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The City's bond rating on December 31, 1993, is as follows:
<br />City's Bonds
<br />Moody's
<br />Investor
<br />Service
<br />Aal
<br />Standard
<br />&
<br />Poor's
<br />AA-
<br />Public Improvement bonds in the amount of $2,300,000 were issued
<br />in 1993. In addition, $1,975,000 of general obligation public
<br />improvement bonda were refunded in 1993. The City retired
<br />$1,635,000 of bonds, leaving an outstanding indebtedness on
<br />December 31, 1993 of $37,470,000. Following is a tabulation of
<br />bonds issued since January 1, 1985 and still outstanding.
<br />Date of
<br />Issue
<br />2-11-93
<br />2-11-93
<br />2- 1-92
<br />2- 1-92
<br />3- 1-91
<br />4- 2-90
<br />3- 1-89
<br />3- 1-88
<br />12- 1-85
<br />12- 1-85
<br />12- 1-85
<br />11- 1-SS
<br />Amount
<br />$ 2,300,000
<br />1,975,000
<br />20,035,000
<br />2,200,000
<br />2,000,000
<br />2,000,000
<br />3,500,000
<br />4,500,000
<br />2,225,000
<br />14,300,000
<br />8,420,000
<br />2,885,000
<br />Average
<br />Life In
<br />Years
<br />8.93
<br />5.63
<br />9.14
<br />9.05
<br />9.17
<br />9.08
<br />9.16
<br />9.50
<br />13.75
<br />13.75
<br />14.43
<br />10.18
<br />Net
<br />Interest
<br />Rate
<br />5.15�
<br />4.49�
<br />5.85�
<br />5.94�
<br />6.03�
<br />6.87%
<br />7.07�
<br />6.56�
<br />8.06�
<br />8.06%
<br />8.09�
<br />8.17�
<br />Interest Cost
<br />Per Borrowed
<br />Dollar
<br />.46
<br />.24
<br />.52
<br />.52
<br />.54
<br />.61
<br />.62
<br />.61
<br />.84
<br />1.14
<br />1.15
<br />.82
<br />During 1981, the City Council adopted a resolution which provides
<br />policy guidelines procedurea, and application forms for
<br />Industrial Revenue Financing as permitted by Minnesota Statutes.
<br />As of December 31, 1993, the following Industrial Revenue Financ-
<br />ing had been completed:
<br />l.
<br />2.
<br />3.
<br />4.
<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 Reaources, Inc.
<br />$9,500,000 Health Care Facility Revenue Bonds of 1985 -
<br />Presbyterian Homes of Minnesota, Inc.
<br />17
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