Laserfiche WebLink
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 />• Prope . 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 funds with the total assets and debt remaining to be paid are shown below: <br />Debt Service Fund <br />Improvement Bonds <br />2012B G.O. Improvement Refunding Bonds <br />Government Building Bonds <br />2006C G.O. Capital Improvement Bonds <br />2010A G.O. Capital Improvement Bonds <br />2012A G.O. Capital Improvement Bonds <br />YMCA Bonds <br />2007D EDA G.O. Bonds <br />2008A EDA G.O. Bonds <br />2013A EDA G.O. Refunding Bonds <br />Total Debt Service Funds <br />Cash and <br />Temporary Total <br />Investments Assets <br />$ 232,550 $ 615,806 <br />737,164 <br />10,006,245 <br />Final <br />Bonds Maturity <br />Outstanding Date <br />$ 1,210,000 <br />02/01/18 <br />753,296 <br />2,400,000 <br />02/01/27 <br />4,415,000 <br />02/01/23 <br />6,685,000 <br />02/01/33 <br />10,017,040 <br />10,000,000 <br />330,000 <br />9,685,000 <br />$ 10,975,959 $ 11,386,142 $ 34,725,000 <br />02/01/17 <br />02/01/15 <br />02/01/33 <br />As a result of the 2013A Refunding Bonds issued within the YMCA Bonds fund, $9,580,144 of cash is held in escrow which will <br />be used to pay principal and interest on a portion of the debt until $9,225,000 is called on the 2007D Bonds in 2017. <br />-9- <br />People <br />+Process. <br />Doing <br />Beyondthe <br />Numbers <br />