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CITY OF GEM LAKE, MINNESOTA
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />^ DECEMBER 31, 2012
<br />NOTE 4 CITY INDEBTEDNESS
<br />r�
<br />City indebtedness at December 31, 2012 is composed
<br />of the following:
<br />.i
<br />Final
<br />_-�
<br />Issue Maturity
<br />Interest
<br />Original
<br />Balance
<br />Date Date
<br />Rate
<br />Issue
<br />12/31/12
<br />i
<br />Governmental Activities:
<br />General Obligation Bonds:
<br />2004A Improvement Bonds
<br />11/03/2004 02/01/2016
<br />3.70%
<br />$ 586,000
<br />$ 229,923
<br />2006A Improvement Bonds
<br />08/23/2006 02/01/2017
<br />4.30%
<br />245,000
<br />135,000
<br />2007A Capital Improvement Bonds
<br />06/20/2007 02/01/2028
<br />4.00-4.50%
<br />850,000
<br />790,000
<br />Total Long -Term Debt
<br />1,681,000
<br />1,154,923
<br />"j
<br />Unamortized Bond Discount
<br />(25.111)
<br />(11,919)
<br />JI
<br />Total
<br />$ 1,655,889
<br />$ 1,143,004
<br />The following is a schedule
<br />of changes in City
<br />indebtedness for the
<br />year ended
<br />December 31, 2012:
<br />Balance
<br />Balance
<br />Due Within
<br />-
<br />12/31/11 Additions
<br />Reductions
<br />12/31/12
<br />One Year
<br />Long -Term Debt
<br />Governmental Activities
<br />General Obligation Bonds
<br />$ 1,255,375 $
<br />$ 100,452
<br />$ 1,154,923
<br />$ 102,710
<br />-
<br />Unamortized Bond Discount
<br />(13,693)
<br />(1,774)
<br />(11,919)
<br />-
<br />_
<br />l
<br />Total Long -Term Debt
<br />$ 1,241,682 $
<br />$ 98,678
<br />$ 1,143,004
<br />$ 102,710
<br />All long-term bonded indebtedness outstanding at December 31, 2012 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
<br />payments required to retire long-term debt are as
<br />follows:
<br />Year Ending December 31,
<br />Principal
<br />Interest
<br />Total
<br />J
<br />2013
<br />$ 102,710
<br />$ 46,755
<br />$ 149,465
<br />2014
<br />105,052
<br />42,738
<br />147,790
<br />2015
<br />107,481
<br />38,634
<br />146,115
<br />2016
<br />79,680
<br />34,331
<br />114,011
<br />2017
<br />80,000
<br />31,075
<br />111,075
<br />1
<br />2018-2022
<br />2023-2027
<br />275,000
<br />330,000
<br />119,324
<br />54,526
<br />394,324
<br />384,526
<br />JI
<br />2028-2029
<br />75,000
<br />1,688
<br />76,688
<br />Total
<br />$ 1,154,923
<br />$ 369,071
<br />$ 1,523,994
<br />J
<br />1 (27)
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