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w « <br />CITY OF ORONO, MINNESOTA <br />Notes to Financial Statements (continued) <br />December 31, 1997 <br />NOTE 13 - COMMITMENTS AND CONTINGENCIES <br />A. General <br />B. Construction <br />C. Facility I. ease <br />lease, with an option to purchase, continues until February I 2008 OTurnihetTniMtedthrm <br />1997 was apprOTimately $402!70o ”“”’ Property. The rent expense in <br />Future minimum rental commitments under the lease are as follows: <br />Year Amount <br />1998 <br />1999 <br />2000 <br />2001 <br />2002 <br />Thereafter <br />$ 406.903 <br />405,017 <br />406,990 <br />407.755 <br />412,248 <br />2.477.492 <br />$ 4.516.405 <br />NOTE 14 - SUBSEQUENT EVENT <br />2001. The issue bears an overall interest rate of 4.5362% and has a final maturity of February 1,2M? ' <br />-48-