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- CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2007
<br />OMB
<br />1M.
<br />Note 4 CITY INDEBTEDNESS (CONTINUED)
<br />The following is a schedule of changes in City indebtedness for the year ended December 31, 2007:
<br />Governmental activities:
<br />Bonded debt:
<br />General Obligation
<br />Special Assessment
<br />Unamortized Bond Discounts
<br />Unamortized Bond Premiums
<br />Compensated Absences Payable
<br />Total Governmental Activities
<br />IIIIM
<br />WENN
<br />Business -Type Activities:
<br />Revenue Bonds
<br />Unamortized Bond Discounts
<br />Compensated Absences Payable
<br />Total Business -Type Activities
<br />Payable Payable Due Within
<br />12/31/2006 Issues Payments 12/31/2007 One Year
<br />$ 7,747,000 $ 4,375,000 $ 553,000 $ 11,569,000 $ 594,000
<br />13,940,000 1,420,000 12,520,000 1,155,000
<br />(18,523) (25,798) (2,027) (42,294) -
<br />157,530 19,120 138,410 -
<br />584,764 517,592 466,452 635,904 394,424
<br />22,410,771 4,866,794 2,456,545 24,821,020 2,143,424
<br />3,870,000 2,015,000 1,855,000
<br />(3,875) - (762) (3,113)
<br />31,041 32,043 30,102 32,982
<br />3,897,166 32,043 2,044,340 1,884,869
<br />325,000
<br />24,960
<br />349,960
<br />Total $ 26,307,937 $ 4,898,837 $ 4,500,885 $ 26,705,889 $ 2,493,384
<br />All long -term bonded indebtedness outstanding at December 31, 2007 is backed by the full faith and credit
<br />of the City, including special assessment bond issues. For the governmental activities, compensated
<br />absences are generally liquidated by the general fund.
<br />Minimum annual principal and interest payments required to retire long -term debt, not including
<br />compensated absences payable are as follows.
<br />Governmental Activities Business -Type Activities
<br />Principal Interest Principal Interest
<br />Total
<br />Years ending December 31,
<br />2008 $ 1,749,000 $ 1,035,758 $ 325,000 $ 61,546 $ 3,171,304
<br />2009 1,845,000 944,138 360,000 48,611 3,197,749
<br />2010 1,690,000 864,274 375,000 35,471 2,964,745
<br />2011 1,775,000 788,444 390,000 21,701 2,975,145
<br />2012 1,930,000 709,580 405,000 7,341 3,051,921
<br />2013 -2017 9,065,000 2,280,323 - - 11,345,323
<br />2018 -2022 5,170,000 680,171 5,850,171
<br />2023 -2024 865,000 29,671 894,671
<br />Total $ 24,089,000 $ 7,332,359 $ 1,855,000 $ 174,670 $ 33,451,029
<br />Description and Restrictions of Long -Term Debt
<br />General Obligation Bonds - The bonds were issued for improvements or projects which benefited the City
<br />as a 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
<br />primarily from special assessments levied on the properties benefiting from the improvements. However,
<br />some issues are partly financed by ad valorem levies.
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