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CITY OF GEM LAKE, MINNESOTA
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2011
<br />NOTE 4 CITY INDEBTEDNESS
<br />City indebtedness at December 31, 2011 is composed of the following:
<br />Final
<br />Issue
<br />Maturity
<br />Interest
<br />Original
<br />Balance
<br />Date
<br />Date
<br />Rate
<br />Issue
<br />12/31/11
<br />Governmental Activities:
<br />General Obligation Bonds:
<br />2004A Improvement Bonds
<br />11/03/2004
<br />02/01/2016
<br />3.70%
<br />$ 586.000
<br />$ 290,375
<br />2006A Improvement Bonds
<br />08/23/2006
<br />02/01/2017
<br />4.30%
<br />245.000
<br />160,000
<br />2007A Capital Improvement Bonds
<br />06/20/2007
<br />02/01/2028
<br />4.00-4.50%
<br />850,000
<br />805,000
<br />Total Long -Term Debt
<br />1,681,000
<br />1,255,375
<br />Unamortized Bond Discount
<br />i25.111)
<br />(13,693)
<br />Total
<br />5 1.655,889
<br />$ 1,241,682
<br />The following is a schedule of changes in City indebtedness for the year ended
<br />December 31, 2011:
<br />Balance Balance Due Within
<br />12/31/10 Additions Reductions 12/31/11 One Year
<br />Long -Term Debt
<br />Governmental Activities
<br />General Obligation Bonds $ 1,353,651 $ $ 98,276 $ 1,255,375 $ 100,452
<br />Unamortized Bond Discount (15,467) (1,774) (13.693) -
<br />Total Long -Term Debt $ 1.338.184 $ $ 96,502 S 1.241.682 $ 100. 552
<br />All long-term bonded indebtedness outstanding at December 31, 2011 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 payments required to retire long-term debt are as
<br />follows:
<br />Year Ending December 31,
<br />Principal
<br />Interest
<br />Total
<br />2012
<br />$ 100,452
<br />$ 50,688
<br />$ 151,140
<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 />2017-2021
<br />295,000
<br />131,221
<br />426,221
<br />2022-2026
<br />320,000
<br />68,754
<br />388,754
<br />2027-2028
<br />145,000
<br />6,637
<br />151,637
<br />Total
<br />$ 1,255,375
<br />$ 419,758
<br />$ 1,675,133
<br />(26)
<br />
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