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<br />. <br /> <br />. <br /> <br />. <br /> <br />Note 6: <br /> <br />CITY OF ARDEN HILLS, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2003 <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 I, 1997 with the <br />Minnesota Amateur Sports Connnission to provide flnancing 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 of the 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 />comminnent in 2003. <br /> <br />Note 7: LAKE ,JOHANNA VOLUNTEER HRE DEPARTMENT, INC. <br /> <br />The City receives fIre 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 bined separately in addition to the contract rate. The amount expended under the contract was $203,695 in 2003. <br /> <br />-25- <br />