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CITY OF ROSEViLLE. MINNESOTA
<br />NOTES TO PINANCIAL STATEMENTS (CONTINUED)
<br />DECEMSER 31. 1966
<br />Note 8 - Lonv-Term Debt (Contlnued)
<br />General Long Term Debt Bonds:
<br />5850,000 City Hall Bonds of 1975 due in annual installments of 540,000 -
<br />550,000 through May 1, 1995; net interest 6.59v.
<br />52,225,000 State Aid Highway Bonds of 1965 due in annual Snstallments of
<br />570,000 - 5260,000 Lhrough February 1, 2002; net interest 8.06%
<br />514,300,000 Tax Increment Bonds Series 1 due in annual instailments of
<br />4100,000 - 51,525,000 through Februacy 1, 2006; net Snterest 8.06X
<br />58,420,000 Tax Increment Bonds Serles 2 due Sn annual installments of
<br />5150,000 - 5900,000 through February 1, 2006; net interest 6.09k
<br />Total GeneTal Long Term Debt Bonds
<br />Changes In 8onded Debt During 1986 are Summarized as Follows:
<br />flalance
<br />January 1
<br />1986
<br />General Obligation Improvement
<br />(Special Assessment) Bonds 513,695,000
<br />General Obligation Revenue Bonds
<br />General Long Term Debt Bonds
<br />Note 9 - Pension Plans
<br />Issued
<br />555,000
<br />25.930,000
<br />539.930,000 0
<br />5 490,000
<br />2,225,000 �
<br />19,300,000
<br />8.920.000 �����'.
<br />525,385.000
<br />Balance
<br />December 31
<br />Paid 1986
<br />51,195,000 512,650,000
<br />40,000 115,000
<br />45.000 25,385,000
<br />51,280.000 538.150,000
<br />The City Ss Snvolved in three pension plans, with other agencies being responsible
<br />for the administration of each plan. The CSty is making all pension contributions as
<br />required by law.
<br />Aoseville Volunteer Firemen's Rellef Assoclatlon - The Assoclatlon is an
<br />independent body that adminlsters a pension pian for 76 aciive members, State
<br />aid to the Associatlon was 596,307 in 1986. The money received was 1n excess of
<br />Che requlred State statutory contribution necessary £or this year's normal cost
<br />and the unfunded accrued liability. The actuai liability exceeds penslon fund
<br />assets by S182,556 on December 31, 1986. Thls unfunded accrued liability is
<br />being amortlzed over 20 years, the minSmum allowable by State statute. The most
<br />recent actuarial valuation was on June 30, 1986. State statute requires an
<br />actuarial valuation every fo�r years.
<br />Public Employee Retirement Association - Ali permanent City employees are covered
<br />by the Pubiic Employee Retirement Association (PEftA) which is a State-wide plan
<br />and is administered by an independent agency of the State of Minnesota. The
<br />City's contrSbution ranges from 9.25% to 12. of its employees' wages, and the
<br />rate is determined by the particular plan the employee belongs to. The cost of
<br />PERA Sn 1986 was 5255,387. State law provides that the City contribute an
<br />an amount that will fund the current year costs as they accrue and to fund the
<br />the amortization of prior service cost with fuli funding required by the year
<br />2009, According to the latest PERA annual report, the unfunded accrued liability
<br />was 5890,059,000 as of June 30, 1986. The amount of unfunded prior service cost
<br />for each governmental unit served by PERA is not available.
<br />Federal Insurance Contribution Act (Soc1a1 Security) - Approximately 60; of the
<br />permanent City employees are covered by Social SecurSty. The 1986 contribution
<br />rate was 7.15X on 592,000 in wages. The cost of Social Security Sn 1986
<br />was 5315,497.
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