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LUNG -TERM FINANCIAL PLAN <br />Page Twenty -Seven <br />After construction of public improvements in the Silver <br />Lake Woods project a balance of $586,039 remained as of <br />December 31, 1983. An opinion received from the City <br />Attorney states that these monies may be used for any <br />public improvement project authorized by Chapter 26 of <br />the City Code. Pursuant to Resolution No. 1760, <br />$176,000 was designated as a reserve for debt service of <br />the projects outstanding bonded indebtedness. A balance <br />of $410,000 remains available for public improvement <br />projects. While monies of the fund may be used for any <br />project authorized pursuant to Chapter 26 of the City <br />Code it is recommended that the fund's monies be <br />designated for street maintenance and construction. <br />Such a designation would ensure a partial source of <br />funding for the City's street maintenance program, as <br />outlined in a recent street maintenance study, for a <br />number of years. <br />Pursuant to Council direction the 1985 budget will <br />contain monies to be placed in a reserve for equipment <br />purchases for the purchase of squad cars. Staff <br />recommends that, as far is practicable, this practice be <br />expanded in future years to other vehicles and <br />equipment. <br />In the Spring of 1984 a Special Projects Fund was <br />established by ordinance. Proceeds of the cash <br />defeasance of several bond issues were placed in the <br />fund. The ordinance provides that the monies of the <br />fund be used for the purchase of capital items for <br />all City funds but the Utility Funds. As of June 30, <br />1984 the balance in the fund was approximately <br />$623,000. Staff recommends that, as far as practicable, <br />only the interest earnings of the fund be used to <br />finance capital items. It is estimated that interest <br />earnings of the fund will be approximately $42,000 in <br />1985 and subsequent years if the principal remains at <br />current levels. <br />4) General Obligation Bonds - General obligations bonds may <br />be issued to Einance various capital items subject to <br />State laws and City Charter provisions. Tax reserves <br />would be pledged to repay the bonds. <br />