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CITY OF GEM LAKE; MINNESOTA
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2011
<br />NOTE 4 CITY INDEBTEDNESS
<br />City: indebtedness at December 31, 2011 is composed of the following:
<br />Final
<br />Issue maturity Interest Original
<br />Balance
<br />Date Date Rafe Issue
<br />1213.1111
<br />Governmental Activities:
<br />General -obligation Bonds:
<br />2a04A improvement Bonds 1.1/0.3/2004 0210112016. 1706/a $ 58$,000
<br />$ 290;375
<br />2006A Improvement. Bonds 08/23/2006 02101/2017 4,30% 2451000
<br />160io0o
<br />2007A Capital Improvement Bonds 061201.2007 02/01/2028 4,00-4.50% 350,000
<br />805,000
<br />Total Long -Team Debt 1,681,000
<br />1,255,375
<br />Unamortized. Bond Discount (25,111 }
<br />13,693
<br />Total .5 1,655;889
<br />5 1;241,682_
<br />The following. is a. schedule of changes in. City indebtedness for the
<br />year ended
<br />December 31, 2011:
<br />Balance Balance.
<br />Clue Within
<br />12131/10 Additions Reductions 12131111
<br />one Year
<br />Long -Term Debt
<br />Governmental Activities
<br />General 0�ligatloh Bonds S 1;353,651. S - 5 98;276. $ 1.255.,375
<br />$ 100.452
<br />UnamOized Bond Discount {16.467) - � (1,774) � (13.693)
<br />-
<br />Total Long -Term Debt s 1:93a;184 S S 96.502 5 1.241.682
<br />5 100.452
<br />All long-term bonded indebtedness outstanding at December 31, 2011 is backed. by the full
<br />faith and credit of the City, including special assessment bond issues. For the
<br />governmental activities, compensated absences. are generally liquidated by
<br />the general
<br />fund.
<br />Mini.muri annual principal and interest payments required to retire longterm
<br />debt are as
<br />follows:
<br />Year Ending December 31. Principal Interest Total
<br />_
<br />2012 $ 100;452 $ .50,688 $
<br />151,140
<br />2013.102,710 46,755
<br />149,465
<br />2014 105,052 .42,738
<br />147,790
<br />20.15 107,481. 38,634
<br />146,115
<br />2016 79,660. 34,331
<br />114,011
<br />2017-2021 2951000 131,221
<br />426 22:1
<br />2022-�2026 .320,000 68,754
<br />.388,75.4
<br />2027-20.28 145,000. 6,637
<br />151,637
<br />Total $ 1.,255,375 $ 4.19,758 $ 1,675;133
<br />(26)
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