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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2011
<br />Note 4 CITY INDEBTEDNESS (CONTINUED)
<br />The following is a schedule of changes in City indebtedness for the year ended December 31, 2011:
<br />Payable Payable Due Within
<br />12/31/2010 Issues Payments 12/31/2011 One Year
<br />Governmental activities:
<br />Bonded debt:
<br />General Obligation $ 10,141,000 $ 120,000 $ 840,000 $ 9,421,000 $ 940,000
<br />Special Assessment 9,175,000 1,190,000 7,985,000 1,205,000
<br />Unamortized Bond Discounts (30,091) - (2,470) (27,621) -
<br />Unamortized Bond Premiums 102,101 13,087 89,014
<br />Note Payable - Anoka County 4,260,000 - 565,000 3,695,000 -
<br />Compensated Absences Payable 625,121 547,346 561,812 610,655 409,343
<br />Other Post Employment Benefit Plan 63,287 27,268 17,747 72,808 -
<br />Total Governmental Activities 24,336,418 694,614 3,185,176 21,845,856 2,554,343
<br />Business -Type Activities:
<br />Revenue Bonds 795,000 - 390,000 405,000 405,000
<br />Unamortized Bond Discounts (826) (762) (64) (64)
<br />Compensated Absences Payable 41,104 37,050 32,756 45,398 27,710
<br />Total Business-Type Activities 835,278 37,050 421,994 450,334 432,646
<br />Total $ 25,171,696 $ 731,664 $ 3,607,170 $ 22,296,190 $ 2,986,989
<br />All long -term bonded indebtedness outstanding at December 31, 2011 is backed by the full faith and credit of the
<br />City, including special assessment bond issues. For the governmental activities, compensated absences are generally
<br />liquidated by the general fund.
<br />�- Minimum annual principal and interest payments required to retire long -term debt, not including compensated
<br />w
<br />absences payable are as follows.
<br />Govemmental Activities Business -Type Activities
<br />Principal Interest Principal Interest Total
<br />Years ending December 31,
<br />2012 $ 2,145,000 $ 807,928 $ 405,000 $ 7,341 $ 3,365,269
<br />2013 2,175,000 748,305 - 2,923,305
<br />2014 1,931,000 658,459 - 2,589,459
<br />2015 2,260,000 578,331 2,838,331
<br />2016 1,940,000 494,390 2,434,390
<br />2017 -2021 8,375,000 1,418,405 9,793,405
<br />2022 -2024 2,275,000 228,102 2,503,102
<br />Total $ 21,101,000 $ 4,933,920 $ 405,000 $ 7,341 $ 26,447,261
<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 primarily
<br />from special assessments levied on the properties benefiting from the improvements. However, some issues are
<br />partly financed by ad valorem levies.
<br />Revenue Bonds - These bonds were issued to finance various improvements in the water fund and will be repaid
<br />primarily from pledged revenues derived from the constructed assets.
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