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CITY OF GEM LAKE,. MINNESOTA <br />NOTES TO .BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2016 <br />I{ <br />NOTE CITY INDEBTEDNESS <br />City indebtedness at December 31, 2016 is composed of the following; <br />Final <br />Issue Maturity <br />Interest Original <br />Balance <br />Date Date. <br />Rate Issue <br />12/31/16 <br />Governmental. - Activities: <br />.General Obligation Bonds: <br />2007kCapital Improvement Bonds <br />06120/2007 02/01/2023 <br />4:00-4:50% $ 8500.0. <br />- <br />201,5A Refunding Bonds <br />0611.712015 02/01/2028 <br />1.25-2A0% 775,000 <br />775,000 <br />Total <br />S 1,625,000 <br />5 775.000 <br />The following is a schedule <br />of changes in City . indebtedness for the <br />year ended <br />December 31, 2016: <br />Balance <br />Balance <br />Due Within <br />12431115 "-..:Additions Reductions 12131I.16 <br />One Year <br />Lang -Term Debt. <br />Governmental Activities <br />General.flhligaGon Bonds <br />2007A Capital Improvement Bonds <br />$ 745,000 E - $ <br />746,000 <br />$ - <br />201.5A.Refunding Bonds <br />-;-%.7751000 <br />- 775.000 <br />.60:000 <br />2015A Unamortiied Bond Discount <br />{5;744) <br />(5,744) <br />Total Long -Term Debt <br />$ :.1j514125fi .::$ 5 <br />; : 739.256.. $ T75,000 <br />$ 60,000 <br />All long -terra bonded indebtedness outstanding di 0.edember 31, 2016 is backed <br />by the full <br />faith and.credit of the`.City ,including special assessment bond issues. <br />Minimum annual''principal and <br />iinterest'payments required to retire long-term <br />debt are, as. <br />follows: <br />.... <br />Year Ending D:e6'emtier`31:;:::.::.: .' Principal <br />Interest <br />Total <br />20.17 <br />$ 60,000 <br />$ 1.6,505 $ <br />76,505 <br />2018.:. <br />K000 <br />15,755 <br />75,755 <br />201.9;:':`.;;. <br />.65,000 <br />14;828 <br />79,828 <br />2020 ;:;'.;::;:. <br />60 000 <br />13,765 <br />73,765 <br />2(l21 <br />60,400 <br />12,640 <br />72,540 <br />2022-2026 <br />330,000 <br />41.,452 <br />VI A52 <br />2027-2031 <br />140,000 <br />4,060 <br />144P060 <br />"l otal <br />$ 775,000 <br />$ 119,005 $ <br />894,005 <br />{26} <br />