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CCP 05-19-2003
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CCP 05-19-2003
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<br />CITY OF ARDEN HILLS, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31,2002 <br /> <br />Notc 3: DETAILED NOTES ON ALL FUNDS AND ACCOUNTS - CONTINUED <br /> <br />The alIDual requirements to amortize all debt (excluding compensated absences) outstanding as of <br />December 3 1,2002 is as follows: <br /> <br /> G.O. Tax <br />Year Increment <br />2002 $ 285,092 <br />2003 288,450 <br />2004 286,376 <br />2005 288,860 <br />2006 290,783 <br />Thereafter 2,386,625 <br />Total $ 3,826,186 <br />Less interest (951.186) <br />Principal $ 2.875,000 <br /> <br />Amount Available for Debt Retirement. Available fund balance in the debt service funds for repayment of bonds <br />totaled $1,983 at year end. The general fund has $68,573 available to pay compensated absences. <br /> <br />Amount to be Provided/or Debt Retirement. This represents future revenue to be generated for debt payments, <br />generally including interest earnings, tax increments, scheduled tax levies and deferred (future) special <br />assessment levies. <br /> <br />H. Tax Increment Districts <br /> <br />The City is the administering authority for the following tax increment financing districts: <br /> <br />Type of district <br />Year established <br />Duration of district <br /> <br /> District No. <br /> #2 #3 <br />Redevelopment Housing <br /> 1989 1993 <br /> 25 years 15 years <br />$ 400,600 $ 36,580 <br /> 28,588 1.706 <br />$ 372 012 $ 34.874 <br />$ 3,100,000 $ <br /> 225,000 <br />$ 2.875 000 $ <br /> <br />Current tax capacity (payable 2002) <br />Original tax capacity <br /> <br />Captured tax capacity retained by authority <br /> <br />Total bonds issued <br />Amounts redeemed <br />Outstanding bonds/loans at December 31, 2002 <br /> <br />-21- <br /> <br />. <br /> <br />. <br />-. <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />.. <br /> <br />I <br /> <br />I <br /> <br />I <br />I <br /> <br />I <br /> <br />I <br /> <br />.1 <br />I <br /> <br />I <br />
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