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DEBT SERVICE FUNDS <br />None of the City’s debt service funds meet the criteria for major fund reporting. Therefore, the combining statements <br />for all individual debt service funds are reported here. The combined totals are reported in the combining nonmajor <br />governmental fund statements at B-1 and B-2. <br />Schedules of revenues, expenditures, and changes in fund balance - budget and actual are also presented here for <br />each individual debt service fund. <br />Nonmajor Debt Service Funds: <br />General Obligation Debt Service Fund - To account for the accumulation of resources for, and the payment of, <br />general obligation indebtedness of the City, excluding debt accounted for as proprietary fund or special <br />assessment debt. The debt service is financed through property taxes and interest income. <br />Library Debt Service Fund - To account for debt service to construct a new library. The debt service is financed <br />through tax increment revenues from the Urban Renewal Agency Debt Service Fund. <br />Special Assessment Bond Debt Service Fund - To account for special assessment receivables and the <br />servicing of the related bonded debt. The debt service is financed through special assessment principal and <br />interest collections and interest income. <br />Urban Renewal Agency Debt Service Fund - To account for the accumulation of tax increment resources and <br />payment of Tax Increment Bonds. <br />