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CITY OF GEM LAKE, MINNESOTA
<br />NOTES. TO BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2007
<br />NOTE 4 CITY. INDEBTEDNESS
<br />City indebtedness at December 31, 2007 is composed. of'the following:
<br />Final
<br />. issue Maturity
<br />Interest original
<br />Balance
<br />Date Date
<br />Rate. Issue
<br />12/31/07
<br />Governmental Activities:
<br />1 General Obligation Bonds
<br />2004A Improvement Bonds 1110312004 02/01/2016
<br />3:70% $ 586,000
<br />5 511,193
<br />2006A Improvement. Bonds 08123/2006. 021011201.7
<br />430% 245:000
<br />245,000
<br />2007A Capital. Improvement Bonds 06/20/2007 02/0112028
<br />4.004.500A 850,000
<br />850000
<br />j Total Long -Term Debt
<br />1.,681,000
<br />1,606;1193
<br />#( Unamortized.Bond Discount
<br />(33,460)
<br />[20;786)
<br />Total.
<br />S. 1,647.640
<br />$ 1,585;407.
<br />The following is a schedule of changes in City
<br />indebtedness for the
<br />year ended
<br />December 31, 2007:
<br />Balance
<br />Balance
<br />Due Within
<br />12/31106 Additions
<br />Reductions 1231107
<br />One Year
<br />Long -Term Debt
<br />Governmental Activities
<br />General Obligation Bonds S 806.520 5. 850,000
<br />$ 50.327 S 1,605,193
<br />$ 72,207
<br />Unamortized Bond Discount (12,651) (9,716)
<br />1 581 (20,786)
<br />Total Long -Term Debt 793 869 $ 840,284.
<br />48.746 $__ 1,585,407
<br />$ 72.207
<br />All long-term bonded indebtedness outstanding at December 31, 2007 is backed by the full
<br />faith. and. credit. of the City, including ..special assessment bond issues. For the
<br />governmental activities, compensated absences are
<br />generally liquidated by
<br />the general
<br />f fund:
<br />Minimum annual principal and interest payments required to retire long-term debt are as
<br />follows:
<br />Year Ending December:31.
<br />2008
<br />2009
<br />2010
<br />2011.
<br />2012
<br />2013-201.7
<br />2018-2022
<br />2023-2027
<br />2028.
<br />Total
<br />Principal
<br />Interest
<br />Total
<br />$ 72,207
<br />$ 68,924
<br />$ 14.1,131
<br />89156
<br />61.,686
<br />150,842
<br />91,179
<br />58,203
<br />140,382
<br />98;276
<br />54,539
<br />1521815
<br />100, 452
<br />50.,688
<br />151,140
<br />4.74,923
<br />193,533
<br />668,456
<br />27.5,000
<br />1192324
<br />394,324
<br />330,000
<br />54;526
<br />384;526
<br />75,000
<br />1.,688
<br />76,688
<br />$ 1,606,193
<br />$ 663,111
<br />$ 2,269,304
<br />Description and Restrictions of Long -Term Debt
<br />General obligation Bonds — The bonds were issued. for improvements or projects which
<br />benefited the City as a whole and are, therefore, repaid from ad valorem levies.
<br />(25)
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