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Comprehensive Annual Financial Report 12/31/2001
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Comprehensive Annual Financial Report 12/31/2001
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Comprehensive Annual Financial Report
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12/31/2001
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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2001 <br />Note 4 CITY INDEBTEDNESS (CONTINUED) <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. <br />Through the transactions described above, the City (Primary Government) has, in substance, assumed the debt <br />service on the revenue bonds issued by the EDA. Therefore, the bonds have been included in the Primary <br />Government's General Long -Term Debt Account Group. Further, the lease payment made by the City will be <br />reflected as debt service principal and interest payments on the City's operating statements. <br />Contract for Deeds — The City has entered into two contracts for deed bearing interest at 8 %, these contracts <br />were issued for the purchase of land for the express purpose of resale. The contracts for deed will be repaid from <br />the proceeds of land sales. One of the contracts calls for monthly interest only payments with a balloon payment <br />due m December of 2002. The second contract calls for payments equal to $2.50 per square foot to be made as <br />land is sold, with the final unpaid balance due on January 31, 2002. Such payments are then applied first to <br />interest accrued since the last payment date and then to the principal balance. This contract was paid off on <br />January 28, 2002 in the amount of $678,948. The third contract for deed bears interest at 6 %, this contract calls <br />for annual payments through February 1, 2002. This contract was paid off on January 28, 2002 for $106,000. <br />Liability for Compensated Absences — This liability represents vested benefits earned by governmental fund <br />employees through the end of the year which will be paid or used in future periods. The liability for Proprietary <br />Fund employees is included in the accrued liabilities of those funds. <br />32 <br />
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