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1 <br />DEBT SERVICE FUND II <br />The Debt Service Fund is used to account for the payment of principal and interest II on general obligation bonds issued by the City. They are retired out of the receipts <br />of ad valorem levies established for that purpose. Revenue and Special Assessment <br />bonds are not included in this group. They are serviced out of their respective funds. I <br />The fund is used to retire the Municipal Building Bonds of 1970. <br />SPECIAL ASSESSMENT FUND <br />The Special Assessment Fund is established to account for the receipt and disbursement <br />of bond proceeds or other sources obtained to finance improvements which are to be <br />paid for wholly or in part from special assessments levied against benefited property. <br />The fund also accounts for assessments levied against individual property owners and I <br />use the assessments collected to retire the Improvement Bonds of 1974. <br />PUBLIC ENTERPRISE FUND <br />The Public Enterprise Fund is used to account for the financing of services to the <br />general public where all or most of the costs involved are recovered by charges to <br />users of such services. Any revenue bonds issued are serviced out of the net revenues <br />of the enterprise. ' <br />Water and Sewer Fund - This fund was established to account for the operation of <br />the City -owned water and sewer system. ' <br />1 <br />GENERAL FIXED ASSETS <br />This separate group of accounts contains the fixed assets of the City, other than <br />those accounted for in the enterprise funds. I <br />1 <br />GENERAL LONG -TERM DEBT GROUP OF ACCOUNTS <br />This group of accounts contains the long -term debt of the City resulting from general <br />obligation bonds issued. The debt is an obligation of the City as a whole and not of <br />individual funds. <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />