Annual_Report_1984_001 - Laserfiche WebLink

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Date of Issue 6-1-83 9-1-80 11-1-77 5-1-75 5-1-75 5-1-72 5-1-72 7-1-71 Amount $5,125,000 2,415,000 1,600,000 1,130,000 850,000 1,495,000 2,040,000 2,950,000 Average Life in Years 8.171 11.055 11.075 11.079 11.505 10.530 11.290 10.661 Net Interest Rate 8.417 7.63% 5.037 6.507 6.54% 5.097 5.14% 5.74% The City's bond rating on December 31, 1984, is as follows: City's Bonds Moody's Standard Investor & Service Poor's Aa-1 AA-I Interest Cost Per Borrowed Dollar 69 84 56 72 75 54 58 61 During 1981, the City Council adopted a resolution which provides policy guidelines, procedures and application forms for Industrial Revenue Financing as permitted by Minnesota Statutes. As of December 31, 1984, the following Industrial Revenue Financing had been completed: 1. $3,000,000 Commercial Development Revenue Note of 1982 - Heco, Inc. 2. $5,000,000 Industrial Development Revenue Note of 1984 - Advance Circuits, Inc. 3. $900,000 Commercial Development Revenue Note of 1984 - Health Resources, Inc. Tax Increment Districts The City Council took action on October 13, 1982, to form the City's first Development District and two Tax Increment Financing Districts. In 1984, an additional Development District and Tax Increment Financing District was created. The City received $30,456 in 1984 for the property tax incremental values from the districts formed in 1982. The City Council is responsible for administering the tax increment projects. Cash Mana�ement All temporary cash surpluses during the year are invested in various securities which State statutes permit. Investment yields ranged from 5.25% to 12.10; during the year. The 1984 earnings were distributed to the following fund types: General $ 190,890 Special revenue 26,832 Debt service 6,033 Capital projects 112,670 Special assessments 856,512 Enterprise 240,932 Internal Service 51,953 Total $1,485,822