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Percent of Percent of Debt Per
<br />Amount Assessed Value Market Value Capita
<br />Net Direct Debt $ 6,486,512
<br />Net Overlapping Debt 7,999,464
<br />Total 1985 $14,485,976
<br />Total 1984 $14,449,560
<br />1.91
<br />2.36
<br />4.27
<br />4.25
<br />.47 $183.91
<br />.59 226.81
<br />1.06 410.72
<br />1.08 403.96
<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
<br />bonded indebtedness for the county, school districts, and other governmental
<br />agencies that levy taxes within the City.
<br />During 1985 General Obligation Tax Increment Bonds for $22,720,000, General
<br />Obligation State Aid Highway Bonds for $2,225,000 and General Obligation
<br />Improvement (Special Assessment) Bond for $2,885,000 were issued with $1,280,000
<br />of bonds being retired. This leaves the total outstanding indebtedness for the
<br />City on December 31, 1985, at $39,430,000. Following is a tabulation of bonds
<br />issued since Sanuary 1, 1970, and still outstanding.
<br />Date of
<br />Issue
<br />12-1-85
<br />12-1-85
<br />12-1-85
<br />11-1-85
<br />6-1-83
<br />9-1-80
<br />11-1-77
<br />5-1-75
<br />5-1-75
<br />5-1-72
<br />5-1-72
<br />7-1-71
<br />Amount
<br />$ 2,225,000
<br />14,300,000
<br />8,420,000
<br />2,885,000
<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 />Average
<br />Life In
<br />Years
<br />13.75
<br />13.75
<br />14.43
<br />10.185
<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 />Net
<br />Interest
<br />Rate
<br />8.06%
<br />8.06%
<br />8.09%
<br />8.17%
<br />8.41�
<br />7.63%
<br />5.03%
<br />6.50%
<br />6.54%
<br />5.097
<br />5.14%
<br />5.74i
<br />The City's bond rating on December 31, 1985, is as follows:
<br />City's Bonds
<br />Moody's Standard
<br />Investor &
<br />Service Poor's
<br />Aa-1 AA-1
<br />Interest Cost
<br />Per Borrowed
<br />Dollar
<br />.84
<br />1.14
<br />1.15
<br />.82
<br />.69
<br />.84
<br />.56
<br />.72
<br />.75
<br />.54
<br />.58
<br />.61
<br />During 1981, the City Council adopted a resolution which provides policy
<br />guidelines procedures, and application forms for Industrial Revenue Financing as
<br />permitted by Minnesota Statutes. As of December 31, 1985, the following
<br />Industrial Revenue Financing had been completed:
<br />1. $3,000,000 Commercial Development Revenue Note of 1982 - Heco, Inc.
<br />2. $5,000,000 Industrial Development Revanue Note of 1984 - Advance Circuits,
<br />Inc.
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