2015 06-15 CC PACKET - Laserfiche WebLink

Home

NOTE 4 CITY OF GEM LAKE, MINNESOTA NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2014 CITY INDEBTEDNESS City indebtedness at December 31, 2014. is composed of the following: Final issue Maturity Interest Original Balance Date Date Rate Issue 12/31/14 Governmental Activities: General D.bligation.Bonds: 20 7A capital Improyernent Bonds 05/20/2007 02/0.112028 4.00-4.50% $ 650,600 $ 760;000 Unamortized Bond Discount (25,111 } (6.207.) Total $ 824.889 $ 753,793 The following it a schedule of changes in City indebtedness for the year ended December 31, 20'14.:. Balance: Balance Due Within. 4V31113 Additions Reductions 121.31/14 One Year Long -Term Debt GovernmantaI Activities" General Obligation Bonds $ 775;000 - $ 15,000 $ 760.,000 $ 15,000 Unamortized Bond Discount (6,670) - (463) (6;207) Total Long -Term Debt 5 768,330 $ 14,537 S 753,793 S 15.000 .All long-term bonded indebtedness outstanding at December 31, 201.4 is backed by the full faith and. credit of the City, including special assessment bond issues. For the governmental activities, compensated absences are generally liquidated by the general fund. During the year ended December 31, 201.3,..the City called.the outstanding portions of the Series 2004A and 2006A. General Qbligation. Improvement Bonds; by using existing fund balance. Minimum annual principal and interest payments required to retire long-term debt are as follows: Year Ending December 31, Principal Interest Total 2015 $ 15,000 $ 32,355 $ 47,35.5. 2016 1.6100.0 3.1,755 46,755 2017 .50,000 30.;430 80,430 2018 50,00.0 28,380 78,380 2019. 55,000 26,214 81,21.4 2020-2024 295,000 95,206 390,206 .20.25-2028 280,000 25,738 305,738 Total $ 760,000 $ 270,0718 $ 1,030,078 (27)