|
Under state law, the City's 1987 debt limit is $24,808,016 of
<br />which the City has 100% available margin. Much of the debt the
<br />City has issued is outside of the computation and does not apply
<br />to the limitation.
<br />The City's bond rating on December 31, 1987, is as follows:
<br />City's Bonds
<br />Moody's
<br />Investor
<br />Service
<br />Aa-1
<br />Standard
<br />&
<br />Poor's
<br />f:i�i
<br />No Bonds, refundings or other indebtedness were issue@ in 1987.
<br />The City did retire $1,230,000 of bonds, leaving an outstanding
<br />indebtedness on December 31, 1987 of $36,920,000. Following is a
<br />tabulation of bonds issued since January 1, 1970 and still
<br />outstanding.
<br />Date of
<br />Issue
<br />12-1-85
<br />12-1-85
<br />12-1-85
<br />11-1-85
<br />6-1-83
<br />9-1-80
<br />11-1-77
<br />5-1-75
<br />5-1-75
<br />5-1-72
<br />5-1-72
<br />7-1-71
<br />Amount
<br />$ 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°s
<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 />5.09%
<br />5.14�
<br />5.74�
<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
<br />policy guidelines procedures, and application £orms for
<br />Industrial Revenue Financing as permitted by Minnesota Statutes.
<br />As of December 31, 1987, the followinq Industrial Revenue
<br />Financing had been completed:
<br />1.
<br />2.
<br />3.
<br />4.
<br />$3,000,000 Commercial Development Revenue Note of 1982 -
<br />Heco, Inc.
<br />$5,000,000 Industrial Development Revenue Note of 1984 -
<br />Advance Circuits, Inc.
<br />$ 400,000 Commercial Development Note of 1984 -
<br />Health Resources, Inc.
<br />$9,500,000 Health Care Facility Revenue Bonds of 1985 -
<br />Presbyterian Homes of Minnesota, Inc.
<br />14
<br />
|