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<br /> <br />City of Arden Hills <br />April 10, 2002 <br />Page Seven <br /> <br />. <br /> <br />Debt Service Funds <br /> <br />The final payment ofthe G.O. Improvement Bonds of 1977, which were refunded in 1985, were fully paid hy the escrow in <br />1997. This allows the remaining $22.246 fund balance to be used for any public purpose. <br /> <br />The Tax Increment Bonds of 1998 were issued in 1998. The debt service on the $3,030,000 obligation will be recorded in this <br />fund. Tax increment collections will provide the resources to pay the bonds, which mature in 2015. <br /> <br />Capital Projects Funds <br /> <br />A summary of all capital projects funds follows: <br /> <br />Total <br /> <br /> Fund Balance (Deficit) Increase <br /> 2001 2000 (Decrease ) <br />$ (107,323) $ 2,394,207 $ (2,501,530) <br /> 1,495,998 1,418,649 77,349 <br /> 162,554 152,771 9,783 <br /> 423,195 385,942 37,253 <br /> 7 .664.289 6.915.221 749.068 <br />$ 9638 711 $ 11 266 790 $ 11 62JWTI) <br /> <br />Municipal Land and Buildings <br />Non-Assessable Road Improvements <br />Capital Equipment <br />Public Safety Capital Equipment <br />Permanent Improvement Revolving (PIR) Fund <br /> <br />. Municipal Land and Buildings <br /> <br />This fund will be used to improve existing City buildings or provide for new buildings. The fund balance decreased <br />$2,501,530 due to financing the construction of the new City Hall. <br /> <br />Non-Assessable Road Improvements <br /> <br />The fund balance of $1,495,998 at year end exists for the completion of future projects such as New Brighton Road, <br />West Round Lake Road. Highway 96 and County Road D. <br /> <br />Capital Equipment <br /> <br />Its purpose will be to accumulate resources to finance major equipment purchases. <br /> <br />Public Safety Capital Equipment <br /> <br />The fund balance of $423,195 will be used for equipment replacement. <br /> <br />Permanent Improvement Revolving (PIR) Fund <br /> <br />The fund balance at year end was $7,664,289, of which $710,050 represents the amount of the unpaid advance to the <br />Economic Development Authority related to the acquisitions of the Indy Kiewicz property. Substantially this entire <br />advance is expected to be repaid to the PIR Fund from Ramsey County reimbursement and remnant parcel sale proceeds. <br />Interest income for 2001 was $464,935. <br /> <br />. <br />