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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2002
<br />Note 4 CITY INDEBTEDNESS
<br />The following is a schedule of changes in City indebtedness for the year ended December 31, 2002:
<br />Balance Balance
<br />1/1/02 Issues Payments 12/31/02
<br />General Long Term Debt Account Group:
<br />Bonded debt:
<br />General obligation $ 6,686,430 $ 140,000 $ 581,980 $ 6,244,450
<br />Special assessment 10,195,000 2,755,000 1,310,000 11,640,000
<br />Contracts for deed payable 959,352 - 959,352 0
<br />Compensated absences payable — net 344,844 39,623 - 384,467
<br />Total general long term debt 18,185,626 2,934,623 2,851,332 18,268,917
<br />Proprietary Fund:
<br />Revenue bond 3,465,000 245,000 3,220,000
<br />Compensated absences -net 29,010 390 29,400
<br />Total $ 21,679,636 $ 2,935,013 $ 3,096,332 $ 21,518,317
<br />All long -term bonded indebtedness outstanding at December 31, 2002 is backed by the full faith and credit of
<br />the City, including special assessment bond issues. Delinquent special assessments receivable at December 31,
<br />2002 totaled $36,584.
<br />The annual requirement to amortize all debt outstanding at December 31, 2002 including interest payments of
<br />$6,615,047 is as follows:
<br />2003 2004 2005 2006
<br />General Obligation Bonds $ 864,006 $ 727,409 $ 605,299 $ 558,394 $
<br />Special Assessment Bonds 1,602,414 1,880,420 1,837,848 1,773,426
<br />Revenue Bonds 412,189 415,091 416,990 417,868
<br />2007 ._
<br />and on
<br />6,258,341 $
<br />7,446,115
<br />2,503,687
<br />Total $ 2,878,609 $ 3,022,920 $ 2,860,137 $ 2,749,688 $
<br />16,208,143 $
<br />Total
<br />9,013,449
<br />14,540,223
<br />4,165,825
<br />27,719,497
<br />It is not practicable to determine the specific year for payment of compensated absences payable. Accordingly,
<br />they have been excluded from the above schedule of annual requirements to amortize debt.
<br />OMNI
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