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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 />O hanges m Long; i erm uept <br />Changes in long-term debt obligations during 1989 are summarized as follows: <br /> Balance Balance <br /> January 1, December 31, <br /> 1989 Additions Retired 1989 <br /> <br />General obligation - <br />Equipment <br />certificates $ 25,000 $ - $ 25,000 $ - <br />Special assessment <br />bonds 3,275,000 530,000 1,000,000 2,805,000 <br />Tax increment bonds 3,460,000 470,000 5,000 3,925,000 <br />Capital lease 5,752 - 5,752 - <br />Compensated absences 63,288 19,344 - 82,632 <br />Land mortgage payable 60.000 12.830 47.170 <br /> <br />$ 6.829.040 $ 1.079.344 $ 1.048.582 $ 6.859.802 <br /> <br />Q Minimum Debt Payments <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 />1990 $ 9,707 $ 2,969 $ 12,676 <br />1991 13,993 2,908 16,901 <br />19 92 15,296 1,606 16,902 <br />1993 8.174 276 8.450 <br /> $ 47,170 $ 7,759 $ 54.929 <br />-26- <br />