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CITY OF GEM LAKE, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2016 <br />MOTE 4 CITY INDEBTEDNESS <br />City indebtedness at December 31, 2016 is composed of the following: <br />Governmental. Activities <br />General Obligation Bonds: <br />2007A Capital Improvement Bonds. <br />20.15A Refunding Bonds <br />Total <br />Final <br />issue Maturity Interest <br />Date Date Rate <br />06/20/2007 02101/2.0.28 4.0(?-4.50°/o. <br />06/17/2015 0210112028 1.25-2.90% <br />Original Balance <br />Issue. 12/31 /16 <br />$ 850,000. S. - <br />775,000 775;000 <br />$ 1,6251000 $ 775,000 <br />The following is a . 'schedule of changes in City indebtedness for the year ended <br />December 31, 2.016` <br />Balance Balance Due Within <br />12/31115 Additions. Reductions 12/31116 One Year <br />Long Term Debt <br />Governmental Activities: <br />General Obligation Bonds: <br />MOM capltal improvement Bonds $ 7451000 $ - $ 745,000 $. - $ - <br />N15A Refunding Bonds 776,000 - - M,000 60;000 <br />2007A Unamortized Bond Discount (5,744) - (5;744) - <br />Total. Long -Term Debt $ 1,514;256 $ - $ 739;256 $ 775,000 $ .60,000 <br />All long-term bonded indebtedness outstanding .at December 31, 2.016 is backed :by the full <br />faith and credit of the City, including special assessment bond. issues. <br />Minimum annual principal and interest payments required to retire long-term debt are as <br />follows: <br />Year Endina December 31. <br />2017 <br />z01s <br />2019 <br />2020 <br />2021 <br />2022-2026 <br />2027-2028 <br />Total <br />Principal <br />Interest <br />Total <br />$ 601000 <br />$ 16,505 <br />$ 76,505 <br />60,000 <br />15,755 <br />75,755 <br />65,000 <br />14;828 <br />79,828 <br />609000 <br />13;7.65 <br />73,765 <br />60,Oo.0 <br />12,640 <br />72,640 <br />330,000 <br />41,452 <br />371,452 <br />140,ODo <br />4,060 <br />144,060 <br />$ 775,000 $ 119,005 $ 894,005 <br />(26) <br />