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CITY OF RAMSEY Notes to Financial Statements (continued) December 31, 2000 NOTE 5 - LONG -TERM DEBT (CONTINUED) C. Minimum Debt Payments Minimum annual principal and interest payments required to retire long -term debt, not including compensated absences are as follows: Special Tax Lease Capital Year Ending Assessment Increment Revenue Equipment December 31 Bonds Bonds Bonds Certificates 2001 $ 25,656 $ 692,691 $ 127,175 $ 67,670 2002 - 988,910 140,105 72,290 2003 - 1,019,770 142,545 72,035 2004 - 1,008,232 139,815 72,622 2005 - 995,074 141,908 - Thereafter - 3.836.301 1.994.450 25,656 8,540,978 2,685,998 284,617 Less amount representing interest 656 1.770.978 1.020.998 27.617 D. Descriptions and Restrictions of Long -Term Debt $ 25,000 $ 6,770,000 $ 1,665,000 $ 257,000 All of the City's outstanding debt is general obligation debt backed by the full faith and credit of the City, except for the Lease Revenue Bonds which are obligations of Economic Development Authority of Ramsey. o 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 ad valorem levies. • Tax Increment Bonds - These bonds are issued for redevelopment and economic development projects. The additional tax revenue resulting from increased assessed valuation of the properties is the major source of revenue used to retire the related debt. The Tax Increment Bonds, Series 1999A will be funded by operating rental income from the Senior Housing Project if sufficient, with tax increments being pledged as the second source of funding. • Capital Equipment Certificates - These certificates were issued to finance various capital equipment purchases and will be repaid via ad valorem levies.