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, <br />3. $900,000 Commercial Development Note of 1984 - <br />Health Resources, Inc. <br />4. $9,500,000 Health Care Facility Revenue Bonds of 1985 - <br />Presbyterian Homes of Minnesota, Inc. <br />5 <br />7 <br />$3,750,000 Commercial Development Revenue Note of 1985 - <br />Oakcrest Development Company <br />$17,500,000 Rental Housing Revenue Bonds of 1985 - <br />Rosepointe Housing Limited Partnership <br />$4,700,000 Industrial Development Revenue Note of 1985 - <br />Berger Storage and Transfer <br />Cash 1Sanagement <br />Investment Policies <br />The City has written policies that restrict investment of the <br />City's operating funds to U.S. Treasuries, Agencies, and <br />Certificates of Deposit in Minnesota institutions. (See Note 5 in <br />the footnotes for further disclosure). <br />All temporary cash surpluses during the year are invested in <br />various securities which State Statutes permit. Investment <br />yields ranged from 6.71� to 9.50� during the year. The 1988 <br />average interest rate was approximately 7.3� and resultant earn- <br />ings were distributed to the following fund types: <br />General <br />Special revenue <br />Debt service <br />Capital projects <br />Enterprise <br />Internal Service <br />Trust and Agency <br />Total <br />$ 168,977 <br />77,862 <br />634,227 <br />841,219 <br />318,519 <br />85,500 <br />14,262 <br />S 2.140.566 <br />1988 did show an increase in interest earnings due primarily to <br />higher interest rates than 1987. <br />The following is a history of earnings by year: <br />Year <br />1983 <br />1984 <br />1985 <br />1986 <br />1987 <br />1988 <br />15 <br />Earnin4s <br />$1,223,593 <br />1,485,822 <br />1,483,921 <br />2,522,613 <br />2,021,941 <br />2,140,566 <br />