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HOUSING AND REDEVELOPMENT AUTHORITY OF ST. ANTHONY
<br /> NOTES TO FINANCIAL STATEMENTS
<br /> DECEMBER 31 , 1999
<br /> 1
<br /> Note 3. Amounts Due from (to) the City of St. Anthony
<br /> The amount due to the City of St. Anthony of $300,000 as of December 31 , 1999 repre-
<br /> sents the amount contributed- by a project developer to the City for anticipated loss
<br /> of homestead credit and local government aid (HACA/LGA) associated with this project.
<br /> The balance of the amount due from the City of $22,232 represents the net amount of
<br /> various transactions between the Authority and the City.
<br /> Note 4. Bonds Payable
<br /> The Authority has general obligation refunding tax increment, general obligation tax
<br /> increment, and general obligation taxable tax increment bonds outstanding as.of
<br /> December 31 , 1999. The .general obligation refunding bonds were issued to refund tax
<br /> increment -bonds. , It is anticipated these bonds will be retired from incremental pro- ,
<br /> perty 'taxes derived from the tax increment finance districts. The general obligation
<br /> tax increment bonds, used to finance the construction of the Community. Center/City
<br /> Hall complex, will be paid from available existing funds, future. tax increment reve-
<br /> nues to be generated from certain districts pledged for debt retirement of .these
<br /> bonds. The general obligation taxable tax increment bonds were used to assist with
<br /> the acquisition costs of property for a redevelopment project. It is anticipated
<br /> these bonds will be retired from incremental property taxes derived from this tax ,
<br /> increment finance district.
<br /> A summary of bond transactions for the year ended December 31 , 1999 is as follows:
<br /> Payable Payable
<br /> January 1 , Issued Retired December, 312
<br /> ------------ ------------ ------------ ------------
<br /> General Obligation:
<br /> Refunding Bonds $100,000 $30,000 $70,000
<br /> Tax Increment Bonds 2,245,000 145,000 2, 100,000
<br /> Taxable Tax Increment Bonds 1 ,720,000 1,720,000
<br /> ------------ ------------ ------------ ------------
<br /> Total -$4,065,000- --_$-----_-- --_$175,000 -$3,890,000-
<br /> Bonds payable are related to these issues:
<br /> Maturities Interest Rates Amount ,
<br /> $215,000 G.O. Refunding Bonds,
<br /> Series 1994A 2000-2001 . 4. 10-4.25% $70,000
<br /> $2,650,000 G.O. Tax Increment
<br /> Bonds, Series 1995A 2000-2010 4.25-5.20% 2,100,000
<br /> $1,720,000 G.O. Taxable Tax Increment ,
<br /> Bonds, Series 1996A 2000-2013 7.00-8.00% 1 ,720,000
<br /> $3,890,000
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