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Bond Sale Report
<br />
<br />2000A Bonds
<br />
<br />Purpose
<br />The $1,740,000 G.O. Tax Increment Bonds, Series 2000A are being issued pursuant to Minnesota Statutes,
<br />Chapters 475 and 469. The 2000A Bonds are being issued to finance a portion of the costs of the East Elk
<br />River Improvement Project. Financing these projects requires a bond issue in the amount of $1,740,000.
<br />The proposed finance plan consists of the following sources and uses of funds:
<br />
<br />SOURCES USES
<br />Par Amount of Bonds $1,740,000 Project Costs $1,592,489
<br />Up-Front Revenue 0 Costs of Issuance 21,900
<br /> Discount 27,951
<br /> Capitalized Interest 97,660
<br />Total Sources $1,740,000 Total Uses $1,740,000
<br />
<br />Structure and Repayment
<br />The 2000A Bonds are general obligations of the City of Elk River and as such are secured by a pledge of
<br />the City' s full faith, credit, and taxing powers. It is the intent of the City to pay principal and interest from
<br />several different sources. Approximately 42% of the revenue support will come from the City's Tax
<br />Increment Financing District No. 19. As required by State Law, the City will certify a property tax levy
<br />sufficient to provide revenues equivalent to 105% of annual debt service. It is the intent of the City to
<br />abate the annual levy from other available revenues. The preliminary projection of debt service and
<br />revenues for the 2000A Bonds appears below.
<br />
<br />The 2000A Bonds will be sold October 23, 2000 and be dated November 1, 2000. The first interest
<br />payment on the 2000A Bonds will be August 1, 2001, and semiannually thereafter on February 1 and
<br />August 1. Principal on the 2000A Bonds will be due on February 1 in the years 2003 through 2015. We
<br />recommend that 2000A Bonds maturing in the 2008 years through 2015 be subject to prepayment at the
<br />discretion of the City on February 1, 2007 and any date thereafter.
<br />
<br />$1,740,000 O.Q Tc~ Inc~rnent Bcnc~, Se~ie~ 2000A
<br />
<br /> Tc~ Ocldtdized 01her
<br /> Dale Prindod Rote Inter~t P&I I ncr ~-~-~-~ Intgest Revenue
<br /> 2/1/2001
<br /> 2/1/2002 0 0.000% ] 04,] 00.00 104,100.00 0 97,660 6,440
<br />
<br />2/1/2003 80,000 4.45096 83,280.00 163280.00 59,498 103,782
<br />2/1/2004 105,000 4.50056 79,720.00 184,720.00 83,510 101210
<br />2/1/2005 110,000 4.5§0% 74,995.00 184,995.00 81,510 103,485
<br />2/1/2006 120,000 4.60056 69,Q90.00 189,990.00 84,435 105,555
<br />2/1/2007 120,000 4.65056 64.470.00 184,470.00 82,125 102,345
<br />2/1/2008 130,000 4.70056 58,890.00 188,890.00 84,788 104,102
<br />2/1/2009 130,000 4.750% 82,780.00 182,780.00 82208 100,572
<br />2/1/2010 140,000 4.800% 46,005.00 186,605.00 84,598 102,007
<br />2/1/2011 145,000 4.850% 39,885.00 184,885.00 81,705 103,180
<br />2/1/2012 155,000 4.900% 32,852.50 187,852 ~50 83,748 104,105
<br />2/1/2013 160,000 4.95056 2§,257.50 185,257 ~50 80,528 104,730
<br />2/1/2014 170,000 5.00056 17,337.50 187,33730 82238 105,100
<br />2/1/2015 175,000 5.050% 8,837.80 183,837 ~50 78,638 105,200
<br />TOTAL 1,740,000 759,000.00 2,499,000.00 1,049,529 97,660 1251,811
<br />
<br />Av~m~e Li~
<br />Ax~z~ge Coupon
<br />N et I~l~-2~st Cost (NI2)
<br />Tnle l~t~tCost
<br />
<br />8 ~74 Yems
<br /> 4 ~6071%
<br /> 5.03971%
<br /> 5.07780%
<br />
<br />2
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