Laserfiche WebLink
CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2014 <br />Note 14 CONDUIT DEBT OBLIGATION <br />From time to time, the City has issued Multi -family Housing Revenue Bonds to provide financial assistance to <br />private -sector entities for the acquisition and construction of rental housing deemed to be in the public interest. <br />The bonds are secured by the property financed and are payable solely from payments received on the <br />underlying mortgage loans. Upon repayment of the bonds, ownership of the acquired facilities transfers to the <br />private -sector entity served by the bond issuance. Neither the City, the State, nor any political subdivision <br />thereof is obligated in any manner for repayment of the bonds. Accordingly, the bonds are not reported as <br />liabilities in the accompanying financial statements. <br />As of December 31, 2014, there were seven series of Multi -family Housing Revenue Bonds outstanding. The <br />aggregate issued amount was $71,685,000, including two 1996 issues totaling $7,200,000, a 2002 issue of <br />$7,775,000, three 2004 issues of $39,760,000, and one 2013 issue of $16,950,000. The balance outstanding at <br />December 31, 2014 is unavailable. <br />Note 15 OPERATING LEASES <br />The City leases space above its water towers to Sprint Spectrum. The space is used for antennas and other <br />equipment necessary to provide radio communications. Lease terms are as follows: <br />82 <br />2014 <br />Annual Lease <br />Initial <br />Lease <br />Adjustment <br />Expiration <br />Automatic <br />Lessee <br />Amount <br />Factor <br />Date <br />Renewals <br />Sprint Spectrum <br />$24,706 <br />4% <br />2/27/18 <br />2-5 year terms <br />Clearwire Communications <br />24,000 <br />4% <br />7/17/14 <br />5-5 year terms <br />Verizon Wireless <br />24,300 <br />3% <br />8/1/18 <br />4-5 year terms <br />82 <br />