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CITY OF ST. ANTHONY <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 1983 <br />Note 4. Metropolitan Waste Control Commission <br />Under terms of an agreement with the Metropolitan Waste Control Commission, the City <br />will be repaid the reserve capacity charges advanced to the Commission in annual <br />installments including interest through 1988. These advances were charged against <br />net income of prior years and the repayment will be reflected as income when <br />received. <br />The City received from the Metropolitan Waste Control Commission a refund for past <br />sewer availability charges. Credits against future sewer availability charges <br />payable will be issued by the Commission to repay this refund. Income will be <br />recorded as credits are received from the Commission. Deferred income is recorded <br />for the remaining balance due to the uncertainty of when credits will be issued to <br />the City. <br />Another receivable from the Metropolitan Waste Control Commission, and the <br />corresponding deferred gain of the Utility Funds, represents the City's equity in <br />the City's sewer system which was acquired by the Commission January 1, 1971. This <br />receivable will be paid to the City by issuing credits annually through the year <br />2000, with interest, against future disposal charges from the Commission. These <br />credits will be reflected in the statement of operations as received. <br />Note 5. Bonded Indebtedness <br />The City has special assessment improvement bonds outstanding at December 31, 1983. <br />These bonds are payable primarily from the collection of special assessments with <br />any deficiency to be provided for by general property taxes. During 1983 it was <br />determined that sufficient funds were available to extinguish all debt service <br />payments required in 1984. As a result, property taxes levied for debt retirement <br />collectible in 1984 have been cancelled. In addition, no property taxes were <br />collected for debt retirement in 1983. <br />Special assessment improvement bonds payable is comprised of the following two <br />individual issues: <br />$960,000 Improvement Bonds of 1968 <br />$675,000 Improvement Bonds of 1973 <br />Maturities <br />-14- <br />1984-1990 <br />1984-1985 <br />Interest Rates Amount <br />4.80-4.90% <br />4.45-4.50% <br />$240,000 <br />155,000 <br />$395,000 <br />