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Preliminary
<br /> $2,125,000
<br /> City of Elk River, Minnesota
<br /> Electric Revenue Refunding Bonds, Series 2014
<br /> Current Refunding of Series 2006A
<br /> Proof of Reserve Fund Requirement
<br /> Date Principal Interest Existing D/S TOTAL P+I
<br /> 08/01/2014 430,000.00 8,073.96 39,200.00 477,273.96
<br /> 08/01/2015 420,000.00 18,912.50 284,200.00 723,112.50
<br /> 08/01/2016 420,000.00 15,972.50 280,700.00 716,672.50
<br /> 08/01/2017 425,000.00 12,192.50 281,900.00 719,092.50
<br /> 08/01/2018 430,000.00 6,880.00 287,600.00 724,480.00
<br /> 08/01/2019 - - 287,800.00 287,800.00
<br /> 08/01/2020 287,600.00 287,600.00
<br /> 08/01/2021 291,900.00 291,900.00
<br /> 08/01/2022 290,700.00 290,700.00
<br /> Total $2,125,000.00 $62,031.46 $2,331,600.00 $4,518,631.46
<br /> PROOF OF RESERVE FUND
<br /> MAXIMUM PERIODIC DEBT SERVICE
<br /> 100%of the Maximum Periodic Debt Service.................................................................................................... 724,480.00
<br /> AVERAGE PERIODIC DEBT SERVICE
<br /> TotalP+I............................................................................................................................................................... 4,518,631.46
<br /> BondYears(Delivery Date)................................................................................................................................ 7.88
<br /> 125%of the Average Periodic Debt Service..................................................................................................... 716,484.90
<br /> PERCENT OF PAR
<br /> Total Par(Existing+New).................................................................................................................................. 5,000,000.00
<br /> 10%of Par......................................................................................................................................................... 500,000.00
<br /> RESERVE REQUI REM ENT
<br /> computedRequirement....................................................................................................................................... 212,500.00
<br /> Proof's Requirement............................................................................................................................................ 500,000.00
<br /> Portion of reserve requirement funded externally.............................................................................................. 287,500.00
<br /> Low est Requirement less external funding........................................................................................................ 212,500.00
<br /> Series 2014 Ref2006A Rev I SINGLEPURPOSE 1 11212014 1 3.06PId
<br /> 5pringsted Page
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