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CITY OF GEM LAKE, MINNESOTA
<br />NOTES TO. BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2012
<br />NOTE 4 CITY INDEBTEDNESS
<br />City indebtedness at December 31, 2012 is. composed of the following:.
<br />Final
<br />Issue Maturity Interest original
<br />Balance
<br />Gate Date Rate issue
<br />121311.12
<br />Governmental Activities:
<br />General obligation Bonds;
<br />' 2004A Improvement Bonds
<br />11103/2004.. 02/01/2016 3.700/6 $ 586100a
<br />$ 229,M
<br />2006A ImprovementBonds
<br />08/23/2006 02/01/2017 4.3 % 245,000
<br />135,000
<br />2007A Capital Improvement Bonds
<br />0612012007 02101/2028 4.00-4.66% 850,000
<br />7.90,000
<br />Total Long -Term Debt
<br />11681,000
<br />11154,923
<br />Una.mcrtized Bond Discount
<br />{25,141]
<br />(11.919)
<br />Total
<br />$ 1,655;889
<br />S 11.143;004
<br />The following is a. schedule
<br />of changes in City indebtedness for the
<br />year ended
<br />December3'1, 2012:
<br />Balance Balance
<br />Due Within
<br />12131/11 Additions Reductions 12/31/12
<br />one Year
<br />Long -Term Deb..t
<br />Governmental Activities
<br />General dhligatlon Bonds
<br />$ 1,255.375 $ - $ 100,452 $ 111543923
<br />S 102,710
<br />Unamortized.Bond Discount
<br />(13.,693) - (1;774) {11,919}
<br />-
<br />Total Long Term Debt
<br />$ 1,241 682 $. - $ 98,679 $ 1,143;004
<br />$ 102,710
<br />All long-term bonded indebtedness
<br />outstanding at December 31, 2012 is backed by the full
<br />faith and credit of the'City, including
<br />special assessment bond issues. For the governmental
<br />activities, compensated absences..are
<br />generally liquidated by the general fund.
<br />Minimum annual principal and
<br />interest payments required to retire long-term debt are as
<br />follows:
<br />Year Ending December 31,. Principal Interest
<br />Total
<br />2013
<br />$ 102,710 $. 46,755 $
<br />149,465
<br />2014
<br />105,052 42,738
<br />147;790
<br />2015
<br />107,481 38,634
<br />14.6,.115
<br />2016
<br />79,68o 34,331
<br />114,011
<br />201.7
<br />80.,000 31.,075
<br />11.1,075
<br />2018-2022
<br />275,000 1191324.
<br />394,324
<br />.2023-2027
<br />330,000 54,5.26
<br />384,526
<br />2028-2029
<br />75,000 1,688
<br />76,688
<br />Total
<br />$ 1,154,923 $ 369,071 $ 1,523,994
<br />(27)
<br />
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