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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 1999 <br />Note 20 COMMITMENT — LAND PURCHASE <br />In January 2000, the City entered into an agreement to purchase approximately 9.85 acres for $472,651. This <br />land will be used for regional ponding purposes and wetland mitigation. This purchase will be funded by the <br />Surface Water Management Fund. <br />Note 21 JOINT FIRE VENTURE <br />The Centennial Fire District (the District) was established under a joint powers agreement between the City of <br />Lino Lakes and two other cities. The general purpose of the District is to provide fire protection services <br />including, but not limited to, fire prevention, firefighting and rescue service. Each member city is entitled to <br />appoint two commissioners to the District's Board. <br />Each calendar year participating cities are to pay the District its share of the total operating and capital budget <br />in accordance with a funding formula contained in Section VII of the joint powers agreement. The funding <br />formula takes into account each city's average number of calls, population, and total market value. <br />During 1999, the City of Lino Lakes' contributions to the District were as follows: <br />Operating $ 283,177 <br />Capital 65,800 <br />$ 348,977 <br />Separate financial statements of the District can be obtained by contacting the Centennial Fire District. <br />The unaudited condensed financial statements of the District as of December 31, 1999 are as follows: <br />Total assets $ 1,396,314 <br />Total liabilities 13,095 <br />Total equity 1,383,219 <br />Total operating revenue 506,384 <br />Total operating expenses 432,495 <br />41 <br />