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NOTE 1— SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Private Developer Special Revenue Fund — This fund is used to account for monies deposited from developers to offset city administrative costs. 2011A Armstrong/Bunker Bond Debt Service Fund — The $4,365,000 Series 2011A bonds were repaid with annual allotments of Municipal State Aid and an annual assessment per the assessment agreement between the city of Ramsey and Hageman Holdings for the improvements that were necessary for the future Legacy School. These bonds were paid off and the fund was closed in the current year. Public Improvement Revolving Capital Project Fund — This fund is used to account for the resources to be used to finance the City's share of the annual street maintenance program. Public Works Campus Capital Project Fund — This fund is used to account for the resources to be used for the construction of the public works campus. The City reports the following Major Proprietary Funds: Water Utility Fund — This fund is used to account for the operation of the city -owned water system. Sewer Utility Fund — This fund is used to account for the operation of the city -owned sewer system. Street Light Utility Fund — This fund is used to account for the operation of city -owned streetlights within subdivisions and the priority streetlights throughout the City. Recycling Utility Fund — This fund is used to account for the operation of the City's curbside recycling program and annual recycling days. Storm Water Utility Fund — This fund is used to account for the operation of the city -owned stoiui water system repair and upkeep. The City also reports the following fund types: Internal Service Fund — This fund is used to account for the City's insurance refunds, dividends, and other miscellaneous insurance related revenues, and to provide for self -insuring the deductible portions of the City's insurance policies Custodial Fund — This fund is used to account for property purchased on behalf of the state and the related liability for future state highway improvements. E. Cash and Investments Cash balances from all funds are combined and invested to the extent available in short-teini investments. Earnings from the pooled investments are allocated to the individual funds based on the average monthly cash and investment balances of the respective funds. The Minnesota Municipal Money Market (4M) Fund is an external investment pool regulated by Minnesota Statutes that is not registered with the Securities and Exchange Commission (SEC). The City's investment in this fund is measured at the net asset value per share provided by the pool, which is based on an amortized cost method that approximates fair value. The UBS Select Prime Industrial Fund is an external investment pool that operates in conformity with the Securities and Exchange Commission's rules and is assigned a AAA rating by Moody's. 64