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CITY OF ORONO <br />NOTES TO FINANCIAL STATEMENTS (Continued) <br />December 31, 1989 <br />Note 6. DEFERRED REVENUE AND CREDITS (continued) <br />Composition of the deferred balance Is as follows: <br />Facility <br />Treatment Works <br />1963 Interceptor <br />1965 Interceptor <br />Total Deferred <br />MWCC <br />Acquisition Year <br />1971 <br />1977 <br />1977 <br />Remaining <br />Deferred <br />Credits <br />$ 4,317 <br />145,608 <br />9,735 <br />$ 159,660 <br />B. Contract for Deed <br />The City sold a section of land to s i.'Oier.wners' association on a <br />Contract for Deed In February 1984. The sales price of $100,000 will <br />be received In equal quarterly payment'' •■••.rr a 15-year period, without <br />Interest. The remaining $42,879 balance on the Contract for Deed at <br />December 31, 1989, Is shown as deferred revenue In the General Fund <br />until collected and available to finance current operations. <br />C. 1985 S,>f al Assessments <br />The City auopted a special assessment roll In 1985 which Included <br />$46,175 relating to Improvements on City-owned property. The General <br />Fund will pay these assessments over 15 years In annual Installments <br />with 9.2% Interest. The remaining assessment principal balance of <br />$33,855 at December 31 , 1989, has been recorded as due to/from other <br />funds. The related revenue and charges have been deferred In the 1985 <br />Improvement Debt Service and the General Funds, respectively. <br />D. 1989 Special Assessments <br />The City adopted special assessment rolls In 1989 which Included <br />$8,135 relating to Improvements on City-owned property. The General <br />Fund will pay these assessments In full In 1990. The assessment prin­ <br />cipal has been recorded as due to/from other funds. The related reve­ <br />nue and charges have been deferred In the Permanent Improvement <br />Revolving Capital Project and the General Funds, respectively. <br />E. Developer Advances <br />In 1989, the City began construction of sewer and water Improvements <br />along State Highway 12 but has not finalized the amounts to be spe­ <br />cially assessed against benefitted properties. A new residential <br />development within the project area was charged a preliminary amount <br />^ y <br />-40-