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5-1-75 1,130,000 11.079 6.50% <br />5-1-75 850,000 11.505 6.54� <br />5-1-72 1,495,000 10.530 5.09% <br />5-1-72 2,040,000 11.290 5.14� <br />%2 <br />75 <br />54 <br />58 <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 �innesota Statu�es. <br />As of December 31, 1989, the following Industrial Revenue Financ- <br />inq had been completed: <br />1 <br />� <br />3 <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 />$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. $3,750,000 Commercial Development Revenue Note of 1985 - <br />Oakcrest Development Company <br />6. $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 �anagement <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 Certifi- <br />' cates of Deposit in Minnesota institutions� (See Note 4 in the <br />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 o'.71� to 9.50g during the _year. The 1989 <br />average interest rate was approximately 8.7� and resultant earn- <br />ings were distributed to the following fund types: <br />General $ 143,040 <br />Special revenue 62,035 <br />Debt service 831,975 <br />Capital projects 1,168,623 <br />Enterprise 410,928 <br />Internal Service 104,913 <br />Trust and Agency 21.509 <br />Total "� 2 743,623 <br />15 <br />