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CITY OF ROSEVILLE MINNESOTA
<br />NOiES TO FINANCIAL STATEMENTS
<br />DECEMBER 31. 1992
<br />Note 7 - Lonp•Term Debt (Continued)
<br />58,420,000 Tax Increment Bonds Series 2 due in ennual installments of
<br />5150,000 - E900,000 throuBh February t, 1994; nei interest 8.09%
<br />520,035,000 Tax Increment Refunding Bonds Series 1992 due in ennual
<br />installments ot 51,215,000 - E2,250,000 fhrough February 1,2006;
<br />net interest 5.855%
<br />Total Tax Increment BorxJs
<br />Tax ]ncrement Bonds ere paid fran the Tax Increment Bond Fund.
<br />E 665,000
<br />20,035,000
<br />E21.675.000
<br />Total General Long Term Debt Bonds E36.805,000
<br />The City is subject to a legal debt limit besed on e percentage of estimated market vatue i�
<br />eecordence uith Minnesota Statutes. The City's legal debt margin as of December 31, 7992 uas
<br />E33,795,508.
<br />Changes in 9eneral long term debt during 7992 are sumiarized as follous:
<br />Actrued Yatetion and
<br />Severance Pay
<br />General Obligation Bonds
<br />General Obligation
<br />Improvement Bonds
<br />Generel Obligation
<br />Tax Increment Bonds
<br />Generat Obligation
<br />Tex Increment Refunding
<br />Bonds
<br />General Obtigation Stete
<br />pid Highuay Bonds
<br />Total
<br />Balence
<br />January i,
<br />�qqp pdditions
<br />E 349,077 E 24,170
<br />zoo,oao
<br />13,260,000 2,200,000
<br />21,530,000
<br />20,035,000
<br />1,895.000
<br />Balance
<br />December 37,
<br />Retired 1992
<br />E 373,247
<br />s so,000 iso,00a
<br />720,000 14,740,000
<br />19,890,000
<br />1.655.000
<br />E 37,234.077 S 22.259.170 E22.315.000
<br />1,640,000
<br />20,035,000
<br />240.000
<br />E37.778.247
<br />Accrued vacation and severance pay addition is net of eny changes within the related e�loyee benefit accounts for the
<br />year.
<br />The City defeased several debt issues in 1990 and catted two issues; one in 1990 and one in 1991. The batance of
<br />defeased debt outstanding as of Decertber 37, 1992 is E705,000. TotaL assets in the escrow es of December 37, 7992 have
<br />e book value of 5728,247. It is expected that interest earnings on the assets combined uith the principal will provide
<br />more then sufficient revenue for the life of the escrou.
<br />On Pebruery t, 1992 the City issued E20,035,000 i� Generat Obligation Bonds with an average interest rete of 5.85°6 to
<br />advance refund E1,550,000 ot the General Obligetion Stete Rid Nighuay Bonds end E20,760,000 of General Obligation Tax
<br />Increment Bonds uith an average interest cost of 8.01X. The net proceeds of E79,744,696 (after payment of EZ90,304 in
<br />discounts, Legat ard other issuance costs) plus en additional f1.4 million of Tax IncremeM Series 1985 sinking fund
<br />monies were used to purehase U.S. Goverrvnent securities. Those securites were deposited in a irrevocabte trust uith
<br />an escrou agent to provide for alt future debt service payments on the Tax Increment Series 1985 and the State Highuay
<br />Bonds Series 1985 bonds. As a resutt, the meturities after 1994 of the Generat Obligation Tex Intrement end the General
<br />Obligation State Highwey Bonds are considered to be deteased and the tiability for those bonds has been removed fran
<br />the general lon9-term debt aceount group.
<br />The City advance refunded the GenereL ObLigation Tex Increment bonds and the Generel Obligation State Highuay bonds to
<br />(differencetbetueenbtheepresent�values ofethehdebtXserviceepayments onn th o d e�nd�neu bt j obt$'3n'a�'ii;n���c gain
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