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NOTE 5 — LONG-TERM DEBT
<br />A. Components of Long -Term Debt
<br />Original Issue Interest Rate
<br />Final Balance —
<br />Issue Date Maturity Date End of Year
<br />Governmental activities
<br />Bonds payable
<br />General Obligation Capital Improvement
<br />Capital Improvement Refunding Bonds,
<br />Series 2004A $ 1,480,000 1 .80-4.00 % 11/1/2004 2/1/2017 $ 265,000
<br />General Obligation Improvement Bonds
<br />Series 2009A $ 1,340,000 0.85-4.50% 11/19/2009 10/1/2019 560,000
<br />Series 2011A $ 4,365,000 2.00-3.15 % 9/7/2011 2/1/2026 3,610,000
<br />Series2011B $ 3,090,000 2.00-2.70% 12/29/2011 12/15/2025 2,835,000
<br />Series 2012A $ 16,875,000 3.00-3.75 % 6/7/2012 12/15/2031 14,705,000
<br />Series2015A $ 3,880,000 2.00-3.50% 6/15/2015 12/1/2035 3,880,000
<br />Series 2015B $ 1,205,000 2.00-2.25 % 6/15/2015 12/1/2025 1,205,000
<br />Total general obligation capital improvement bonds 26,795,000
<br />Total bonds payable 27,060,000
<br />Capital Equipment Certificates
<br />Series 2013A $ 635,000 0.50-3.00 % 9/5/2013 9/1/2023 515,000
<br />Series 2014A $ 875,000 0.60-2.35 % 12/3/2014 12/15/2024 795,000
<br />Total capital equipment certificates 1,310,000
<br />Compensated absences payable 777,297
<br />Net pension liability 4,599,377
<br />OP EH 459,572
<br />Total governmental activities 34,206,246
<br />Business -type activit es
<br />Net pension liability 408,072
<br />Total government and business -type activities $ 34,614,318
<br />B. Descriptions of Long -Term Debt
<br />• Tax Increment Bonds — Taxable General Obligation Tax Increment bonds were issued to pay for
<br />certain qualified costs related to the construction of The Residence at the COR Apartments within
<br />Tax Increment District 14 in the city.
<br />• Capital Improvement Refunding Bonds Series 2004A — These bonds were issued to finance Fire
<br />Station #1 and will be repaid via ad valorem levies.
<br />• General Obligation Improvement Bonds —
<br />The 2009A Series bonds will be repaid with annual allotments of Municipal State Aid and interest
<br />will be subsidized up to 35% through the Build America bond program.
<br />The Series 2011A bonds will be repaid with annual allotments of Municipal State Aid and an annual
<br />assessment per the assessment agreement between the city of Ramsey and Hageman Holdings for
<br />the improvements that were necessary for the future Legacy School.
<br />The Series 2011B were Improvement Crossover Refunding bonds that were issued to refund the
<br />2005B Series bonds that were called on December 15, 2014.
<br />The Series 2012A bonds were issued to refund Public Facility Lease Revenue Bonds Series
<br />2005A, dated June 1, 2005, issued by the Economic Development Authority (EDA) of the city of
<br />Ramsey.
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