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CITY OF ROSEVILLE, MINNESOTA <br />NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) <br />DECEMBER 31-, 1979 - � � <br />ote 6 - Pund Deficits <br />Special Assessment-Debt Service - The debt service fund within the special assessment <br />fund has a deficit fund balance of $2,017,307-as of December 31, 1979. This deficit <br />represents the unfunded portion of Che City's share of the improvement costs. Zt is <br />the inteation of the City to reduce this deficit�through annual tax levies. Taxes <br />of 5529,051 have been levied for collection in 1950 to reduce the deficit. The <br />resolutions, adopted by Council, authorizing the issuance of the general obligation <br />improvement (special assessment) bonds set forth deferred tax levies which are to be <br />levied annually. These levies may be reduced-or cancelled only in accordance with <br />the provisions of Mianesota Statutes. The deferred tax levies are not reflected <br />in the financial statements as of December 31, 1979. The total amount of the deferred <br />tax levies as of December 31, 1979 are $6,913,985. <br />Special Assessment-Construction - This fund�deficit is expected to be eliminated by <br />a future bond issue and state aid revenue. <br />Recreation and Ice Arena - These fund balance deficits are expected to be eliminated <br />by future tax levies. <br />ote 7 - Litieation <br />The City had the usual and customary types 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, 1i6e1, <br />slander, violation of privacy, w�rongful entry, etc., which suits can arise from <br />enforcement of the City code and general 1aws. There were�ao such suits, other than <br />the above, pending at year end which would, in the opinion of the City's Attorney's <br />office, incur any material liability. <br />8 - Commitments <br />The City leases space for its two liquor stores. The first lease is noa-caacellable <br />and the other lease is cancellable with four months advance notice. The lease <br />expiring in 1980 has been cancelled�and the store will be closed June 30, 1980. <br />Scheduled rents (exclusive of taxes, insur�nce and maintenance which are also paid <br />Uy the City) on the long-term leases are summarized by year of lease expiration <br />as follows: <br />Year ended <br />December 31 <br />1980 <br />1983 <br />No. of leases <br />expiring <br />1 <br />1 <br />30 <br />Annual <br />rental <br />$4,020 <br />5,428 <br />Aggregate <br />rent to end <br />of lease term <br />$ 4,020 <br />18,998 <br />23 018 <br />