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City of Centerville <br />March 20, 2013 <br />Page 10 <br /> <br />Debt Service Funds <br /> <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 /> <br />Debt Service funds may have one or a combination of the following revenue sources pledged to retire debt as follows: <br /> <br />Property 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 /> <br />Tax increments - Pledged exclusively for tax increment/economic development districts. <br /> <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 /> <br />Special assessments - Charges to benefited properties for various improvements. <br /> <br />In addition to the above pledged assets, other funding sources may be received by Debt Service funds as follows: <br /> <br />Residual project proceeds from the related capital projects fund <br /> <br />Investment earnings <br />State or Federal grants <br />Transfers from other funds <br /> <br />A comparison of the assets of each fund and the remaining bonds outstanding at year end are as follows: <br /> <br />Cash and <br />TemporaryTotalBonds <br />Fund <br />InvestmentsAssetsOutstandingMaturity <br />309Joint Police Station 2005A$ 52,162$ 567,776$ 1,024,9812021 <br />348G.O. Crossover Bonds of 2009B 407,990 657,295 2,120,0002018 <br />349G.O. Improvement Bonds of 2011A 473,815 1,009,080 2,565,0002019 <br />351G.O. Improvement Bonds of 2009A 772,500 1,574,355 3,585,0002025 <br />Total$ 1,706,467$ 3,808,506$ 9,294,981 <br /> <br /> <br /> <br /> <br />