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1985 LONG TERM FINANCIAL PLAN <br />Page Thirty -Five <br />r <br />when future purchases can be projected with a urac . <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 all <br />City tunas but the utility Fundb. AS vI uecevuuei 31, <br />1985 the balance in the fund was $1,467,854. <br />Staff recommends that, as far as practicable, only the <br />interest earnings of the fund be usad to finance capital <br />items. It is estimated that interest earnings of the <br />fund will be approximately 564,000 in 1986 and subsequent <br />years if the principal remains at current levels. <br />4. General Otligation Bonds- General obligation bonds may <br />be issued to finance various capital iteni; subject to <br />State laws and City Charter provisions. Tax reserves <br />would be pledged to repay the bonds. <br />