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Debt- 2.dninistration �Continued) <br />Net direct debt is based on Roseville's outstanding indebtedness lzss cash and <br />investments on hand. id�t overlapping debt is Rusevill�'s pro-rata share of bonded <br />indebtedness for the county, school districts and other goverirnental agencies that <br />leby taxes withia the City. <br />On September 1, 1980, $2,415,000 of general obligation improvement bonds were <br />sold at a net interest rate of�7.63%. During 1980 5�,315,000 of bonds were <br />reitred leaving the total outstanding indebtedness for the City on December 31, 1960, <br />at $12,865,000. Be1ow is a tabulation of bonds issued since January 1, 1970. <br />Date of <br />Issue <br />9-1- 80 <br />11-1- 77 <br />5-1-75 <br />5-1-75 <br />5-1- 72 <br />5-1- 72 <br />7-1-71 <br />Amount <br />$2,415,000 <br />1,600,000 <br />1,130,000 <br />850,000 <br />1,495,000 <br />2,040,000 <br />2,950,000 <br />Average <br />Life in <br />Years <br />11 <br />11 <br />11 <br />11 <br />10 <br />11 <br />10 <br />O55 <br />075 <br />079 <br />505 <br />530 <br />290 <br />661 <br />Net <br />InCerest <br />Rate <br />7.63% <br />5.03% <br />6.50% <br />6.53% <br />-5.09% <br />5.14% <br />5.74% <br />Interest Cost <br />Per Borrowed <br />Dollar <br />84 <br />56 <br />72 <br />75 <br />54 <br />58 <br />61 <br />The CiLy's bonds continue to have the same rating which they have carried since <br />November 1, 1977. <br />City's Bonds <br />Mco:iy' s <br />Investor <br />Service <br />Aa <br />Stanuard <br />& <br />Poor's <br />A+ <br />As of December 31, 1980, no Industrial Revenue Bonds have been issued. On <br />February 12, 1979, the City Council adopted a resolution which states that a11 <br />requesls for financing industrial, commercial or business projects are permitted <br />under Minnesota Statutes, Chapter 474, will not be considered. This resolution <br />was rescinded by the City Council on April 13, 1981, and replaced by a resolution <br />which provides for policy guidelines, procedures and application forms which <br />would limit the use of industrial revenue financing to industrial zoned property. <br />Cash Manaeement <br />A11 temporary cash surpluses during the year are in'vested in various securities <br />which StaLe staLutes permit. InvesCment yields ranged from 7.0% to 17.5% during <br />the year. The 1980 earnings were distributed to the following fund types: <br />General <br />Special revenue <br />Debt service <br />Capital projects <br />Special assessments <br />Enterprise <br />Tnternal Service <br />3 <br />$110,472 <br />7,328 <br />7,566 <br />66,552 <br />488,144 <br />175,897 <br />5,324 <br />861 283 <br />