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2006 CAFR
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2006 CAFR
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CITY OF ROSEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2006 <br />NOTE 4 - DETAILED NOTES ON ALL FUNDS (Continued) <br />G. Long -term debt (Continued) <br />From time to time, the City has issued Industrial revenue Bonds to provide financial assistance to <br />private - sector entities for the acquisition and construction of industrial and commercial facilities deemed <br />to be in the public interest. The bonds are secured by the property financed and are payable solely from <br />payments received on the underlying mortgage loans. Upon repayment of the bonds, ownership of the <br />acquired facilities transfers to the private - sector entity served by the bond issuance. Neither the City, the <br />State, nor any political subdivision thereof is obligated in any manner for repayment of the bonds. <br />Accordingly, the bonds are not reported as liabilities in the accompanying financial statements. As of <br />December 31, 2006, there were ten series of Industrial Revenue Bonds outstanding, with an aggregate <br />principal amount payable of $61 million. <br />H. Restricted assets <br />The balances of the restricted asset accounts in the enterprise funds are as follows: <br />Customer deposits -Water fund $ 778,894 <br />NOTE 5 - OTHER INFORMATION <br />A. Risk management <br />The City is exposed to various risks of loss related to torts; theft of damage to, and the destruction of <br />assets; errors and omissions; injuries to employees and natural disasters. During the fiscal years of 1980 <br />and 1987, the City established a Workers' Compensation Fund and a Disk Management Fund, <br />respectively (internal service funds) to account for and finance its uninsured risks of loss. Under this <br />program, for the year 2006, the Worker's Compensation Fund provided coverage up to a maximum of <br />$390,000 -for each occurrence. The City purchases excess loss coverage from the Workers' <br />Compensation Reinsurance Association, a nonprofit organization established by Minnesota State <br />Statutes. <br />31.1 <br />
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