CCP 05-19-2003 - Laserfiche WebLink

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