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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 1999
<br />Note 4 CITY INDEBTEDNESS
<br />The following is a schedule of changes in City indebtedness for the year ended December 31, 1999:
<br />Balance Balance
<br />1/1/99 Additions Deletions 12/31/99
<br />General Long Term Debt Account Group:
<br />Bonded debt:
<br />General obligation $ 6,862,734 $ 1,287,570 $ 1,245,734 $ 6,904,570
<br />Special assessment 13,215,000 1,725,000 895,000 14,045,000 —
<br />Contracts for deed payable 859,352 600,000 1,459,352
<br />Compensated absences payable - net 228,912 33,270 262,182
<br />Total general long term debt 21,165,998 3,645,840
<br />Proprietary Fund:
<br />Revenue bond 4,075,000
<br />Compensated absences -net 12,217
<br />Total $ 25,253,215
<br />680,000
<br />2,140,734
<br />205,000
<br />$ 4,325,840 $
<br />2,345,734
<br />22,671,104 _
<br />4,550,000 _
<br />12,217
<br />$ 27,233,321
<br />All long -term bonded indebtedness outstanding at December 31, 1999 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 />1999 totaled $11,947.
<br />The annual requirement to amortize all debt outstanding at December 31, 1999 including interest payments of
<br />$9,044,994 is as follows:
<br />2000 2001 2002
<br />General Obligation Bonds $ 679,370 $ 773,360 $ 664,228 S
<br />Special Assessment Bonds 1,546,596 3,533,814 1,756,950
<br />Revenue Bonds 446,624 1,081,551 418,564
<br />2003
<br />2004
<br />and on
<br />558,689 $
<br />1,531,236
<br />412,189
<br />7,935,343 $
<br />9,452,414
<br />3,753,636
<br />Total $ 2,672,590 $ 5,388,725 $
<br />2,839,742 $ 2,502,114 $
<br />21,141,393 $
<br />Total
<br />10,610,990
<br />17,821,010
<br />6,112,564
<br />34,544,564
<br />It is not practicable to determine the specific year for payment of compensated absences payable. The
<br />contracts for deed obligations do not include regular and scheduled payments (payments occur as land is sold)
<br />and have been excluded from the above schedule of annual requirements to amortize debt.
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<br />MINIM
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