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CITY OF LITTLE CANADA, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2015 <br /> <br /> <br /> <br />(57) <br /> <br />NOTE 6 LONG-TERM LIABILITIES (CONTINUED) <br />D. Revenues Pledged (Continued) <br />Fleur Royale Note – The City has pledged future housing improvement assessment <br />revenue to repay the note payable to Ramsey County issued in 2010. Proceeds from the <br />note provided financing for the 2010 Housing Improvement Area Project – Fleur Royale. <br />Housing improvement assessments were projected to produce 100% of the debt service <br />requirements over the life of the note. Total principal and interest remaining on the note <br />is $64,693, payable through 2020. For the current year, principal and interest paid and <br />total housing improvement assessment revenues were $14,408 and $34,637, <br />respectively. <br /> <br />E. Debt Refundings <br />In 2015, the City issued G.O. Refunding Bonds, Series 2015A, as a partial advance <br />crossover refunding of the tax increment portion of the 2017 through 2026 maturities of <br />the City’s G.O. Bonds, Series 2008A. The refunding will result in a reduction of future <br />debt payments of $103,993 and a net present value savings of $92,566. <br /> <br /> <br />NOTE 7 DEFINED BENEFIT PENSION PLANS – STATE-WIDE <br />A. Plan Description <br />The City of Little Canada participates in the following cost-sharing multiple-employer <br />defined benefit pension plans administered by the Public Employees Retirement <br />Association of Minnesota (PERA). PERA’s defined-benefit pension plans are established <br />and administered in accordance with Minnesota Statutes, Chapters 353 and 356. <br />PERA’s defined-benefit pension plans are tax qualified plans under Section 401(a) of the <br />Internal Revenue Code. <br /> <br />1. General Employees Retirement Fund (GERF) <br />All full-time and certain part-time employees of the City are covered by the General <br />Employees Retirement Fund (GERF). GERF members belong to either the <br />Coordinated Plan or the Basic Plan. Coordinated Plan members are covered by <br />Social Security and Basic Plan members are not. The Basic Plan was closed to new <br />members in 1967. All new members must participate in the Coordinated Plan.