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CITY OF HUGO, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS (CONTINUED) <br />3. Detailed Notes on All Funds (Continued) <br />D. Long -Term Debt (continued) <br />The City of Hugo is the administering authority for the City of Hugo Tax Increment Financing <br />District, No. 1-1 and for the City of Hugo Tax Increment Financing District, No. 1-2. The <br />districts are redevelopment type and authorized under Minnesota law chapter 469. District No. <br />1-1 was certified in 1997 and will continue until December 31, 2023. District No. 1-2 was <br />certified in 2010 and will continue until 2036. <br />Information regarding District No. 1-1 and 1-2 is as follows: <br />District No. 1-1 District No. 1-2 <br />Original net tax capacity $ 429 $ 295,992 <br />Current net tax capacity 82,356 245,451 <br />Captured net tax capacity: <br />Retained by authority 81,927 <br />Total general obligation tax increment bond issued 4,030,000 <br />Amounts redeemed 4,030,000 <br />Outstanding bonds at December 31, 2015 $ $ <br />51 <br />