Laserfiche WebLink
NOTE 14 - COMMITMENTS AND CONTINGENCIES (CONTINUED) <br /> <br />B. Federal and State Revenue <br /> <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 /> <br />C. Legal Claims <br /> <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 /> <br />NOTE 15 - SUBSEQUENT EVENTS <br /> <br />In May 2005 the City sold $19,200,000 of Public Facilities Lease Revenue Bonds, Series 2005A and <br />$4,335,000 of General Obligation Bonds, Series 2005B. <br /> <br />-46- <br /> <br /> <br />