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<br />(b)Funding shall consist of the following sources: <br /> <br />(1)Developer’s Contributions; and <br /> <br />(2)Interest Earnings on the Storm Water Management Fund from the distribution of <br />pooled interest earnings. <br /> <br /> (c) Expenditures shall consist of the following uses: <br /> <br />(1)Storm Water projects, but which does not include the maintenance of existing <br /> storm system. <br /> <br /> <br />(d) This fund is eligible for inter-fund loans. <br /> <br /> <br />c. Debt Service Funds.(Funds 9300-9399) <br /> Debt Service funds are used to account <br />for the accumulation of resources for, and the payment of, general long term debt <br />principal and interest. <br /> <br /> 1. 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 /> 2. 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 />d. Capital Project Funds. <br />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 />1. Municipal State Aid Construction Fund (MSA) (Fund 9402). <br /> <br /> (a) 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 /> (b) Funding shall consist of the following sources: <br /> (1) Annual MSA allotments; and <br /> (2) Interest earnings on the MSA Fund from the distribution of pooled interest <br />earnings. <br /> <br /> (c) Expenditures shall consist of the following uses: <br /> (1) For the annual payment of debt principal and interest for State-Aid street projects <br />that were financed with General Obligation debt. <br /> (2) 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 /> (3) 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 /> d) This fund is not eligible to make loans to other City Funds. <br />Page 5 of 11 <br /> <br /> <br />