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the necessary revenue. The City has $18,480,000 in generai obligation improvement bonds, and $18,880,000 in general obligaGon ta�c increment bonds outstanding at the end of 1998. anital Pr�jects Funds Capital Projects Funds aze used to account for financial resources used for the acquisition of capitai facilities and equipment. The Permanent Improvement Fund accounts for expenditures made during the construction, renovation or installadon of facilities of a permanent nature. Revenue to finance these improvements came from general p�operty ta�ces, interest and intergovemmental revenue. Expenditures of $1,124,626 were made from this fund in 1998. The Equipment Fund accounts for the purchase of heavy machinery and other motorized type equipment. Revenue for financing this equipment comes from the user department, interest, intergovemmental revenue, and property taxes. Expendiwres from this fund were $757,588 in 1998. 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 aze to be used for the c�nstruction and reconstruction of projects to be funde8 with State Aid monies. The Infrastnicture Regi_acement Fund accounts far revenues and expenditures zelated to replacement of public improvements which are being primarily funded from a special tax levy. The Special Assessment Construction Fund accounts for all monies which aze directly associated with public improvements funded from special assessments. The Economic Increments Conswction Fund was established in 1990 to account for the revenues and expenditures of additional increments received in excess of bonded tax increment debt service. The Construction Reserve Fund was established in 1992 to account for the revenue associated with defeased and called bond issues and expenditures for improvements of a permanent nature. Thz Ta�c Increment Project Fund was established to account for the revenues and expenditures for the vatious projects associated with the creation of the various ta�c increment financing districts. Tax Increment Districts The City Council took action on October 13, 1982, to form a Municipal Development District and two Ta�c Increment Financing Districts, with an additional Development District and Tvc