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5. $3,750,000 Commercial Development Aevenue Note of 1985 - <br />Oakcreat Development Company <br />6. $17,500,000 Rental Housing Revenue Bonds of 1985 - <br />Rosepointe Housing Limited Partnership <br />7. $4,700,000 Industrial Development Revenue Note of 1985 - <br />Berger Storage and Transfer <br />8. $23,650,000 College Properties Inc. Housing Revenue <br />Bonds of 1993. <br />9. $15,830,000 Care Institute Inc. Houeing Revenue Bonds <br />of 1993. <br />Cash lsanag�eeat <br />Investment Policies <br />The City has written policies that reatrict investment of the <br />City's operating funds to U.S. Treasuries, Agencies, and Certifi- <br />cates of Deposit in Minnesota institutions. (See Note 3 in the <br />footnotes for further disclosure). <br />All temporary cash surpluses during the year are invested in <br />various securities which State Statutes permit. Investment <br />yields ranged from 2.5� to 9.50$ during the year. The 1993 <br />average interest rate was approximately 7.90�. Non-pooled funds <br />were invested in restricted yield securities which ranged from <br />5.25� to 7�. The interest earning by funds weze as follows: <br />General $ 142,889 <br />Special revenue 49,494 <br />Debt service 347,249 <br />Capital projects 944,209 <br />Enterprise 212,393 <br />Internal Service 90,092 <br />Trust and Agency 98,320 <br />Total $ 1,884,646 <br />There was a decrease in 1993 interest earnings due primarily to <br />lower cash balances and substantially lower interest rates com- <br />pared with previous yeara. The rate of return on all cash bal- <br />ancea (6.89� not including market gains) however, still compares <br />favorably with the Lehman Brothers Bond Aggregate Index which <br />achieved 9.6� (which includea capital gains) for 1993. <br />The £ollowing is a history of earnings by year: <br />18 <br />