Laserfiche WebLink
CITY OF RAMSEY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS (Continued) <br />December 31, 1988 <br />Note 5 LONG -TERM DEBT OBLIGATIONS (continued) <br />C. Changes in Long -Term Debt <br />Changes in long -term debt obligations during 1988 are summarized as <br />follows: <br />Balance Balance <br />January 1, December 31, <br />1988 Additions Retired 1988 <br />General obligation - <br />Equipment <br />certificates $ 50,000 $ - $ 25,000 $ 25,000 <br />Special assessment <br />bonds 4,245,000 - 970,000 3,275,000 <br />Tax increment bonds 3,460,000 - - 3,460,000 <br />Capital lease 18,558 - 12,806 5,752 <br />Compensated absences 63,303 - 15 63,288 <br />$7,836,861 $ - $1,007,821 $6,829,040 <br />D. Minimum Debt Payments <br />Future minimum lease payments under the lease at December 31, 1988, <br />together with the net capital lease obligation are as follows: <br />Total minimum lease payments $5,906 <br />Less amount representing interest 154 <br />Net Capital Lease Obligation $5,752 <br />Equipment certificate maturity is as follows: <br />Year Principal Interest Total <br />1989 $25,000 $1,094 $26,094 <br />