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Proposed Components of a Trunk Utility Fund Policy <br />^ The City will levy, collect, and retain revenue from all special assessments for <br />projects funded through the Trunk Utility Fund. <br />^ The City Council will determine when expansion will be made within the urban <br />service area. <br />^ The City Council will determine and approve any future expansion of the urban <br />service area. <br />^ Elk River Municipal Utilities may request funding for trunk water facilities not <br />included as part of a special assessment project. <br />^ City Council approval is required before any projects to be funded out of this fund <br />may begin. <br />^ The Finance department will maintain an accounting of the funds. <br />^ Future revenue from assessments currently levied is to be shared equally between the <br />water and sewer trunk accounts. <br />^ Future assessment revenue will be split based on the proportionate share of levied <br />water improvements and sewer improvements. <br />^ Non-assessed water trunk projects will be paid from the Trunk Utility Fund only if <br />funds exist in the trunk water account. <br />^ Non-assessed sewer trunk projects will be paid from the Trunk Utility Fund only if <br />funds exist in the trunk sewer fund. <br />^ This fund maybe used only for trunk connections or improvements in the area fox <br />which the assessments were collected. <br />^ The City retains ownership of the funds in the Trunk Utility Fund and has the right <br />to change this policy at any time as it deems appropriate. <br />^ As of June 16, 2008, the balance for water trunk revenue is $691,207.68. <br />