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CITY OF RAMSEY, MINNESOTA <br />NOTES TO .FINANCIAL STATEMENTS (Continued) <br />December 31, 1989 <br />Note 5. LONG-TERM DEBT OBLIGATIONS (continued) <br />A Components of Lonq-Term Debt (continued) <br />Balance <br />December 13, <br />Maturities Rates 1989 <br />General obligation - <br />Land mortgage payable 1 990-1 993 9.00% $47,170 <br />Special assessment bonds 1 9 9 0- 2 0 0 0 5.80 -11.75% 2, 8 0 5, 0 0 0 <br />Tax increment bonds 1 990-2007 5.00 - 9.75% 3,925,000 <br />Compensated absences ~' 8 2.6 3 2 <br />$6,859,802 <br />B. Description of Lonq-Term Debt <br />All of the City's outstanding debt is general obligation debt backed by the full <br />faith and credit of the City. <br />' Land Mortgage Payable -The City entered into a Purchase Agreement <br />for a parcel of land. The purchase price was $60,000 with the remaining <br />balance payable in quarterly installments. <br />' Special Assessment Bonds -These bonds were issued to finance various <br />improvements and will be repaid primarily from special assessments <br />' levied on the properties benefitting from the improvements. However, <br />some issues are partly financed by the valorem levies. <br />Tax Increment Bonds -These bonds are issued for redevelopment <br />' projects. The additional tax revenue resulting from increased assessed <br />valuation of the redeveloped properties is the major source of revenue <br />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 />' -25- <br />