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46 CITY OF ST. ANTHONY, MINNESOTA NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 1978 Note 5 - Bonded Debt The City has two types of bonded debt outstanding at December 31, 1978. There are special assessment improvement bonds and water revenue bonds. These bonds are payable primarily from special assessments and utility revenue, respectively, with any deficiency to be provided for by general property taxes. See the Statement of Indebtedness for schedules of bond and interest maturities. Note 6 - Revenue Bonds The revenue of the Water Operating Fund is pledged for payment of the Water Revenue Bonds of 1963. The bond indentures have placed certain restrictions on Water Operating Fund operations. The City has complied with the provisions of the bond covenants. Note 7 - Retirement Plan The City participates in a state-wide contributory pension plan under the Public Employees' Retirement Association, Minnesota Statutes Chapter 353, which covers all employees except temporary and seasonal employees. The City's contribution for pension costs, under the state-wide plan, was $107,615 for the year ended December 31, 1978. Under existing Minnesota law, the City has no future contingent obligations or commitments to the plan or its participants except to make continuing contributions as determined from time to time by the State Legislature. Note 8 - Vacation and Sick Leave Accrued vacation and sick leave are not recorded as liabilities at December 31, 1978. 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, 1978 was not determined. Note 9 - Litigation The City had the usual and customary types of miscellaneous claims pending at year end, mostly of a minor nature and usually all covered by insurance carried for that purpose. The City also carries personal injury insurance against suits for false arrest, libel, slander, violation of privacy, wrongful entry, etc., which suits can arise from enforcement of the City code and general laws. Note 10 - Lease The City leases space for the Apache Liquor store. The lease, expiring November 1, 1980 requires annual rentals of $15,990 plus the pro rata share of common center expense.