CCP 05-15-2006 - Laserfiche WebLink

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CITY OF ARDEN HILLS, MINNESOTA NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31 Note 3: DET All..ED NOTES ON ALL FUNDS - CONTINUED E. Long-term Debt . . . .D~'.. ... R A VT General Obhgatwn Bonds. The CIty Issues general obli!j'n onUs tll1'toVlad)fl, :cqU1'Sltmn ani:! construction of major capital facilities. General obligation bonds have been issued for governmental activities. I .. . I General Obligation Tax Increment Bonds . The following bonds were issned to refund genera] obligation tax increment bonds, which were initially issued for redevelopment projects. The additional tax increments resulting from increased tax capaciry of the redeveloped properties will be used to retire related debt. Authorized Interest Issue Maturity Balance at Description and Issued Rate Date Date Year End G.O. Tax Increment Refunding Bonds, Series 2004A $ 2,395,000 3.0 - 3.5 % 11/04/04 02/01/15 $ 2,395.000 Annual requirement to maturity for long-term liabilities is as follows: Year Ending December 31, Governmental Activities G.O. Tax Increment Bonds Principal Interest Total Total $ 190,000 215,000 220,000 225,000 235,000 1,310,000 $ 2.395.000 $ 72,250 $ 262,250 . 66,175 281,175 59,650 279,650 52,975 277,975 46,075 281,075 112,417 1,422,417 409.542 $ 2.804.542 2006 2007 2008 2009 2010 2011 - 2015 $ Changes in Long-tenn Liabilities Long-term liability activity for the year ended December 31,2005 was as follows: Beginning Ending Due Within Balance Additions Reductions Balance One Year $ 4,940,000 $ $ (2,545,000) $ 2,395,000 $ 190,000 93,157 60,064 (69.868) 83,353 62,515 $ 5,033.157 $ 60.064 $ (2.614.868) $ 2,478.353 $ 252.515 Governmental activities G. O. tax increment bonds Compensated absences payable Total governmental activities Business-type activities Compensated absences payable $ 52.812 $ 46.927 $ (39.609) $ 60.130 $ 45.09. -35-