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CITY OF ST. ANTHONY <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 1980 <br />Note 4. Bonded Indebtedness <br />The City has special assessment improvement bonds outstanding at <br />December 31, 1980. These bonds are payable primarily from the collection of special <br />assessments with any deficiency to be provided for by general property taxes. <br />During 1980 it was determined that sufficient funds were available to extinguish <br />all debt service payments required in 1981. As a result, property taxes levied for <br />debt retirement collectible in 1981 have been cancelled. In addition, no property <br />taxes were collected for debt retirement in 1980. <br />Special assessment improvement bonds payable is comprised of the <br />following two individual issues. <br />$960,000 Improvement Bonds of 1968 <br />$675,000 Improvement Bonds of 1973 <br />Maturities Interest Rates Amount <br />1981-1990 4.60-4.90% $360,000 <br />1981-1985 4.30-4.50% 350,000 <br />$710,000 <br />The following is a summary of bond transactions for the year ended <br />December 31, 1980: <br />Special Assessment Improvement <br />Bonds <br />Notes 5. Contributed Capital <br />Payable at <br />January 1, <br />1980 Issued <br />Payable at <br />December 31, <br />Redeemed 1980 <br />$815,000 $ - $105,000 $710,000 <br />A substantial portion of the property, plant and equipment in the Utility <br />Funds was financed by special assessments, grants and other contributions. When <br />such assets are acquired they are credited to the contributed capital account. <br />Depreciation on contributed assets is charged against current income, but is then <br />redistributed as a charge against the contributed capital amount. The rates charged <br />by the City are not intended to generate sufficient income to recover the <br />depreciation on contributed assets and replacement of these assets is expected to be <br />financed primarily by future contributions. <br />=L: <br />