Laserfiche WebLink
<br /> CITY OF ARDEN HILLS, MINNESOTA I <br /> NOTES TO FINANCIAL STATEMENTS <br /> DECEMBER 31, 1997 I <br /> Note 6: SUBSEQUENT EVENTS . <br /> Bonds Issned I <br /> On February 17, 1998, the City authorized the sale of $3, I 00,000 of General Obligation Tax Increment Bonds. They <br /> will be repaid with future tax increment collections. I <br /> Note 7: COMMITMENTS <br /> Ice Arena Financing I <br /> The City, along with three other cities and Ramsey County, entered into an agreement January 1,1997 with the <br /> Minnesota Amateur Sports Commission (MASC) to provide financing of a four sheet ice arena. The agreement <br /> provides for rental income to cover principal, interest and operating expenses. In the case of default, each City will be I <br /> responsible for a specific portion of the debt. Arden Hills' percentage is 15.5% of one of the four sheets and the <br /> amount of the debt will not exceed $9,000,000 for all four sheets in the complex. No expenditures were incurred for <br /> this commitment in 1997. <br /> I <br /> I <br /> I <br /> . I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> . I <br /> -20- <br /> I <br />