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Long-term Debt. At the end of the current fiscal year, the City had total bonded debt outstanding of $19,110,000. 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 value. The <br />current debt limitation for the City is $102,551,528. Only the $19,110,000 in G.O. bonds is counted within the statutory <br />limitation. <br />City of Orono’s Outstanding Debt <br />Increase Increase <br />2021 2020 (Decrease)2021 2020 (Decrease) <br />G.O. Revenue Bonds 18,385,000$ 5,185,000$ 13,200,000$ 725,000$ 805,000$ (80,000)$ <br />Bond Premium 745,874 117,901 627,973 11,131 12,616 (1,485) <br />Total 19,130,874$ 5,302,901$ 13,827,973$ 736,131$ 817,616$ (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 68 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.DRAFT <br />29