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NOTE 1— SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2011A Armstrong/Bunker Bond Fund — The $4,365,000 Series 2011A bonds will be 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. 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. Road Reconstruction/Overlay Capital Project Fund — This fund is used to account for all expenditures related to the reconstruction and overlay projects as outlined in the city's Long-Teini Street Maintenance Plan. Public Facilities Construction Capital Project Fund — This fund is used to account for the resources to be used for land acquisition and the construction of public facilities. Puma/Bunker Street Improvement Capital Project Fund — This fund is used to account for the resources used to finance the construction of Puma Street and Bunker Lake Boulevard near the City's new business park. 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 stoiiii 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 Agency Fund — This fund is used to account for assets held by the City in the capacity of agent. The City maintains one Agency Fund to account for deposits held for developers as security for various services. In addition it accounts for property purchased on behalf of the state and the related liability for future state highway improvements. 64