2019 City of Shakopee Comprehensive Annual Financial Report

CITY OF SHAKOPEE NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2019

NOTE 10 – CONDUIT DEBT OBLIGATIONS

Conduit debt obligations are certain limited obligation revenue bonds or similar debt instruments issued for the express purpose of providing capital financing for a specific third party. The City has issued various revenue bonds to provide funding to private-sector entities for projects deemed to be in the public interest. Although these bonds bear the name of the City, the City has no obligation for such debt beyond the resources provided by related leases or loans. Accordingly, the bonds are not reported as liabilities in the financial statements of the City. As of December 31, 2019, the following conduit debt was outstanding:

of Issue Amount Original

Balance

Date of

Note Series 2013A Benedictine Health System Obligated Group Health Care and Housing Facilities Revenue Refunding St. Francis Regional Medical Center Health Care Facilities Revenue Refunding Bond Benedictine Health System Obligated Group Health Care and Housing Facilities Revenue Refunding Project Scott County CDA Housing Development 2012B Refunding- North Ridge Court Redevelopment Note Series 2013B

Issue

Outstanding

04/26/12

5,885,000 $

$

4,500,000

9,485,000

12/01/13

5,858,955

12/01/13

9,575,000

7,336,314

06/18/14

41,865,000

35,165,000

Series 2014

12/01/18

Benedictine Health System Obligated Group Senior Housing Revenue Bonds Series 2018

52,440,000

52,440,000

Total

105,300,269 $

NOTE 11 – INTERFUND ASSETS/LIABILITIES

Receivable Fund Payable Fund The composition of interfund balances as of December 31, 2019 is as follows:

Amount

Capital Improvement Fund

Nonmajor Governmental Funds

$

28,350 69,022

Sewer Fund

Refuse Fund

Total

$

97,372

The due from/due to other funds balance represents borrowing to eliminate a cash deficit. This will be repaid as funds are available.

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