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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2000
<br />Note 4 CITY INDEBTEDNESS
<br />The following is a schedule of changes in City indebtedness for the year ended December 31, 2000:
<br />Balance Balance
<br />1 /1 /00 Additions Deletions 12/31/00
<br />General Long Term Debt Account Group:
<br />Bonded debt:
<br />General obligation $ 6,904,570
<br />Special assessment 14,045,000
<br />Contracts for deed payable 1,459,352
<br />Compensated absences payable — net 262,182
<br />Total general long term debt 22,671,104
<br />Proprietary Fund:
<br />Revenue bond 4,550,000
<br />Compensated absences -net 12,217
<br />Total $ 27,233,321
<br />$ 325,450 $ 318,570 $ 6,911,450
<br />880,000 13,165,000
<br />250,000 1,209,352
<br />62,854 325,036
<br />388,304 1,448,570 21,610,838
<br />210,000 4,340,000
<br />17,621 - 29,838
<br />$ 405,925 $ 1,658,570 $ 25,980,676
<br />All long -term bonded indebtedness outstanding at December 31, 2000 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 />2000 totaled $7,777.
<br />The annual requirement to amortize all debt outstanding at December 31, 2000 including interest payments of
<br />$7,837,922 is as follows:
<br />2001 2002 2003 2004
<br />2005
<br />and on
<br />General Obligation Bonds $ 919,337 $ 785,692 $ 673,646 $ 561,009 $ 7,374,334 $
<br />Special Assessment Bonds 3,533,814 1,756,950 1,531,236 1,493,400 7,959,014
<br />Revenue Bonds 1,081,551 418,564 412,189 415,091 3,338,545
<br />Total $ 5,534,702 $ 2,961,206 $ 2,617,071 $ 2,469,500 $
<br />18,671,893 $
<br />Total
<br />10,314,018
<br />16,274,414
<br />5,665,940
<br />32,254,372
<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.
<br />30
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