Annual_Report_1995_001 - Laserfiche WebLink

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. • :. � �.• . .:.. � ,,:. �m�:��: :�c '• • IyQ�e 7- T nn�Teim_Debt - contin � d Taz Increment Bonds: $6,500,000 Tax Increment Bond Series 1995 due in annual installmenu of $285,000 -$640,000 through March 1, 2010; true interest cost 534% $20,035,000 Taz Increment Refunding Bonds Series 1992 due in annual installments of $1,215,000 -$2.250,000 through February 1, 2006; net interest 5.855% Total Tax Increment Bonds Tax Increment Bonds aze paid from the Tax Increment Bond Fund. Total General Long Term Debt Bonds The Ciry is subject to a legal debt limit based on a percentage of estimated market value in acwrdance with Minnesota Statutes. The Ciry's legal debt mazgin as oY December 31, 1995 was $30,347,366. Changes in general long term debt during 1995 aze summazized as follows: Accrued Vacation and Severance Pay Long Term Notes Payable General Obligation Bonds General Obiigation Improvement Bonds General Obligation Ta�c Increment Bonds General Obligation Tax Increment Refunding Bonds TOtal Balance Januarv t. 1925 Additions Bet;red $ 377,475 $ 29,829 272,429 � �� 17,510,000 �4.Q35.,004 37 472 475 $ 50,000 2,500,000 925,000 6,500,000 . 1'/'1 ! 1 , t SI 1.1.► Balance Decembr_r_� . 199� $ 407,304 272,429 19,085,000 6,500,000 1R"g20,440 $ 45.OR4 I 3 Accrued vacation and severance pay addition is net of any changes within the related employee benefit accounts for the year. The Ciry advance refunded $8,640,000 of general obligation improvement bonds in 1994 and obtained an economic gain (difference between the present value of the debt service payments on the old and new debt) of $ 752,118.The outstanding balance on the refunded bonds total $3,004,429 as of December 31, 1995. Escrow assets for this advance refunding total $3,018,948 as of December 31, 1995. I[ is expected that interest earnings on the assets combined with the principal wfll provide more than sufficient revenue for the life of the escrow. 39