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NOTE 5 — LONG -TERM DEBT
<br />A. Components of Long -Term Debt
<br />CITY OF RAMSEY
<br />Notes to Financial Statements (continued)
<br />December 31, 2002
<br />Debt service expenditures for the long -term portion of compensated absences are recorded in the General
<br />Fund and the Economic Development Authority Special Revenue Fund. All other long -term debt
<br />obligations are supported by ad valorem property taxes, tax increments, and special assessments, which
<br />are accounted for in the Debt Service Funds. Interest expense within remaining funds represents costs of
<br />inter -fund borrowing.
<br />The long -term debt obligations outstanding at year -end are summarized as follows:
<br />Final Balance
<br />Original Interest Issue Maturity End of
<br />Issue Rate Date Date Year
<br />General long -term debt
<br />General Obligation Bonds
<br />Tax Increment Bonds
<br />Tax Increment Refunding
<br />Bonds, Series 1993A $ 2,225,000 3.10 -4.60% 11/1/1993 2/1/2007 $ 1,I35,000
<br />Tax Increment Bonds,
<br />Series 1995A $ 2,600,000 4.50 -5.65% 3/1/1995 2/1/2010 1,825,000
<br />Tax Increment Refunding
<br />Bonds, Series 1996A $ 330,000 5.70 -6.25% 1/1/1996 2/1/2007 180,000
<br />Tax Increment Bonds,
<br />Series 1999A $ 1,195,000 4.00 -4.50% 1/1/1999 1/1/2013 1,095,000
<br />Tax Increment Bonds,
<br />Series 2000B $ 1,695,000 5.10 -5.35% 6/1/2000 2/1/2009 1,490,000
<br />Tax Increment Bonds,
<br />Series2001A $ 1,680,000 6.05 -6.75% 2/28/2001 12/15/2011 1,680,000
<br />Tax Increment Bonds,
<br />Series 2001B $ 920,000 4.55 -4.70% 3/1/2001 12/15/2014 920,000
<br />Tax Increment Bonds,
<br />Series 2001C $ 1,045,000 3.05 -3.85% 12/3/2001 12/15/2009 1,045,000
<br />Tax Increment Bonds,
<br />Series 2001D $ 1,215,000 3.25 -4.25% 12/3/2001 12/15/2005 590,000
<br />Lease Revenue Bonds
<br />Public Facility Lease
<br />Revenue Bonds, EDA
<br />Series 1999A $ 1,665,000 4.30 - 5.80% 12/1/1999 2/1/2019 1,570,000
<br />Total bonds payable 11,530,000
<br />Capital Equipment Certificates
<br />Capital Equipment Certificates
<br />of Indebtedness, Series 2000A $ 257,000 5.25% 3/21/2000 1/1/2004 134,000
<br />Capital Equipment Certificates
<br />of Indebtedness, Series 2002A $ 295,000 1.75 -3.25% 12/30/2002 12/15/2007 295,000
<br />Total capital equipment certificates 429,000
<br />Compensated absences payable 307,748
<br />Total general long -term debt $ 12,266,748
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