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4/97 <br /> <br />CIP FINANCES <br /> <br />REMAINING FINANCING TOOLS: <br /> <br />CONTRIBUTIONS/DONATIONS <br /> <br />Limited funds are available through this mechanism and the amount of <br />money is typically for special one-time items. This may be a source of <br />funding for park or recreation projects. <br /> <br />GRANTS <br /> <br />There are a limited amount of grant programs currently available. Possible <br />grant applications could relate to park development through the Outdoor <br />Recreation program or for the riverbank protection from the Sherburne <br />County Soil and Water Conservation District or street projects from ISTEA <br />funds. <br /> <br />HRA/EDA <br /> <br />Annual revenues are generated through a tax levy as approved by the City <br />Council. Either the EDA or HRA may use its funds on improvement projects <br />such as upgrading the downtown parking lots, or improvement of the <br />riverbank area. Additionally, either agency may approve a TIF project or <br />may issue bonds for appropriate projects provided they are also approved by <br />the City Council. <br /> <br />WATER FUND <br /> <br />This fund is under the jurisdiction of the Municipal Utilities Commission. <br />Funds are available for water related improvements. The Commission needs <br />to plan for future wells, water towers, and major expansions of the trunk <br />utility system. <br /> <br />ELECTRIC UTILITY <br /> <br />This fund is under the jurisdiction of the Municipal Utilities Commission. <br />The Electric Fund currently donates cash to the City in the amount of <br />approximately $150,000 annually for General Fund purposes, but about 50 <br />percent of this money is being used for capital equipment needs as noted on <br />the previous page. Additionally, the electric utility finances all of the ongoing <br />City street electrical expenses within its territory, free of charge to the City. <br />It is unlikely, but the electric fund may help finance one-time special projects <br />as has happened in the past with the Fire Department equipment van. <br /> <br />Page 15 of 16 <br /> <br /> <br />