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<br />NOTE 5 - LONG-TERM DEBT (CONTINUED)
<br />
<br />D. Minimum Debt Payments
<br />
<br />Minimum annual principal and interest payments required to retire bonds and certificates of indebtedness
<br />are as follows:
<br />
<br />Year Ending
<br />December 31, Principal Interest
<br />2008 2,010,000 1,307,395
<br />2009 2,985,000 1,219,593
<br />2010 2,205,000 1,105,351
<br />2011 1,800,000 1,016,852
<br />2012 1,580,000 943,490
<br />2013-2017 6,735,000 3,849,064
<br />2018-2022 6,495,000 2,491,055
<br />2023-2027 7,555,000 984,760
<br />$ 31,365,000 $ 12,917,560
<br />
<br />NOTE 6 - FUND BALANCE RESERVES AND DESIGNATIONS
<br />At December 31, 2007, the City had the following reservations and designations of fund balances in its
<br />Governmental Funds:
<br /> Reserved Designated
<br />General Fund
<br />Reserved for prepaid items $ 109,775 $
<br />Designated for working capital 4,623,936
<br />Designated for budget carryover 734,517
<br />Designated for compensated absences 598,094
<br />Tax Increment Special Revenue Fund
<br />Reserved for land held for resale 342,000
<br />Designated for Ramsey Town Center infrastructure 2,957,505
<br />Public Improvement Revolving Capital Project Fund
<br />Designated for capital projects 300,000
<br />Landfill Capital Project Fund
<br />Reserved for advances to other funds 351,172
<br />Public Improvement Revolving Ramsey Town Center Capital Project Fund
<br />Reserved for capital projects 14,371
<br />Municipal Center Capital Project Fund
<br />Res~rved for capital projects 320,803
<br />Nonmajor Governmental Funds
<br />Special Revenue Funds
<br />Designated for employee salary chargeback 74,504
<br />Debt Service Funds
<br />Designated for debt service 2,001,431
<br />Capital Project Funds
<br />Reserved for Mississippi Storm Drain District 222,222
<br />Designated for capital projects 844,885
<br /> $ 1,138,121 $ 12,357,094
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