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<br />CITY OF ARDEN illLLS, MlNNESOT A
<br />NOTES TOFINANClAL STATEMENTS
<br />DECEMBER 31, 2004
<br />
<br />Note 3: DETAILED NOTES ON ALL FUNDS - CONTINUED
<br />
<br />Annual requirement to maturity for long-term liabilities is as follows:
<br />
<br />Year Ending
<br />December 31,
<br />
<br />2005
<br />2006
<br />2007
<br />2008
<br />2009
<br />2010 - 2015
<br />
<br />Total
<br />
<br />Governmental Activities
<br />G,O. Tax Increment Bonds
<br />Princ~~ Int~em Total
<br />
<br />$ 2,545,000
<br /> 190,000
<br /> 215,000
<br /> 220,000
<br /> 225,000
<br /> 1,545,000
<br />$ 4,940.000
<br />
<br />$
<br />
<br />167,075 $ 2,712,075
<br />72,250 262,250
<br />66,175 281,175
<br />59,650 279,650
<br />52.975 277,975
<br />158,492 1,703,492
<br />576,617 $ 5.516,617
<br />
<br />$
<br />
<br />Changes in Long-term Liabilities
<br />
<br />Long-term liability activity for the year ended December 31, 2004 was as follows:
<br />
<br />Governmental activities
<br />G.O. tax increment
<br />bonds
<br />Compensated absences
<br />payable
<br />
<br />Total governmental
<br />activities
<br />
<br />Business.type activities
<br />Compensated absences
<br />payable
<br />
<br />Advance Refunding
<br />
<br />Beginning Ending Due Within
<br />Balance Additions Reductions B~ance One Year
<br />$ 2,715,000 $ 2,395,000 $ 170,000 $ 4,940,000 $ 2,545,000
<br />78,677 14,480 93,157 69,868
<br />$ 2,793,677 $ 2.409.480 $ 170.000 $ 5,033.157 $ 2,614,868
<br />
<br />$ 47.348
<br />
<br />$
<br />
<br />$
<br />
<br />$ 52,812
<br />
<br />$ 39,609
<br />
<br />5.464
<br />
<br />On November 4, 2004, the City issued General Obligation Tax Increment Refimding Bonds, Series 2004A for
<br />$2,395,000. The Refunding Bonds were issued with a net int~est cost of3 . 3.50 percent to refimd the 2006 through
<br />2015 maturities of the City's General Obligation Tax Increment Bonds, Series 1998A. The refimded bonds carried
<br />an average coupon rate of 4 - 4.75 percent. It is estimated that the City will reduce its aggregate debt service
<br />payments by approximately $161,259 over the eleven years and obtain an economic gain (difference between the
<br />present values of the old and new debt service payments) of$13I,072. The net proceeds of the 2004 bonds will
<br />provide for payment of interest on the 2004 issue and to call $2,545,000 of bonds outstanding on February 1, 2005.
<br />
<br />.29-
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