07-10-1995 Council Packet - Laserfiche WebLink

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I I I I I I I I I I CITY OF ORONO, MINNESOTA Notes to Financial Sutements (continued) December 31, 1994 NOTE 5 - LONG-TERM DEBT (CONTINUED) F.Resources to Meet Future Debt Requirements •Amounts Available for Long-Term Debt - Available fund balance designated or reser\eJ for repayment of long-term debt includes: General Fund $ 137.421 Debt Service Funds 1,354,259 $ 1,491,680 *Amount to be Provided in the General Long-Term Debt Account Group - This amount represents future revenue to be generated for debt payments, generally including deferred tax levies, special assessment fund transfers, and interest earnings. Deferred tax levies scheduled to be placed on the tax rolls, as needed, total $655,300 at December 31. 1994. NOTE 6 - DEFERRED COMPENSATION PLANS The City otters its employees deferred compensation plans created in accordance with Intel nal Revenue Code § 457. The plans, available to all employees, permit them to defer a portion of their salary until future years. The deferred compensation is not available to t'nplo>vw:> until termination, retirement, death, or unforeseen er ergency. All amounts of compensation deferred under the plans, all property and rights purchased with those amounts, and all income attributable to those amounts are solely the property and r'ghts of the City, subject to the claims of the City's general creditors. Participants’ rights under the plans are equal to those of general crediu'rs of the City in an ami^unt equal to the fair market value of the deferred account for each participant. The City has no liability for losses under the plans but does have the duty of due care that would be required of an ordinary prudent invest»)r. The City believc.> that it is unlikely that it will use the as.sets to satisfy the claims of general creditors in the future. -46-