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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 funds also account for assessments levied against individual property owners <br />and use the assessments collected to retire the related bonds. <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 <br />general obligation bonds issued. The debt is an obligation of the City as a <br />whole and not of individual funds. <br />3 <br />