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CITY OF ST. ANTHONY, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2017 Note 15 CONDUIT DEBT OBLIGATION From time to time, the City has issued Multi-family Housing Revenue Bonds to provide financial assistance to private-sector entities for the acquisition and construction of rental housing deemed to be in the public interest. The bonds are secured by the property financed and are payable solely from payments received on the underlying mortgage loans. Upon repayment of the bonds, ownership of the acquired facilities transfers to the private-sector entity served by the bond issuance. Neither the City, the State, nor any political subdivision thereof is obligated in any manner for repayment of the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying financial statements. As of December 31, 2017, there were seven series of Multi-family Housing Revenue Bonds outstanding. The aggregate issued amount was $71,685,000, including two 1996 issues totaling $7,200,000, a 2002 issue of $7,775,000, three 2004 issues of $39,760,000, and one 2013 issue of $16,950,000. The balance outstanding at December 31, 2017 is unavailable. Note 16 OPERATING LEASES The City leases space above its water towers. The space is used for antennas and other equipment necessary to provide radio communications. Lease terms are as follows: 2017 Annual Lease Initial Lease Adjustment Expiration Automatic Lessee Amount Factor Date Renewals Sprint Spectrum $27,791 4% 2/27/18 4-5 year terms Verizon (formerly Clearwire Communications) 5,061 4% 2/28/17 N/A Verizon Wireless 26,553 3% 8/1/18 4-5 year terms 84