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CITY OF GEM LAKE, MINNESOTA
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2015
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<br />(25)
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<br />NOTE 4 CITY INDEBTEDNESS
<br />City indebtedness at December 31, 2015 is composed of the following:
<br />
<br />Final
<br />Issue Maturity Interest Original Balance
<br />Date Date Rate Issue 12/31/15
<br />Governmental Activities:
<br />General Obligation Bonds:
<br />2007A Capital Improvement Bonds 06/20/2007 02/01/2028 4.00-4.50% 850,000$ 745,000$
<br />2015A Refunding Bonds 6/17/15 2/1/2028 1.25-2.90% 775,000 775,000
<br />Total General Obligation Bonds 1,625,000 1,520,000
<br />Unamortized Bond Discount (25,111) (5,744)
<br />Total 1,599,889$ 1,514,256$
<br />
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<br />The following is a schedule of changes in City indebtedness for the year ended
<br />December 31, 2015:
<br />
<br />Balance Balance Due Within
<br />12/31/14 Additions Reductions 12/31/15 One Year
<br />Long-Term Debt
<br />Governmental Activities
<br />General Obligation Bonds
<br /> 2007A Capital Improvement Bonds 760,000$ -$ 15,000$ 745,000$ 745,000$
<br /> 2015A Refunding Bonds - 775,000 - 775,000 -
<br />Unamortized Bond Discount (6,207) - (463) (5,744) -
<br />Total Long-Term Debt 753,793$ 775,000$ 14,537$ 1,514,256$ 745,000$
<br />All long-term bonded indebtedness outstanding at December 31, 2015 is backed by the full
<br />faith and credit of the City, including special assessment bond issues.
<br />
<br />Minimum annual principal and interest payments required to retire long-term debt are as
<br />follows:
<br />
<br />Year Ending December 31, Principal Interest Total
<br />2016 745,000$ 32,355$ 777,355$
<br />2017 60,000 31,755 91,755
<br />2018 60,000 30,430 90,430
<br />2019 65,000 28,380 93,380
<br />2020 60,000 26,214 86,214
<br />2021-2025 320,000 95,206 415,206
<br />2026-2030 210,000 25,738 235,738
<br />Total 1,520,000$ 270,078$ 1,790,078$
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