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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 />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 />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 theremaining bonds outstanding at year end are as follows: <br />Cash and <br />TemporaryTotalBonds <br />Fund <br />InvestmentsAssetsOutstandingMaturity <br />309Joint Police Station 2005A$55,044$61,712$455,0002021 <br />348G.O. Crossover Bonds of 2009B374,315412,0311,945,0002018 <br />349G.O. Improvement Bonds of 2011A427,360892,9352,215,0002019 <br />351G.O. Improvement Bonds of 2009A879,6661,590,1023,450,0002025 <br />352G.O. Improvement Bonds of 2013A60,711315,7551,485,0002029 <br />Total$1,797,096$3,272,535$9,550,000 <br /> <br />