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CITY 4F SOUTH BEND, INDIANA <br />NGTES TQ GENERAL-PURPOSE FINANCIAL STATEMENTS <br />~Continued~ <br /> Balance Balance <br /> As Reported As Restated <br /> December 31, January 1, <br />Fund T e 2DOD Chan a 20D1 <br />Internal Service: <br />Liability Insurance Prer~um Reserve $ 5D0,072 <br />Fixed Asset Threshold $ 1,529 $ 501,fiD1 <br />Trust and Agency: <br />1925 Police Pension 271,342 <br />GASB 33 and 36 103,91fi 375,258 <br />1937 Firefighters° Pension 807,155 <br />GASB 33 and 36 115, 921 923, 076 <br />Note 18. Defeasance of Bonds <br />In prior years, the City defeased certain serial bonds by placing the proceeds of new bonds in an <br />irrevocable trust to provide for all future debt service payments on the old bonds. Accordingly, the <br />trust accounts and the liability for the defeased bonds are not included in the City's financial state- <br />ments. At December 31, 2001, $3,700,OD0 of bonds outstanding are considered defeased. <br />Note 19. Property Held for Resale <br />The City's Redevelopment Commission has purchased properties in blighted areas far redevelop- <br />mentand subsequent resale. At December 31, 2001, the market value of these properties was not <br />known. These properties are recognized as assets in the funds that purchased the property. <br />Note 20. Construction Work in Progress <br />The following projects are included in construction work in progress as of December 31, 24D1: <br />45 <br />