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CITY OF ST. ANTHONY <br /> NOTES TO FINANCIAL STATEMENTS <br /> DECEMBER 31 , 1999 <br /> Note 17. Storm Water Improvement Projects <br /> ' In recent years the City and its residents have incurred significant damages from <br /> flooding of local areas resulting from heavy rains and subsequent storm water run-off. <br /> In 1998, the City commenced a storm water improvement project to alleviate, correct and <br /> ' prevent the flooding problem in the community. The purpose of the project is to provide <br /> 100 year flood protection to residents of the City by constructing storm water storage <br /> areas and reconstructing other areas to increase the capacity of the storm water <br /> system. The initial phase of the project included the acquisition of certain flood <br /> prone properties and construction of a storm water storage area. <br /> Funding for this project is a combination of federal , state and local grants and <br /> aids with the City contributing a matching portion. Grants and aids of approximately <br /> $1 ,435,000 were received in 1999. The City intentions to fund its contribution from <br /> stormwater charges collected and issue bonds for its share of storm sewer and street <br /> improvements related to this projects. <br /> It is estimated that completion of the entire project could take five years. Total <br /> costs associated with the project are estimated to range from $10 to $12 million. <br /> Note 14. Risk Management . <br /> The City is exposed to various risk of loss related to torts; theft of, damage to, <br /> and destruction. of assets; errors and omissions; injuries to employees; and natural <br /> disasters. The City participates in the League of Minnesota Cities Insurance Trust <br /> (the Trust),, a public entity risk pool for its general property and casualty, workers' <br /> compensation and other insurance coverages. The Trust operates as a common risk <br /> ' management and insurance program for cities throughout Minnesota. The City pays <br /> an annual premium to the Trust for its insurance coverages. The Trust agreement <br /> provides that the Trust will be self-sustaining through member premiums and will <br /> reinsure through commercial companies for claims in excess of certain limits. The <br /> City also carries commercial insurance for certain other risks of loss, including <br /> liquor liability and employee health insurance. <br /> There has been no significant reductions in insurance coverages from the previous <br /> year. In addition, there has been no settlement of claims in excess of the City's <br /> insurance coverage in any of the prior three years. <br /> 1 <br /> 1 <br /> -33- <br /> 1 <br />