2020 Comprehensive Annual Financial Report

CITY OF SHAKOPEE NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2020

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

Principal Outstanding

Due Within One Year

Issue Date

Interest Rates

Original

Final Maturity

Issue

Governmental Activities:

G.O. Bonds:

G.O. Improvement Bonds:

08/01/10

0.50%-2.90%

1,555,000

02/01/21

$

90,000

$

90,000

2010A

G.O. Improvement

06/14/12

4,865,000

02/01/25

Refunding Bonds 2012A

2,385,000

2,385,000

1.50%-2.125%

G.O. Tax Abatement

Bonds 2016A

01/21/16

3.00%-5.00%

29,500,000

02/01/36

1,205,000

26,215,000

G.O. Tax Increment

2.25%-5.00%

4,220,000

02/01/36

4,220,000

Bonds 2019A

10/17/19

-

G.O. Tax Increment

07/02/20

2.00%-4.00%

8,165,000

02/01/37

Bonds 2020A

41,075,000 8,165,000

-

Total G.O. Bonds

3,680,000

- 5,481

Unamortized Premiums

2,497,636 5,481 2,917,411

Capital Lease

Compensated Absences

1,312,835

Total Governmental Activities

$

4,998,316

$

46,495,528

Business-Type Activities

Compensated Absences

$

53,960

$

24,282

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.

71