Annual_Report_1985_001 - Laserfiche WebLink

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3. $ 900,000 Commercial Development Note of 1984 - Health Resources, Inc. 4. $ 9,500,000 Health Care Facility Revenue Bonds of 1985 - Presbyterian Homes of Minnesota, Inc. 5. $ 3,750,000 Commercial Development Revenue Note of 1985 - Oakcrest Development Company 6. $17,500,000 Rental Housing Revenue Bonds of 1985 - Rosepointe Housing Limited Partnership 7. $ 4,700,000 Industrial Development Revenue Note of 1985 - Berger Storage and Transfer 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, with an additional Development District and Tax Increment Financing District being formed in 1984. The City's tax increment districts were substantially modified in 1985 as two project areas were merged into one. In addition, a new district was added, thus there are now four redevelopment districts. The City Council is responsible for administering the tax increment projects. Cash ManaQement All temporary cash surpluses during the year are invested in various securities which State statutes permit. Investment yields ranged from 5.25% to 9.30% during the year. The 1985 earnings were distributed to the following fund types: General Special revenue Debt Service Capital projects Special assessments Enterprise Internal Service Trust and Agency Total $ 197,655 37,332 10,932 275,114 680,768 232,762 49,240 118 $1,483,921 The following is a history of earnings by year: Year 1981 1982 1983 1984 1985 General Fund EarninQs 1,435,915 1,464,996 1,223,593 1,485,822 1,483,921 The General Fund accounts for all financial transactions not properly accounted for in any other fund. Revenues (including operating transfers) of the General �