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CITY OF ROSEVILLE
<br />NOTES TO FINANCIAL STATEMENTS
<br />DECEMBER 31, 1993
<br />Note 7 - Lona-7erm Debt (Continued)
<br />State Aid Highuay 8onds are paid by the State MSA Bond Fund.
<br />Tax Increment Bonds:
<br />514,300,000 Tax Increment Bonds Series 1 due in ennual installments of
<br />5100,000 - 51,525,000 through February t, 7994; irue interest cost 7.96%
<br />E8,420,000 Tax ]ncrement Bonds Series 2 due in annuat installments of
<br />8150,000 - 5900,000 through February t, 7994; true interest cost 7.96%
<br />820,035,000 Tax [ncrement Refunding Bonds Series 1992 due in annual
<br />instaltments of 81,215,000 - E2,250,000 through Pebruary 1,2006;
<br />net interest 5.855%
<br />TotaL Tax Increment Bonds
<br />Tax Increment Bonds are paid from the 7ax lncrement Bond Fund.
<br />S 570,000
<br />8 340,000
<br />20.035,000
<br />521.710,000
<br />Totat GeneraL Long Term Debt Bonds 537,470.000
<br />The City is subject to a legal debt limit based on a percenta9e of estimated market value in
<br />accordance uith Minnesota Statutes. The City's legat debt margin as of December 31, 1993 uas
<br />533,031,742.
<br />. Changes in generaL long term debt during 1993 are surtmarized as foltous:
<br />� �. � Batance Batanre
<br />� January i, December 37,
<br />��. 1993 Additions Retired 1993
<br />Accrued Vacation and
<br />Severance Pay
<br />General Obtigation Bonds
<br />General Obligation
<br />Improvement Bonds
<br />General Obtigation
<br />Tax Increment 8onds
<br />GeneraL Obligation
<br />Tax [ncrement Refunding
<br />Bonds
<br />General Obtigation State
<br />Aid Nighuay Bonds
<br />Totat
<br />E 373,247
<br />150,000
<br />14,740,000
<br />1,640,000
<br />20,035,000
<br />S 59,336
<br />S 50,000
<br />4,275,000 2,655,000
<br />�90,000
<br />240.000 175.000
<br />S 37.178.247 S 4,334.336 S 3.610.000
<br />E 432,583
<br />100,000
<br />76,360,000
<br />850,000
<br />20,035,000
<br />125.000
<br />837.902,583
<br />Accrued vacation and severance pay addition is net of any changes uithin the releted employee benefit accounts for the
<br />year.
<br />The City defeased several de6t issues in 1990 and catled tuo �issues; one in 7990 end one in 1997. The balance of
<br />defeased debt outstanding as of December 37, 1993 is 5513,160. Total assets in the escrou as of December 31, 1993 have
<br />a book vatue of E531,10i. It is expected that interest earnings on the assets co�ined uiih the principat uilL provide
<br />more then sufficient revenue for the life of the escrou.
<br />On February 1, 1992 the City issued 520,035,00o in General Obligation Bonds uith an average interest rate of 5.85� to
<br />advance refund St,55D,000 of the General Obtigation State Aid Highway Bonds and E20,760,000 of General Obtigation Tax
<br />Increment eonds uith an average interest cost of 8.07%. The net proceeds of 579,744,696 Cafter payment of 8290,304 in
<br />discounts, legal and other issuance costs) plus an additionat 81.4 million of Tax Increment Series 1985 sinking fund
<br />rtwnies were used to purchase U.S. Goverrment securities. Those securites uere deposited in a irrevocable trust uith
<br />an escrou agent to provide for all future debt service payments on the Tax Increment Series 7985 and the State Highway
<br />eonds Series 1985 bonds. As a resutt, the maturities after 7994 of the General ObLigation Tax Increment and the General
<br />�S]
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