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The License Center Fund accounts for funds collected by the City from the sales of auto and recreational licenses and the expendimres incurred for providing those services. These funds are used for the payment of general obligation and tax increment bond principal and interest. Property taxes, assessmenu to benefitted properties and tax increments provide the necessary revenue. The City has $19,085,000 in general obligation improvement bonds, and $25,320,000 in general obligation tax increment bonds outstanding at the end of 1995. ('ani al Prn;�rtc F,�dc Capital projects funds are used to account for financiai resources used for the acquisition of capital facilities and equipment. The Permanent Improvement Fund accounts for expenditures made during the construction, renovation or installation of facilities of a percnanent nature. Revenue to finance these unprovements came from general properry taxes, interest and inter-governmental revenue. Expendimres of $i,433,643 were made from this fund in 1995. The Equipment Fund accounts for the purchase of heavy machinery and other motorized type equipment. Revenue for the financing of this equipment comes &om the user deparnnent, interest, inter-govemmental revenue, and property taxes. 1995 expenditures made from tYris fund were $451,509. The Recreation Facilities Fund accounts for proceeds from the Series 1995 Bond Issue to purchase recreational land and to construct recreational facilities. The Minnesota State Aid fund accounts for revenues and expenditures which are to be used for the construction and reconstruction of projecu to be funded with State Aid monies. The Infrastructure Replacement fund accounts for revenues and expenditures related to replacement of public improvemenu which are being prunarily funded from a special ta� levy. The Special Assessment Construction fund accounts for all monies which aze directly associated with public improvements funded from special assessmenu. The Economic Incremenu Construcdon Fund was established in 1990 to account for the revenues and expendirures of additional incremenu received in excess of the bonded ta�c increment debt service. The Construction Reserve was established in 1992 to account for the revenue associated with defeased and cailed bond issues and expenditures for improvemenu of a permanent nature. The Tax Increment Project Fund was established to account for the revenues and expendinues for the vazious projecu associated with the creation of the various tax increment financing districts. 7