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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2010
<br />Note 4 CITY INDEBTEDNESS (CONTINUED)
<br />The following is a schedule of changes in City indebtedness for the year ended December 31, 2010:
<br />Payable Payable Due Within
<br />12/31/2009 Issues Payments 12/31/2010 One Year
<br />Governmental activities:
<br />Bonded debt:
<br />General Obligation $ 10,712,000 $ 170,000 $ 741,000 $ 10,141,000 $ 840,000
<br />Special Assessment 10,265,000 1,000,000 2,090,000 9,175,000 1,190,000
<br />Unamortized Bond Discounts (36,560) (6,469) (30,091)
<br />Unamortized Bond Premiums 111,186 10,980 20,065 102,101 -
<br />Note Payable - Anoka County 4,260,000 4,260,000
<br />Compensated Absences Payable 627,884 547,346 550,109 625,121 399,475
<br />Other Post Employment Benefit Plan 44,734 40,404 21,851 63,287
<br />Total Governmental Activities 25,984,244 1,768,730 3,416,556 24,336,418 2,429,475
<br />Business -Type Activities:
<br />Revenue Bonds 1,170,000 375,000 795,000 390,000
<br />Unamortized Bond Discounts (1,588) (762) (826) -
<br />Compensated Absences Payable 35,820 37,050 31,766 41,104 28,632
<br />Total Business -Type Activities 1,204,232 37,050 406,004 835,278 418,632
<br />Total $ 27,188,476 $ 1,805,780 $ 3,822,560 $ 25,171,696 $ 2,848,107
<br />All long -term bonded indebtedness outstanding at December 31, 2010 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 />absences payable are as follows.
<br />Governmental Activities Business -Type Activities
<br />Principal Interest Principal Interest Total
<br />Years ending December 31,
<br />2011 $ 2,030,000 $ 955,755 $ 390,000 $ 21,701 $ 3,397,456
<br />2012 2,106,000 860,771 405,000 7,341 3,379,112
<br />2013 2,135,000 768,348 - 2,903,348
<br />2014 1,890,000 678,901 2,568,901
<br />2015 2,260,000 599,184 2,859,184
<br />2016 -2020 8,845,000 1,853,139 10,698,139
<br />2021 -2024 4,310,000 562,898 4,872,898
<br />Total $ 23,576,000 $ 6,278,996 $ 795,000 $ 29,042 $ 30,679,038
<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.
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