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City of Orono, Minnesota <br />Notes to the Financial Statements <br />December 31, 2023 <br />Note 6: Other Information (Continued) <br />All property of the Plan and income attributable to that property is solely the property of the City, subject to the claims of <br />amount equal to the eligible healthcare and dependent care expenses incurred by the participants. The City believes it is <br />unlikely that it will use the assets to satisfy the claims of general creditors in the future. <br />D. Conditional State Grant <br />the amount of $2,000,000. The grant is repayable to the state if the property is not maintained for low-impact recreation <br />and conservation use. <br />E. Police Services Contracts <br />As of December 31, 2019, the City of Orono had several contracts to provide police services to neighboring cities. The <br />most significant of those was a contract with the city of Mound, which the City entered into as of January 1, 2013 and <br />which extends 10 years to December 31, 2022. The contract also included annual payments from the city of Mound <br />starting at $1,545,000 in 2013 and increasing between 1%-5% each year through the end of the contract. The contract has <br />been renewed as of December 31, 2023. <br />The City also has a contract with the cities of Minnetonka Beach and Spring Park to furnish law enforcement services to <br />each respective city. The original contract term ended December 31, 2012 and includes the option to verbally extend it <br />each year for an additional one-year period. The contract has been extended each year through 2023. <br />81 <br />The City also has a contract with the cities of Minnetonka Beach and The City also has a contract with the cities of Minnetonka Beach and Spring Park to furnish law enforcement services to Spring Park to furnish law enforcement services to <br />each respective city. The original contract term ended December 31, 2012 and includes the option to verbally extend it each respective city. The original contract term ended December 31, 2012 and includes the option to verbally extend it <br />each year for an additional oneeach year for an additional one-year period. The contract has been extended each year year period. The contract has been extended each year through 2023. <br />116