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98 <br /> (Community Services/New City Hall Fund continued) <br /> Tax Increment Bonds totaling $2,650,000 were issued to finance the Community Services <br /> portion of the building. Annual principal and interest payments until the debt is paid off in <br /> 2010 are approximately $250,000 per year. <br /> Water K Sewer Fund ($1,077,660) <br /> The Water & Sewer Fund is an enterprise fund used to provide water and sewer services to <br /> the community. Funding for operation and maintenance of the system is provided on a <br /> user-fee basis, which is based on consumption of water. In 1998, reserves from the Water <br /> and Sewer Fund provided funding for the restoration of the Water Tower at 33rd and <br /> Silver Lake Road. In addition, $350,000 has been dedicated to-the watermain <br /> improvements to the Silver Lake Road Bridge Project. <br /> Stormwater Fund ($32,627) <br /> The Stormwater Fund is a relatively new fund that has been developed in recent years to <br /> provide funding for improvements to the City's stormwater system for 100-Year flood <br /> protection. Funding comes from a variety of sources including, stormwater fees charged to <br /> residential and commercial entities, State and County grants, transfers from other funds and <br /> interest earnings. <br /> Recent projects funded by the Stormwater Fund include the Silver Point Park Project and a <br /> • portion of the Street Improvement Bonds that was issued as part of the 100-Year Project. <br /> It is anticipated that the renovations and reconstruction of the City's stormwater system will <br /> continue for the next several years. <br /> Water Filtration & Purification Fund ($5,050,676) <br /> The Water Filtration & Purification Fund was established and is dedicated to provide safe <br /> drinking water to the residents. The monies in this fund were derived from a cash <br /> settlement that the City received from the United States Army and Honeywell as damages <br /> for contaminating the City's water supply. <br /> Presently, the City Is in last year of a ten-year agreement that provides 90% funding for <br /> operation and maintenance of the carbon filtration plant. Upon completion of the ten-year <br /> agreement, the City will become.100% responsible for the operation and maintenance of <br /> the plant. <br /> The present financial plan in place is to use the annual interest earnings from the money to <br /> fund yearly operation and maintenance costs. Since, the Minnesota Pollution Control <br /> Agency has indicated that contaminates in the water could be in the system for as much as <br /> 100 years, long range financial plans and how these funds can best be used will occur over <br /> the next several years. <br /> • <br />