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