|
CITY OF ST. ANTHONY, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2011
<br />CURRENT REFUNDING
<br />A. 2011A
<br />On April 12, 2011, the City issued the $1,015,000 General Obligation Refunding Bonds, Series 2011A
<br />with an average interest rate of 3.5% to refund the 2012 through 2019 maturities aggregating
<br />$1,030,000 in principal amount of the City's $1,700,000 General Obligation Improvement Bonds,
<br />Series 2003A with an average interest rate of 3.8%, dated April 16, 2003. Net proceeds of $1,039,974
<br />were used to retire all outstanding principal of the refunded bonds on May 11, 2011.
<br />The City refunded the bonds to reduce its total debt service payments over the eight years by $63,644
<br />and to obtain an economic gain (difference between the present value of the debt service payments on
<br />the old and new debt) of $30,185.
<br />B. 2011B
<br />On December 29, 2011, the City issued the $2,210,000 General Obligation Refunding Bonds, Series
<br />2011B with an average interest rate of 1.4% to refund the 2013 through 2020 maturities aggregating
<br />$1,035,000 in principal amount of the City's $1,790,000 General Obligation Improvement Bonds,
<br />Series 2004A with an average interest rate of 4.3%, dated June 1, 2004 and to refund the 2013 through
<br />2021 maturities aggregating $1,125,000 in principal amount of the City's $1,695,000 General
<br />Obligation Improvement Bonds, Series 2005A with an average interest rate of 3.9%, dated April 1,
<br />2005. Net proceeds of $2,164,079 were used to retire all outstanding principal of the refunded bonds
<br />on February 1, 2012.
<br />The City refunded the bonds to reduce its total debt service payments over the nine years by $250,696
<br />and to obtain an economic gain (difference between the present value of the debt service payments on
<br />the old and new debt) of $231,455.
<br />Note 6 DEFINED BENEFIT PENSION PLANS - STATEWIDE
<br />A. PLAN DESCRIPTION
<br />All full-time and certain part-time employees of the City are covered by defined benefit plans administered
<br />by the Public Employees Retirement Association of Minnesota (PERA). PERA administers the General
<br />Employees Retirement Fund (GERF) and the Public Employees Police and Fire Fund (PEPFF) which are
<br />cost-sharing, multiple -employer retirement plans. These plans are established and administered in
<br />accordance with Minnesota Statutes, Chapters 353 and 356.
<br />GERF members belong to either the Coordinated Plan or the Basic Plan. Coordinated Plan members are
<br />covered by Social Security and Basic Plan members are not. All new members must participate in the
<br />Coordinated Plan. All police officers, firefighters and peace officers who qualify for membership by
<br />statute are covered by the PEPFF.
<br />PERA provides retirement benefits as well as disability benefits to members, and benefits to survivors
<br />upon death of eligible members. Benefits are established by State Statute, and vest after three years of
<br />credited service. The defined retirement benefits are based on a member's highest average salary for any
<br />five successive years of allowable service, age, and years of credit at termination of service.
<br />M
<br />
|