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City of Centerville <br />March 24, 2011 <br />Page 11 <br />Debt Service Funds <br />Debt service funds are a type of governmental fund to account for the accumulation of resources for the payment of interest <br />and principal on debt (other than enterprise fund debt). <br />Debt service funds may have one or a combination of the following revenue sources pledged to retire debt as follows: <br />Property taxes-Primarily for general City benefit projects such as parks and municipal buildings.Property taxes <br />may also be used to fund special assessment bonds which are not fully assessed. <br />Tax increments-Pledged exclusively for tax increment/economic development districts. <br />Capitalized interest portion of bond proceeds-After the sale of bonds, the projectmay not produce revenue (tax <br />increments or special assessments) for a period of one to two years.Bonds are issued with this timing difference <br />considered in the form of capitalized interest. <br />Special assessments-Charges to benefited properties for various improvements. <br />In addition to the above pledged assets, other funding sources may be received by Debt Service funds as follows: <br />Residual project proceeds from the related capital projects fund <br />Investment earnings <br />State or federal grants <br />Transfers from other funds <br />A comparison of the assets of each fund and the remaining bonds outstanding at year end are as follows: <br />Cash and <br />TemporaryTotalBonds <br />Fund <br />InvestmentsAssetsOutstandingMaturity <br />309Joint Police Station 2005A$52,346$58,991$609,4392021 <br />312G.O. Improvement Bonds of 2004B540,764840,9811,595,0002020 <br />348G.O. Crossover Bonds of 2009B510,946930,5432,430,0002018 <br />349G.O. Improvement Bonds of 2007A815,8151,239,4702,460,0002023 <br />351G.O. Improvement Bonds of 2009A506,0321,446,9233,715,0002025 <br />Total$2,425,903$4,516,908$10,809,439 <br /> <br />