Laserfiche WebLink
CITY OF ROSEVILLE, MINNESOTA <br />NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) <br />DECEMBER 31, 1978 <br />Note 4- Vacation and Sick Pay (Continued) <br />half of their accumulated leave up to one months pay. The total accumulated sick <br />leave at December 31, 1978 is approximately $475,000; however, the City estimates <br />that no more than one-third of that amount, $158,000, will be paid out in future <br />years. Financing of each year's payment will be provided for in the respective <br />budget. <br />Note 5 - Bonded Debt <br />The-City has three types of bonded debt outstanding at December 31, 1978. They <br />are (1) general obligation bonds, (2) general obligation improvemeat (special <br />assessment) bonds and (3) Golf Course General Obligation Revenue Bonds and Ice <br />Arena General Obligation Bonds. <br />The first type of bonds are payable solely from general property taxes. The second <br />and third type are payable primarily from special assessmettts and reven�e, and by <br />general property taxes. <br />See Combined Schedule of Indebtedness for schedules of bond and interest maturities. <br />Note 6 - Litigation . <br />The City had the usual and customary tyges of miscellaneous claims pending at year <br />end, mostly of a minor nature and usually all covered by insurance carried for that <br />purpose. <br />The City also carries personal injury insurance against suits for false arrest, libel, <br />slander, violation of privacy, wrongful entry, etc., which suits can arise from <br />enforcement of the City code and general laws. There were no such suits, other than <br />the above, pending at year end which would, in the epinion of the City's Attorney's <br />office, incur any material liability. <br />Note 7 - Committments <br />The City leases the space occupied by all three of its liquor stores. The first two <br />leases are non-cancellable and the third lease is cancellable with four months advance <br />notice. Two the leases are renewable for additional periods of five years. <br />Scheduled rents <br />by the City) on <br />as follows: <br />Year ended <br />December 31, <br />1979 <br />1980 <br />1983 <br />(exclusive of taxes, insurance and maintenance which are also paid <br />the long term leases are summarized by year of lease expiration <br />No. of leases <br />expirinq <br />1 <br />1 <br />1 <br />Annual <br />rental <br />$5,250 <br />9,839 <br />5,428 <br />69 <br />Aggregate <br />rent to end <br />of lease term <br />$ 2,625 <br />13,119 <br />24,426 <br />40 170 <br />