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CITY OF ROSEVILLE, MINNESOTA <br />NOTES TO TAE FINA1lCIAL STATEMENTS (CONTINUED) <br />DECEMBER 31, 1978 <br />Note 8- Special Assessment Fund Deficits <br />The�debt service funds within the special assessment fund have a deficit fund <br />balance of $3,858,976 as of December 31, 1978. This deficit represents the <br />unfunded portion of the City's share of the improvement costs. It is the intention <br />of the City to reduce this deficit through annual tax levies. Taxes of $455,966 <br />have been levied for collection in 1974 to reduce the deficit. <br />The resolutions, adopted by Council, authorizing the issuance of the general <br />obligation improvement (sgecial assessment) bonds set forth deferred tax levies <br />which are to be levied annuallq. These levies nay be reduced or cancelled only <br />in accordance with the provisions of Minnesota Statutes. The deferred tax levies <br />are not reflected in the financial statements as of December 31, 1978< <br />The amount of deferred tax levies as of December 31, 1978 are: <br />Sanitary sewer improvement bonds <br />Water improvement bonds <br />General improvement bonds <br />70 <br />$ 113,200 <br />795,804 <br />6,780,050 <br />$7 689,054 <br />