|
bt Administration
<br />Net bonded debt per capita, and the percentages of net debt to assessed value
<br />and to market value are useful indicators of the City's debt position. Debt
<br />statistics for the City as of December 31, 1983 are as follows:
<br />Percent of Perce�t of Debt Per
<br />Amount Assessed Value Market Value Capita
<br />Net direct debt $ 6,781,551 2.13 .51 $188.80
<br />Net overlapping debt 7,066,440 2.20 ,53 196.73
<br />Total 1983 $13,847,991 4.33 1.04 $385.53
<br />Tota1 1982 $20,297,826 6_82 1_58 $570.64
<br />Net direct debt is based on Roseville's outstanding indebtedness, less cash and
<br />investments on hand. Net overlapping debt is Roseville's pro-rata share of bonded
<br />indebtedness for the county, school districts, and other governmental agencies that
<br />levy taxes within the City.
<br />During 1983, $4,655,000 of bonds were retired, including $3,420,000 of bonds issued
<br />October 1, 1981, leaving the total outstanding indebtedness for the City on
<br />December 31, 1983 at $14,240,000. Below is a tabulation of bonds issued since
<br />January 1, 1970 and sti11 outstanding.
<br />Average Net Interest Cost
<br />Date of Life in Interest Per Borrowed
<br />Issue Amount Years Rate Dollar
<br />6- 1- 83
<br />9- 1- 80
<br />11- 1- 77
<br />5- 1- 7 5
<br />5- 1- 7 5
<br />5- 1- 7 2
<br />5-1- 7 2
<br />7- 1- 71
<br />$5,125,000
<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 />8.171
<br />11.055
<br />11.075
<br />11.079
<br />11.505
<br />10.530
<br />11.290
<br />10.661
<br />8.41%
<br />7.63%
<br />5.03%
<br />6.50%
<br />6.54%
<br />5.09%
<br />5.14%
<br />5.74%
<br />The City's bond rating on December 31, 1983 is as follows:
<br />City's Bonds
<br />Moody's Standard
<br />Investor &
<br />Service Poor's
<br />Aa- 1 AA- 1
<br />.69
<br />.84
<br />.56
<br />.72
<br />.75
<br />.54
<br />.58
<br />.61
<br />During 1981, the City Councii adopted a resolution which provides policy guidelines,
<br />procedures and application forms for Industrial Revenue Financing as permitted under
<br />Minnesota Statutes, Chapter 474. On August 30, 1982, $3,000,000 Commercial
<br />Development Revenue Notes of 1982, Series A and B, were issued to Heco, Inc., a
<br />Minnesota Corporation. As of December 31, 1983, this has been the only use of
<br />Industrial Revenue Financing.
<br />- 5-
<br />
|