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NOTE 5—LONG-TERM DEBT
<br /> A. Components of Long-Term Debt
<br /> Final Balance—
<br /> Original Issue Interest Rate 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 1 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 /> Series 2011B $ 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 /> Series 2015A $ 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 /> OPEB 459,572
<br /> Total governmental activities 34,206,246
<br /> Business-type activites
<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 201113 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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