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Net direct debt is based on Roseville's outstanding indebtedness, less cash and investments on hand. Net overlapping debt is Roseville's pro-nta share of bonded indebtedness for the county, school districts, and other governmental agencies that levy ta�ces within the City. ', Under state statute, the City's 1998 debt limit is $37,362,281 and since the City issues debt which is covered by revenues (special assessments and ta�c increments), 100% of the available general obligation mazgin is available. The City's bond ratings on December 31, 1998, aze as follows: Moody's Standard Investor & Services Poor's City's Bonds Aa2 AA- Refunding general obligaUon tax increment bonds in the amount of $13,280,000 were issued in 1998. The City retired $5,865,000 of bonds, leaving an outstanding bonded indebtedness on December 31, 1997 of $37,360,000. Following is a tabulation of bonds issued since 7znuary 1, i992 and sti11 outstanding. Lssued Average Life Net Interest Cost Per Date of IssLe AII1StuIi� ItLYe� Interect Rate Borrowed Dollar 3-21-97 $ 13,280,000 5.12 4.20� $0.21 3-21-97 $ 2,750,000 8.86 4.97% .43 S-IS-96 2,100,000 8.68 5.13% .44 5-15-95 6,500,000 8.88 5.34% .47 5-15-95 2,500,000 8.86 5.34% .47 2-10-94 8,640,000 6.34 4.21 % .26 2-10-94 2,900,000 8.88 4.54% .40 2-11-93 2,300,000 8.93 5.16% .46 2-11-93 1,975,000 5.63 4.50� .24 2-01-92 2,200,0(1fl 9.�5 5.94% .52 Cash N�anagement T'he City has written policies that restrict investment of the City's operating funds to U.S. Treas�ries, Agencies, and Certificates of Deposit in Minnesota institutions. (See Nute 4 in the foomotes for farther disclosure). Under GASB 31, the City is required to book market gains and losses as of the end of the fiscal year. This reporting convention may cause a higher i�vel of fluctuation in investment earnings than in prior years. IS