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<br />CITY OF CENTERVILLE, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2003 <br /> <br />Note 7: COMMITMENTS <br /> <br />In 1997, the City entered into a Joint Powers agreement with the Anoka County Housing and Redevelopment <br />Authority (ACHRA) to provide senior housing within the City. The ACHRA has issued $1,290,000 of Housing <br />Development Revenue Bonds to provide for construction costs of the project. The City has reserved $71,631 in the <br />Sewer Enterprise Fund in accordance with the agreement with ACHRA. This amount is to be used in the event <br />revenue is not sufficient to cover operating expenses and debt service. The City would also be liable for any deficit <br />above the amount reserved. This commitment exists until December 31,2012. No expenses were incurred relating to <br />the commitment in 2003. <br /> <br />-31- <br />