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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 funds with the total assets and debt remaining to be paid are shown below: <br />People <br />Be o dthe <br />-10- Ntuiibers <br />Cash and Cash <br />Bonds Outstanding <br />Final <br />Temporary with Fiscal <br />Total <br />Source of payment <br />Maturity <br />Debt Service Fund <br />Investments Agent <br />Assets <br />City Fiscal Agent <br />Date <br />Improvement Bonds <br />$ 247,796 $ - <br />$ 486,952 <br />2012B G.O. Improvement Refunding Bonds <br />$ 900,000 $ - <br />02/01/18 <br />Government Building Bonds <br />782,583 - <br />792,665 <br />2006C G.O. Capital Improvement Bonds <br />2,260,000 - <br />02/01/27 <br />2010A G.O. Capital Improvement Bonds <br />3,985,000 - <br />02/01/23 <br />2012A G.O. Capital Improvement Bonds <br />6,390,000 - <br />02/01/33 <br />YMCA Bonds <br />467,829 9,423,440 <br />9,897,147 <br />2007D EDA G.O. Bonds <br />775,000 9,225,000 <br />02/01/17 <br />2013A EDA G.O. Refunding Bonds <br />9,685,000 - <br />02/01/33 <br />Total Debt Service Funds <br />$ 1,498,208 $ 9,423,440 <br />$11,176,764 <br />$23,995,000 $ 9,225,000 <br />Total interest payments <br />$ 5,130,460 $ 338,456 <br />As a result of the 2013A Refunding Bonds <br />issued within the YMCA Bonds fund, $9,423,440 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 />People <br />Be o dthe <br />-10- Ntuiibers <br />