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CITY OF ST. ANTHONY <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31. 1980 <br />Note 6. Retirement Plan <br />The City participates in a state-wide contributory pension plan under the <br />Public Employees' Retirement Association, Minnesota Statutes Chapter 353, which <br />covers all employees except temporary and seasonal employees. The City's <br />contribution for pension costs, under the state-wide plan, was $102,045 for the year <br />ended December 31, 1980. Under existing Minnesota law, the City has no future <br />contingent obligations or commitments to the plan or its participants except to make <br />continuing contributions as determined from time -to -time by the State Legislature. <br />Note 7. Leases <br />The City presently leases space for its administrative offices under an <br />agreement which expires August, 1981. The lease provides that the City pay all <br />costs of operating the building. <br />In addition, the City leases space for its Apache Liquor store. The <br />lease, expiring November, 1985 requires annual rentals of $16,990 plus the pro rata <br />share of common center expense. <br />Note 8. Deficiency in Pledged Collateral <br />Minnesota statutes require depositories for City funds to pledge <br />collateral to secure balances in excess of F.D.I.C. or F.S.L.I.C. insurance <br />coverage. At December 31, 1980 the collateral pledged by First Security State Bank <br />was approximately $150,000 below the statutory requirement. On January 26, 1981 <br />additional collateral was pledged, which was sufficient to satisfy this requirement. <br />-16- <br />