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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2013
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<br />Note 4 CITY INDEBTEDNESS (CONTINUED)
<br />The following is a schedule of changes in City indebtedness for the year ended December 31, 2013:
<br />
<br />Payable Payable Due Within
<br />12/31/2012 Issues Payments 12/31/2013 One Year
<br />Governmental activities:
<br />Bonded debt:
<br />General Obligation 10,646,000$ 193,000$ 974,000$ 9,865,000$ 1,129,000$
<br />Special Assessment 6,780,000 615,000 1,675,000 5,720,000 920,000
<br />Unamortized Bond Discounts (25,152) - (2,469) (22,683) -
<br />Unamortized Bond Premiums 67,373 6,558 23,096 50,835 -
<br />Note Payable - Anoka County 3,695,000 - - 3,695,000 995,000
<br />Compensated Absences Payable 634,572 528,925 548,961 614,536 382,332
<br />Other Post Employment Benefit Plan 77,821 6,148 - 83,969 -
<br />Total Governmental Activities 21,875,614 1,349,631 3,218,588 20,006,657 3,426,332
<br />Business-Type Activities:
<br />Compensated Absences Payable 43,410 43,197 32,425 54,182 34,824
<br />Total 21,919,024$ 1,392,828$ 3,251,013$ 20,060,839$ 3,461,156$
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<br />All long-term bonded indebtedness outstanding at December 31, 2013 is backed by the full faith and credit of the
<br />City, including special assessment bond issues.
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<br />Minimum annual principal and interest payments required to retire long-term debt, not including compensated
<br />absences payable are as follows.
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<br />Principal Interest Principal Interest Principal Interest
<br />Years Ending December 31,
<br />2014 2,049,000$ 552,473$ 995,000$ 114,951$ 3,044,000$ 667,424$
<br />2015 2,231,000 467,294 360,000 100,345 2,591,000 567,639
<br />2016 1,850,000 392,528 375,000 90,945 2,225,000 483,473
<br />2017 1,875,000 324,288 390,000 80,945 2,265,000 405,233
<br />2018 1,660,000 258,245 405,000 70,345 2,065,000 328,590
<br />2019-2023 5,410,000 547,878 1,170,000 154,314 6,580,000 702,192
<br />2024-2026 510,000 8,436 - - 510,000 8,436
<br />Total 15,585,000$ 2,551,141$ 3,695,000$ 611,845$ 19,280,000$ 3,162,986$
<br />Bonded Debt Notes Payable Total
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<br />Description and Restrictions of Long-Term Debt
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<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.
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<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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