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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2001
<br />Note 4 CITY INDEBTEDNESS
<br />The following is a schedule of changes in City indebtedness for the year ended December 31, 2001:
<br />Balance Balance
<br />1 /1 /01 Issues Payments 12/31/01
<br />General Long Term Debt Account Group:
<br />Bonded debt:
<br />General obligation $ 6,911,450 $ 332,030 $ 557,050 $ 6,686,430
<br />Special assessment 13,165,000 - 2,970,000 10,195,000
<br />Contracts for deed payable 1,209,352 - 250,000 959,352
<br />Compensated absences payable — net 325,036 19,808 344,844
<br />Total general long term debt 21,610,838 351,838 3,777,050 18,185,626
<br />Proprietary Fund:
<br />Revenue bond 4,340,000 875,000
<br />Compensated absences -net 29,838 828
<br />Total $ 25,980,676 $ 351,838 $ 4,652,878
<br />3,465,000
<br />29,010
<br />21,679,636
<br />All long -term bonded indebtedness outstanding at December 31, 2001 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 />2001 totaled $36,789.
<br />The annual requirement to amortize all debt outstanding at December 31, 2001 including interest payments of
<br />$6,762,713 is as follows:
<br />General Obligation Bonds $
<br />Special Assessment Bonds
<br />Revenue Bonds
<br />2002
<br />934,905 $
<br />1,756,950
<br />418,564
<br />2003
<br />2004
<br />797,906 $
<br />1,531,236
<br />412,189
<br />677,009 $
<br />1,493,400
<br />415,091
<br />2005
<br />557,599 $
<br />1,454,118
<br />416,990
<br />2006
<br />and on
<br />6,816,735 $
<br />6,504,896
<br />2,921,555
<br />Total $ 3,110,419 $ 2,741,331 $ 2,585,500 $ 2,428,707 $ 16,243,186 $
<br />Total
<br />9,784,154
<br />12,740,600
<br />4,584,389
<br />27,109,143
<br />It is not practicable to determine the specific year for payment of compensated absences payable. The contracts
<br />for deed obligations do not include regular and scheduled payments (payments occur as land is sold) and have
<br />been excluded from the above schedule of annual requirements to amortize debt.
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