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Tax Levy Calculation For:
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<br />Cib/of Elk River, Minnesota
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<br />$1,255,000 General Obligation Improvement Bonds, Series 2003A
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<br />Dated Date: 12/9/2003
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<br /> (2) (3) (4) (5)
<br />Levy Collect Pay Total Funds P & I Less: Less: Less: Net Tax
<br />Year Year Year P & I Available (1) x 105% Spec Assmts Spec Assmts Spec Assmts Levy Levy
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<br />2003 / 2004 / 2005 223,888.22 9,494.49 225,113.42 51,905 46,978 43,056 83,174.42 83,200
<br />2004 / 2005 / 2006 255,280.00 268,044.00 50,063 45,311 41,472 131,198.00 131,200
<br />2005 / 2006 / 2007 250,780.00 263,319.00 48,221 43,644 39,888 131,566.00 131,600
<br />2006 / 2007 / 2008 120,717.50 126,753.38 46,379 41,977 38,304 93.38 100
<br />2007 / 2008 / 2009 112,967.50 118,615.88 44,538 40,310 36,720 -2,952.13 0
<br />2008 / 2009 / 2010 110,117.50 115,623.38 42,696 38,643 35,136 -851.63 0
<br />2009 / 2010 / 2011 102,030.00 107,131.50 40,854 36,976 33,552 -4,250.50 0
<br />2010 / 2011 / 2012 98,880.00 103,824.00 39,012 35,309 31,968 -2,465.00 0
<br />2011 / 2012 / 2013 95,730.00 100,516.50 37,170 33,642 30,384 -679.50 0
<br />2012 / 2013 / 2014 62,400.00 65,520.00 35,329 31,975 -1,784.00 0
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<br />Totals 1,432,790.72 9,494.49 1,494,461.04 436,167 394,765 330,480 333,049.04 346,100
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<br />(1) The following funds am available to pay a portion of the interest payment due August I, 2004:
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<br /> Unused Discount: $9,494.49
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<br />(2) Projected Special Assessment revenue based on $334,869 assessed at 5.50%. (Boston & Concord)
<br />(3) Projected Special Assessment revenue based on $303,081 assessed at 5.50%. (2003 Street Rehab)
<br />(4) Projected Special Assessment revenue based on $259,198 assessed at 5.50%. (2002 Zane Street)
<br />(5) Cashflow and levy needs should be reviewed annually to account for prepaid and/or delinquent assessments.
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<br />EHLERS
<br />& ASSOCIATES tNC
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