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COMMUNITY REDEVELOPMENT AGENCY <br />OF THE CITY OF SANTA ANA <br />Notes to the Basic Financial Statements (Continued) <br />Year Ended June 30, 2011 <br />County of Orange Loan <br />During the fiscal year ended June 30, 2011, the Redevelopment Agency paid the County of Orange the <br />remaining balance of $78,306, for a property in the Central City Project Area. <br />CHFA Loan <br />On August 21, 2002, the Agency and the California Housing Finance Agency (CHFA) entered into a <br />commitment and loan agreement for Housing Enabled by Local Partnership (HELP) loan program, in <br />connection with the Cornerstone Village Facade Courtyard Improvement Project. CHFA has made <br />available to the Agency the amount of $2.6 million. Interest accrued at 3% per annum on the balance <br />outstanding, and repayment, including accrued interest, was deferred until 2012. However, during the <br />current year the Agency paid the remaining balance of $369,560. <br />(8) COMPENSATED ABSENCES <br />Accrued vacation of $576,559 represents total vested vacation benefits for all City employees allocated <br />to the Agency. Sick leave benefits are payable to employees for illnesses during employment; or upon <br />termination after 10 years, the employee is entitled to payment equal to 1/3 of up to 200 hours of <br />accrued sick leave. The sick leave liability of $162,026 represents those amounts payable to <br />employees with more than 10 years of employment as of June 30, 2011. <br />(9) PENSION AND POSTEMPLOYMENT HEALTH BENEFITS <br />The City contributes to the California Public Employees Retirement System (CalPERS), an agent <br />multiple- employer public employee defined benefit pension plan. CalPERS provides retirement and <br />disability benefits, annual cost -of- living adjustments, and death benefits to plan members and <br />beneficiaries. CalPERS acts as a common investment and administrative agent for participating <br />public entities within the State of California. The City employees allocated to the Agency participate <br />in the City's pension plan and are included in the City's plan provisions. The plan information, <br />eligibility and funding status can be found in the City's notes to the basic financial statements included <br />in its Comprehensive Annual Financial Report. Three -year trend information for the Agency is as <br />follows: <br />Annual Pension Annual Pension <br />June 30 Cost Cost Contributed Obligation <br />2009 1561042 100% - <br />2010 1591943 100% - <br />2011 1201202 100% - <br />37 <br />