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' CITY OF RAMSEY, MINNESOTA <br />' NOTES TO FINANCIAL STATEMENTS <br />December 31,1996 <br />' Note 17. COMIVIITMENTS AND CONTINGENCIES <br />At the present time, there is no significant litigation pending which is not covered by the City's insurance. <br />' A. Commitments for Construction <br />' During the year, the City contracted for several capital projects. At year-end, the total unearned construction <br />contracts totaled approximately $409,787. <br />B. Federal and State Revenue <br />' Amounts received or receivable from federal and state agencies are subject to agency audit and adjustment. Any <br />disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The <br />amount, if any, of claims which may be disallowed by the grantor agencies cannot be determined at this time <br />although the City expects such amounts, if any, to be immaterial. <br />Note 18. PRIOR PERIOD ADJUSTMENTS <br />The City has recorded prior period adjustments to the 1993A Refunding Bond Fund to correctly state the interest <br />activities of the fund during 1995. <br />l_ Jai <br /> <br /> <br />C <br /> <br /> <br /> <br />[] <br /> <br />-30- <br />