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CITY OF RAMSEY Notes to Financial Statements (continued) December 31, 1999 NOTE 18 -COMMITMENTS AND CONTINGENCIES (CONTINUED) ' D. Centralized Law Enforcement Records System '' The City of Ramsey has entered into an agreement with the County of Anoka, and the following cities located within the county: Anoka, Blaine, Circle Pines, Centerville, Columbia Heights, Coon Rapids, Fridley, Lexington, Lino Lakes, St: Francis (including. Bethel), and Spring Lake Park. The purpose of this agreement t is to provide for the joint financing of a centralized law enforcement records system and to provide for the sharing of the ongoing costs of the system.. The system is expected to be operational during fiscal year 2000. 'i~' Under the terms of the agreement, the City of Ramsey has committed to pay the County approximately $9,000 of shared costs annually for afour-year period beginning in fiscal year 2000. This represents approximately 5% of the combined total shared costs of the participating entities. NOTE 19 -SUBSEQUENT EVENTS t A. Equipment Certificates ' In March of 2000, the City issued $257,000 General Obligation Capital..Equipment Certificates of Indebtedness, Series 2000A. These certificates will be used to help fund the purchase of the City's capital equipment. A levy, begmnmg with taxes payable 2000 and concluding with taxes payable 2003 will generate the needed revenue to pay the principal and interest on the certificates. B. Water Tower and Well The City had a water system study performed in 1999. From these findings, it was determined that a second water tower and a fifth well were needed in the City to satisfy demand growth. Tower #2 has been estimated at a cost of $1,870,000 with funding being obtained from the sale of tax increment bonds and utility funds. ' Well #5 has a cost of approximately $440,000 with funding also coming from the sale of tax increment bonds. C. Minnesota Department of Transportation Agreement On March 21, 2000, the City of Ramsey entered into an agreement with the State of Minnesota Department of Transportation to allow the Department of Transportation to perform construction engineering and inspection in connection with the remaining work associated with State Highway 47. The State is willing to provide such service, provided the State is reasonably compensated for such services. The estimated cost to the City of Ramsey is $60,800. -35-