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C1TY OF ROSEVILLE, MINNESOTA
<br />NOTES TO THE FINANCIAL�STATEMENTS (CONTINUED)
<br />DECEMRER 31, 1979
<br />Note 1- Summary of Significant Accounting Pvlicies (Continued)
<br />Vacation and Sick Pay (Continued)�
<br />City employees are entitled to accrue sick leave for each calendar moirth oi full-
<br />time service. Employees are not compensated for. unused sick leave upon termination
<br />of employment, except upon retirement, at which time employees are entitled to one
<br />half of their accumulated leave up te one mont.h's pay. The total accumulated sick
<br />leave at December 31, 1979, was approximately $502,900; however, the City estimat_es
<br />that no more than one-third of that amount, $167,600 wili be paid out in future years.
<br />Financing of each year's payment will be provided for in the respective budget.
<br />Note 2 - Bonded Debt
<br />The City has three types of bonded debt outstanding at December 31, 1979. They are
<br />(1) General Obligation Bonds, (2) General Obligation� Improvement (Special Assessment)
<br />Bonds and (3) Golf Course General Obligation Revenue Bonds and Ice Arena General
<br />Obligation Bonds.
<br />The first type of bonds are payable solely from general property taxes. The second
<br />and third type are payable prinarily from special assessments and revenue, and by
<br />general property taxes. A11 bonded debt is backed Uy full faith and credit of the
<br />Cit}�. Al1 bonded debt outstanding as of December 31, 1979, including interest payments
<br />of $3,771,488 oa bonds carrying interest rates of 3.5% to 6.54% is as follows:
<br />Golf Course
<br />General Obligation
<br />General General Obligation Revenue Bonds -
<br />Year Ending Obligation Improvement (Special Ice Arena General
<br />December 31 Bonds Assessment) Bonds Obligation Bonds Total
<br />?330
<br />1981
<br />1952
<br />'983
<br />1984
<br />1985-89
<br />1990- 94
<br />1995- 99
<br />$ 125,948
<br />122,510
<br />118,985
<br />115,380
<br />111,695
<br />369,293
<br />310,025
<br />51,725
<br />$ 1,325,561
<br />$ 1,691,685
<br />1,555,837
<br />1,463,034
<br />1,365,427
<br />1,220,929
<br />4,148,115
<br />1,935,144
<br />344,056
<br />$13,724 227
<br />27
<br />$ 56,997
<br />55,250
<br />53,482
<br />51,703
<br />49,918
<br />193,750
<br />25,600
<br />$ 1,574,630
<br />1,733,597
<br />1,635,501
<br />1,532,510
<br />1,382,542
<br />4,711,158
<br />2,270,769
<br />395,781
<br />$ 486,700 515,536,488
<br />
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