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NOTE 4
<br />CITY OF GEM LAKE, MINNESOTA
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />DEC EMBER 31, 2010
<br />CITY INDEBTEDNESS
<br />City indebtedness:at December 31., 201.0 is composed of the following:
<br />Final
<br />Issue Maturity
<br />Interest
<br />Original
<br />Balance
<br />Date Date
<br />Rate
<br />fssue
<br />12/31/10
<br />Governmental Activities:
<br />General Obligation Bonds:
<br />2004A Improvement Bonds
<br />11/03/2004 02/0112016
<br />3,70% $
<br />586,000
<br />$ 348;651
<br />2006A Irnprovement.Bonds:
<br />08/23/2006 02/01/2017
<br />4.30%.
<br />245,000
<br />185,000
<br />2007A Capital Improvement Bands
<br />06/20/2007 02/01/2028
<br />4.00450°/a
<br />850,000
<br />820,000
<br />Total Lcng-Term debt
<br />1;681,000
<br />1,353.6.51
<br />Unarnortized Bond Discount
<br />(33,460)
<br />05,467y
<br />Total
<br />$
<br />1.647,540
<br />$ 1,338,184
<br />The following is. a schedule
<br />of changes.. in City
<br />indebtedness
<br />for the
<br />year ended
<br />December 31,201 Q:
<br />Balance. Balance Due Within
<br />12131/09 Additions Reductions 12131h.0 One Year
<br />Long-TeFm Delft
<br />Governmental Activities
<br />General Obilgat'ion Bonds $ 1,444;g30 $ - $: 91,179 $ 1,3531651 $ 95,276
<br />Unamortized Band Discount (j7.240) - 1,773 (15,467) .
<br />"total Long -Term Debt _$_1,427:590 $ - $ 89;,406 $ 1.338.184 $ 98 278
<br />All long-term bonded indebtedness outstanding at December 31., 2.01 Q is backed by the full
<br />faith and credit of the City., including special. assessment bond issues. For the governmental
<br />activities, compensated absences are generally liquidated by the. general fund.
<br />Minimum annual principal and. interest payments required. to retire long-term .debt are as
<br />follows:
<br />Year Ending_Decernber.31,
<br />Principal
<br />Interest
<br />Total
<br />2011
<br />$ 98,276
<br />$ 54,539
<br />$ 152,815
<br />20.12.
<br />10Q,452
<br />50,688
<br />151,140
<br />.2013
<br />10217.10
<br />46,755
<br />1.49,465
<br />2014
<br />105.052:
<br />42.,738
<br />147,790
<br />2015
<br />107,481
<br />38,634
<br />146,11.5
<br />2016-2.020
<br />.3.19i68.0.
<br />1:43,031
<br />463,611
<br />.2021-2025
<br />3.05,000
<br />82,310
<br />387,310
<br />2026-2028.
<br />215,00.0
<br />14,702
<br />229,702
<br />Total
<br />$ 1,35301
<br />$. 4741297
<br />$ 11827,948
<br />(H)
<br />
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