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2014 CAFR
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2014 CAFR
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CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2014 <br />CONSTRUCTION COMMITMENTS <br />At December 31, 2014, the City had construction project contracts in progress. The commitments related <br />to the remaining contract balances are summarized as follows: <br />Project <br />2014 Street Improvements <br />Fiber LAN Installation Project <br />Note 6 LONG-TERM DEBT <br />Contract Remaining <br />Amount Commitment <br />$2,021,154 $311,744 <br />203,453 50,811 <br />$362,555 <br />The City issues general obligation bonds to finance its street improvement program, tax increment projects and <br />other City purposes. General obligation bonds are direct obligations of the City and are supported by the full <br />faith and credit of the City. The City has several types of general obligation bonds outstanding at December 31, <br />2014. Following is a brief description of the different bond types: <br />• Improvement bonds are issued to finance street improvement projects. These bonds are payable <br />primarily from special assessments levied on benefited properties. The costs of these projects are <br />shared by the City; general property taxes levied provide the revenues for these costs. <br />• Tax increment bonds were used to finance redevelopment projects and are payable primarily from <br />incremental property taxes derived from the tax increment districts with any deficiency to be provided <br />from general property taxes. <br />• Storm sewer revenue bonds used to finance storm water improvement projects are payable primarily <br />from service charges to residents. <br />• State aid street bonds were utilized for a street improvement project and will be paid from future state <br />aids received annually. <br />• Tax abatement bonds were issued to finance a portion of the park improvement project and are payable <br />from a special general property tax levy. <br />• Certificates of indebtedness issued to finance various equipment acquisitions are payable from a <br />special general property tax levy. <br />REVENUE BONDS <br />The City has issued revenue bonds to finance business -type activities. These bonds are Liquor Revenue <br />and Utility Revenue Bonds which are payable from operations of these two Enterprise Funds, respectively. <br />The liability for these bonds is recorded in the Proprietary Funds. <br />61 <br />
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