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NOTE 5 — LONG -TERM DEBT A. Components of Long -Term Debt Governmental activities Bonds payable General Obligation Tax Increment Bonds Tax Increment Refunding Bonds, Series 2007B Compensated absences payable OPEB Total governmental activities debt B. Descriptions of Long -Term Debt Final Balance — Original Issue Interest Rate Issue Date Maturity Date End of Year $ 945,000 3.75 -4.00% 3/1/2007 12/15/2014 $ 700,000 General Obligation Capital Improvement Capital Improvement Refunding Bonds, Series 2004A $ 1,480,000 1.80 -4.00% 11/1/2004 2/1/2017 750,000 General Obligation Improvement Bonds Series 2005B $ 4,335,000 2.75 -4.25% 6/1/2005 12/15/2025 3,485,000 Series 2009A $ 1,340,000 3.72 -4.00% 11/1/2009 4/1/2019 1,075,000 Series 2011A $ 4,365,000 2.00 -3.15% 9/7/2011 2/1/2032 4,365,000 Series 2011B $ 3,090,000 2.00 -2.70% 12/29/2011 12/15/2025 3,090,000 Total general obligation capital improvement bonds 12,015,000 Lease Revenue Bonds Public Facility Lease Revenue Bonds Series 2005A (EDA) $ 19,200,000 4.00 -4.40% 6/1/2005 12/15/2027 17,040,000 Total bonds payable 30,505,000 Capital Equipment Certificates Capital Equipment Certificates of Indebtedness, Series 2007A $ 790,000 3.65 -3.75% 3/1/2007 2/1/2012 170,000 798,892 214,747 $ 31,688,639 • Tax Increment Bonds — These bonds are issued for redevelopment and economic development projects. The additional tax revenue resulting from increased assessed valuation of the properties is the major source of revenue used to retire the related debt. • Capital Improvement Refunding Bonds Series 2004A — These bonds were issued to finance Fire Station #1 and will be repaid via ad valorem levies. • General Obligation Improvement Bonds —These bonds were issued on the basis of a joint powers agreement between Anoka County and the City for regional road improvements. Anoka County makes the annual debt service payment to the City for the 2005B Series bonds. The 2009A Series bonds will be repaid with annual allotments of Municipal State Aid and interest will be subsidized 35% through the Build America bond program. The Series 2011A bonds will be repaid with annual allotments of Municipal State Aid and an annual assessment per the assessment agreement between the city of Ramsey and Hageman Holdings for the improvements that were necessary for the future Legacy School. The Series 2011B were Improvement Crossover Refunding bonds that were issued to refund the 2005B Series bonds that will be called on December 15, 2014. The proceeds of this issue were used to call in advance the remaining principal of the 2005B GO Bonds and the City will assume the principal and interest payments on the 2011 issue. This refunding reduced the City's total future debt payments by $ 186,544 and resulted in a present value savings of $153,959. 75