CCP 05-13-2002 - Laserfiche WebLink

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I I. Note 3: I I I I I I I .. I I I I I I I. I I CITY OF ARDEN HILLS, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2001 DETAILED NOTES ON ALL FUNDS AND ACCOUNTS - CONTINUED General Long-Term Debt General Obligation Tax Increment Bonds The following bonds were issued for redevelopment projects, The additional tax increments resulting from increased tax capacity of the redeveloped properties will be used to retire the related debt. Authorized and Issued Interest Rate Issue Date Maturity Date Balance at Year End G,O. Tax Increment Bonds, Series 1998A $ 3,100,000 3,80 - 4,75% 03/0 1/98 02/01/15 $ 3,030,000 Other Long-term Debt Compensated Absences TIris liability represents vested benefits earned by employees through the end of the year 42,741 Changes in General Long-term Liabilities During the year ended December 31, 2001, the following changes occurred in liabilities reported in the general long-term debt account group: Balance Balance J anuarv 1 Additions Disposals December 31 Compensated absences $ 39,825 $ 2,916 $ $ 42,741 General obligation tax Increment debt 3.100.000 70.000 3.030,000 Total $ 3 139 R25 $ 2.916 $ 70.000 $ 3072 741 The arumal requirements to amortize all debt (excluding compensated absences) outstanding as of December 31, 200 I are as follows: G,O. Tax Year Increment 2002 $ 286,315 2003 285,092 2004 288,450 2005 286,376 2006 288,860 Thereafter 2.677.408 Total $ 4,112,501 Less interest (1.082,501 ) Principal $ 3.030.000 Amounts Availablefor Debt Retirement, Available fund balance in the debt service funds for repayment of bonds totaled $24,261 at year end. The general fund has $21,652 available to pay compensated absences Amounts to be Provided for Debt Retirement, This represents future revenue to be generated for debt payments, generally including interest earnings, tax increments, scheduled tax levics and deferred (future) special assessment levies. -19-