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8. $23,650,000 College Properties Inc. Housing Revenue <br />Bonds of 1993. <br />9. $15,830,000 Caze Institute Inc. Housing Revenue Bonds <br />of 1993. <br />Cash Management <br />Investment Policies <br />The City has written policies that restrict investment of the City's operating funds to U.S. <br />Treasuries, Agencies, and Certificates of Deposit in Minnesota institutions. (See Note 3 in the <br />footnotes for further disclosure). <br />Because of the conservative investment policies, and practices, the City makes no investments <br />in derivative producu, mutual funds, collateralized mortgage obiigations or other high risk <br />securities. As a result, the City has avoided the controversial investment practices encountered <br />by some cities within the metro area and the U.S. <br />The interest eaznings by funds were as follows: <br />General $ 189,455 <br />Special Revenue 115,389 <br />Debt Service 405,279 <br />Capital Projects 1,545,852 <br />Enterprise 159,033 <br />Internal Service 130,371 <br />Trust and Agency 98.764 <br />Total $ 2.644.143 <br />There was an increase in 1994 interest earnings due primazily to higher cash balances and higher <br />interest rates as compared with 1993. The rate of return on all cash balances (7.69% not <br />including mazket gains and losses) however, still compazes favorably with the I,ehman Brothers <br />Bond Aggregate Index which achieved -2.9 %(which includes capital gains and losses) for 1994. <br />17 <br />