2013 CAFR - Laserfiche WebLink

Home

NOTE 5 - LONG-TERM DEBT (CONTINUED) B. Descriptions of Long -Term Debt ■ Tax Increment Bonds — The $7,320,000 Series 2012B are Taxable General Obligation Tax Increment bonds that were issued to pay for certain qualified costs related to the construction of The Residence at the COR Apartments within Tax Increment District 14 in the city. The 2007B Series General Obligation Tax Obligation Refunding bonds were issued to refund Series 2001B General Obligation Tax Obligation bonds to finance public improvements on the Maken parcel in TIF District No. 8. • 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 — The 2005B Series 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 these bonds. The 2009A Series bonds will be repaid with annual allotments of Municipal State Aid and interest will be subsidized up to 3 5 % 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 2011E 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. The Series 2012A bonds were issued to refund Public Facility Lease Revenue Bonds Series 2005A, dated June 1, 2005, issued by the Economic Development Authority (EDA) of the city of Ramsey. • Capital Equipment Certificates — Series 2013A certificates were issued to finance various capital equipment purchases and will be repaid via ad valorem levies. • Compensated Absences — The liability represents vested benefits earned by Governmental Fund employees through the end of the year which will be paid or used in future periods. The General Fund is the primary fund used to liquidate this liability. • Other Post -Employment Benefits (OPEB) Liability —The liability represents non -pension benefits provided after the termination of employment. Governmental entities have traditionally accounted for OPEB on a pay-as-you-go basis. OPEB liability is accrued as service is provided by employees. The General Fund is the primary fund used to liquidate this liability. 77