2017.07.17 CC Packet - Laserfiche WebLink

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CITY OF HUGO, MINNESOTA NOTES TO FINANCIAL STATEMENTS (CONTINUED) 3. Detailed Notes on All Funds (Continued) D. Long -Term Debt The City issues general obligation bonds to provide funds for economic development and for the acquisition and construction of major capital facilities including infrastructure. General obligation bonds have been issued for both general government and proprietary activities. Bonds issued to provide funds for proprietary activities are reported in proprietary funds if they are expected to be repaid from proprietary revenues. General obligation bonds are direct obligations and pledge the full faith and credit of the City. Tax increment bonds are expected to be repaid from tax increments received over the life of the tax increment districts. Special assessment bonds are expected to be repaid, in part, from assessments to the benefited properties. A summary of long-term debt outstanding at December 31, 2016 is as follows: Liquidation of the compensated absences liability occurs within the department and fund (typically the General Fund for the governmental fund liability) for which the corresponding employees are assigned. Range of Final Balance Issue Date Interest Rates Maturity 12/31/16 General obligation bonds: 2007 A Improvement Bonds 10/17/2007 4.00% - 4.15% 2023 $ 485,000 2009 A Improvement Bonds 7/21/2009 3.25% - 3.875% 2020 390,000 2009 B Tax Abatement Bonds 11/5/2009 3.00% 2020 425,000 2010 Capital Improvement Bonds 8/19/2010 2.25% - 2.50% 2018 265,000 2011 Improvement Bonds 11/9/2011 2.00% - 3.00% 2027 885,000 2013 Crossover Refunding Bonds 3/20/2013 0.65% - 1.15% 2020 4,775,000 Other Liabilities: Compensated Absences 349,018 Unamortized premium 20,546 Less: Unamortized (discount) (13,696) Total Long-term Debt $ 7,580,868 Liquidation of the compensated absences liability occurs within the department and fund (typically the General Fund for the governmental fund liability) for which the corresponding employees are assigned.