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• <br /> TOWN OF MASHPEE, MASSACHUSETTS <br /> NOTES TO FINANCIAL STATEMENTS <br />• JUNE 30 , 1980 <br /> (4) General Long-Term Debt Accounts <br /> • These accounts represent the liabilities <br /> for long-term debt and retirement thereof. <br /> Under the provisions of state statutes, the <br /> Town is reimbursed for a portion of the debt <br />• service requirements which was incurred' to <br /> finance school construction. Such reimburse- <br /> ments are included in General Fund revenue. <br /> II. LOANS AUTHORIZED AND UNISSUED <br /> • Loans authorized and unissued consisted of the <br /> following: <br /> General Fund $ 6, 600 <br /> • Special Revenue Fund 24, 197 <br /> Federal Disaster Relief $ 30 ,797 <br /> III . PENSION PLAN <br /> • The Town participates in the contributory <br /> retirement system of Barnstable County that is <br /> partially funded by employee contribution. The Town <br /> meets its share of the cost on a pay-as-you-go basis <br /> • by paying annually to the County system the amount <br /> determined by the State' s Division of Insurance. <br /> Such amount is a legal obligation of the Town and is <br /> required to be included in its annual tax levy. The <br /> retirement system covers substantially all Town <br /> • employees except school teachers, whose pensions are <br /> paid by the Commonwealth of Massachusetts . The <br /> expenditures for the year ended June 30, 1980 , were <br /> $ 77 ,760 . <br /> IV, LITIGATION <br /> • <br /> The Town has been named as a defendant in a number <br /> of lawsuits at June 30, 1980 . Several plaintiffs are <br /> seeking damages which, when considered as a whole, would <br /> not result .in a material loss to the Town. <br />• <br /> CHARLES E.DiPESA&CO..BOSTON,MASS.(617)423-3555 - <br />