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City of Centerville <br /> March 20, 2013 <br /> Page 10 <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 and <br /> 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 /> • PropeM taxes - Primarily for general City benefit projects such as parks and municipal buildings. Property taxes may <br /> 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 project may 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 /> Temporary Total Bonds <br /> Fund Investments Assets Outstanding Maturity <br /> 309 Joint Police Station 2005A $ 52,162 $ 567,776 $ 1,024,981 2021 <br /> 348 G.O. Crossover Bonds of 2009B 407,990 657,295 2,120,000 2018 <br /> 349 G.O. Improvement Bonds of 2011A 473,815 1,009,080 2,565,000 2019 <br /> 351 G.O. Improvement Bonds of 2009A 772,500 1,574,355 3,585,000 2025 <br /> Total $ 1,706,467 $ 3,808,506 $ 9,294,981 <br /> 952.835.9090 • Fax 952.835.3261 <br /> www.aemepas.com <br /> 121 <br />