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14 CITY OF ST. ANTHONY, MINNESOTA NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 1979 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 when received. Another receivable and the corresponding deferred gain of the Utility Fund from the Metropolitan Waste Control Commission represents the City's share of equity in the City's 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 disposal charges from the Commission. These credits will be reflected in the statement of income as received. Note 5 - Bonded Debt The City has one type of bonded debt outstanding at December 31, 1979. That is special assessment improvement bonds. These bonds are payable primarily from special assessments with any deficiency to be provided for by general property taxe.,. The long-term debt outstanding at year-end is summarized as follows: Maturities Interest rates Amount Special assessment improvement bonds 1980-1990 4.25-4.90%$815.000 The following is a summary of the outstanding obligations and changes during 1979: Outstanding January 1 Issued Special assessment improvement bonds $940,000 Water revenue bonds 25,000 965 000 $ -0- Note 6 - Retirement Plan Outstanding Redeemed December 31 $125,000 25,000 150 000 $815,000 -0- 815 000 The City participates in a state-wide contributory prension 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 $91,186 for the year ended December 31, 1979. 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.