1981 CAFR - Laserfiche WebLink

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CITY OF ST. ANTHONY NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1981 Note 4. Bonded Indebtedness The City has special assessment improvement bonds outstanding at December 31, 1981. These bonds are payable primarily from the collection of special assessments with any deficiency to be provided for by general property taxes. During 1981 it was determined that sufficient funds were available to extinguish all debt service payments required in 1982. As a result, property taxes levied for debt retirement collectible in 1982 have been cancelled. In addition, no property taxes were collected for debt retirement in 1981. Special assessment improvement bonds payable is comprised of the following two individual issues: $960,000 Improvement Bonds of 1968 $675,000 Improvement Bonds of 1973 Maturities 1982-1990 1982-1985 Interest Rates Amount 4.70-4.90% 4.35-4.50% $320,000 285,000 $605,000 The following is a summary of bond transactions for the year ended December 31, 1981: Payable at Payable at January 1, December 31, 1981 Issued Redeemed 1981 Special Assessment Improvement Bonds $710,000 $ - $105,000 $605,000 Scheduled maturities of bonded indebtedness for each of the next five years are as follows: 1982 - $105,000; 1983 - $105,000; 1984 - $105,000; 1985 - $130,000; and 1986 - $40,000. Note 5. Contributed Capital A substantial portion of the property, plant and equipment in the Utility Funds was financed by special assessments, grants and other contributions. When such assets are acquired they are credited to the contributed capital account. Depreciation on contributed assets is charged against current income, but is then redistributed as a charge against the contributed capital amount. The rates charged by the City are not intended to generate sufficient income to recover the depreciation on contributed assets and replacement of these assets is expected to be financed primarily by future contributions. -15-