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MIME <br />City of Lino Lakes, Minnesota <br />Management Report <br />Capital Project Funds <br />The assessment portion which relates directly to current construction costs (lateral <br />assessment charges) is pledged directly to the related debt service fund to retire outstanding <br />bonds. The area and unit charge portion of the assessment roll, however, is governed by the <br />City's policy which was established by Resolution #1 -88. Such area and unit charges are <br />contingently pledged to the related debt service fund in accordance with this policy. These <br />amounts are to be segregated to the Area and Unit Charge Fund and such amounts are transferred <br />on an as needed basis to the related debt service fund. Any surplus accruing above the amount <br />required to retire bonds will be available for expansion of the core water and sewer systems of <br />the City. <br />The 1996 bond proceeds are related to the 4th Avenue trunk utilities and the Cedar Street <br />lift station projects. The MSA revenue is related to the TH49 and Lake Drive project which was <br />financed by the Temporary Bonds of 1994. During 1996, the City implemented a new utility <br />billing system which allows the area and unit charge to be recorded directly to the Area and Unit <br />Fund. Prior to 1996, the charge was recorded in the Water Fund and transferred to the Area and <br />Unit Fund. <br />During 1989 the City amended its procedure relative to adoption of assessment rolls. The <br />amended procedure requires that the City split assessment rolls between the Area and Unit <br />Charge Fund and the related Debt Service Fund. <br />Page 36 <br />