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:9E CITY OF ST. ANTHONY, MINNESOTA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 1975 Note 4 - Metropolitan Waste Control Commission Under the terms of an agreement with the Metropolitan Waste Control Commission, the City will be repaid the reserve capacity charges advanced to the Commission in annual installments including interest through 1988. These advances were charged against net income of prior years and the repayment will be reflected as income as received. The receivable from the Metropolitan Waste Control Commission represents the City's share of equity in the City's and Minneapolis sewer system which was acquired by the Commission January 1, 1971. This receivable will be paid to the City by issuing credits, annually through 1999, against future sewer billings from the Commission. Note 5 - Bonded Debt The revenues of the Water Operating Fund are pledged for payment of the Water Revenue Bonds of 1961 and 1963. The City has three types of bonded debt outstanding at December 31, 1975. There are general obligation bonds, special assessment improvement bonds and water revenue bonds. The first type of bonds are payable solely from general property taxes. The second and third types are payable primarily from special assessments and utility revenue with any deficiency to be provided for by general property taxes. See the supplemental information for schedules of bond and interest maturities. Note 6 - Retirement Plans The City participates in a contributory pension plan (P.E.R.A.) administered by the State of Minnesota which covers substantially all employees. The combined annual costs of this plan, including amortization of estimated prior service cost, was $77,094 for the year ended December 31, 1975. Prior service cost is being amortized over a period of 40 years and is being funded as a percent of gross wages by all employers participating in the State association. It is the policy of the City to fund pension cost accrued. Note 7 - Vacation and Sick Leave Accrued vacation and sick leave are not recorded as liabilities at December 31, 1975. City employees are entitled to vacation and sick leave based on length of employment, and the payment thereof is treated as expense in the period paid. The amount of accrued leave at December 31, 1975 was not determined.