Agenda - Council - 06/23/1981 - Laserfiche WebLink

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Long-termdebt maturities are as follows: Special Assessment Bonds General Long-Term Debt Total 1981 ...................... 1982 ...................... 1983 ...................... 1984 ...................... 1985 ...................... 1986 and thereafter ....... Total ............ $ 85,000 225,000 240,000 255,000 260,000 $2,510,000 $13,939 $ 98,939 225,000 240,000 255,000 260,000 1,445,000 $13,939 $2,523,939 Special Assessment bonds are backed by the full faith, credit and taxing power of the City, and are carried as a liability of the Special Assessment Fomds. DEPOSITS PAYABLE A summary of the changes in platting fees and performance bonds deposited with the City during 1980, and accounted for in the Escrow Fund, is as follows: Deposits, January 1, 1980 ............... Platting fee deposits received .......... $10,191 Performance bonds received .............. 5,000 Campaign sign deposits .................. 120 Total ......................... Less: Fees retained by City ................. 4,065 Platting fee deposits refunded ........ 5,423 Performance bonds refunded ............ 2,000 Campaign sign deposits refmnded ....... 120 Total ......................... Deposits, December 31, 1980 ............. $ 9,030 15,311 (11,608) 12,733 RETI~T PLAN Ail City employees (with minor exceptions such as casual labor) must belong to the State-wide retirement plan administered by the Public Employees Retirement Association (PERA). The City contribution to this.plan of $23,642, based on statutory percent- ages determined by PERA for the year ended December 31, 1980, included an amount to retire prior years' unfunded liabilities with full funding required by the year 2010. PERA is a State- wide contributory retirement plan for which an individual City's portion of the unfunded liability is not available because no city is directly liable for any unfomded liability under ~nnesota law. - 11 -