|
CITY OF GEM LAKE, MINNESOTA.
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />DECENIBE*R 31, 2015
<br />NOTE 4 CITY INDEBTEDNESS
<br />City indebtedness. at December 31., 2015 is composedof the. following:
<br />Final
<br />Issue
<br />Maturity:
<br />1pterest.
<br />Original
<br />Balance
<br />Date
<br />Date
<br />Rate
<br />Issue
<br />12131116
<br />Governmental Activities:
<br />General 0611gaUan .Bonds:
<br />2007A Capital improvement Bonds
<br />06/2012007
<br />02/01/2028
<br />4.00=4.50%
<br />5 8.50,000
<br />5. 745,000
<br />2015A Refunding Bands
<br />6117/15:
<br />2/112029
<br />1.2572.90%
<br />775.000
<br />775.000
<br />Total Generatobilgation Bonds
<br />1,625,000
<br />1,520.000
<br />Unamnrtized Bond Discount
<br />(25,111)
<br />(5,744)
<br />Total
<br />$ 1599,8ag
<br />�S 1,514;256
<br />The following is a schedule of changes. in City indebtedness for the year ended
<br />[December 31, 2015:
<br />Balance
<br />Balance
<br />oue With[n
<br />12M114
<br />Additlon.s Reductions 12131/15
<br />one Year
<br />Long -Term Debt
<br />Governmental Activities
<br />General. Obligation Bonds
<br />2007A Capi[aI-Improvement. Bonds 5 760,000
<br />$ - $" 15,000 $ 7451000
<br />$ 745,000
<br />2015A Refunding Bonds
<br />;: 778,000 - 775,000
<br />-
<br />Unamortized Bond Discount. {fi,207j_
<br />' : ;. - �fi) (5,744)
<br />-
<br />Total Long -Term Debt. $ 75' 93;
<br />$ 775,000 $ 14,531 5 1;514,256.
<br />5 745,000
<br />All Idng-term bond ed..indebtedhes$ outstanding
<br />at December 31, 2015 is .backed by the :full
<br />faith and credit of the City; Includi.., special
<br />assessment bond issues.
<br />Minimum annual. principal an d<iriterest payments required to retire long-term debt are as
<br />follows:
<br />Year Endinci December 31,_
<br />Principal Interest
<br />Total
<br />$ 745,000 $ 329355 $
<br />777,355
<br />2017
<br />60,0.00 .31,755
<br />911755
<br />2018
<br />60,000 30,430
<br />90,430
<br />2019
<br />65,.000 28,380
<br />93,380
<br />2020
<br />60;000 26,21.4
<br />86,214.
<br />2021-2025
<br />320;000 95,206
<br />415 206
<br />2026-2030
<br />210,000 25,738
<br />235,738
<br />Total
<br />$ 1,520,000 $ 270,07.8 $
<br />1,7901078
<br />(25)
<br />
|