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CITY OF RAMSEY
<br />Notes to Financial Statements (continued)
<br />December 31, 2001
<br />NOTE 5 — LONG-TERM DEBT
<br />A. Components of Long -Term Debt
<br />Debt service expenditures for the long-term portion of compensated absences are recorded in the General
<br />Fund and the Economic Development Authority Fund. All other long-term debt obligations are supported
<br />by ad valorem property taxes, tax increments, and special assessments, which are accounted for in the
<br />Debt Service Funds. Interest expense within remaining funds represents costs of 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% 11/1/93 2/1/07 $ 1,335,000
<br />Tax Increment Bonds,
<br />Series 1995A $ 2,600,000 4.50-5.65% 3/1/95 2/1/10 2,005,000
<br />Tax Increment Refunding
<br />Bonds, Series 1996A $ 330,000 5.70-6.25% 1/1/96 2/1/07 210,000
<br />Tax Increment Bonds,
<br />Series 1999A $ 1,195,000 4.00-4.50% 1/1/99 1/1/13 1,170,000
<br />Tax Increment Bonds,
<br />Series 2000B $ 1,695,000 5.10-5.35% 6/1/00 2/1/09 1,695,000
<br />Tax Increment Bonds,
<br />Series 2001A $ 1,680,000 6.05-6.75% 2/28/01 12/15/11 1,680,000
<br />Tax Increment Bonds,
<br />Series 2001B $ 920,000 4.55-4.70% 3/1/01 12/15/14 920,000
<br />Tax Increment Bonds,
<br />Series 2001C $ 1,045,000 3.05-3.85% 12/3/01 12/15/09 1,045,000
<br />Tax Increment Bonds,
<br />Series 2001D $ 1,215,000 3.25-4.25% 12/3/01 12/15/05 1,215,000
<br />J PACE' Revenue Bonds
<br />Public Facility J ease
<br />Revenue Bonds, EDA
<br />Series 1999A $ 1,665,000 4.30-5.80% 12/1/99 2/1/19 1,625,000
<br />Total bonds payable 12,900,000
<br />Capital Equipment Certificates
<br />Capital Equipment Certificates
<br />of Indebtedness, Series 2000A $ 257,000 5.25% 3/21/00 1/1/04 196,000
<br />Compensated absences payable 290,422
<br />Total general long-term debt $ 13,386,422
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