2021 Annual Comprehensive Financial Report

CITY OF SHAKOPEE NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2021

NOTE 8 – LONG-TERM DEBT (CONTINUED)

D. Governmental Activity G.O. Bonds Debt service to maturity for outstanding G.O. bonds is as follows:

Governmental Bonds

December 31, Year Ending

Interest

Total

Principal

2,667,369 $ 3,088,493 3,063,369

1,475,000 $ 1,960,000 2,010,000 2,110,000 2,210,000 12,405,000

1,192,369 $

2025 2026 2024 2023 2022

2,955,092 1,093,503 9,600 1,053,369 954,693 851,194 1,128,493

15,360,092 15,358,503 969,600 3,064,693 3,061,194

2037-2041 2027-2031 2032-2036

14,265,000 960,000

9,238,313 $

46,633,313 $

37,395,000 $

Total

NOTE 9 – NON-EXCHANGE FINANCIAL GUARANTEE

In conjunction with a Development Agreement dated as of October 1, 1997, between the Scott County Development Agency (Agency), the City of Shakopee, and the Shakopee EDA the Agency issued Bonds to finance the acquisition and construction of a mixed use project within Tax Increment Financing District No. 10. The Project consisted of the construction of 52-units of multifamily rental housing and related parking facilities, an approximately 25,000 square foot retail facility, a public plaza, and public parking facility. The Agency issued its Governmental Development Refunding Bonds (City of Shakopee, Minnesota – General Obligation), Series 2013A (River City Centre Project), on December 26, 2013, in the original aggregate principal amount of $2,330,000 (the “Series 2013A Bonds”). The Series 2013A Bonds refunded the outstanding principal balance of the Series 2006A Bonds on February 1, 2014. The Series 2013A Bonds are secured the net revenues of the housing component of the Project and a pledge of the full faith and credit of the City. The Series 2013A Bonds are currently outstanding in the principal amount of $1,120,000 and mature on February 1, 2027. If housing lease revenues are insufficient to pay the principal of and interest on the Series 2013A Bonds, the City may be called upon to levy ad valorem taxes.

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