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<br />OTY OF ARDEN HILLS, MlNNtSOT A
<br />NOTES TO TIlE FINANCIAL STATEMENTS
<br />DECEMBER 31 0
<br />
<br />Note 3: DETAILED NOTES ON ALL F1JNDS - CONTlNU'ED
<br />
<br />E. Long-term Debt n..:" F T
<br />
<br />General Obligation Bonds, The City issues general obli til'OOllds iaL~ror'llie acquimtien arli:!
<br />construction of major capital facilities. General obligation bonds have been issued for govermnental activities.
<br />, I
<br />
<br />.
<br />
<br />General Obligation Tax Increment Bonds
<br />
<br />The following bonds were issued to refund general obligation tax increment bonds, which were initially issued for
<br />redevelopment projects. The additional tax increments resulting from increased tax capacity of the redeveloped
<br />properties will be used to retire related debt
<br />
<br /> Authorized Interest Issue Maturity Balance at
<br />Description and Issued Rate Date Date Year End
<br />G.O. Tax Increment
<br />Refunding
<br />Bonds, Series 2004A $ 2,395,000 3.0 - 3.5 % 11/04/04 02101115 $ 2,395.000
<br />
<br />Annual requirement to maturity for long-term liabilities is as follows:
<br />
<br />Year Ending
<br />December 31,
<br />
<br />Governmental Activities
<br />0.0, Tax Increment Bonds
<br />Principal Interest Total
<br />
<br />$ 190,000
<br /> 215,000
<br /> 220,000
<br /> 225,000
<br /> 235,000
<br /> 1,310,000
<br />$ 2395,000
<br />
<br />$
<br />
<br />72,250 $ 262,250 .
<br />66,175 281,175
<br />59,650 279,650
<br />52,975 277,975
<br />46,075 281,075
<br />112,417 1,422,417
<br />409.542 $ 2,804.542
<br />
<br />2006
<br />2007
<br />2008
<br />2009
<br />2010
<br />2011 - 2015
<br />
<br />Total
<br />
<br />$
<br />
<br />Changes in Long-term Liabilities
<br />
<br />Long-term liability activity for the year ended December 31, 2005 was as follo'WS:
<br />
<br /> Beginning Ending Due W itbin
<br /> Balance Additions Reductions Balance One Year
<br />Governmental activities
<br />G.O. tax increment
<br />bonds $ 4,940,000 $ $ (2,545,000) $ 2,395,000 $ 190,000
<br />Compensated absences
<br />payable 93,157 60,064 (69,868) 83,353 62,515
<br />Total governmental
<br />activities $ 5.033,157 $ 60,064 $ (2,614.868) $ 2.478353 $ 252,515
<br />Business-type activities
<br />Compensated absences .
<br />payable $ 52.812 $ 46,927 $ (39,609) $ 60,130 $ 45,09~
<br /> -35-
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