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<br />CITY OF LA PORTE <br /> <br />NOTES TO FINANCIAL STATEMENTS <br />SEPTEMBER 30, 1980 <br /> <br />EXiiIBIT 7, P. 2 <br />NOTE 2: City Retirement Plan <br />The City participates in a Retirement Plan maintained by the <br />Texas Municipal Retirement System, After 90 days of employment <br />with the City, participation in the plan becomes mandatory. <br />Employees are required to contribute 7% of their gross wages and <br />this is matched by the City, The City's contribution for FYE <br />9-30-80 was $ 58,203 Participants become vested in the City's <br />contribution after 20 years of credible service if less than 60 <br />years of age and after 15 years of service if more than 60 years <br />of age. <br />NOTE 3: Undesignated Genera_1 Fund Balance <br />Working Capital requirements and funds for Capital Projects will <br />utilize the undesignated Fund Balance during the fiscal year <br />September 30, 1981. <br />NOTE 4: The City of La Porte. and the City of -Lomax consolidated their <br />activities in April 1980. The City of La Porte consolidated <br />all financial transactions with the City of Lomax for the fiscal <br />year September 30, 1980. <br />NOTE 5: The City started the year with a bonded debt of $2,625,000, During <br />• the year the City paid $145,000 on bond principal, During the <br />year the City sold $1,850,000 General Obligation Bonds completing <br />an issue of $3,250,000 bonds authorized in February 1979 by the <br />City's tax payers, In addition~a $2,000,000 General Obligation <br />and Refunding Bond assumed by the City upon its consolidation <br />with the City of Lomax was sold. The City also assumed bonds out- <br />standing of $640,000 from the City of Lomax by virtue of the <br />consolidation, <br />General Obligation Bonds payable from~General Interest and Sinking <br />Fund are comprised of the following Bonds at September 30, 1980: <br />$60,000 1959 Park serial bonds final annual installment <br />of $40,000 due 3-15-81; Interest at 4 3/4% $ 40,000 <br />$505,000 1965 General Obligation serial bonds due in <br />annual installments of $30,000 to $50,000 through <br />February 1, 1986; Interest at 3.6% for 1978 - 1984; <br />3.7% for 1985 - 1986 270,000 <br />1956 Water District Bonds, serial b onds due in annual <br />installments of $ 17,000 to $28,000 through June 1, <br />1989; Interest at 4.25% 207,000 <br />1962 Water District serial bond due in annual install- <br />. ments of $15,000 to $50,000 through February 1, 1991; <br />Interest at 5% 273,000 <br />