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CITY OF SOUTH BEND <br />NOTES TO FINANCIAL STATEMENTS <br />(Continued) <br />Cash, cash equivalents, and investments <br />Repair fund $ 171,070 <br />Customer deposits 1,175,410 <br />Revenue bond operations and maintenance account 7,805,576 <br />Capital outlay accounts 14,087,383 <br />Capital outlay accounts -investments 847,351 <br />Repair fund receivable 125,485 <br />interest receivable 14,565 <br />Total restricted assets $ 24,226,840 <br />Gain on Sale/Leaseback of Leighton Parking Garage <br />During 2000, the City completed construction ofthe Leighton Parking Garage and capitalized the cost <br />of the garage, $11,439,712, in the Parking Garage Fund, an enterprise fund. On December 1, 2000, <br />the City sold the garage to the South Bend Transportation Company (TRANSPO) for $3,000,000 as <br />part of asale/leaseback agreement. The proceeds were receipted into the County Option Income Tax <br />Fund. This fund is also making the future lease payments to TRANSPO. <br />The present value of the lease, $1,960,044, is the new basis for the parking garage. As part of this <br />sale/leaseback, the Parking Garage Fund recognized a deferred loss of $8,439,712, which is being <br />amortized over the fifteen year life of the lease. <br />J, Property Held For Resale <br />The City's Redevelopment Commission has purchased properties in blighted areas for redevelopment <br />and subsequent resale. At December 31, 2002, the market value of these properties was not known. <br />These properties are recognized as assets in the funds that purchased the property. <br />K. Restatements and Reclassifications <br />For the year ended December 31, 2002, certain changes have been made to the financial statements <br />to more appropriately reflect financial activity of the government. The following schedule presents a <br />summary of restated beginning fund equity balances. Prior period adjustments represent corrections <br />to redevelopment properties held for resale, recognizing a capital asset previously recognized in the <br />general fixed assets account group, restating lives of fixed assets for the Blackthorn Golf Course, <br />deleting assets under $5,000 for the Blackthorn Golf Course, and reporting water repair fund as part <br />of the Water Utility instead of the Wastewater Utility. <br />50 <br />