<br />the City, including special assessment bond issues.
<br />Minimum annual principal and interest payments required to retire long -term debt, not including compensated
<br />absences payable are as follows.
<br />Governmental Activities Business -Type Activities
<br />Principal Interest Principal Interest
<br />Total
<br />Years ending December 31,
<br />2004 $ 3,130,000 $ 784,372 $ 265,000 $ 150,090 $ 4,329,462
<br />2005 1,935,000 679,358 280,000 136,990 3,031,348
<br />2006 1,960,000 602,581 295,000 122,868 2,980,449
<br />2007 1,510,000 532,539 305,000 107,835 2,455,374
<br />2008 1,155,000 477,980 325,000 91,733 2,049,713
<br />2009 - 2013 5,450,000 1,621,076 1,500,000 174,124 8,745,200
<br />2014 - 2018 3,195,000 486,728 - 3,681,728
<br />2019 535,000 13,871 548,871
<br />Total $ 18,870,000 $ 5,198,505 $ 2,970,000 $ 783,640 $ 27,822,145
<br />Description and Restrictions of Long -Term Debt
<br />General Obligation Bonds - The bonds were issued for improvements or projects which benefited the City as a
<br />whole and are, therefore, repaid from ad valorem levies.
<br />Special Assessment Bonds - These bonds were issued to finance various improvements and will be repaid
<br />primarily from special assessments levied on the properties benefiting from the improvements. However, some
<br />issues are partly financed by ad valorem levies.
<br />Public Project Revenue Bonds and Civic Complex Lease Revenue Bonds - These bonds were issued by the
<br />Economic Development Authority (EDA) of Lino Lakes for the purpose of financing the construction of public
<br />facilities. Pursuant to Minnesota Statutes and a lease purchase contract between the EDA and the City of Lino
<br />Lakes, a Trust Indenture between the EDA and a regional bank has been established for the purpose of financing
<br />payment of these bonds. The City has pledged rental payments in amounts equal to the debt service
<br />requirements and plans to annually appropriate City funds available for this purpose. As required by bond
<br />covenant, a reserve account has been established with a trustee, which is to be used to pay principal and interest
<br />on the bonds in the event that other available resources are inadequate to do so.
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