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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2002
<br />Note 4 CITY INDEBTEDNESS (CONTINUED?
<br />City indebtedness at December 31, 2002 is composed of the following:
<br />Final
<br />Issue Maturity Interest Original Payable
<br />Date Date Rate Issue 12/31/2002
<br />General Obligation Bonds:
<br />2000 Equipment Certificates 2/1/2000 12/31/2003 6.00% 325,450 108,450
<br />2001 Equipment Certificates 2/1/2001 12/31/2004 6.00% 332,030 221,000
<br />2002 Equipment Certificates 2/1/2002 12/31/2005 6.00% 140,000 140,000
<br />Civic Complex Lease Rev. Bonds - 98A 8/1/1998 2/1/2019 4.20 % -5.35% 5,350,000 5,010,000
<br />Public Project Revenue Ref. Bonds - 99C 9/1/1999 2/1/2010 4.75 % -5.10% 980,000 765,000
<br />+- Total General Obligation Bonds 7,127,480 6,244,450
<br />Special Assessment Bonds:
<br />G.O. Improvement Refunding Bonds, 10/1/1996 2/1/2007 4.20 % -5.20% 4,685,000 1,975,000
<br />Series 1996A
<br />G.O. Improvement Refunding Bonds, 8/1/1998 2/1/2015 4.50 % -4.90% 4,310,000 3,730,000
<br />Serie 1998A
<br />G.O. Improvement Refunding Bonds, 8/1/1998 2/1/2015 4.50 % -4.90% 2,000,000 1,775,000
<br />Series 1998B
<br />G.O. Improvement Refunding Bonds, 9/1/1999 2/1/2006 4.25 % -4.70% 1,725,000 1,405,000
<br />Series 1999A
<br />G.O. Improvement Bonds, 8/1/2002 2/1/2013 3.00 % -4.10% 645,000 645,000
<br />Series 2002A
<br />G.O. Improvement Bonds, 8/1/2002 2/1/2013 3.20 % -5.55% 2,110,000 2,110,000
<br />Series 2002B
<br />Total Special Assessment Bonds 15,475,000 11,640,000
<br />Revenue Bonds:
<br />G.O. Water Revenue Bonds, 10/1/1996 2/1/2012 4.10 % -5.70% 3,320,000 2,625,000
<br />Series 1996B
<br />G.O. Water Revenue Bonds, 9/1/1999 2/1/2008 4.25 % -4.90% 680,000 595,000
<br />Series 1999B
<br />Total Revenue Bonds 4,000,000 3,220,000
<br />Total - All Bonds 26,602,480 21,104,450
<br />Compensated Absences Payable N/A 413,867
<br />Total lndebtedness $ 26,602,480 $ 21,518,317
<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.
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