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CITY OF ROSEViLLE MINNESOTA
<br />NOTES TO iINANC1Al STATEMENTS
<br />DECEMBER 31. 1992
<br />Note 16 - Deferred Caroensation Plen (Contirwed)
<br />Atl amounts of crnQensetion deferred vder the ptan, all property and rights property purchased with those
<br />amowts, and all income attributeble to those emounts, or rights are (until peid or made availabte to the
<br />employee or other beneficiary) solety the property erx! rights of the City, subjeet only to the clei� of
<br />the City's generet creditors. Perticipents` rights inder the plen ere equal to those of the City in an
<br />emount equel to the fair merket value of the deferred account for eeeh perticipent. Plen essets of
<br />51,700,346 at Deceirber 31, 1992 are shown in the finenciet atatements ae a"Deposits with Trustees" in the
<br />apency f�nds with a rorrespondinp credit to deposite peyable. -
<br />It ie the opinion of the City's leyat counset that the City has rw liability for losses vder the ptan but does have
<br />the duty of due cere that wauld be required of an ordinery prudent investor. The City believes thet it is �likely that
<br />it �ilt use the assets to setisfy the daims of peneral ereditors in the futurc. .
<br />Note 17 - Tax Ineranent
<br />The City of Roseville is the adninisterinp authority for the foltowinB tex inerement finence distriot.
<br />Name of Distriet: Munieipal DeveLopnent District
<br />Type of District: Redevelopment
<br />Authorizing Statue: 472A
<br />Year Esteblished: 1982
<br />Duration of District: 25 Years
<br />Originat Gross Tax Capacity
<br />Current Gross Tax Capacity:
<br />Captured Gross Tax Cepecity:
<br />Aeteined by �uthority
<br />Shered with other texing
<br />distriete
<br />Note 78 • Reelessifitetions
<br />f 6,834,139
<br />f12,385,705
<br />55,623,776
<br />25,623,776
<br />-0-
<br />Totet Bonds Issued end Type
<br />General Obligation
<br />Totel Loens Incurred
<br />Maunts redeemed
<br />Outstarding bonds ard loens at
<br />12/37/92
<br />f24,945,000
<br />-0-
<br />S 2,455,000
<br />522,490,000
<br />in 1992, the License Center end Forestry Departments were moved fran the Generel F�rid to the cpeciet revenue f�mds.
<br />The License Center wes estabtished as its own fund with She Speciel Revenue Funds and the Porestry was cambined into
<br />the Reereation Pund- This reclassification wes determined at budget time to be more appropriate for the operations of
<br />those departments. There was no effect on the prior f�aid belentes of either the Generel Fund and the Speciel Revenue
<br />Punds.
<br />Note 19 - industriet Revenue Bonds
<br />Between the years of 1982 and 1985, the tity issued f44,350,000 of industriat revenue bonds. Such bonds ere issued
<br />in the City's name. Nowever, no eurrent or future liability exists for the City under current State end federat Statutes.
<br />As of Deeember 31, 1992, 532.5 million of sueh bonds uere outstanding.
<br />Note 20 - Liti9etfon
<br />The City had the usual end cus[anary types of miscelleneous etaims pending at year end, mostty of e minor nature, and
<br />usually alt covered by insuranee carried for that purpose or the City has reserved funds for setttement. The City
<br />atso eerries personat injury insurance a9ainst suits for false errest, libel, slender, viotation of privacy, wrongfut
<br />mtry, etc., �+hieh suits cen arise fran enforeement of the city eode and 9�erat taus.
<br />Note 21 • Subsecuent Eve�ts
<br />On Februery 11, 1993, the City so(d 52,300,000 of general obLiBetion i�rove+nent bonds. The bonds are due in ernual
<br />installments of Si10,000 - 5215,000 through Narch 1, 2008 at an effective interest rate of 5.1567X.
<br />On February 11, 1993 the City sold 51,975,000 of general oblipetion refurding bonds. The bonds ere due in arnuel
<br />instatlments of f190,000 - 5260,000 through March t, 2002 et an effeetive interest rate of 4.49752X.�
<br />0
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