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Long-Term Liabilities - The Debt Service Funds account for the accumulation of resources to finance <br />all of the City's general obligation bonds. The revenue sources for these funds include annual tax levies <br />and special assessments. At year-end, the total fund balance of these funds was $2,184,019. <br /> <br />The following table summarizes the City's long-term liabilities: <br /> <br />Governmental Activities <br />2005 2004 <br /> <br />Bonds $ 31,380,000 $ 10,500,000 <br />Capital equipment certificates 1,617,000 1,146,000 <br />Compensated absences 463,608 407,119 <br /> <br />Total $ 33,460,608 $ 12,053,119 <br /> <br />The City issued $19,200,000 of Public Facility Lease Revenue Bonds to finance the construction of a <br />new municipal center. In addition, $4,335,000 of General Obligation Improvement Bonds were issued to <br />finance the AUAR roadway improvements in the Ramsey Town Center Project area. <br /> <br />State statutes limit the amount of general obligation debt a govemthental entity may issue to two percent <br />of its total assessed valuation. The current debt limitation for the City is $33,624,264. <br /> <br />The City has sufficient funds on hand to make all required bond payments, and anticipates an ongoing <br />stream of revenue to make future bond payments. In 2006 the City will be issuing $1,035,000 of General <br />Obligation Taxable Tax Increment Bonds to finance the acquisition of a property known as B & A <br />Cylinder. <br /> <br />Additional details of the long-term debt activity for the year can be found in the notes to basic financial <br />statements. <br /> <br />REQUESTS FOR INFORMATION <br /> <br />Questions concerning any of the information provided in this report or requests for additional <br />information should be addressed by writing to the City of Ramsey, 15153 Nowthen Boulevard <br />Northwest, Ramsey, MN 55303 or by calling (763) 427-1410. <br /> <br />-11- <br /> <br /> <br />