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<br />CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2009
<br />Note 4 CITY INDEBTEDNESS (CONTINUED)
<br />The following is a schedule of changes in City indebtedness for the year ended December 31, 2009:
<br />Payable Payable Due Within
<br />12/31/2008 Issues Payments 12/31/2009 One Year
<br />Governmental activities:
<br />Bonded debt:
<br />General Obligation $ 11,184,000 $ 336,000 $ 808,000 $ 10,712,000 $ 741,000
<br />,.,, Special Assessment 11,365,000 - 1,100,000 10,265,000 1,125,000
<br />Unamortized Bond Discounts (39,427) (2,867) (36,560) -
<br />Unamortized Bond Premiums 119,290 11,142 19,246 111,186 -
<br />Note Payable - Anoka County - 4,260,000 - 4,260,000
<br />�
<br />, Compensated Absences Payable 655,644 550,369 578,129 627,884 427,056
<br />Other Post Employment Benefit Plan 22,481 41,152 18,899 44,734 -
<br />Total Governmental Activities 23,306,988 5,198,663 2,521,407 25,984,244 2,293,056
<br />Business -Type Activities:
<br />Revenue Bonds
<br />Unamortized Bond Discounts
<br />Compensated Absences Payable
<br />Total Business -Type Activities
<br />1,530,000
<br />(2,350)
<br />37,224
<br />31.281
<br />1,564,874 31,281
<br />360,000 1,170,000
<br />(762) (1,588)
<br />32,685 35,820
<br />391,923 1,204,232
<br />375,000
<br />23,448
<br />398,448
<br />Total $ 24,871,862 $ 5,229,944 $ 2,913,330 $ 27,188,476 $ 2,691,504
<br />Imar
<br />All long -term bonded indebtedness outstanding at December 31, 2009 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 />2010 $ 1,866,000 $ 986,489 $ 375,000 $ 35,471 $ 3,262,960
<br />2011 1,963,000 951,774 390,000 21,701 3,326,475
<br />2012 2,048,000 866,530 405,000 7,341 3,326,871
<br />2013 2,065,000 774,756 - - 2,839,756
<br />2014 1,885,000 685,903 - - 2,570,903
<br />2015 -2019 9,595,000 2,230,906 - - 11,825,906
<br />2020 -2024 5,815,000 805,449 - - 6,620,449
<br />Total $ 25,237,000 $ 7,301,807 $ 1,170,000 $ 64,513 $ 33,773,320
<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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