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�et direct debt is based on Roseville's outstanding indebtedness, less cas}i and investments on hand. Net overlapping debt is 2oseville's pro-rata share of bonded indebtedness for the county, school districts, and other governmental agencies that levy taxes within Uie C.ity. Uuring 1982, $1,285,000 of bonds were retired, leaving the total outstanding indebtedness for the City on Uecember 31, 1932 at y13,770,000. Below is a tabulation of bonds issued since January 1, 1970. Date of Issue 10-1-81 9-1- 80 11-1-77 5-1-75 5-1-75 5-1- 72 5-1-72 7-1-71 Amount $3,420,000 z,ais,000 1,600,000 1,130,000 850,000 1,495,000 2,040,000 2,950,000 Average Li £e in Years "s.000 11.055 11.075 11.079 11.505 10.530 1L 290 10.661 Net Interest Rate 10.230 7,630 5.03% 6.50°0 6.54% 5,090 5. 14°0 5.74a Interest Cost Per Borrowed Dollar 2�J � 84 56 72 75 54 58 61 � The City's bond rating on December 31, 1982 is as follows: Moody's Standard Investor �, Service Poor's City's Bonds Aa-1 A+ During 19II1, the City Council adopted a resolution which provides policy guidelines, procedures and application forms for Industrial Revenue Financing as permitted under Dlinnesota Statutes, Chapter 474. On August 30, 1982, $3,000,000 Commercial Development Revenue Notes oi 1982, Series A and B, were issued to Heco, Inc., a Minnesota Corporation. As of �ecember 31, 1982, this has been the only use of Industrial Revenue Financing. Tax Increment Districts The City Council took action ori October 13, 1982 to form the City's first Development District and two Increment Financing Districts. The City Council is responsible for administering the Tax Increment proiect. Casli Planagement All temporary cash surpluses during the year are invested in various securities which State statutes permit. Investment yields ranged fron 5.25o to 15.00a during the year. 1'he 1932 earnings were distributed to the folloiaing fund types: -S-