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CITY OF ROSEV[LLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31 1997 <br />Note 7- Lona-Temi Debt - continued <br />L.ong-Tern� Notes Payable: <br />1995 Erergy Conservation Notes Payable of $273,429, issued 12/8/95; 0%; payable in mont}ily <br />installments of $t02.15 -$960.43 through December 31, 2005. <br />Total Bonded General Long-Term Debt and Long-Tenn Notes Payable <br />� i ' <br />�" � <br />The Ciry is subject to a legal debt limit base on a percentage of estimated market value in accordance with Minnesota statures. The City's <br />legal debt margin as of December 31, 1997 wac $35,811,168. Current ciry debt applicable [o the debt limit as of December 31, 1997 is <br />$0.00. <br />Cttanges in general lor�-tenn debt dwing 1997 are swnmarized as follows: <br />Accrued Vacation and <br />Severance Pay <br />Long Term Notes Payable <br />General Obligation <br />Improvement Bonds <br />General Obligation Tax <br />Increment Bonds <br />General Obligation Tax <br />Increment Refunding Bonds <br />Total <br />Balance <br />January 1 1947 Additions <br />$ 415,335 S 37,I23 <br />188,928 <br />19,91 Q 000 <br />6,215,000 <br />1 Z 545.000 <br />$ 44 274 �63 <br />�,750,000 <br />S 3 787 123 <br />Reductions <br />S 25,870 <br />1,550,000 <br />300,000 <br />I 345.000 <br />$ 3 220.870 <br />Balv�ce <br />December 31. 1997 <br />S 452,458 <br />163,058 <br />21,11Q000 <br />5,915,000 <br />16 �00.000 <br />$ 43.840.516 <br />Accrued vacation and severarce pay addition is rxt of any cttanges within the related employee benetit accounts for the year. <br />Note 8- Defined Benefit Peneion Plans - Statewide <br />A. Plan Description <br />Alt full-[ime and certain part-time employees of the Ciry of Rosevitle are covered by detined benefi� plane adminisrered by the Public <br />Employees Retirement Association of Minnesota (PERA). PERA adminisrers [he Public Employees Retirement Fund (PERF) and the <br />Pubic Employces Police and Fire Fur� (PEPFF) which are cost-sharing, multiple-employer retirement plans. These plaas are established <br />and administered in accordance with Minnesotn Stnu�tes, chapters 353 and 356. <br />PERF members belor� to either the Coordirtated Plan or the Basic Plan. Coordinared Plan members are covered by Social Securiry and <br />Basic Plan members are not All new members must participate in the Coordinated Plan. All police officers, fire fighters, and peace <br />officers who qualiPy for membership by sta�ute are covered by tlie PEPFF, <br />40 <br />