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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