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CITY OF ORONO, MINNF SOTA
<br />Notes to Financial Statements (continued)
<br />December 31, 1995
<br />NOTE 3 - PROPERTY, PLANT, AND EQUIPMENT
<br />A. Changes in General Fixed Assets
<br />Balance Balance
<br />Beginning End
<br />of Year Additions Deletions of Year
<br />Land and improvements $ 1,239,796 $ 10,884 S $1.250,680
<br />Buildings and improvements 3,205,130 --3,205,130
<br />Equipment 1,303,129 147,291 94,855 1,355,565
<br />$ 5,748.055 $ 158,175 $ 94,855 $5,811,375
<br />B. Proprietary Fund Type Property, Plant, and Equipment
<br />Golf
<br />Water Sewer Course
<br />Operating Operating Operating Total
<br />Land and improvements $ 57,132 $16,210 $ 127,977 S 201,319
<br />Buildings and improvements 786,594 31,014 48,722 866,330
<br />Equipment 48,837 74,047 101,968 224,852
<br />Distribution/collection system 2,083,577 6,780,600 -8,864,177
<br />2,976,140 6,901,871 278,667 10,156,678
<br />Less accumulated depreciation 903.548 2,627,014 65,894 3,596,456
<br />$ 2,072,592 $4,274,857 $ 212,773 $6,560,222
<br />NOTE 4 - DEFERRED CREDITS AM) RE\T:NUE
<br />A. Contract for Deed
<br />The City sold a section of land to a homeowners' association on a contract for deed in February 1984. The
<br />sales price of $1(X).000 will be received in equal quarterly payments over a 15-year period, without
<br />interest. At December 31, 1995, the remaining balance of $10,025 on the contract for deed is recorded
<br />as deferred revenue in the General Fund until collected and available to finance current operations.
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