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CITY OF GEM LAKE, MINNESOTA
<br />NOTES TO BASfC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2013
<br />NOTE 4 CITY INDEBTEDNESS
<br />City indebtedness at December 31, 2013 is composed of the following:
<br />Final
<br />Issue
<br />Maturity
<br />Interest
<br />original
<br />Balarice
<br />Date
<br />Date
<br />Rate
<br />Issue
<br />' 2131113:
<br />Governmental Activities:
<br />General.0bligation Bonds:
<br />2007A Capital Improvement Bonds
<br />06/20/2007
<br />02/01/2028
<br />4.00-4-50%
<br />$ $50,000
<br />$ 775,000
<br />Unarriortized Bond Discount
<br />(25.111)
<br />(6,670).
<br />Total
<br />$ 824,889:
<br />$ 768,330
<br />The following is a schedule
<br />of changes
<br />in City
<br />indebtedness for the
<br />year ended
<br />December 31., 2013:
<br />Balance
<br />Balance
<br />Due Within
<br />12/31112
<br />Additions
<br />Reductions
<br />12131/13
<br />One Year
<br />Long -Term Debt
<br />Governmental Activities
<br />General Obligation Bonds
<br />$ 1,154.923 $
<br />-
<br />$: 379,9.23
<br />$ 775,000
<br />$ 15,000
<br />Unamortized.Bond Discount
<br />(11,919).
<br />-
<br />.(5,249).
<br />(61670)
<br />-
<br />Total Long -Term Debt
<br />$ 1,143,004 $
<br />-
<br />$. 374,674
<br />$ 768,330
<br />$ 15,000.
<br />All long-term bonded indebtedness outstanding at December 31, 2013 is backed .fay 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 />During the year ended December 31, 2013, the City called the outstanding portions of the
<br />Series 20.04A and 2006A General Obligation Improvement Bonds, by using existing fund
<br />balance.
<br />Minimum annual: principal and interest payments required to retire long-term debt are as
<br />follows:
<br />Year Ending December 31,
<br />2014
<br />20.15.
<br />2016.
<br />2017
<br />.2018
<br />2019-2023
<br />2024-2028
<br />Total
<br />Principal
<br />Interest:
<br />Total
<br />$ 15,000
<br />$ 32,955.
<br />$ 47,955
<br />1.5,000
<br />32,355
<br />47,355
<br />1-5,000
<br />31,155.
<br />46.,755.
<br />5..0,000
<br />30,430
<br />80,430
<br />50,000
<br />28,380
<br />78,380
<br />285,000
<br />1.07, 541
<br />392,541
<br />345,000
<br />89.,616
<br />3.84,616
<br />$ 775,000
<br />$ 303,032
<br />$' 11078,032
<br />(27)
<br />
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