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CITY OF RAMSEY
<br />Notes to Financial Statements (continued)
<br />December 31, 2001
<br />NOTE 5 — LONG-TERM DEBT (CONTINUED)
<br />B. Statement of Changes in General Long -Term Debt
<br />Balance
<br />Beginning New Debt Debt Balance
<br />of Year Issues Retired End of Year
<br />General obligation bonds
<br />Special Assessment Bonds $ 25,000 $ — $ 25,000 $ —
<br />Tax Increment Bonds 6,770,000 4,860,000 355,000 11,275,000
<br />Lease Revenue Bonds 1,665,000 — 40,000 1,625,000
<br />Capital Equipment Certificates 257,000 — 61,000 196,000
<br />Compensated absences — net 240,590 49,832 — 290,422
<br />$ 8,957,590 $ 4,909,832 $ 481,000 $ 13,386,422
<br />C. Minimum Debt Payments
<br />Minimum annual principal and interest payments required to retire long-term debt, not including
<br />compensated absences are as follows:
<br />Tax Lease Capital
<br />Year Ending Increment Revenue Equipment
<br />December 31, Bonds Bonds Certificates
<br />2002 $ 1,853,450 $ 140,105 $ 72,290
<br />2003 1,504,188 142,545 72,035
<br />2004 1,623,025 139,815 72,623
<br />2005 1,619,679 141,908 —
<br />2006 1,492,702 143,682 —
<br />Thereafter 6,147,298 1,850,768 —
<br />14,240,342 2,558,823 216,948
<br />Less amount
<br />representing
<br />interest 2,965,342 933,823 20,948
<br />$11,275,000 $1,625,000 $ 196,000
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