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CITY OF RAMSEY <br />Notes to Financial Statements (continued) <br />December 31,1998 <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 $ 165,000 $ - $ 50,000 $ 115,000 <br /> Tax Increment Bonds 4,945,000 - 365,000 4,580,000 <br /> Compensated absences -net 182,291 13,022 - 195,313 <br /> <br /> $ 5,292,291 $ 13,022 $ 415,000 $ 4,890,313 <br /> <br /> C. Minimum Debt Pa ments <br />y <br /> Minimum annual principal and interest payments required to retire long-term debt, not including <br /> compensated absences are as follows: <br /> Special Tax <br /> Year Ending Assessment Increment <br /> December 31 Bonds Bonds <br /> <br /> 1999 $ 50,025 $ 600,064 <br /> 2000 47,55.8 514,011 <br /> 2001 25,656 514,938 <br /> 2002 578,050 <br /> 2003 - 573,613 <br /> Thereafter - 3,155.561 <br /> 123,239 5,936,237 <br /> Less amount <br /> representing <br />' interest 8,239 1.356,237 <br /> $ 115,000 $ 4,580,000 <br /> D. Descriptions and Restrictions of Long-Term Debt <br /> e <br />l <br />di <br />d <br />bt i <br />h <br />Ci <br />' <br />All <br />f bt b <br />bli <br />ti <br />d the full faith and credit of the Ci <br />acked b <br /> ty. <br />on <br />y <br />s gen <br />ra <br />o <br />ga <br />e <br />e <br />t <br />ty <br />s outstan <br />ng <br />o <br />e <br /> ° Special Assessment Bonds -Thes e bonds were issued to finance various improvements and will <br /> be repaid primarily from special assessments lev ied on the properties benefitting from the <br /> improvements. However, some issues are partly financed by ad valorem levies. <br /> <br /> -23- <br />