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<br />CITY OF ARDEN HILLS, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2004 <br /> <br />Note 3: DETAlLED NOTES ON ALL FUNDS - CONTINUED <br /> <br />D. Interfund Receivables, Payables and Transfers <br /> <br />The Economic Development Authority fimd bas a loan from thc Permanent Improvement Revolving fund for <br />$838,955, of which 188,955 is for interest. <br /> <br />Interfund transfers: <br /> <br /> Transfer in <br /> Nonmajor <br /> General Tax IncrCIllent governmental <br />Fund fimd Bonds ofl998A fimds Total <br />Transfer out <br />General $ $ $ 161,690 $ 161,690 <br />Economic Development <br />Authority 288,450 288,450 <br />Nonmajor governmental 42,000 28,000 70,000 <br />Total transfers out $ 42,000 $ 288.450 $ 189,690 $ 520.140 <br /> <br />Transfers are completed in accordance with the 2004 bndget. <br /> <br />E, Long-term Debt <br /> <br />General Obligation Bonds. The City issues general obligation bonds to provide fimds for the acqnisition and <br />construction ofmajor capital facilities. General obligation bonds have been issued for governmental activities. <br /> <br />Primary Government Debt <br /> <br />General Obligation Tax Increment Bonds <br /> <br />f] <br /> <br />- <br />[J <br /> <br />f] <br /> <br />o <br /> <br />[] <br /> <br />[J <br /> <br />[] <br /> <br />u <br />~ <br /> <br />u <br /> <br />The following bonds were issued for redevelopment projects. The additional tax increments resulting from increased [J <br />tax capacity of the redeveloped properties will be used to retire related debt. <br /> <br />Authorized <br />and Issued <br /> <br />Interest <br />Rate <br /> <br />Maturity <br />Date <br /> <br />Balance at <br />Year End <br /> <br />Issue <br />Date <br /> <br />G.O. Tax IncrCIllent Bonds <br />Series 1998A $ <br />G.O, Tax Increment <br />Refunding <br />Bonds, Series 2004 A <br /> <br />03/01/98 <br /> <br />02/01/15 <br /> <br />$ <br /> <br />2,545,000 <br /> <br />3,100,000 <br /> <br />4-4,75 % <br /> <br />2,395,000 <br /> <br />3 - 3.5 <br /> <br />11104/04 <br /> <br />02/01/15 <br /> <br />2,395,000 <br /> <br />Total G,O, Tax Increment Bonds <br /> <br />$ <br /> <br />4,940,000 <br /> <br />-28- <br /> <br />[] <br /> <br />I] <br /> <br />u <br /> <br />(1 <br />LJ <br /> <br />I' <br /> <br />~' <br />