1995 CAFR - Laserfiche WebLink

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During the year, the City contracted for several capital projects. At year -end, the total unearned construction contracts totaled approximately $153,112. Note 17. COMMITMENTS AND CONTINGENCIES At the present time, there is no significant litigation pending which is not covered by the City's insurance. A. Commitments for Construction B. Federal and State Revenue Amounts received or receivable from federal and state agencies are subject to agency audit and adjustment. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amount, if any, of claims which may be disallowed by the grantor agencies cannot be determined at this time although the City expects such amounts, if any, to be immaterial. Note 18. SUBSEQUENT EVENTS CITY OF RAMSEY, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1995 In January of 1996, the City issued $330,000 General Obligation Tax Increment Refunding Bonds, Series 1996A. The proceeds of this issue will be used to refund the 1997 through 2007 maturities of the City's Taxable General Obligation Tax Increment Bonds, Series 1987B. The issue bears an overall interest rate of 6.3348 %, and has a fmal maturity date of August 1, 2007. The principal and interest will be paid from tax increments resulting from increases in the taxable value of real property in tax increment financing districts in the City. A good faith check, in the amount of $3,300, was received prior to December 31, 1995, and recognized as bond proceeds while the actual settlement of the bonds was January 16, 1996. Upon review of this issue by Moody's Investors Service, the current bond rating of Al was maintained. Note 19. PRIOR PERIOD ADJUSTMENTS The City has recorded prior period adjustments to the Community Development Block Grant Fund and the Minnesota Department of Natural Resources Grant Fund to reclassify grant eligible costs to the appropriate fund. The City also recorded prior period adjustments in the Water Utility and Street Light Enterprise Funds to correctly state meter inventory/deposit accounts and capital assets accounts, respectively.