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CITY OF SOUTH BEND, INDIANA
<br />NQTES TDGENERAL-PURPOSE FINANCIAL STATEMENTS
<br />~Cvntinued}
<br />Balance, January 1
<br />Municipal
<br />Private
<br />Less: Depreciation on Assets
<br />Acquired v1~th Contributions
<br />Less: Loss on Sale of Assets
<br />Acquired With Contributions
<br />Less: Transfers Out
<br />Balance, December 31
<br />Internal Service Funds:
<br />College
<br />Football
<br />Wastewater Century Hail of
<br />Utilit~_ Center Fame Total
<br />$ 31,033,571 $ 14,412,453 $ 500,000 $ 65,919,087
<br />109,017 48,fiD1 - 219,302
<br />- - - 3,731
<br />X411,593} X498,524}
<br />X15,745} - X15,745}
<br />- _ ~500,Q00~ _ _ t5o0,o00?
<br />$______31.142,588 14 433 l1 fi - $. , , 65~~ 27,857
<br />There were no changes in contributed capital for the internal service funds during 2001
<br />Note 15. Conduit Debt Obligation
<br />From time to time, the City has issued Industrial Revenue Bonds to provide financial assistance to
<br />private-sector entities for the acquisition and construction of industrial and commercial facilities
<br />deemed to be in the public interest. The bonds are secured by the propertyfinanced and are pay-
<br />able solely from payments received an the underlying mortgage loans. Upon repayment of the
<br />bonds, ownership of the acquired facilities transfers to the private-sector entity served by the bond
<br />issuance. Neither the City, the State, nor any political subdivision thereof is obligated in any man-
<br />nerfor the repayment of the bonds. Accordingly, the bonds are not reported as liabilities in the
<br />accompanying financial statements.
<br />As of December 31, 2001, there were eighty-four series of Industrial Revenue Bonds outstanding.
<br />The aggregate principal amount payable for seven series issued after July 1, 1995, was
<br />$26,688,095. The aggregate principal amount payable for the seventy-four series issued prior to
<br />July 1,1995, could not be determined; however, their original issue amounts totaled $164,989,215.
<br />Note 16. Postemployment Benefits
<br />In addition to the pension benefits described in Note 4, the City provides postemployment health
<br />care benefts, as authorized by IC 5-10-8, to retired police offcers and firefighters who reach normal
<br />retirement age while working for the City. The retirees must pay the employee and employer
<br />assessments to remain eligible. Currently, ninety-three retirees meet these eligibility requirements.
<br />Expenditures for those pvstemployment benefits are recognized on spay-as-you-go basis. During
<br />the year ended December 31, 2001, expenditures of $452,201 were recognized for post-
<br />employmentbenefits.
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