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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2008
<br />Note 4 CITY INDEBTEDNESS (CONTINUED)
<br />The following is a schedule of changes in City indebtedness for the year ended December 31, 2008:
<br />Payable Payable Due Within
<br />12/31/2007 Issues Payments 12/31/2008 One Year
<br />Governmental activities:
<br />Bonded debt:
<br />General Obligation $ 11,569,000 $ 209,000 $ 594,000 $ 11,184,000 $ 808,000
<br />Special Assessment 12,520,000 1,155,000 11,365,000 1,100 000
<br />Unamortized Bond Discounts (42,294) - (2,867) (39,427)
<br />Unamortized Bond Premiums 138,410 19,120 119,290
<br />Compensated Absences Payable 635,904 570,485 550,745 655,644 446,582
<br />Other Post Employment Benefit Plan - 41,152 18,671 22,481 -
<br />Total Governmental Activities 24,821,020 820,637 2,334,669 23,306,988 2,354,582
<br />Business -Type Activities:
<br />Revenue Bonds
<br />Unamortized Bond Discounts
<br />Compensated Absences Payable
<br />Total Business -Type Activities
<br />Total
<br />1,855,000
<br />(3,113)
<br />32,982
<br />1,884,869
<br />$ 26,705,889
<br />34,667
<br />34,667
<br />325,000 1,530,000
<br />(763) (2,350)
<br />30,425 37,224
<br />354,662 1,564,874
<br />855,304 $ 2,689,331
<br />360,000
<br />27,396
<br />387,396
<br />$ 24,871,862 $ 2,741,978
<br />All long -term bonded indebtedness outstanding at December 31, 2008 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 />2009 5 1,908,000 $ 960,161 $ 360,000 $ 48,611 $ 3,276,772
<br />2010 1,762,000 870,114 375,000 35,471 3,042,585
<br />2011 1,849,000 791,404 390,000 21,701 3,052,105
<br />20I2 1,930,000 709,580 405,000 7,341 3,051,921
<br />2013 2,065,000 621,346 2,686,346
<br />2014 -2018 8,445,000 1,896,301 10,341,301
<br />2019 -2023 4,310,000 466,741 - 4,776,741
<br />2024 280,000 5,775 285,775
<br />Total 5 22,549,000 $ 6,321,422 $ 1,530,000 $ 113,124 $ 30,513,546
<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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