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JUL-14-97 15: 37 FROM:SPRINGSTED INC ID:6122233093 PAGE 3/4
<br /> City of Elk River, Minnesota
<br /> General Obligation Park Bonds, Series 1998
<br /> •
<br /> $2,000,000 Net Proceeds
<br /> Summary of G.O. Bond Issue Scenarios
<br /> f119r ,1's.,yiY ��1 del
<br /> ilmoa l tit>m .y � p-��!p(��,cu t� 1piyrJ'� ,rll''i '��iib:-. -/ i� 7 i rtlr
<br /> .. t o m i r;;11+C,.r. o6o.o..: lft' .��tl' i .;.,4:3:,.4,:i.F.lt:.A.°•11..,,,!'r
<br /> Composition:
<br /> Net Proceeds $ 2,000,000 $ 2,000,000 $ 2,000,000
<br /> Costs of Issuance 24,100 24,100 24,100
<br /> Underwriters Discount 20,400 28,700 37,080
<br /> Less: Rounding (4,500) (2,800) (1,180)
<br /> Total Bond Issue Size $ 2,040,000 $ 2,050,000 $ 2,060,000
<br /> Debt Service Comparison:
<br /> Avg.Annual Levy @105% $272,103 $206,246 $175,941
<br /> Tax Rate* 0.048% 0.037% 0.031%
<br /> Total Interest Cost $571,861 $925,066 $1,328,337
<br /> True Interest Rate 5.055% 5.321% 5.537%
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<br /> fi n4` St t•r�I�Piu w 4�.Rjt l° r iQ" • it: t`�i" 10111006.11110441;.,,r,}24,1,'ItE!�il; re• ��N i +1r'tt'• i?1 { f r.. �,j it•F* .deer t:��1� gg' 1t ' �t. :' .. ir• t' ', i. :1 i !.,FZIli i-#s, IS'i, 7g 'i.ti9l ,tt�_j.a 1 i� �; .,i h� f �; lidiii,�. t '. �. ...:ni it �K I� .}�ffi�" :->r i i1 111ti rli �i!:i 1 tz•• �. ",!! .It rt i l`'itiM :�r f h 1.11 r{• �.r '� rtQi. SQJt•i. , .�".. PE 'F""��fl it�FMt t R9trQi�F�rtt{�Mr4r7�•r151!t ;;#i Ilry#r;.. 1€! ii ! 1 { lM'r .i:, rifQ s " !it t. la;•,;:...011Liiiiyei ,. Lir'i rr::,iii o Ew.„i t ,; 'g!.'.r., t:I" .0.,,. 11: qI'M!. t in;nc mil i£.µt "fitiU:,.of •u"'"'! '-'1' r.. 9.'_`« . ,.•'i'•
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<br /> $50,000 $24 $19 $16
<br /> $75,000 36 28 23
<br /> $100,000 48 37 31
<br /> $125,000 60 46 --- --_ --- ---3-9
<br /> $150,000 72 56 47
<br /> $175,000 84 65 54
<br /> $200,000 96 74 62
<br /> $400,000 192 148 124
<br /> $600,000 288 222 186
<br /> $800,000 384 296 248
<br /> $1,000,000 480 370 310
<br /> *Tax•rate is calculated by dividing the average annual levy for each issue by the City's referendum market value of
<br /> $561,503,703.
<br /> Please Note-
<br /> -Assumes a 1997 levy and a spring 1998 sale.
<br /> -Interest rates used In the debt service schedules are estimates and changes may cause significant
<br /> alterations to the above information.
<br /> •
<br /> Prepared by:Springsted Incorporated (7/14/97)
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