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The City's bond rating on December 31, 1990, is as follcws: Moody's Investor Service City's Bonds Standard & Poor's f•�' Public Improvement special assessment bonds in the amount of $2,000,000 were issued in 1990. No refundings or other indebt- edness were issued in 1990. The City did retire $7,005,000 of bonds, leaving an outstanding indebtedness on December 31, 1990 of $36,130,000. Following is a tabulation of bonds issued since January l, 1985 and still outstanding. Date of Issue 4-2-90 3-1-89 3-1-88 12-1-55 12-1-85 12-1-85 11-1-85 Amount $ 2,000,000 3,500,000 4,500,000 2,225,000 14,300,000 5,420,000 2,885,000 Average Life In Years 9.08 9.16 9.50 13.75 13.75 14.43 10.185 Net Interest Rate 6.870 7.07% 6.560 8.06% 8.060 8.090 8.17% Interest Cost Per Borrowed Dollar .61 .62 .61 .84 1.14 1.15 .82 During 1981, the City Council adopted a resolution which provides policy guidelines procedures, and application forms for Industrial Revenue Financing as permitted by Minnesota Statutes. As of December 31, 1990, the following Industrial Revenue Financ- ing had been completed: 1. 2. 3. 4. 5. 6. 7. $3,000,000 Commercial Development Revenue Note of 1982 - Heco, Inc. $5,000,000 Industrial Development Revenue Note of 1984 - Advance Circuits, Inc. $900,000 Commercial Development Note of 1984 - Health Resources, Inc. $9,500,000 Health Care Facility Revenue Bonds of 1985 - Presbyterian Homes of Minnesota, Inc. $3,750,000 Commercial Development Revenue Note of 1985 - oakcrest Development Company $17,500,000 Rental Housing Revenue Bonds of 1955 - Rosepointe Housing Limited Partnership $4,700,000 Industrial Development Revenue Note of 1985 - Berger Storage and Transfer 15