2019 City of Shakopee Comprehensive Annual Financial Report

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

NOTE 8 – LONG-TERM DEBT (CONTINUED) A. General Obligation Bonds (Continued)

G.O. bonds are direct obligations and pledge the full faith and credit of the City. These bonds generally are issued as serial bonds with equal debt service payments each year. G.O. bonds currently outstanding are shown on the following page. 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

Original Issue

Final Maturity

Interest Rates

Governmental Activities:

G.O. Bonds:

G.O. Improvement Bonds:

$

235,000

$

145,000

08/01/10

1,555,000

0.50%-2.90%

02/01/21

2010A

G.O. Improvement

06/14/12

4,865,000

1.50%-2.125%

02/01/25

2,840,000

455,000

Refunding Bonds 2012A

G.O. Tax Abatement

1,150,000

Bonds 2016A

01/21/16

29,500,000

3.00%-5.00%

02/01/36

27,365,000

G.O. Tax Increment

4,220,000 34,660,000

-

2.25%-5.00%

10/17/19

4,220,000

02/01/36

Bonds 2019A

1,750,000

Total G.O. Bonds

1,801,324 26,616 2,483,118

- 21,135 1,117,403

Unamortized Premiums

Capital Lease

Compensated Absences

Total Governmental Activities

$

2,888,538

$

38,971,058

Business-Type Activities

$

22,113

$

49,140

Compensated Absences

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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