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<br />--1 <br /> <br />CITY OF CENTERVILLE, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2004 <br /> <br />Note 6: COMMITMENTS <br /> <br />In 1997, the City entered into a Joint Powers agreement with the Anoka County Rousing and Redevelopment <br />Authority (ACHRA) to provide senior housing within the City. The ACHRA has issued $1,290,000 of Rousing <br />Development Revenue Bonds to provide for construction costs of the project. The City has reserved $71,631 in the <br />Sewer enterprise fund in accordance with the agreement with ACHRA. This amount is to be used in the event revenue <br />is not sufficient to cover operating expenses and debt service. The City would also be liable for any deficit above the <br />amount reserved. This commitment exists until December 31, 2012. No expenses were incurred relating to the <br />commitment in 2004. <br /> <br />Note 7: PRIOR PERIOD ADJUSTMENT <br /> <br />The City made the following prior period adjustment to add assets acquired in prior years: <br /> <br />Adjustment! <br />Restatement <br /> <br />Governmental activities <br />Additional assets added to list <br /> <br />$ <br /> <br />786,000 <br /> <br />I <br />I <br />I <br />I <br />L_ <br /> <br />-34- <br />