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SPECIAL ASSESSMENT FUNDS <br />Special Assessment Funds are established to account for the disposition of bond <br />proceeds or other sources obtained to finance improvements which are to be paid <br />for wholly or in part from special assessments levied against benefited property. <br />The fund also accounts for assessments levied against individual property owners <br />and 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 <br />revenues of the enterprise. <br />Water and Sewer Fund - This fund was established to account for the opera- <br />tion of the City - owned water and sewer system. At the end of 1977 this <br />fund was closed and future operations will be accounted for in the General <br />Fund. <br />GENERAL FIXED ASSETS <br />This separate group of accounts contains the fixed assets of the City, <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 />3 7 <br />