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CITY OF RAMSEY, <br />NOTES TO FINANCIAL <br />December 31, <br />Note 5. LONG -TERM OBLIGATIONS (Continued) <br />MINNESOTA <br />A Components of Long -TQrm Debt (Continued) <br />General Obligation - <br />Land mortgage payable <br />Special assessment bonds <br />Tax increment bonds <br />Compensated absences <br />B Description of Long -T Deht <br />C. ChangePt_in Long -Term Deht <br />1993 <br />1993 -2000 <br />1993 -2007 <br />Balance <br />—24— <br />STATEMENTS <br />1992 <br />The long -term debt obligations outstanding at year -end are summarized as <br />follows: <br />Balance <br />Maturities Rates 12/31/92 <br />1/1/92 Additions <br />9.00% <br />3.50 - 10.25% <br />5.75 - 9.75% <br />$ 4,041 <br />2,650,000 <br />3,550,000 <br />113,041 <br />$_ 6,317,082 <br />All of the City's outstanding debt is general obligation debt backed by the <br />full faith and credit of the City. <br />* Land Mortgage Payable - During 1989, the City entered into a Purchase <br />Agreement for a parcel of land adjacent to the City of Ramsey Municipal <br />Center. The purchase price was $60,000 with the remaining balance payable <br />in quarterly installments. The final payment on this Agreement is <br />scheduled for April 1, 1993. <br />* Special Aseagment Bonds - These bonds were issued to finance various <br />improvements and will be repaid primarily from special assessments levied <br />on the properties benefitting from the improvements. However, some <br />issues are partly financed by the valorem levies. <br />* Tax Increment Bonds - These bonds are issued for redevelopment and <br />economic development projects. The additional tax revenue resulting from <br />increased assessed valuation of the properties is the major source of <br />revenue used to retire the related debt. <br />* Liability for Compensated Absences - The liability represents vested <br />benefits earned by Governmental Fund employees through the end of the <br />year which will be paid or used in future periods. <br />Balance <br />Retired 12/31/92 <br />General Obligation - <br />Land mortgage payable $ 19,772 $ $ 15,731 $ 4,041 <br />Special assessment bonds 1,375,000 2,145,000 870,000 2,650,000 <br />Tax increment bonds 3,730,000 180,000 3,550,000 <br />Compensated absences 104,493 8,548 - 113,041 <br />$ 5,229,265 $ 2,153,548 $ 1,065,731 $ 6,317,082 <br />