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CtTY OF ROSEVILLE_ MINNESOTA NOTES TO FINANCIAL STATEMENTS - (CONTINOED) DECEMBER 31.7989 Note 19 - Deferred Comoensation Ptan (Continued) ALL amounts of compensation deferred under the plan, aLL property and rights property purchased with those amounts, and all income attributahte to those amounts, or rights are (until paid or made avaiLable to the empLoyee or other heneficiary) solely the property and rights ot the City, su6ject only to the cLaims of the City's generat creditors. Participants' rights under the ptan are equat to those of the City in an amount equaL to the fair market vaLue of the deferred account for each participant. It is the opinion ot the City's tegat cou�sel that the City has no liabitity for tosses under the pLan 6ut does have the duty of due tare that wouLd 6e required of an�ordinary prudent investor. The City 6eLieves that it is unLikely that it wiLl use the assets to satisfy the cLaims ot general creditors in the future. - Plan assets of 5664,081 at December 31, 1989 are shoun in the financiat statement as a"Deposits with Trustees" in the agency funds with a corresponding credit to deposits paya6te. Note 20 - Taz Increment The City of RoseviLLe is the administering authority for the foLlowing tax increment finance district: Name of District: Municipal DeveLopment �istric[ Type of District: Redevetopment Authorizing Statue: 472A � Year Established: 1982 Duration of District: 25 Years Original Gross Tax Capacity* 52,522,403 Total Bonds Issued and Type Current�Gross Tax Capacity: 56.203,092 General Obtigation $22,720,000 Tota� Loans Incurred -p- Captured Gross Tax Capacity: $3,680,689 Retained 6y Authority 53,660,689 Amounts redeemed S 300,000 � Shared with other taxing Outstanding 6onds and toans at districts -0- 12/37/89 �� E22,420,000 � * For distritts with a base year of 1987 or earlier, the original gross [ax capacity repLaces the originaL assessed value that was previousty certitied. Note 2'1 - Litioation The City had the usuat and customary types of miscellaneous claims pending at year end, mostly of a minor nature, and usuatly atL covered by insurance carried for that purpose or the City has reserved funds for settlement. The City also carries personal injury insurance against suits for fatse arrest, Li6et, slander,� violation of privacy, wrongful entry, etc., which suits can arise from enforcement of the city code and generat Laws. - Note 22 - Subsequent Events On ApriL 1, 7990, the City sold 82 milLion generaL obLigation improvement bonds. The bonds are due in annual installments of 885,000 - 5205,000 through March 1, 2005; at an effective interest rate of 6.87%. . 51