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Debt Administration - Contirw ed
<br />Net direct debt is based on Roseville's outstanding indebtedness less casli and
<br />investments on hand. Net overlapping deUt is Roseville's pro-rata share of
<br />bonded indebtedness for tlie county, school districts and other governmental
<br />agencies that levy taxss within the.City.
<br />On October 1, 1981, $3,420,000 of general obligation temporary improvement
<br />bonds were sold at a net interest rate of 10.23°,. During 1981, $1,230,000
<br />of bonds were retired, leaving the total outstanding indebtedness for the
<br />City on December 31, 1981 at $15,055,000. Below is a tabulation of bonds
<br />issued since January 1, 1970.
<br />/
<br />i
<br />Average Net Interest Cost
<br />Date of Life in Interest Per Borrowed
<br />Issue Amount Years Rate Dollar
<br />10-1-81
<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 />�3,420,000
<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 />3.000
<br />11.055
<br />11.075
<br />11.079
<br />11.505
<br />10.530
<br />11.290
<br />10.661
<br />10
<br />7
<br />5
<br />6
<br />6
<br />S
<br />S
<br />S
<br />230
<br />63%
<br />03a
<br />50%
<br />540
<br />09a
<br />14a
<br />74%
<br />The City's bond rating on October 1, 1981 is as follows:
<br />Moody's Standard
<br />Investor $
<br />Service Poor's
<br />City's 6onds Aa-1 A+
<br />29
<br />84
<br />56
<br />72
<br />75
<br />54
<br />58
<br />61
<br />On April 13, 1981, the City Council adopted a resolution which provided for
<br />Industrial Revenue Financing as permitted under Minnesota Statutes, Chapter
<br />474. This resolution provides policy guidelines, procedures, and application
<br />forms and limited the use of industrial revenue financing to industrial zoned
<br />property. On November 30, 1981, the City Council adopted a resolution which
<br />changed the policy guidelines to accept applications for industrial and
<br />commercial projects and rescinded the policy which limited tlie use of inclustrial
<br />revenue financing to industrial zoned property. As of December 31, 1981, no
<br />Industrial Revenue Bonds had been issued,
<br />Cash Management
<br />Al1 temporary cash surpluses during the year are invested in various securities
<br />which State statutes permit. Investment yields ranged from ll.0o to 16.750
<br />during the year. The 1981 earnings were distriUuted to the folloiaing fund types:
<br />General
<br />Special revenue
<br />Debt Service
<br />Capital projects
<br />Special assessments
<br />Enterprise
<br />Internal service
<br />_q_
<br />� 128,680
<br />14,598
<br />16,143
<br />141,154
<br />840,093
<br />265,756
<br />29,191
<br />�1,435,915
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