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City of Lino Lakes, Minnesota <br />Management Report, Page 30 <br />Reshanau Lake Estates South <br />This fund was established in 1987 to account for installation of water, sewer, storm sewer and <br />streets in the South Reshanau Lakes Estates subdivision. This project was financed by the <br />Temporary Improvement bonds of 1985 which were subsequently permanently fmanced by the <br />1988 Improvement Bonds. This project was assessed in 1988. There are additional costs that will <br />be incurred for the final wearing surface on the road. We recommend that this fund be closed to <br />the Temporary Improvement Bonds of 1987 when paving is complete. <br />Erickson's <br />This fund was established in 1987 to account for installation of water, sewer, storm sewer and <br />streets in D. Erickson's Second Addition. This project was financed by the Temporary <br />Improvement bonds of 1985 which were subsequently permanently financed by the 1988 <br />Improvement Bonds. This project was assessed in 1988. There are additional costs that will be <br />incurred for the final wearing surface on the road. We recommend that this fund be closed to the <br />1988 Improvement Bonds when paving is complete. <br />Ash Street East Extension <br />This fund was established in 1987 to account for road construction into Otter Bay subdivision. <br />Plans and specs have been ordered. A financing source for this project has not been determined. <br />Otter Bay <br />This fund was established in 1987 to account for City costs associated with the installation of <br />streets and storm sewer in the Otter Bay Development. The City has a developer agreement and <br />has received a contractor's deposit for this project. As of December 31, 1988, the amount of the <br />contractor's deposit was not sufficient to cover City incurred costs. The City does, however, have <br />a letter of credit for $35,000. We recommend the City monitor the expiration date of the letter of <br />credit. We recommend the City monitor this situation to assure reimbursement from the developer <br />and that all deposits held in the Contractor's Deposits Agency Fund be reclassified to the <br />appropriate construction fund as costs are incurred. <br />West Central Sewer and Water Trunk <br />This fund was established in 1987 to account for installation of a sewer and water trunk main <br />on Second Avenue. The project is scheduled for completion in 1989. This project will be funded <br />by the Temporary Improvement Bonds of 1989. <br />