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Pi 'hW...''■I <br />'ii <br />/■ <br />Ir^'f iSiS?;" <br />1 <br />I <br />I^>r <br />p-:-^ <br />''|j^ <br />Ir i. <br />.-" <br />I <br />'AFiiyr; <br />IrM <br />i .:>. <br />I•i'' <br />i-- <br /># <br />■M' <br />I'i * <br />I •!.■ ■ <br />FSa& <br />tip tht City Council and Citizens of the City of OronoluM 1. 1992 <br />rr ScBvicE Ftmos <br />DtbC Sfrvice Funds are used to account for the current year payment of matured principal and interest <br />on kMf-cemi general obligation debt. Sources available for payment of the debt service are provided by <br />apadal aaaauinaitt and general obligation property taxes. <br />Daring 1991, the City issued $4,000,000 in Public Facilities Revenue Bonds through the Housing and <br />Radevelopnient AuOiority (HRA) for the purpose of constructing a City Hall. City offices, police <br />fidlitiei, and Public Works office maintenance and storage buildings. The btmds are sr.cial obligations <br />of the Cky as iaiuer and owner of the land and City Hall during the terms of the bond*. As security for <br />iM bonds, the City htt pledged to make rental payments equal to the annual debt servic.*. The City plans <br />to aMually appropriate City funds available for this purpose. In addition, the City may make a special <br />levy (outside of levy limits) to pay principal and interest on the Housing and Redevelopment AutlKirity <br />bonds as the State has determined that the HRA is a political subdivision and under Suue law a special <br />levy to pay principal and interest on bonds of another political subdivision is allowed A debt service <br />reserve was established from the bond proceeds in the amount of $400,000 to be used only to pay <br />principal and interest on the bonds if current revenue (lease payments) should prove inadequate. <br />The combined fund balance for all Debt Service Funds as of December 31. 1991 was $1,217,247. which <br />represents a decrease of $67,693 from 1990. which includes the transfer of $349,353 from the I966-76 <br />Improvement Bonds Fund to the Building Capital Outlay Fund <br />C ahtal Fkqiect Funds <br />Capital Project Funds are used to at <br />traction of major capital facilities*-*j I ‘ I <br />Municipal State «aid con ^uition Fi;nd <br />The Municipal State-Aid Construction Fund is used to account for State-aid construction revenue <br />and the use of that revenue for improvements to thoroughfare roads within the City. <br />The <^cit hind balance as of December 31. 1991 was $402 <br />PtKMANENT IkOIMIVEMCNT REVOLVING FUND <br />The Permanent Improvonent Revolving Fund provides finding for a>nstructk>n costs prior to <br />obtaining pmman^ financing or levying of assessntents against benefitted properties for those <br />projects hinded directly. Within this fund there is also an account for majirf' road and bridge <br />repairs, oonstraetton. or maintenance The undesignaied fond balance as of Decembtf 31. 1991 <br />was $21.$76, a deerMse of $106,903 fmm 1990 The 19$$ Street and Storm Sew« <br />improvement omts are to be fonded from dedicned Municipal StiUe-Aid Fund revenue of <br />nM,000 V)d from Oeneril Fund revenue of approximately $210,000 to be paid ovm tmt yc»s <br />At the mid of 1991, $10,000 of Municipal Stme-Aid has not been received The General Fund <br />made no installment in 1991 <br />7. <br />.......... <br />4 <br />i <br />I <br />% <br />4