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<br />I <br /> <br />I. <br />I <br /> <br />Note 6: <br /> <br />I <br />I Note 7: <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 />I <br />I <br /> <br />CITY OF ARDEN HILLS, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2001 <br /> <br />COMMITTMENTS <br /> <br />Ice Arena Financing <br /> <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 to provide financing of a four sheet ice arena. The agreement provides for <br />rental income to cover principal, interest and operating expenses. In the case of default, each City will be responsible <br />for a specific portion ofthe debt. Arden Hills' percentage is 15,5 percent of one of the four sheets and the amount of <br />the debt will not exceed $9,000,000 for all four sheets in the complex, No expenditures were incurred under this <br />commitment in 2001, <br /> <br />LAKE JOHANNA VOLUNTEER FIRE DEPARTMENT, INC. <br /> <br />The City receives fue protection under a contract with the Lake Johanna Volunteer Fire Department, Inc, The contract <br />calls for annual payments and expires December 31, 2003 and allows renewal for three additional five-year periods, <br />The contract cost will be based on the budget submitted by the fIre department and approved by the City, Capital costs <br />are billed separately in addition to the contract rate, The amount expended under the contract was $177 ,084 in 2001, <br /> <br />-23- <br />