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<br />. <br /> <br />. <br /> <br />. <br /> <br />Note 3: <br /> <br />CITY OF ARDEN HILLS, MtNNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31. 2003 <br /> <br />DETAILED NOTES ON ALL FUNDS AND ACCOUNTS - CONTINUED <br /> <br />Ihe annual requirements to amortize all debt (excluding compensated absences) outstanding as of <br />December 31, 2003 is as follows: <br /> <br /> G.O. Tax <br />Year IncremenL <br />2004 $ 288,450 <br />2005 286,376 <br />2006 288,860 <br />2007 290,783 <br />2008 292,131 <br />Thereafter 2.094.494 <br />Total $ 3,541,094 <br />Less interest 1826.094 ) <br />Principal $ .2715,000 <br /> <br />Amount available for debt retirement. Available fimd balance in the debt service funds for repayment of bonds <br />totaled $1,921 at year end. The general fund has $78,679 available to pay compensated absences. <br /> <br />Amount to be provided for debt retirement. This represent" 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 />G~ Tax Increment Districts <br /> <br />The City is the administering authority for the following tax increment fmancmg district.;;: <br /> <br /> District <br /> No.2 No.3 <br />Type of district Redevelopment Housing <br />Year established 1989 1993 <br />Duration of district 25 years 15 years <br />Cnrrent tax capacity (payable 2003 $ 451,246 $ 41,939 <br />Original tax capacity 25 228 1.684 <br />Captured tax capacity retained by authority $ 426018 $ 40 255 <br />Total bonds issued $ 3,100,000 $ <br />llnnountsredeemed 385.000 <br />Outstanding bondslloans at December 31, 2003 $ 271) 000 $ .. <br /> <br />-21- <br />