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DEBT SERVICE FUNDS <br />The Debt Service Funds are used to account for the accumulation of resources used for the payment of <br />principal and interest on general long-term debt. <br />1985 Refunding Bond - $705,000 General Obligation Refunding Bond is to refund the $815,000 General <br />Obligation Improvement Bond of 1981. <br />1985 Improvement Bond - $670,000 General Obligation Improvement Bond is to finance street, <br />sealcoating, and storm sewer improvements. <br />1989A Improvement Bonds - $530,000 General Obligation Improvement Bond is to finance several <br />improvement projects construction costs. <br />1989B Tax Increment Bonds - $235,000 General Obligation Tax Increment Bond is to finance water, <br />sewer, and park improvements in TIF Districts No. 1 and 4. <br />1989C Tax Increment Bonds - $235,000 General Obligation Tax Increment Bond is to finance site <br />improvements in TIF Districts No. 1 and 4. <br />1992B Improvement Bonds - $620,000 General Obligation Improvement Bond is to finance public <br />improvements and refund $420,000 of General Obligation Improvement Bond of 1984. <br />1993A Refunding Bonds - $2,225,000 General Obligation Tax Increment Refunding Bond is to refund <br />General Obligation Tax Increment Bond of 1987A. <br />1995A Improvement Bonds - $2,600,000 General Obligation Tax Increment Bond is to finance street <br />improvements in TIF Districts No. 1, 2, and 4. <br />1996A Refunding Bonds - $330,000 General Obligation Tax Increment Refunding Bond is to refund the <br />General Obligation Tax Increment Bond of 1987B. <br />-61- <br />