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Long-term Debt. At the end of the current fiscal year, the City had total bonded debt outstanding of $5,990,000. All of the <br />City’s bonds are backed by the full faith and credit of the City. <br />State statutes limit the amount of G.O. debt a Minnesota city may issue to 3 percent of total estimated market valu e. The <br />current debt limitation for the City is $102,551,528. Only the $5,990,000 in G.O. bonds is counted within the statutory <br />limitation. <br />City of Orono’s Outstanding Debt <br />Increase Increase <br />2020 2019 (Decrease)2020 2019 (Decrease) <br />G.O. Revenue Bonds 5,185,000$ 6,110,000$ (925,000)$ 805,000$ 885,000$ (80,000)$ <br />Bond Premium 117,901 143,851 (25,950) 12,616 14,101 (1,485) <br />Total 5,302,901$ 6,253,851$ (950,950)$ 817,616$ 899,101$ (81,485)$ <br />Governmental Activities Business-type Activities <br />Additional information on the City’s long-term debt can be found in Note 3D starting on page 66 of this report. <br />Economic Factors and Next Year’s Budgets and Rates <br />•Water rates are continuing to be increased based on the updated utility rate study, with the goal of producing a <br />positive operating income in the future. <br />•The City has completed the development of a Capital Improvement Plan (CIP) that was formally adopted by the <br />City Council. This plan is reviewed annually as part of the budget process. <br />Requests for Information <br />Questions concerning any of the information provided in this report or requests for additional information should be <br />addressed by writing to the City of Orono, 2750 Kelley Parkway, P.O. Box 66, Crystal Bay, Minnesota 55323 or by calling <br />(952) 249-4600.