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Complete Report - Fayette County Government

Complete Report - Fayette County Government

Fayette

Fayette County, Georgia Water System Renewal and Extension Account Comments For The Fiscal Year Ended June 30, 2012 The various bond resolutions require the creat ion of an account designated as the "Fayette County Water System Renewal and Extension Fund" which is to be held separate and apart from its other funds . The purpose of the fund is to serve as a repository for net revenues generated from the operations of the water utility and not needed for debt service or working capital. The resolutions require monthly transfers into this account of any net revenues remaining after the required monthly transfers to the Debt Service Fund. However, the amount to be transferred is to be reduced by a working capital reserve to be determined by the chief fiscal officer of the County. The working capital reserve should represent an amount not greater than one month's estimated operating and maintenance costs. Disbursements made from the Renewal and Extension Fund are restricted to payment for: a) Interest and principal on the bonds in the event that sufficient moneys are not available in the Bond Sinking Fund; b) An emergency having a major effect on the System; c) Making replacements, additions, extensions and improvements to the System and acquiring equipment deemed reasonable, necessary and in the best interest of the System and bondholders; d) Charges for investment services; and e) Transfer of moneys pursuant to the arbitrage rebate provisions of the Bond Resolution . - 69 -

Fayette County, Georgia Water System Renewal and Extension Account Schedule of Restricted Assets and Related Payables June 30, 2012 Current Assets: Restricted Assets: Cash and Cash Equivalents Noncurrent Assets: Restricted Assets: Cash and Cash Equivalents Total Restricted Assets - Renewal And Extension Account Current Liabilities Payable From Restricted Assets: Accounts Payable Total Current Liabilities Payable From Restricted Assets - 70- $ 63,881 6,355,904 $ 6,419,785 $ $ 63,881 63,881

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