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• Annual budgeted reserve. <br /> • Created by appropriation of annual fund revenues (or fund balance) for <br /> community preservation purposes during the FY. <br /> • May be appropriated for any CPA purpose during the FY. <br /> • Unappropriated balance at year-end closes to fund balance. <br /> • Excess bond proceeds. <br /> • Balance after completion/abandonment of community preservation project <br /> for which debt issued. <br /> • Appropriations from excess proceeds restricted to community preservation <br /> purpose for which borrowing authorized for same or longer term than <br /> original loan. <br /> All obligations, including future debt service, must be identified by accounting <br /> officer if surcharge revoked. <br /> • If uncommitted monies sufficient, surcharge ceases next FY. <br /> • If insufficient, surcharge continues until sufficient monies raised. <br /> Borrowing <br /> (See Chart 3/Bulletin 2003-04B for model borrowing language) <br /> • Community may authorize borrowing under the CPA, G.L. c. 44B, �11, to fund <br /> certain community preservation acquisitions and projects. <br /> • General obligation debt. <br /> • Amount borrowed limited to annual debt service supportable by estimated <br /> surcharge revenues over borrowingterm. <br /> erm. <br /> • Debt service payable from any fund monies available for purpose. <br /> • Bonds and notes may be issued for those borrowings subject to G.L. c. 44, <br /> municipal borrowing statute, as to: <br /> • Purposes — see generally G.L. c. 44, §§7 and 8. <br /> 8 <br />