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CITY OF LINO LAKES, MINNESOTA <br />Page 21 of 23 <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 1990 <br />NOTE 10 DEFERRED COMPENSATION PLAN <br />The City offers its employees a deferred compensation plan created in accordance with Internal <br />Revenue Code Section 457. The deferred compensation plan is offered by the International City <br />Managers Association (ICMA). The plan, available to all employees, permits them to defer a <br />portion of their salary until future years. The deferred compensation is not available to the <br />employees until termination, retirement, death or unforeseeable emergency. <br />All amounts of compensation deferred under the plan, all property and rights purchased with those <br />amounts, and all income attributable to those amounts, property or rights are (until paid or made <br />available to the employee or their beneficiary) solely the property and rights of the City (without <br />being restricted to the provisions of benefits under the plan), subject only to the claims of the <br />City's general creditors. Participants' rights under the plan are equal to those of general creditors of <br />the City in an amount equal to the fair market value of the deferred account for each participant. <br />For the year ended December 31, 1990, the following deferred payroll deductions were remitted to <br />... the plan: <br />IMO <br />IIIMIN <br />MIMI <br />Mml <br />Ilwal <br />Employee <br />Employer <br />Total <br />$28,445 <br />0 <br />$28,445 <br />The value of total remittances at December 31, 1990 was $160,942. This amount is presented in <br />an Agency Fund in accordance with GASB Statement No. 2. <br />NOTE 11 TAX INCREMENT DISTRICTS <br />The City of Lino Lakes is the administrating authority for Economic Development District #1 <br />established under MS 273.71 in 1987. Within the Economic Development District are the <br />following Tax Increment Financing Districts. As of December 31, 1989 the City has not issued <br />Tax Increment bonds for any of it's Tax Increment Districts. <br />Housing District #1 -1 was established under MS 273.73 subd. 11 in 1987. The duration of the <br />district is 25 years. <br />Current tax capacity $151,374 <br />Original tax capacity 2,311 <br />Captured tax capacity $149,063 <br />Retained by authority $149,063 <br />Shared with other taxing districts 0 <br />Total $149.063 <br />