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.-r 7 <br />“■iIpm <br />V <br />I,11;: <br />,.2 p . .r <br />i0. <br />^■ 'C <br />■I1 <br />- .iiy.... <br />-Lk-: <br />V' <br />P <br />r% <br />.‘-i <br />I <br />SS;,".J-W'' <br />iw <br />■rm:' vr^v <br />IfP*:,# <br />Irf <br />'W'" <br />PT f ' 7 5r%^^ ■ <br />t ■ Sf i*S: <br />CITY OF ORONO. MINNESOTA <br />Notes to Financial Statements (continued) <br />December 31, 1991 <br />NOnTE t • LONG-TERM DEBT (CONTINUED) <br />W, Mmouftm to Med Future Debt Requironcnts <br />Amounti Available for Long-Term Debt • Available fund balance or retained earnings designated <br />or reserved for payment of long-term debt includes; <br />General Fund <br />Debt Service Funds <br />Enterprise Funds <br />106.017 <br />1.217.247 <br />203.285 <br />S 1.526.549 <br />Amouitt to be Provided in the General Long-Term Debt Account Group - This represents future <br />funding of severance and vacation benefits and future taxes and special assessment collections <br />detignded for repayment of bonds. <br />liOTE 7 • DEFERRED COMPENSATION PLANS <br />The Chy offers its employees deferred compensation plans created in accordance with Internal Revenue <br />Cffde Section 457. The Plans, available to all employees, permit them to defer a portion of their salary <br />tniil future yean. The deferred compensation not available to employees until termination, retirement, <br />Mh, or wnforeteen emergency. <br />^ amouatt of oonpeoution deferred und« the Plans, all property and rights purchased with those <br />Hftniinti, and all income attributable to those amounts are solely the property and rights of the City. <br />nAjen lo the claims of the City ’s general creditors Participants' nghis undw the Plaitt are equal to <br />Ihoee of genoil CTeditors of the City in an amount equal to the fair market value of the deferred accouitt <br />for each partkipaai. <br />llw City has no liability for losses under the Plans but does have the duty of due care that would be <br />required of an ordinary prudent investor The City believes that it is unlikely that it will use the assets <br />10 latisfy the rfafana of general creditors in the foture. <br />”i‘l Vi <br />- .W- ^ <br />.43 <br />m 7 <br />--1*‘ <br />i <br />i <br />I <br />I <br />■4 <br />i <br />I^1 <br />! <br />m <br />f <br />§ <br />■a| <br />% <br />1 <br />I <br />m <br />em