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City of Little Canada <br />May 24, 1989 <br />Page 5 <br />equal to the past (and 1989) cash transfers from the General Fund. <br />At the discretion of the City Council this balance could be rede- <br />signated toward the Fire Station /City Hall project. <br />4. STREET OVERLAY CONSTRUCTION FUND: <br />o The balance in the City's Street Overlay Construction Fund repre- <br />sents monies previously set aside by the City Council for such pur- <br />poses. Such balance may or may not be required for future street <br />overlay projects. If not, this balance ( or a portion thereof) <br />could be redesignated to the Fire Station /City Hall project at the <br />discretion of the City Council. <br />5. CLOSED BOND FUND: <br />o The Closed Bond Fund was established in 1987 to allow the City a <br />vehicle for accumulating reserve balances as special assessment bond <br />issues are fully redeemed. The $253,000 balance at December 31, <br />1988 represents balances accumulated from the Improvement Bonds of <br />1971 and 1973 and the Refunding Bonds of 1978. Such balances were <br />allowed to accumulate. However, account Federal arbitrage regula- <br />tions severely limit a City's ability to accumulate such balances <br />for newer bond issues. Additionally, the City has designated such <br />balance to be used within the local improvement /special assessment <br />area rather than general - purpose area, and the City continues to <br />incur construction deficits which require the use of this reserve <br />balance. Accordingly, the City may not wish to redesignate all of <br />this balance to the Fire Station /City Hall project. <br />e propo'ed Fire tation /C'ty Hall project i current.y estim ed to cos <br />ap oximat ly $1.5 illion. Absent voter r:ferendum the Cit does no <br />t e stat tory au ority t• definit ely re re a bo <br />for th entire mount. 'ccordin-•ly, the City sh ld look to an ac <br />seve 1 sour s to pr vide su finan ng inc <br />d issue or tax -e <br />• <br />ding: <br />have <br />mpt lease <br />mulation of <br />1. Utilization of existing and available reserve balances of approxima- <br />tely $500,000 as follows: <br />*REVISED <br />Amount 12/31/89 <br />Source <br />°General Fund <br />°State Aid Roads Fund <br />°Street Overlay Fund <br />°Closed Bond Fund <br />$ 200,000 <br />146,200 <br />70,000 <br />83,800 <br />TOTAL $ 500,000 <br />Page 89 <br />$ 100,000 <br />146,200 <br />70,000 <br />183,800 <br />$ 500,000 <br />*Per Bob Voto <br />