Laserfiche WebLink
Immo <br />Wow <br />CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 1999 <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 <br />the public interest. The bonds are secured by the property financed and are payable solely from payments on <br />the underlying mortgage loans. Upon repayment of the bonds, ownership of the acquired facilities transfers to <br />the private sector entity served by the bond issue. The City is not obligated in any manner for the repayment <br />of the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying financial statements. <br />As of December 31, 1999, two series of Industrial Revenue Bonds were outstanding with aggregate remaining <br />principal balances of $2,730,000 and $5,200,000, respectively. <br />Note 18 COMMITTED CONTRACTS <br />At December 31, 1999, the City had the following commitments for uncompleted construction contracts: <br />Fund/Project Amount <br />General Fund: <br />1999 Sealcoating $ 41,742 <br />Capital Project Funds: <br />Civic Complex Fund: <br />Civic Complex 4,475 <br />1995 Construction Fund: <br />Otter Lake Road realingment 147,597 <br />1996 Construction Fund: <br />21st Avenue Lift Station 16,293 <br />Lake Drive Trunk Utilities, phase II 71,300 <br />Note 19 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 <br />of remaining payments is as follows: <br />2000 $ 112,500 <br />2001 112,500 <br />2002 112,500 <br />2003 112,500 <br />2004 112,500 <br />Thereafter 525,000 <br />$ 1,087,500 <br />