6.2. SR 06-02-2014 - Laserfiche WebLink

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Debt Service Funds Debt Service funds are a type of governmental fund to account for the accumulation of resources for the payment of interest and principal on debt(other than enterprise fund debt).Debt Service funds may have one or a combination of the following revenue sources pledged to retire debt as follows: • Property taxes-Primarily for general City benefit projects such as parks and municipal buildings. Property taxes may also be used to fund special assessment bonds which are not fully assessed. • Tax increments-Pledged exclusively for tax increment/economic development districts. • Capitalized interest portion of bond proceeds-After the sale of bonds,the project may not produce revenue(tax increments or special assessments)for a period of one to two years. Bonds are issued with this timing difference considered in the form of capitalized interest. • Special assessments-Charges to benefited properties for various improvements. In addition to the above pledged assets,other funding sources may be received by Debt Service funds as follows: • Residual project proceeds from the related capital projects fund • Investment earnings • State or Federal grants • Transfers from other funds All Debt Service funds with the total assets and debt remaining to be paid are shown below: Cash and Final Temporary Total Bonds Maturity Debt Service Fund Investments Assets Outstanding Date Improvement Bonds $ 447,936 $ 1,027,100 2003A G.O.Improvement Bonds $ 60,000 02/01/14 2012B G.O.Improvement Refunding Bonds 1,525,000 02/01/18 Government Building Bonds 695,029 717,865 2006C G.O.Capital Improvement Bonds 2,535,000 02/01/27 2010A G.O.Capital Improvement Bonds 4,835,000 02/01/23 2012A G.O.Capital Improvement Bonds 6,975,000 02/01/33 YMCA Bonds 10,123,977 10,135,947 2007D EDA G.O.Bonds 10,000,000 02/01/17 2008A EDA G.O.Bonds 645,000 02/01/15 2013A EDA G.O.Refunding Bonds 9,685,000 02/01/33 Total Debt Service Funds $ 11,266,942 $ 11,880,912 $ 36,260,000 As a result of the 13A Refunding Bonds issued within the YMCA Bonds fund, $9,712,875 of cash is held in escrow which will be used to pay principal and interest on a portion of the debt until$9,225,000 is called on the 07D Bonds in 2017. People +Process® Going Beyondthe -9- Numbers