Annual_Report_1995_001 - Laserfiche WebLink

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• C• 7 • • �: u � � u •• Nntelb=�ndustrial Revenue BOIIds From time to time, the City has issued Industrial Revenue Bonds to provide financial assistance to private-sector entities for the acquisition and construction of industrial and commercial facilities deemed to be in the public interest. The bonds aze secured by the property financed and aze payable solely from payments received on the underlying mortgage loans. Upon repayment of the bonds, ownership of the acquired facilities transfers to the private-sec[or entiry served by the bond issuance. Neither the Ciry, the State, nor any poli[ical subdivision thereof is obligated in any manner for repayment of the bonds. Accordingly, the bonds ue not repotted as liabilities in the accompanying financial statemen[s. As of December 31, 1995 , there were nine series of Industrial Revenue Bonds outstanding, with an aggregate principal amount payable of $99.7 million. Nore_1Z=i.idgation The Ciry had the usual and customary rypes of miscellaneous claims pending at year end, mostly of a minor narure, and usually all covered by insurance cazried for that purpose or the Ciry has reserved funds for settlement. 'fhe City also carries personal injury insurance against sui[s for false arrest, libel, slander, violation of privacy, wrongful entry, etc. which suits can arise from enforcement of the ciry code and general laws. Nntes8�ubsequent Events On May 15, 1996, The Ciry sold $2,100,000 of general obligation improvement bonds. The bonds are due in annual installments of $100,000 -$190,000 through March 1, 2011 at a true interest rate of 513%. F3�]