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City of Lino Lakes, Minnesota <br />Management Report <br />Capital Project Funds <br />The transfers from the tax increment funds represent partial reimbursement for cost of the <br />West Central Trunk sewer main which serves Rice Lake Estates (TIF 1 -1) and Sunrise Meadows <br />(TIF 1 -2). <br />Designations of balances required for debt service is necessary to define discretionary <br />construction balances available to the City. The financing plan for the following bond issues <br />have pledged area and unit charges for the repayment of debt service: <br />Improvement Bonds of 1992A <br />Improvement Bonds of 1996A <br />Water Revenue Bonds of 1992B <br />Water Revenue Bonds of 1996B <br />The Improvement Bonds of 1992A have future scheduled property tax levies totaling <br />$2,510,930. However, the City charter prohibits the City from making a levy on this bond issue. <br />The City has used area and unit charges in lieu of tax levy to repay these bonds. <br />The Water Revenue Bonds of 1992B have future debt service requirements totaling <br />$1,265,741 (principal and interest). The City annually transfers amounts from the Area and Unit <br />Charge Fund to the Water Fund sufficient to cover the debt services of The Bonds of 1992B. <br />During 1997 revenues were sufficient in the Water Fund to cover the debt service requirements <br />and a transfer was not required. <br />It is the City's intention to repay the Water Revenue Bonds of 1992B and 1996B with <br />revenues of the Water Fund. If revenues are not sufficient to meet the debt requirements funds <br />will be transferred from the Area and Unit Charge Fund. <br />Page 35 <br />