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CCP 05-19-2003
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CCP 05-19-2003
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<br />. <br />. <br />.- Note3: <br />. <br />. <br />. <br />I <br />. <br />I <br />.e <br />. <br />. <br />. <br />. <br />. <br />I <br />I - <br />.e <br />I <br /> <br />CITY OF ARDEN HILLS, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2002 <br /> <br />DEI' AILED NOTES ON ALL FUNDS AND ACCOUNTS - CONTINUED <br /> <br />G. Long-term Debt <br /> <br />General Obligation Bonds. The City issues general obligation bonds to provide funds for the acquisition and <br />constmction of major capital facilities. General obligation bonds have been issued for general government <br />activities. <br /> <br />General obligation bonds are direct obligations and pledge the full faith and credit of the government and bonds <br />currently outstanding are as follows: <br /> <br />General Long-Term Debt <br /> <br />General Obligation Tax Increment Bonds <br /> <br />The folloVling bonds were issued for redevelopment projects. The additional tax increments resulting from <br />increased tax capacity of the redeveloped properties will be used to retire the related debt. <br /> <br />Authorized <br />and <br />Issued <br /> <br />Balance <br />at <br />Year End <br /> <br />Issue <br />Date <br /> <br />Maturity <br />Date <br /> <br />Interest <br />Rate <br /> <br />G.O. Tax Increment Bonds, <br />Series 1998A <br /> <br />$ 3,100,000 4.00 -4.75% <br /> <br />03/01198 <br /> <br />02/01/15 $ 2,875,000 <br /> <br />Other Long-term Debt <br /> <br />Compensated Absences <br /> <br />This liahility represents vested benefits earned by employees through the end of the year <br /> <br />75,724 <br /> <br />Total Long Term Debt <br /> <br />LI,95_Q,124 <br /> <br />Changes in General Long-term Liabilities <br /> <br />During the year ended December 31, 2002, the following changes occurred in liabilities reported in the general <br />long-term debt account group: <br /> <br /> Balance Balance <br /> Januarvl Additions Disposals December 31 <br />Compensated absences $ 42,741 $ 32,983 $ $ 75,724 <br />General obligation tax <br />Increment debt 3,030,000 155.000 2,875,000 <br />Total $ 3 072,0;'41 $ 32983 $ 155 000 $ 2.950.724 <br /> <br />-20- <br />
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