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City of Elk River <br /> May 17,2013 <br /> Page 9 <br /> I <br /> 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).Debt Service funds may have one or a combination of the following revenue <br /> 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 /> All Debt Service ftmds with the total assets and debt remaining to be paid are shown below: <br /> Cash and Final <br /> Temporary Total Bonds Maturity <br /> Debt Service Fund Investments Assets Outstanding Date <br /> Improvement Bonds $ 2,215,569 $ 2,953,960 <br /> 2003A G.O.Improvement Bonds $ 150,000 02/01/14 <br /> 2005A G.O.Improvement Bonds 450,000 02/01/16 <br /> 2007C G.O.Improvement Bonds 1,850,000 02/01/18 <br /> 2012B G_O.Improvement Refunding Bonds 1,525,000 02/01/18 <br /> Government Building Bonds 802,165 824,208 <br /> 2006C G.O.Capital Improvement Bonds 2,665,000 02/01/27 <br /> 2010A G.O.Capital Improvement Bonds 5,250,000 02/01/23 <br /> 2012A G.O.Capital Improvement Bonds 6,975,000 02/01/33 <br /> MPFA Loan 3,271 3,271 <br /> State-Aid Road Bonds 499,000 08/20/13 <br /> YMCA Bonds 399,928 411,141 <br /> 2007D EDA G.O.Bonds 10,000,000 02/01/33 <br /> 2008A EDA G_O.Bonds 945,000 02/01/15 <br /> Total Debt Service Funds $ 3,420,933 $ 4,192,580 $ 30,309,000 <br /> 952.835.9090 • Fax 952.835.3261 <br /> www.aemcpas.com <br />