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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 1991 <br />Page 12 of 18 <br />Note 5 LEGAL DEBT MARGIN <br />The City is subject to a statutory limitation by the State of Minnesota for bonded indebtedness <br />payable principally from property taxes. The City of Lino Lake's legal debt margin for 1991 and <br />1990 is computed as follows: <br />Market value <br />Applicable percentage <br />Debt limit <br />Amount of debt applicable to debt limit <br />Total bonded debt <br />Less: Special assessment bonds <br />Public project revenue bonds <br />Cash and investments in <br />debt service funds <br />Total debt applicable to debt limit <br />Legal debt margin <br />Note 6 PENSION PLANS <br />December 31, <br />1991 1990 <br />$284,371,300 $264,157,000 <br />2% 2% <br />5,687,426 5,283,140 <br />12,581,500 9,244,000 <br />10,990,500 7,614,000 <br />1,115,000 1,115,000 <br />61,754 60,764 <br />414,246 454,236 <br />$5,273,180 $4,828,904 <br />A. pUBLIC EMPLOYEES RETIREMENT ASSOCIATION (PERM <br />Plan Description <br />All full -time and certain part-time employees of the City of Lino Lakes are covered by defined benefit <br />pension plans administered by the Public Employees Retirement Association of Minnesota (PERA). <br />PERA administers the Public Employees Retirement Fund (PERF) and the Public Employees Police <br />and Fire Fund (PEPFF) which are cost - sharing multiple - employer retirement plans. PERF members <br />belong to either the Coordinated Plan or the Basic Plan. Coordinated members are covered by Social <br />Security and Basic members are not All new members must participate in the Coordinated Plan. All <br />police officers, fire fighters and peace officers who qualify for membership by statute are covered by the <br />PEPFF. The payroll for employees covered by PERF and PEPFF for the year ended December 31, <br />1991, was $720,531 and $407,459, respectively; the City's total payroll was $1,213,055. <br />