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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 <br /> <br />Interest <br /> <br />2005 $ 2,849,000 $ 408,029 <br />2006 1,600,000 326,890 <br />2007 1,337,000 279,166 <br />2008 1,340,000 238,935 <br />2009 1,580,000 177,386 <br />2010-2014 2,550,000 353,432 <br />2015-2017 390,000 23,800 <br /> <br />$ 11,646,000 $ 1,807,638 <br /> <br />NOTE 6 - FUND BALANCE RESERVES AND DESIGNATIONS <br /> <br />At December 31, 2004, the City had the following reservations and designations of fund balances in its <br />Governmental Funds: <br /> <br />Reserved Designated <br /> <br />General Fund <br /> Reserved for prepaid items <br /> Designated for working capital <br /> Designated for budget carryover <br /> Designated for compensated absences <br />Tax Increment Special Revenue Fund <br /> Designated for Ramsey Town Center infrastructure <br />Landfill Special Revenue Fund <br /> Reserved for advances to other funds <br />Public Improvement Revolving Capital Project Fund <br /> Designated for street maintenance <br />Nonmajor Governmental Funds <br /> Special Revenue Funds <br /> Reserved for park shelter <br /> Designated for employee salary chargeback <br /> Debt Service Funds <br /> Designated for debt service <br /> Capital Project Funds <br /> Designated for capital projects <br /> <br />$ 4,702 $ - <br />- 3,776,987 <br />- 134,575 <br />- 407,119 <br /> <br />489,989 <br /> <br />30,000 <br /> <br />2,024,657 <br /> <br />275,000 <br /> <br /> 34,289 <br />1,399,889 <br />1,552,044 <br /> <br />$ 524,691 $ 9,604,560 <br /> <br />-41- <br /> <br /> <br />