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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 1998
<br />Note 4 CITY INDEBTEDNESS (CONTINUED)
<br />City indebtedness at December 31, 1998 is composed of the following:
<br />Final
<br />Issue Maturity Interest Original Payable
<br />Date Date Rste Issue 12/31/97
<br />General Obligation Bonds:
<br />1996 Equipment Certificates 2/1/96 12/31/99 6.00% 225,000 75,000
<br />1997 Equipment Certificates 2/1/97 12/31/00 6.00% 225,000 150,000
<br />1998 Equipment Certificates 2/1/98 12/31/01 6.00% 287,734 287,734
<br />Public Project Revenue Bonds - 1990A 10/1/90 2/1/10 7.12% 1,115,000 1,000,000
<br />Civic Complex Lease Revenue Bonds - 98A 8/1/98 2/1/19 5.27% 5,350,000 5,350,000
<br />Total General Obligation Bonds 7,202,734 6,862,734
<br />Special Assessment Bonds:
<br />G.O. Improvement Refunding Bonds, 4/1/92 2/1/06 6.51% 3,640,000 2,520,000
<br />Series 1992A
<br />G.O. Improvement Refunding Bonds, 10/1/96 2/1/07 5.05% 4,685,000 4,385,000
<br />Series 1996A
<br />G.O. Improvement Refunding Bonds, 8/1/98 2/1/15 4.47% 4,310,000 4,310,000
<br />Serie 1998A
<br />G.O. Improvement Refunding Bonds, 8/1/98 2/1/15 4.81% 2,000,000 2,000,000
<br />Series 1998B
<br />Total Special Assessment Bonds 14,635,000 13,215,000
<br />Revenue Bonds:
<br />G.O. Water Revenue Bonds, 4/1/92 2/1/08 6.67% 1,060,000 840,000
<br />Series 1992B
<br />G.O. Water Revenue Bonds, 10/1/96 2/1/12 5.48% 3,320,000 3,235,000
<br />Series 1996B
<br />Total Revenue Bonds 4,380,000 4,075,000
<br />Total - All Bonds 26,217,734 24,152,734
<br />Contract for Deed Payable 4/30/97 2/1/02 8.00% 598,382 598,382
<br />Contract for Deed Payable 12/1/97 12/1/02 8.00% 347,638 347,638
<br />Compensated Absences Payable N/A 241,130
<br />Total Indebtedness $ 27,163,754 $ 25,339,884
<br />Description and Restrictions of Long -Term Debt
<br />General Obligation Bonds — The bonds were issued for improvements or projects which benefited the City as a
<br />whole and are, therefore, repaid from ad valorem levies.
<br />Special Assessment Bonds — These bonds were issued to finance various improvements and will be repaid
<br />primarily from special assessments levied on the properties benefiting from the improvements. However, some
<br />issues are party financed by ad valorem levies.
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