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2017 and will decertify in 2024. The tax increment pays off a PAYGO Financing <br />Note issued to Distribution Alternatives in 2017. The note is estimated to be paid <br />off in 2024 and any balance left in the fund is anticipated to be used for a future <br />project. <br />•Fund 420, Municipal State Aid (MSA), accounts for the construction, repair and <br />maintenance of MSA eligible city streets. Projects identified in the Capital <br />Improvement Program to be funded completely or partially with MSA dollars have <br />the project’s total expenditure shown as capital outlay in this fund with offsetting <br />other revenue sources such as grants or developer contributions. Municipal State <br />Aid grant dollars are assumed to be requested as eligible projects occur with a <br />goal of getting the City’s total allotment each year. Bond proceeds are projected <br />for Otter Lake Road Extension in 2025. The debt service payments are <br />represented as transfers out to the respective debt service fund which will make <br />the principal and interest payments. <br />•Fund 421, Pavement Management, accounts for street rehabilitation (not full <br />depth reconstruction) of non-MSA eligible city streets. The fund is entirely funded <br />with an operating tax levy. Water and sewer infrastructure repair and <br />maintenance done in conjunction with street rehabilitation are paid for out of the <br />respective enterprise fund(s). <br />•Fund 422, Surface Water Management, accounts for new surface water <br />infrastructure as well as wetland bank activity. Surface Water Management Fees <br />are outlined in the City Fee Schedule and are collected in full as charges for <br />services or collected over time as a special assessment. The fund is currently <br />showing a negative cash projection as no assumptions have been made in <br />regards to the sale of wetland credits. If the Wetland Bank No. 3 project moves <br />forward, wetland credit sales will eventually be realized from that project. <br />Wetland Bank No. 3 is currently proposed to be funded with a interfund loan from <br />the Sewer Fund (602). Bond proceeds are projected in 2025 for Otter Lake Road <br />Extension. The debt service payments are represented as transfers out to the <br />respective debt service fund which will make the principal and interest payment. <br />•Fund 423, Street Reconstruction, accounts for street reconstruction of non-MSA <br />eligible city streets. Street reconstruction projects are completed every 3 years <br />and funded with bond proceeds. A new capital project fund is created for each <br />project to track the expenditure of bond proceeds. These funds are available to <br />supplement bond proceeds or other funding sources. <br />•Fund 425, Park & Trail Improvements, accounts for the improvement of current <br />city parks and trails. Projects primarily include the replacement of playground <br />equipment. The fund is entirely funded with an operating tax levy. The Park <br />39