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CITY OF RAMSEY, MINNESOTA
<br /> NOT$S TO FINANCIAL STA TEI[ENTS
<br /> December 31, 199 0
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<br /> Note 5. LONG-TERM OBLIGATIONS (Continued)
<br />' D. Minim Lm Debt Pa~-menta
<br /> Future minimum payments under the Purchase Agreement dated February 3, 1989,
<br /> for the land mortgage are as follows:
<br /> Year Principal Interest Total
<br />' 1991 $ 13,993 $ 2,908 $ 16,901
<br /> 1992 15,296 1,606 16,902
<br /> 1993 8,174 276 8,450
<br />' ~ $ 37,463 $ 4,790 $ 4
<br />' General obligation bond maturities are as follows:
<br /> Year Principal Interest Total
<br /> 1991 $ 750,000 $ 411,143 $ 1,161,143
<br />' 1992 630,000 355,776 985,776
<br /> 1993 430,000 315,110 745,110
<br /> 1994 410,000 283,201 693,201
<br />' 1995 425,000 252,096 677,096
<br /> 1996-20 07 3,210,000 1,401,730 4,611,730
<br />. $ 5,855,000 $ 3,019,056 $ 8,879,056
<br />Note 6. TAX INCREMENT FINANCING DISTRICTS
<br />The City is the administering authority for the following tax increment
<br />financing districts within Development District Numbers I and II:
<br /> Develovment District I: Development
<br /> TIf' TrF TIF TIF District II:
<br /> District District District District TIF District
<br /> No. 1 No. 2 No. d No. 5 Total No. 3
<br />Type of district Economic Economic
<br /> Redevelop- Redevelop- Redevelop- Develop- Develop-
<br /> ment ment went ment ment
<br />Chapter 472A 472A 472A 469 472A
<br />Ectablished 8/27/85 6/30/86 8/11/87 4/24/90 5/12/87
<br />Duration 1985/2011 1986/2012 1967/2013 1990/2000 1987/1997
<br />Adjusted original
<br />tax capacity $ 12,135 S 156,316 $ 97,718 $ - $ 266,369 $ 2,822
<br />Current tax capacity $ 500.113 $ 231.247 S 179.205 $ - S 910.565 $ 34.282
<br />Captured tax capacity S 487.978 S 74.731 S 61.487 $ - $ 644.196 S 31.460
<br />Total G.O. Tax
<br />Increment $ 3,770,000 S 160,000
<br />Bonds issued
<br />Principal
<br />payments $ 70.000 $ 15.000
<br />Outstanding
<br />at 12/31/90 $ 3.700.000 $ 145.000
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