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<br />CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 1997
<br />City indebtedness at December 31, 1997 is composed of the following:
<br />Final
<br />Issue Maturity interest Original Payable
<br />Date Date Rates Issue 12/31/97
<br />General Obligation Bonds:
<br />1996 Equipment Certificates 2/1/96 12/31/99 6.00% $225,000 $150,000
<br />1997 Equipment Certificates 2/1/97 12/31/00 6.00% 225,000 225,000
<br />Public Project Revenue Bonds - 1990A 10/1/90 2/1/10 7.12% 1,115,000 1,040,000
<br />Total General Obligation Bonds 1,565,000 1,415,000
<br />Special Assessment Bonds:
<br />G. 0. Improvement Refunding Bonds, Series I992A 4/1/92 2/1/06 6.51% 3,640,000 2,770,000
<br />G. O. Improvement Bonds 1996A 10/1/96 2/1/97 5.05% 4,685,000 4,685 000
<br />Total Special Assessment Bonds 8,325,000 7,455,000
<br />Revenue Bonds:
<br />G. O. Water Revenue Bonds, Series 1992B 4/1/92 2/1/08 6.67% 1,060,000 895,000
<br />G. O. Water Revenue Bonds, Series 1996B 10/1/96 2/1/12 5.48% 3,320,000 3,320,000
<br />Total Revenue Bonds 4,380,000 4,215,000
<br />Total - All Bonds 14,270,000 13,085,000
<br />Contract for deed 4/30/97 1/31/02 8.00% 598,382 598,382
<br />Contract for deed 12/1/97 12/1/02 8.00% 347,638 347,638
<br />~' Compensated absences payable N/A 213,482
<br />allow
<br />Total Indebtedness $15,216,020 S14,244,502
<br />Note 5 LEGAL DEBT MARGIN
<br />The City is subject to a statutory limitation by the State of Minnesota for bonded indebtedness payable
<br />principally from property taxes. The City of Lino Lake's legal debt margin for 1997 and 1996 is computed as
<br />follows:
<br />December 31,
<br />1997 1996
<br />Market value $627,423,800 $552,696,200
<br />Applicable percentage 2% 2%
<br />Debt limit 12,548,476 11,053,924
<br />Amount of debt applicable to debt limit:
<br />Total bonded debt 13,085,000 13,318,000
<br />Less: Special assessment bonds (7,455,000) (7,675,000)
<br />Public project revenue bonds (1,040,000) (1,065,000)
<br />Cash and investments in
<br />Debt Service Funds (4,417) (13,703)
<br />Revenue bonds (4,215,000) (4,265,000)
<br />Total debt applicable to debt limit 370,583 299,297
<br />Legal debt margin
<br />$12,177,893 $10,754,627
<br />43
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