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NOTE 5 - LONG-TERM DEBT (CONTINUED)
<br />
<br />B. Descriptions of Long-Term Debt
<br />
<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 />
<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 />
<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 />
<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 construction of a municipal center which will include City Hall offices as
<br />well as a Police facility.
<br />
<br />· Capital Equipment Certificates - These certificates were issued to finance various capital
<br /> equipment purchases and will be repaid via ad valorem levies.
<br />
<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 />
<br />C. Changes in Long-Term Debt
<br />
<br />Balance-
<br />Beginning New Debt Balance - Due Within
<br />of Year Issues End of Year One Year
<br />
<br /> Debt Retired
<br />
<br />TaxIncrementBonds $ 9,020,000 $ - $ 2,560,000 $ 6,460,000 $ 1,175,000
<br />Lease Revenue Bonds - 19,200,000 - 19,200,000 -
<br />Capital Improvement
<br />Refunding Bonds 1,480,000 - 95,000 1,385,000 100,000
<br />G.O. Improvement Bonds - 4,335,000 - 4,335,000 -
<br />Capital Equipment Certificates 1,146,000 745,000 274,000 1,617,000 355,000
<br />Compensated absences 407,119 350.177 293,688 463,608 302,500
<br />
<br />$ 12,053,119 $ 24,630,177 $ 3,222,688 $ 33,460,608 $ 1,932,500
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