1991 CAFR - Laserfiche WebLink

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General Obligation - Land mortgage payable Special assessment bonds Tax increment bonds Compensated absences B Description of Long Term Deht C Changes in Long -Term Deht CITY OF RAMSEY, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1991 Note 5. LONG -TERM OBLIGATIONS (Continued) A Components of Tong -Term Deht (C'cnt i nuecj The long -term debt obligations outstanding at year -end are summarized as follows: 1992 -1993 1992 -2000 1992 -2007 All of the City's outstanding debt is general obligation debt backed by the full faith and credit of the City. * Land Mortgage Payable - During 1989, the City entered into a Purchase Agreement for a parcel of land adjacent to the City of Ramsey Municipal Center. The purchase price was $60,000 with the remaining balance payable in quarterly installments. * Special Assessment Bonds - These bonds were issued to finance various improvements and will be repaid primarily from special assessments levied on the properties benefitting from the improvements. However, some issues are partly financed by the valorem levies. * Tax Increment Bonds - These bonds are issued for redevelopment projects. The additional tax revenue resulting from increased assessed valuation of the redeveloped properties is the major source of revenue used to retire the related debt. * Liability for 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. Balance 1/1/91 General Obligation - Special assessment bonds $ 2,010,000 $ Tax increment bonds 3,845,000 Compensated absences 91,056 Land mortgage payable 37,463 Balance Maturities Rates 12/31/91 $ 5,983,519 $ 9.00% 5.90 - 11.75% 5.50- 9.75% Balance Additions Retired 12/31/91 13,437 $ 19,772 1,375,000 3,730,000 104,493 $ 5,229,265 $ 635,000 $ 1,375,000 115,000 3,730,000 104,493 17,691 19,772 13,437 $ 767,691 $ 5,229,265