1990 CAFR - Laserfiche WebLink

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CITY OF RAMSEY, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1990 Note 5. LONG-TERM OBLIGATIONS (Continued) The long-term debt obligations outstanding at year-end are summarized as follows: Balance Maturities Rates 12/31/90 General Obligation - Land mortagage payable 1991-1993 9.00$ $ 37,463 Special assessment bonds 1991-2000 5.80-11.750 2,010,000 Tax increment bonds 1991-2007 5.25- 9.75% 3,845,000 Compensated absences 91,056 $ 5,983,519 B. I?escri & ; on of .ong-Te,-m nPr,+- All of the City's outstanding debt is general obligation debt backed by the full faith and credit of the City. * Land Mortgage Payable - During 1989, .the City entered into a Purchase Agreement for a parcel of land. The purchase price was $60,000 with the remaining balance payable in quarterly installments. * Sp?e~i al As asmant 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 the valorem levies. * max Increment. Bond - These bonds are issued for redevelopment projects. The additional tax revenue resulting from increased assessed valuation of the redeveloped properties is the major source of revenue used to retire the related debt. * Liabi li tv for COmr,?AnSatarl Abaen Pa - The liability represents vested benefits earned by Governmental Fund employees through the .end of the year which will be paid or used in future periods. C. Changes in Long-m ,-m nAhr General Obligation- Special assessment bonds $ Tax increment bonds Compensated absences Land mortagage payable Balance Balance 1/1/90 Additions Retired 12/31/90 2,805,000 $ - $ 795,000 $ 2,010,000 3,925,000 - 80,000 3,845,000 82,632 8,424 - 91,056 47,170 - 9,707 37,463 $ 6,859,802 $ 8,424 $ 884,707 $ 5,983,519 -24-