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Debt ServiceFunds. Debt Service funds are used to account for the <br />accumulation of resources for, and the payment of, general long term debt <br />principal 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 Minnesota Statutes regarding <br />debt issuance. Each debt issue shall be treated as a separate fund activity under <br />one main Debt Service Fund. All assets, liabilities, fund equity, payments, and <br />revenues 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). The <br />following are the City's Capital Project Funds: <br /> <br />(a) <br /> <br />(b) <br /> (1) <br /> (2) <br /> <br />(c) <br /> (1) <br /> <br />(2) <br /> <br />(3) <br /> <br />d) <br /> <br />(a) <br /> <br />(b) <br /> (1) <br /> (2) <br /> (3) <br /> <br />Municipal State Aid Construction Fund (MSA). <br />The MSA Fund shall be used to account for state-aid allotments used by the City <br />for improvement projects to thoroughfare streets designated as MSA streets within <br />the City. <br /> <br />Funding shall consist of the following sources: <br />Annual MSA allotments; and <br />Interest earnings on the MSA Fund from the <br />earnings. <br /> <br />distribution of pooled interest <br /> <br />Expenditures shall consist of the following uses: <br />Transfers to the Landfill Expendable Trust Fund, ending in 1996, t o repay State- <br />Aid bonds issued in 1991; and <br />Transfers to the General Fund annually to cover budgeted general maintenance to <br />state-aid designated streets. This amount will be determined annually during the <br />budget process; and <br />Costs associated with municipal state-aid improvement projects as detailed in the <br />annual Capital Improvement Program or as approved by the City Council. <br /> <br />This fund is not eligible to make loans to other City Funds. <br /> <br />Public Improvement Revolving Fund (PIR). <br />The PIR Fund shall be used to account for revenues and expenditures in <br />conjunction with the City's share of the annual Street Maintenance Program. <br /> <br />Funding shall consist of the following sources: <br />Excess debt service funds from retired bonds; and <br /> <br />A ! 'ng <br /> <br />Page 7 of 13 <br /> <br /> <br />