2013 CAFR - Laserfiche WebLink

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CITY OF ST. ANTHONY, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2013 CONSTRUCTION COMMITMENTS At December 31, 2013, the City had construction project contracts in progress. The commitments related to the remaining contract balances are summarized as follows: Contract Remaining Project Amount Commitment 2013 Street Improvements $1,318,388 $203,109 Silver Lake SW Treatment 432,364 432,364 $635,473 Note 6 LONG-TERM DEBT The City issues general obligation bonds to finance its street improvement program, tax increment projects and other City purposes. General obligation bonds are direct obligations of the City and are supported by the full faith and credit of the City. The City has several types of general obligation bonds outstanding at December 31, 2013. Following is a brief description of the different bond types: • Improvement bonds are issued to finance street improvement projects. These bonds are payable primarily from special assessments levied on benefited properties. The costs of these projects are shared by the City; general property taxes levied provide the revenues for these costs. • Tax increment bonds were used to finance redevelopment projects and are payable primarily from incremental property taxes derived from the tax increment districts with any deficiency to be provided from general property taxes. • Storm sewer revenue bonds used to finance storm water improvement projects are payable primarily from service charges to residents. • State aid street bonds were utilized for a street improvement project and will be paid from future state aids received annually. • Tax abatement bonds were issued to finance a portion of the park improvement project and are payable from a special general property tax levy. • Certificates of indebtedness issued to finance various equipment acquisitions are payable from a special general property tax levy. REVENUE BONDS The City has issued revenue bonds to finance business -type activities. These bonds are Liquor Revenue and Utility Revenue Bonds which are payable from operations of these two Enterprise Funds, respectively. The liability for these bonds is recorded in the Proprietary Funds. 62