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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 1998
<br />Note 4 CITY INDEBTEDNESS
<br />The following is a schedule of changes in City indebtedness for the year ended December 31, 1998:
<br />Balance Balance
<br />1/1/98 Additions Deletions 12/31/98
<br />General Long Term Debt Account Group:
<br />Bonded debt:
<br />General obligation $ 1,415,000 $ 5,637,734 $ 190,000 $ 6,862,734
<br />Special assessment 7,455,000 6,310,000 550,000 13,215,000
<br />Contracts for deed payable 946,020 - 946,020
<br />Compensated absences payable - net 204,263 24,649 228,912
<br />Total general long term debt 10,020,283 11,972,383 740,000 21,252,666
<br />Proprietary Fund:
<br />Revenue bond 4,215,000 140,000 4,075,000
<br />Compensated absences -net 9,219 2,999 12,218
<br />Total $14,244,502 $11,975,382 $ 880,000 $25,339,884
<br />All long -term bonded indebtedness outstanding at December 31, 1998 is backed by the full faith and credit of
<br />the City, including special assessment bond issues. Delinquent assessments receivable at December 31, 1998
<br />totaled $12,019.
<br />The annual requirement to amortize all debt outstanding at December 31, 1998 including interest payments of
<br />$10,362,275 is as follows:
<br />1999 2000 2001 2002 2003 and on Total
<br />General Obligation Bonds $ 677,642 $ 569,051 $ 666,119 $ 562,094 $ 8,551,371 S 11,026,277
<br />Special Assessment Bonds 1,534,328 1,475,573 1,831,673 1,767,348 11,016,102 17,625,024
<br />Revenue Bonds 423,111 417,937 421,906 419,975 4,180,779 5,863,708
<br />Total $ 2,635,081 $2,462,561 $ 2,919,698 $ 2,749,417 $ 23,748,252 S 34,515,009
<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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