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2016 CAFR
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2016 CAFR
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CITY OF ROSEVILLE, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2016 <br />G. Leases <br />over a 9-year period. During the year ended December 31, 2016, the City generated $212,304 <br />of tax increment revenue and made payments on the pay-as-you-go note of $169,843. The <br />note's balance at year-end was $450,852. <br />The City leases office facilities and copiers under noncancelable operating leases. Total costs <br />for such leases were $99,200 for the year ended December 31, 2016. The future minimum <br />lease payments for these leases are as follows: <br />Year Ending Dec. 31 <br />2017 <br />2018 <br />2019 <br />2020 <br />2021 <br />2022 <br />Total <br />H. Long-term debt <br />Amount <br />14,302 <br />3,708 <br />3,708 <br />3,708 <br />3,708 <br />927 <br />$ 30,061 <br />The City issues general obligation debt to provide for �'inancing construction of major capital <br />facilities and street improvements. Debt service for street improvements is covered by special <br />assessments against benefited properties with any shortfalls being paid froin general taxes. <br />General obligation bonds and certificates of indebtedness are direct obligations and pledge the <br />full faith and credit of the government. The original amount of general obligation bonds <br />and certificates of indebtedness for the issues listed below is $36,430,000 <br />General obligation debt currently outstanding is as follows: <br />Purpose <br />Governmental activities <br />Net Interest <br />Rates <br />.85% - 5.6% <br />Amount <br />$ 28,585,000 <br />
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