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jfik. <br />(ie <br />#\- <br />Pf"' <br />K# <br />- < ?l r <br />To lh« City Council and Citizens of the City of OronoIwif I. 1992 <br />DEBT ADMINISTRATION <br />At Docombtr 31,1991, the City had five bond issues outstanding. The City’s legal debt limitation, based <br />OB State StitutM, equals 2% of market value All City bonded debt at December 31. 1991 is special <br />mumfnt or nvenue Ainded and therefore is excluded from the limit. The City bond rating from <br />MocMfy's InvcHors Service it Aal for all bond issues except the 1991 Public Facilities Revenue Bond <br />whidi hai a bond rating from Moody's Investors Service of Aa <br />CASH MANAGEMENT <br />Cub leniporarily idle during the year was invested in demand d^)sits. certiticaies of deposit, money <br />Market handi, obligations of federal agencies, the U.S Treasury, the Sute of Minnesota, repurchase <br />BmeMl, bankers* acceptances, and commercial paper. The City’s investment objective as stated in <br />InveitiTifnt policy to firM ensure the preservation of capital in the overall poitfolio. second to <br />MaxiMbe yield while matching maturity dates with expenditure needs, and third to diversify the <br />invMttnein portfolio by financial institution, government agency, or by the corporation in the case of <br />cOMMcrcial paper to reduce the exposure to risk of loss. At December 31. 1991, the City had an <br />investment portfidio of $11.266.615. at cost, divetsified as shown in the following table <br />Type of Investment <br />Certificates of Deposit <br />Commercial Paper <br />U S Federal Agencies <br />U S Treeaury Obligations <br />Stale of Minnesota <br />Mtmey Market Funds <br />Cost Percent <br />$ 575.000 5 10% <br />1.3-54.948 12 03 <br />3.754.066 33 32 <br />1.168.371 10.37 <br />450.000 399 <br />3.964.230 35.19 <br />100 00% <br />Por A# «ided December 31. 1991. the City had investment interest earnings of $510,160. or tm <br />average yield of 7 94% <br />vii <br />RISK MANAGEM^ <br />The Chy pwikipato in the liability, propwty. tmd workers ’ compensation (wogrwns ipomored by Me <br />LaafN of MI mmmM Chtes Insurance Trust In addition, the City appoints an agwM of record to atoixi <br />wMi Me iMniniltfMio n, loss preventHin. and risk management <br />II <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I