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i <br /> TOWN OF MASHPEE, MASSACHUSETTS <br /> NOTES TO FINANCIAL STATEMENTS <br /> `i <br /> Year Ended June 30, 1983 <br /> i ' <br /> Note 4. Pension Plans <br /> Teachers and certain administrative and professional employees of the <br /> Town's school department participate in a contributory retirement system <br /> administered by the Massachusetts Teachers' Retirement Board. The Town does <br /> not contribute to this plan. <br /> Substantially, all other Town employees are members of the Barnstable <br /> County Retirement System. Under the provisions of this retirement plan, <br /> employees contribute certain percentages of their pay and are eligible for <br /> retirement benefits after meeting the required age in service criteria. In <br /> addition, the Town contributes to the system an annual amount as directed by <br /> State Division of Insurance, primarily on the basis of projected annual <br /> benefit payments (pay-as-you-go) . This 'pay-as-you-go' method does not <br /> provide for funding of accrued pension liabilities. The Town contribution <br /> to the plan totaled $109, 146 for the year ended June 30, 1983. <br /> Under generally accepted accounting principles, the annual minimum <br /> should include normal cost <br /> provision for pension cost , interest on unfunded <br /> past service cost liability and amortization of unfunded vested benefits for <br /> participants in the pension plan. The amount of unfunded pension liability <br /> of the Barnstable County Retirement System is determined periodically ; <br /> however, the amount of such liability related to participants of the Town of <br /> Mashpee has not been separately reported. <br /> Note 5. Long-Term Debt <br /> State law permits a town, under the provisions of Chapter 44, Section <br /> 10, to authorize indebtedness up to a limit of 5% of its equalized valua- <br /> tion. Debt issued in accordance with this section of the Law is <br /> designated as being "inside the debt limit". In addition, a town is <br /> authorize to incur debt outside of that limit for specific purposes. <br /> Such debt, when issued, is designated as being "outside the debt <br /> limit". The Town's outstanding indebtedness at June 30, 1983 is as follows: <br /> Fiscal Year Interest Outstanding 00 <br /> of Maturity Rate June 30, 1983 <br /> t a <br /> Outside the debt limit: <br /> Library 1985 4.0% $ 2,000 <br /> Middle School 1996 6.0% 2,630,000 <br /> Police and fire station 1999 5.0% 8902399 r <br /> I' C <br /> $3,522,399 <br />