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CITY OF R058VILLH <br />NOTHS TO PINANCIAL STAT8M6NTS <br />D6C8M8&R 31. 1994 <br />Note 21 - SubeewEi�t Bvente <br />On May 15, 1995, The City eold $2,SOo,00O o£ general obligation impmvement bonde. The bonde are due in azvnual <br />inatallmenta oE $110,000 -$245,000 thzough March 1, 2010 at a txve inteseet rate of 5.34i. <br />On May 15, 1995, The City eold $6,500,000 of general obligaCion tax ipesament bonde. She bonde are due in annual <br />ineeallmente oE $285,000 -$640,o0o thzough Mazch 1, 2010 at a tne intereet rate of 5.34&. <br />On April 2B, 1995, the Mixmeeota Supreme Court upheld a deeieion made by the Miruieeota Tax Court which etated that the <br />City of Roaeville muet ze£und to equitable Life Aeeuranee Society, ownere of Roeedale Shopping Center, $1,163,942 of <br />property tax dollara paid in the yeare 1991 and 1992. HquitaSle Life Aeeurance Society had filed a laweuit in the <br />Minneeota State Tax Court againat Rameey Covnty and claimed that eertain ehopping eenter pzoperty ovned by Squitable <br />wae over valued for tha yeare 1990 and 1991. A GOCal o£ $3,249.685 will be refunded to 6quitable Li£e Aaeurance Soeiety. <br />Ramaey Covnty'e ahare ie $'I69,235, the echool dietricta are reeponeible for 51,222,9'l2, the City of Roeeville'e portion <br />is for 51,163,942, and other taxing dietricte ahare of the liability ie $88,536. Sy the end of 1995, the City•e portion <br />will be ref�uvded to Squitable Life Aeeuranee Society out oE reeerved monias in the Tax Inexement Pinancing Debt Service <br />Eund. <br />4� <br />