Resolution - #79-02 - 01/08/1979

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Special Revenue Funds (Cont'd) (2) _D_e__p_~_r.t_m?._t_ ._A ~c.~_i__v_i_ty 'AcCount Code A. Federal Revenue Sharing 214 - 4961 B. Park 221 - 4552 -2- III. IV. Capital Projects Funds (3): Alt resources used to finance the construction or acquisition of fixed assets and the espenditure of such resources are recorded in Capital Projects Funds. These resources include not only proceeds from the sale of general obligation bonds, but also any grants, transfers, or other revenues authorized for the financing of capital projects. A separate Capital Projects Fund is normall.y established for each authorized project. However, several related projects financed from one bond issue may be accounted for in one fund if there are no provisions in the authorization to the contrary. Generally projects financed from the proceeds from bonds pay- able wholly, or in part, from special assessments, or from revenue producing enterprises, are not included in this group. Debt Service Funds (4): The debt service funds are for bond issues. Consequently, the city will establish a fund for each bond issue. The bond issue funds will be established by the City Council. The City Administrator will establish the account code for each new fund in accordance with reference (a). Special Assessment Funds (5): Funds required by Minn. Stat. Chapter 429, are those funds created to account for the expenses of local improvements financed in whole, or in part, from special assessments. A separate fund is required for each improvement. When construction is completed the fund is discontinued, and the assets are transferred to a separate Debt Service Fund which was created for the payment of obligations issued to finance the improvements. Unexpended cash from bond proceeds in one Special Assessment Fund may be transferred to other Special Assessment Funds as authorized by law.