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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 1997
<br />Note 4 CITY INDEBTEDNESS
<br />The following is a schedule of changes in City indebtedness for the year ended December 31, 1997:
<br />Balance Balance
<br />1/1/97 Additions Deletions 12/31/97
<br />General Long Term Debt Account Group:
<br />Bonded debt:
<br />General obligation $1,378,000 $225,000 $188,000 $1,415,000
<br />Special assessment 7,675,000 - 220,000 7,455,000
<br />Contracts for deed payable - 946,020 - 946,020
<br />Compensated absences payable 189,315 14,948 204,263
<br />Total general long term debt 9,242,315 1,185,968 408,000 10,020,283
<br />Proprietary Fund:
<br />Revenue bond 4,265,000 50,000 4,215,000
<br />Compensated absences 11,635 2,416 9,219
<br />Total $13,518,950 $1,185,968 $460,416 - $14,244,502
<br />All long -term bonded indebtedness outstanding at December 31, 1997 is backed by the full faith and credit of
<br />the City, including special assessment bond issues. Delinquent assessments receivable at December 31, 1997
<br />totaled $5,692.
<br />The annual requirement tv amortize all bonded debt outstanding at December 31, 1997 including interest
<br />payments of $4,559,834 is as follows:
<br />1998 1999 2000 2001 2002 2003 and on Total
<br />General Obligation Bonds $296,041 $281,738 $194,413 5135,706 $130,625 $974,188 $2,012,711
<br />Special Assessment Bonds 933,540 1,243,400 1,184,645 1,144,858 1,103,645 3,791,980 9,402,068
<br />Revenue Bonds 366,347 423,111 417,937 421,906 419,975 4,180,779 6,230,055
<br />Total $1,595,928 $1,948,249 $1,796,995 $1,702,470 $1,654,245 $8,946,947 $17,644,834
<br />It is not practicable to determine the specific year for payment of compensated absences payable.
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