Laserfiche WebLink
CITY OF OkuNO <br />NOTES TO FINANCIA1 STATEMENTS (Contlnua•A) <br />December 31. 19ntl <br />CITY OF ORUNO <br />NOTES TO FINANCIAL STATEME4TS (Continued) <br />December 31. 1988 <br />Note S. LONC-TERN DEBT (cunt,uu''d) <br />Not'. 6. DEFERRED REVENUE AND CREDITS (continued) <br />E. 1'ltimate Respnnsiblllty for Debt <br />Composition of the deterred balance is as <br />follows: <br />All long-term debt is backed by the full faith and cred[ of the City. <br />Remaining <br />NNCC <br />Deferred <br />F. Resources to Meet Future Debt Requirements <br />Facility Acquisition <br />Year Credits <br />' Amounts Available for Long -Term Debt - Accilablr Lund balance <br />Treatment Yorks 1971 <br />$ 4.71U <br />drslAnated for repayment (it lung -term debt in, loth-.. <br />196J Interceptor 1977 <br />1,4.174 <br />196S Interceptor 1977 <br />IU,JU7 <br />General Fund u5,119 <br />S <br />-- <br />Debt Service Funds—11a49_1_515 <br />Total Deterred <br />l6� 99391 <br />31.59�,63a <br />B. Contract for Dead <br />' Amount to be Provided in the General Long -Term Debt Account <br />The City sold a section of l.nd to a <br />hew norrb' assoclatlnn on a <br />Group - This represents future funding of severance and vaca- <br />Contract for Deed In February 1964. The <br />sjlea price of SIOO.UW will <br />a tlon benefits, and future taxes and special assessment taller- <br />be received in equal quarterly payments over <br />a 15-year period, without <br />1 tL•ns designated for repayment of bonds. <br />Interest. The remaining 557,156 balance <br />on the Contract for Deed at <br />v0 <br />December 31, 19E". Is shown as deferred <br />revenue in the General Fund <br />Mote 6. DEFERRED REVENUE AND CREDITS <br />until collected an. available to finance <br />current operations. <br />C. Special Assessments <br />A. Sever Operating Enta•rprlse FunJ_ Deferred Credits_ <br />_1985 <br />The City adopted a special assessment <br />roll in 1985 •vhlA Included <br />This amount represents the credits resulting from the transt•r of the <br />$46,175 relating to Improvements on City-ovned property. The General <br />City's never treatment facilities to the Metropolitan Yast Control <br />Fund will pay these assessments over 15 <br />years in annual installments <br />Commission (MCC). The remaining balances due from M47C total <br />with 9.25 Interest. The assessment principal <br />has been recorded as due <br />$415.222 for the facilities And $3,617 for rererve .apaclt. charges <br />to/from other funds. The related revenue and charges have been <br />and are included in Due From Other Governmental Unit, as of <br />deferred in the 1995 Improvement Debt Service <br />and the General Funds, <br />December 31. 1988. The total price for each portion o[ the facilities <br />respectively. <br />will tb received over 30 years with interest at :2 per ann.s by <br />credits against the annual sewage handling charges ut 1VCC. M4UC r— <br />included the cost of these facilities In its rate base, thaw "pevment" <br />9„te 7. INDIVIDUAL FUND DISCLOSURES <br />of credits 1s dependent upon !MCC•■ setting future usrt fees at a <br />level sufficient to cover all such credits from participating munlct- <br />A. Interfund Advances <br />palitles. Therefore, the revenue has been deferred until such user <br />--- <br />tees are paid or accrued. <br />Advances Advances <br />To - Frna <br />General Fund <br />$113.541 S - <br />Permanent Improvement Revolving fund <br />113,541 <br />$113,541, SII3i541 <br />