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12. Assets: Upon the effective date of the annexation of the Town, all of the assets <br /> (inclusive of real property) and fund balances of the Town will become assets and fund <br /> balances of the City. All the records of the Town that pertain to the portions of the <br /> present Town being annexed will become records of the City. All rights and obligations <br /> of the Town existing on that effective date become the rights and obligations of the City <br /> as of that date. The Town will work with the City in obtaining financial assistance from <br /> the State to assist in funding the annexation(?). (Sandy Peine will check on audit <br /> requirements, cost, and timing) <br /> 13. Dedicated Funds of the Town: Any dedicated funds for roads affected by <br /> annexation, shall be turned over to the City within 15 days after the date of the <br /> annexation order. The Town shall forward any accounts receivable to be collected in the <br /> future for dedicated roads on annexed lands to the City. <br /> 14. Rural and Urban Service Districts: The City shall be divided into an urban <br /> service district and a rural service district with boundaries as shown on the attached <br /> Exhibit . Because the Town will not be benefited to the same degree as other lands <br /> by municipal services financed by general taxation, the rural service district shall include <br /> all of the Jenkins Township - - .. - - - •- - • -- - <br /> designated herein as "Area A" and are described on the list attached hereto and made a <br /> part hereof, marked as Exhibit . The parcels in"Area A" shall be included in tho <br /> urban service district. The urban service district shall include all lands within the <br /> boundaries of the City which are not included in the rural service district. <br /> 15. Special Taxing District: The rural service district will be designated as a Special <br /> Taxing District(?)per the Crow Wing County Auditor. with the exception of those <br /> The tax rate of the Rural Service District shall remain at the same tax rate in existence on <br /> the date of the annexation, and shall not be increased to 20%the rate of the City at the <br /> time of annexation. -- - - -• - • -. . .. . .. ... ... .. . .. . . . . . .. .- <br /> City's. The exception to this shall be these areas within the former Town that may, in the <br /> future,be served by water and sewer. Following the date of annexation the tax rate of the <br /> rural service area identified in Exhibit A shall be increased in substantially equal portions <br /> over five (5) years to equality with the local tax rate on property currently existing in the <br /> City of Pequot Lakes' Rural Service District. <br /> 16. Sewer and Water Service: The City has adopted a sewer and water ordinance <br /> which requires appropriate sizing of trunk sewer lines and water facilities. This <br /> ordinance provides for anticipated development as described in the current <br /> Comprehensive Plan and Zoning Ordinance. <br />