Laserfiche WebLink
CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2018 <br /> <br /> <br /> <br /> <br />Note 15 CONDUIT DEBT OBLIGATION <br /> <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 /> <br />As of December 31, 2018, 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, 2018 is unavailable. <br /> <br /> <br />Note 16 OPERATING LEASES <br /> <br />The City leases space above its water towers. The space is used for antennas and other equipment necessary to <br />provide radio communications. Lease terms are as follows: <br /> <br />2018 Annual Lease Initial <br />Lease Adjustment Expiration Automatic <br />Lessee Amount Factor Date Renewals <br />Sprint Spectrum $28,903 4%2/27/19 2-5 year terms <br />Verizon Wireless 27,350 3%8/1/22 3-5 year terms <br /> <br />88