|
NOTE 5 — LONG -TERM DEBT (CONTINUED)
<br />B.
<br />Descriptions of Long -Term Debt
<br />Tax Increment Bonds — These bonds are issued for redevelopment and economic development
<br />projects. The additional tax revenue resulting from increased assessed valuation of the properties
<br />is the major source of revenue used to retire the related debt. The Tax Increment Bonds, Series
<br />1999A will be funded by operating rental income from the Senior Housing Project if sufficient,
<br />with tax increments being pledged as the second source of funding.
<br />• Capital Improvement Refunding Bonds Series 2004A — These bonds were issued to finance
<br />Fire Station #1 and will be repaid via ad valorem levies.
<br />• General Obligation Improvement Bonds Series 2005B -- On June 1, 2005, the City issued
<br />general obligation improvement bonds totaling $4,335,000. These bonds were issued on the basis
<br />of a joint powers agreement between Anoka County and the City for regional road improvements.
<br />Anoka County makes the annual debt service payment to the City.
<br />• Lease Revenue Bonds Public Facility Lease Revenue Bonds Series 2005A (EDA) — During
<br />June, 2005 the Economic Development Authority (EDA) issued Lease Revenue Bonds totaling
<br />$19,200,000. A ground lease was entered into between the EDA and the City. These bonds were
<br />issued to finance the municipal center which includes City Hall offices as well as a Police facility.
<br />• Capital Equipment Certificates — These certificates were issued to finance various capital
<br />equipment purchases and will be repaid via ad valorem levies.
<br />• Compensated Absences — The liability represents vested benefits earned by Governmental Fund
<br />employees through the end of the year which will be paid or used in future periods. The General
<br />Fund is the primary fund used to liquidate this liability.
<br />C. Changes in Long -Term Debt
<br />Tax Increment Bonds
<br />Lease Revenue Bonds
<br />Capital Improvement
<br />Refunding Bonds
<br />G.O. Improvement Bonds
<br />Capital Equipment Certificates
<br />Compensated absences
<br />Balance —
<br />Beginning
<br />of Year
<br />$ 5,115,000
<br />19,200,000
<br />1,185,000
<br />4,175,000
<br />1,690,000
<br />598,094
<br />$ 31,963,094
<br />New Debt
<br />Issues
<br />-41-
<br />19,200,000 700,000
<br />406,441
<br />Balance —
<br />Debt Retired End of Year
<br />$ 1,170,000 $ 3,945,000 $ 1,585,000
<br />105,000 1,080,000
<br />165,000 4,010,000
<br />570,000 1,120,000
<br />365,073 639,462
<br />Due Within
<br />One Year
<br />105,000
<br />170,000
<br />425,000
<br />415,650
<br />406,441 $ 2,375,073 $ 29,994,462 $ 3,400,650
<br />
|