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Economic Development Authority. <br />The Economic Development Authority Fund shall account for all revenues and <br />expenditures associated with City economic development activities within the City. <br /> <br />Funding shall consist of the following sources: <br /> 1) Monies designated from the land.fill closure settlement; and <br />2) Transfers from the Tax Increment Fund in an amount not to exceed ten percent <br /> (10%) of available increments received during the remaining life of each district; <br /> and <br />3) Revenues generated from economic development activities within the City; and <br />4) Interest earnings on the Economic Development Authority Fund from the <br /> distribution of pooled interest earnings. <br /> <br />Expenditures shall consist of the following uses: <br />1) Expenses in conjunction with the operation of the Economic Development <br /> Authority; and <br />2) Salaries, benefits and operating .costs associated with the promotion and <br /> management of economic development activities; and <br />3) Capital expenditures associated with economic development activities within the <br /> City as detailed in the annual Capital Improvement Program or as directed by the <br /> Economic Development Authority and City Council. <br /> <br />Debt Service Funds. Debt Service funds are used to account for the <br />accumulation of resources for, and the payment of, general tong term debt principal <br />and interest. <br /> <br />The City shall maintain one Debt Service Fund with individual fund activities <br />created by staff on an as needed basis as required by statutes regarding debt <br />issuance. Each debt issue shall be treated as a separate fund activity under one main <br />Debt Service Fund. All assets, liabilities, fund equity, payments, and revenues <br />shall be maintained as separate accounts for each activity. <br /> <br />These funds are not eligible for inter-fund loans. However, after retirement of the <br />bonds, these funds may be used at the discretion of the City Council. <br /> <br />Capital Project Funds. Capital Project Funds shall be used to account for <br />financial resources to be used for the acquisition or construction of major capital <br />facilities (other than those financed by Proprietary Funds and Trust Funds). <br /> <br />Municipal State Aid Construction Fund (MSA). <br />The Municipal State Aid Construction Fund (MSA) shall be used to account for <br />state-aid allotments used by the City for improvement projects to thoroughfare <br />streets designated as municipal state aid streets within the City. <br /> <br />Funding shall consist of the following sources: <br /> 1) Annual Municipal State-Aid allotments; and <br />2) Interest earnings on the MSA Fund from 'the distribution of pooled interest <br /> earnings. <br /> <br />Page 4 of 10 <br /> <br /> <br />