|
less cash and investments on hand. Net overlapping debt is
<br />Roseville's pro-rata share of bonded indebtedness for the county,
<br />school districts, and other governmental agencies that levy taxes
<br />within the City.
<br />Under state law, the City's 1988 debt limit is $25,165,650 of
<br />which the City has $24,816,467 available. 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, 1988, is as follows:
<br />City's Bonds
<br />Moody's
<br />Investor
<br />Service
<br />Aa-1
<br />Standard
<br />Poor's
<br />fa�eC
<br />Public Improvement special assessment bonds in the amount of
<br />$4,500,000 were issued in 1988. No refundings or other indebt-
<br />edness were issued in 1988. The City did retire $1,490,000 of
<br />bonds, leaving an outstanding indebtedness on December 31, 1988
<br />of $39,930,000. Following is a tabulation of bonds issued since
<br />January 1, 1970 and still outstanding.
<br />Date of
<br />Issue
<br />3-1-88
<br />12-1-85
<br />12-1-85
<br />12-1-85
<br />11-1-85
<br />6-1-63
<br />9-1-80
<br />11-1-77
<br />5-1-75
<br />5-1-75
<br />5-1-72
<br />5-1-72
<br />7-1-71
<br />Amount
<br />4,500,000
<br />2,225,000
<br />14,300,000
<br />8,420,000
<br />2,885,000
<br />5,125,000
<br />2,415,000
<br />1,600,000
<br />1,130,000
<br />850,000
<br />1,495,000
<br />2,040,000
<br />2,950,000
<br />Average
<br />Life In
<br />Years
<br />9.50
<br />13.75
<br />13.75
<br />14.43
<br />10.185
<br />8.171
<br />11.055
<br />11.075
<br />11.079
<br />11.505
<br />10.530
<br />11.290
<br />10.661
<br />Net
<br />Interest
<br />Rate
<br />6.56�
<br />8.06�
<br />8.06�
<br />8.09�
<br />8.17�
<br />8.41�
<br />7.63�
<br />5.03�
<br />6.50�
<br />6.54�
<br />5.09�
<br />5.14�
<br />5.74�
<br />Interest Cost
<br />Per Borrowed
<br />Dollar
<br />.61
<br />.84
<br />1.14
<br />1.15
<br />.82
<br />.69
<br />.84
<br />.56
<br />.72
<br />.75
<br />.54
<br />.5$
<br />.61
<br />During 1981, the City Council adopted a resolution which provides
<br />policy guidelines procedures, and application forms for
<br />Industrial Revenue Financing as permitted by Minnesota Statutes.
<br />As of December 31, 1988, the following Induscrial Revenue Financ-
<br />ing had been completed:
<br />$3,000,000 Commercial Development Revenue Note of 1982 -
<br />Aeco, Inc.
<br />$5,000,000 Industrial Development Revenue Note of 1984 -
<br />Advance Circuits, Inc.
<br />14
<br />
|