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M.V. ORDINANCE N0. 87- 21 <br />Page -3- <br />accounts for assets belonging to someone other than the Village. <br />(2) Pension Trust Funds are used to account for those governments <br />maintaining their own pension plans. (3) Expendable Trust <br />Funds account for assets held by the reporting government that <br />have been provided to the government through a trust agreement. <br />In this func3 both the principal and the earnings on the <br />principal may be expended in accordance with applicable trust <br />agreementso (4) Non-expendable Trust Funds are similar to <br />Expendable Trust Funds except only the earnings and not the <br />principal may be expended. <br />Each individual fund that the Village maintains will be <br />classified within one of the three fund categories and within one of <br />the eight generic fund typese <br />Section 4. For purposes of this Ordinance the following <br />are classified as Account Groups: <br />A. The General Fixed Asset Account Group and <br />General Long-Term Obligations Account Group are two self- <br />balancing accounts to make a clear distinction between <br />fixed assets related to specific funds and those of general <br />government and between long-term obligations related to <br />specific funds and those of general government. <br />B. General Fixed Asset Group are for property, plant <br />and equipment acquired by governmental and similar fiduciary <br />fund types and are accounted for in the General Fixed Assets <br />Account Group. <br />C. Fixed assets related to specific proprietary funds <br />or trust funds should be accounted for through those funds. <br />All other fixed assets of a governmental unit should be <br />accounted for through the General Fixed Assets Account Group. <br />D. General Long-Term Obligations Account Group are <br />for unmatured long-term obligations backed by the "full faith <br />and credit" of the municipality and are obligations of the <br />municipality as a whole and not of any individual fund. <br />These obligations are accounted for under the General Long- <br />Term Obligations Account Group. Long-term obligations of <br />proprietary funds, special assessment funds and trust funds <br />should be accounted for through those funds. All other <br />unmatured general long-term liabilities of the Village should <br />be accounted for through the General Long-Term Debt Account <br />Groupa <br />Section 5. All prior ordinances inconsistent with this <br />ordinance in whole or in part are hereby repealed to the extent <br />necessary to avoid conflict with this ordinance.