My WebLink
|
Help
|
About
|
Sign Out
Home
Search
Comprehensive Annual Financial Report 12/31/2001
LinoLakes
>
Finance
>
Annual Financial Statements
>
Comprehensive Annual Financial Report 12/31/2001
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
5/22/2014 2:17:18 PM
Creation date
5/19/2014 12:32:03 PM
Metadata
Fields
Template:
Finance Dept
Finance Category
Publications & Reports
Finance Document Folder
Annual Financial Reports
Finance Number Identifier
Comprehensive Annual Financial Report
Date
12/31/2001
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
117
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2001 <br />Note 16 RISK MANAGEMENT (CONTINUED) <br />The City continues to carry commercial insurance for all other risks of loss, including disability and employee <br />health insurance. <br />'— There were no significant reductions in insurance from the previous year or settlements in excess of insurance <br />coverage for any of the past three fiscal years. <br />Note 17 CONDUIT DEBT OBLIGATIONS <br />The City has issued Industrial Development Revenue Bonds to provide financial assistance to private- sector <br />entities for the acquisition and construction of industrial and commercial facilities which are deemed to be in the <br />public interest. The bonds are secured by the property financed and are payable solely from payments on the <br />underlying mortgage loans. Upon repayment of the bonds, ownership of the acquired facilities transfers to the <br />private sector entity served by the bond issue. The City is not obligated in any manner for the repayment of the <br />bonds. Accordingly, the bonds are not reported as liabilities in the accompanying financial statements. As of <br />December 31, 2001, two series of Industrial Revenue Bonds were outstanding with aggregate remaining <br />principal balances of $2,370,000 and $4,400,000, respectively. <br />Note 18 LEASE COMMITMENT <br />The City of Lino Lakes entered into a lease agreement dated December 8, 1997 whereby the City constructed a <br />facility on property it already owned. Upon completion, this facility was leased to the Independent School <br />District No. 12 (ISD 12), the tenant, in January 1999 and will continue until June 30, 2009. The tenant's <br />.— payments are $110 per square foot per year for a total of $1,200,000 over the term of the lease. The schedule of <br />remaining payments is as follows: <br />Maw <br />2002 $ 112,500 <br />2003 112,500 <br />2004 112,500 <br />2005 112,500 <br />2006 112,500 <br />Thereafter 300,000 <br />$ 862,500 <br />
The URL can be used to link to this page
Your browser does not support the video tag.