Laserfiche WebLink
NOTE 14 -- COMMITMENTS AND CONTINGENCIES <br />A. Commitments for Construction <br />At December 31, 2006, the City is committed to various construction contracts for the improvement of <br />city property. The City's remaining commitment under these contracts is $1,652,001. <br />B. Federal and State Revenue <br />Amounts received or receivable from federal and state agencies are subject to agency audit and <br />adjustment. Any disallowed claims, including amounts already collected, may constitute a liability of the <br />applicable funds. The amount, if any, of claims which may be disallowed by the grantor agencies cannot <br />be determined at this time, although the City expects such amounts, if any, to be immaterial. <br />C. Legal Claims <br />The City has the usual and customary type of miscellaneous legal claims pending at year -end. Although <br />the outcome of these lawsuits is not presently determinable, the City's management believes that the City <br />will not incur any material monetary loss resulting from these claims. No loss has been recorded on the <br />City's financial statements relating to these claims. <br />NOTE 15 — SUBSEQUENT EVENTS <br />In March 2007, the City issued $790,000 General Obligation Equipment Certificates of Indebtedness, <br />Series 2007A and $945,000 General Obligation Tax Increment Refunding Bonds, Series 2007B. <br />