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CITY OF HUGO, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS (CONTINUED) <br />1. Summary of Significant Accounting Policies (Continued) <br />G. Conduit Debt Obligations <br />The City has issued a Tax Increment Revenue Note to provide financial assistance to private - <br />sector entities for the acquisition and construction of industrial and commercial facilities deemed <br />to be in the public interest. The note is secured solely by tax increments. Neither the City, the <br />State, nor any political subdivision thereof is obligated in any manner for repayment of the note. <br />Accordingly, the note is not reported as a liability in the accompanying financial statements. <br />The outstanding principal balance of the note as of December 31, 2015 was $250,175. <br />Additionally, the City issued lease revenue bonds during 2014 to provide funding to a private <br />sector entity for a project deemed to be in the public interest. Although these bonds bear the <br />name of the City, the City has no obligation for such debt. Accordingly, the bonds are not <br />reported as liabilities in the financial statements of the City. As of December 31, 2015, the <br />outstanding principal amount of these bonds was $20,985,000. <br />The City also issued lease revenue bonds during <br />for a project deemed to be in the public interest. <br />City, the City has no obligation for such debt. <br />liabilities in the financial statements of the City. <br />principal amount of these bonds was $8,800,000. <br />.S <br />2015 to provide funding to a nonprofit entity <br />Although these bonds bear the name of the <br />Accordingly, the bonds are not reported as <br />As of December 31, 2015, the outstanding <br />