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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2012
<br />Note 4 CITY INDEBTEDNESS (CONTINUED)
<br />The following is a schedule of changes in City indebtedness for the year ended December 31, 2012:
<br />Payable Payable Due Within
<br />12/31/2011 Issues Payments 12/31/2012 One Year
<br />Governmental activities:
<br />Bonded debt:
<br />General Obligation $ 9,421,000 $ 2,165,000 $ 940,000 $ 10,646,000 $ 974,000
<br />Special Assessment 7,985,000 - 1,205,000 6,780,000 1,675,000
<br />Unamortized Bond Discounts (27,621) (2,469) (25,152) -
<br />Unamortized Bond Premiums 89,014 21,641 67,373
<br />Note Payable - Anoka County 3,695,000 - 3,695,000 -
<br />`""' Compensated Absences Payable 610,655 539,523 515,606 634,572 388,714
<br />Other Post Employment Benefit Plan 72,808 5,013 - 77,821 -
<br />Total Governmental Activities 21,845,856 2,709,536 2,679,778 21,875,614 3,037,714
<br />... Business -Type Activities:
<br />Revenue Bonds 405,000 405,000
<br />Unamortized Bond Discounts (64) - (64)
<br />Compensated Absences Payable 45,398 36,738 38,726 43,410 28,400
<br />...... Total Business -Type Activities 450,334 36,738 443,662 43,410 28,400
<br />Isimw
<br />Vow
<br />Vow
<br />Total $ 22,296,190 $ 2,746,274 $ 3,123,440 $ 21,919,024 $ 3,066,114
<br />All long -term bonded indebtedness outstanding at December 31, 2012 is backed by the full faith and credit of the
<br />City, including special assessment bond issues.
<br />Minimum annual principal and interest payments required to retire long -term debt, not including compensated
<br />absences payable are as follows.
<br />Govemmental Activities
<br />Principal
<br />Interest Total
<br />Years Ending December 31,
<br />2013 $ 2,649,000 $ 756,248 $ 3,405,248
<br />2014 1,986,000 662,594 2,648,594
<br />2015 2,466,000 583,986 3,049,986
<br />2016 2,100,000 501,220 2,601,220
<br />2017 2,205,000 424,665 2,629,665
<br />2018 -2022 8,110,000 1,171,669 9,281,669
<br />2023 -2024 1,605,000 109,896 1,714, 896
<br />Total $ 21,121,000 $ 4,210,278 $ 25,331,278
<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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