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125 <br />City of Elk River <br />Nonmajor Governmental Funds <br />Special Revenue Funds <br />Special revenue funds are established to account for specific revenue or other sources that are <br />designated for financing particular functions or activities as required by deferral regulations , <br />Minnesota Statute, local ordinances, or specific grant agreements. Most of the special revenue funds <br />are related to specific federal and state housing programs or grants for specific activities. <br />Capital Projects Funds <br />Capital project funds are established to account for the resources used for the acquisition of capital <br />facilities and infrastructure for the City with the exception of those financed by the enterprise <br />funds. <br />Debt Service Funds <br />The Debt Service funds are established to account for the collection of ad valorem taxes , special <br />assessments, and tax increment revenue transfers as well as the payment of principal and interest of <br />general long-term debt. <br />Page 315 of 637