CCP 05-24-1999 - Laserfiche WebLink

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el Changes in General Long-term Liabilities I During the year ended December 31, 1998, the following changes occurred in liabilities reported in the General Long-Term Debt Account Group: CITY OF ARDEN HILLS, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, ]998 Note 3: DETAILED NOTES ON ACCOUNTS - CONTINUED BaJance Januarv I Additions Reductions Compensated absences General obligation tax Increment debt $ $ $ 40,739 3.1 00,000 3.100.000 $ Total $ $ 40.739 I Balance December 31 I 2,912 $ 37,827 I 3.100,000 $ 3.137,827 I 2,912 The annual requirements to amortize all debt (excluding compensated absences) outstanding as of December 31, 1998 are as follows: I Year G.O. Tax Increment 1999 2000 2001 2002 2003 Thereafter $ 136,996 136,996 205,667 286,315 285,092 3,541.098 $ 4,592,164 (1.492.164) $ 3.100,000 Total Less interest Principal I I el I Amounts Availablefor Long-term Debt. Available fund balance in the debt service funds for repayment of bonds totaled $1,322,409 at year end. The General fund has $21,652 available to pay compensated absences I Amounts to be Providedfor Long-term Debt. This represents future revenue to be generated for debt payments, generally including interest earnings, tax increments, scheduled tax levies and deferred (future) special assessment levies. I Tax increment districts. The City of Arden Hills is the administering authority for the following tax increment fmancing districts. District No. #2 Type of District Year established Duration of District Current tax capacity (payable 1998) Original tax capacity Captured tax capacity retained by authority Redevelopment 1989 25 years $ 18,561 16,056 $ 2505 $ 3,100,000 $ 3.100,000 Total bonds issued Amounts redeemed Outstanding bonds/loans at December 31,1998 -19- I #3 I Housing 1993 15 years $ 56,413 3,095 $ 53.318 I $ $ I el I