CCP 05-24-2004 - Laserfiche WebLink

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CITY OF ARDEN HILLS, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31. 2003 Note 3: DETAILED NOTES ON ALL FUNDS AND ACCOUNTS - CONTINUED F. Long-term Debt General Obligation B()nd.r;;. The City issues. general obligation bonds to provide funds for the acquisition and construction of major capital facilities. General obligation bonds have been issued for general government activities. General obligation bonds are direct obligations and pledge the fun faith and credit of the government and bonds currently outstanding are as follows: 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 ofthe redeveloped properties will be used to retire the related debt. Authorized and Issued Balance at Year End Maturity Date Issue Date Interest Rate G.O. Tax Increment Bonds. Series 1998A $ 3,100,000 4.00 - 4.75% 03/01/98 02101115 $ 2.715,000 Other Long-term Debt Compensated Absences This liability represents vested benefits earned by employees through the end of the year 78.679 Total Long Tenn Debt :L 2 793 679 Changes in General Long-term Liabilities During the year ended December 31, 2003, the follO\ving changes occurred in liabilities reported in the general long-term debt account group: Balance Balance J anuarv 1 Additions Deletions December 31 Compensated absences $ 75,724 $ 2,955 $ $ 78,679 General obligation tax increment debt 2,875.000 160.000 2,715.000 Total ~Q.ill L- 2 955 $ 160 000 LV23 679 -20- . . .