2018 City of Shakopee Comprehensive Annual Financial Report
CITY OF SHAKOPEE NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2018
NOTE 8 – LONG-TERM DEBT (CONTINUED) B. Revenue Bonds The Commission issues Revenue Bonds for electric and water activity. Debt service is covered through
the revenue producing activities of these funds. C. Components of Long-Term Liabilities Issue Interest
Original
Final
Principal
Due Within One Year
Date
Rates
Issue
Maturity
Outstanding
Governmental Activities: G.O. Bonds:
G.O. Improvement Bonds: 2008A
09/01/08 3.50%-4.00% 2,170,000 08/01/10 0.50%-2.90% 1,555,000
02/01/19 02/01/21 02/01/25 02/01/36
$
215,000 370,000
$
215,000 135,000 465,000
2010A
G.O. Building Refunding Bonds 2012A 06/14/12 1.50%-2.125% 4,865,000
3,305,000 28,460,000 32,350,000
G.O. Tax Abatement Bonds 2016A
01/21/16 3.00%-5.00% 29,500,000
1,095,000 1,910,000
Total G.O. Bonds
Unamortized Premiums
1,912,746
-
Capital Lease
46,542
19,927
Compensated Absences
2,388,179
1,074,681
Total Governmental Activities
36,697,467 $
3,004,608 $
Business-Type Activities
Compensated Absences
$
68,077
$
30,634
Long-term bonded indebtedness listed above were issued to finance acquisition and construction of capital facilities or to refinance (refund) previous bond issues. For the most part, the General Fund and the Employee Benefits Internal Service Fund are typically used to liquidate governmental compensated absences payable.
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