4.1. SR 09-25-2000 - Laserfiche WebLink

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Bond Sale Report 2000B Bonds Purpose The $1,275,000 G.O. Permanent Improvement Revolving Fund Bonds, Series 2000B (the "Bonds") are being issued pursuant to Minnesota Statutes, Chapter 475 and Section 429.091. The 2000B Bonds are being issued to finance a portion of the costs associated with the Western Area Improvement Project Phase IV. Financing these costs requires a bond issue in the amount of $1,275,000. The proposed finance plan consists of the following sources and uses of funds: SOURCES Par Amount of Bonds MnDOT/MSA Total Sources USES $1,275,000 Project Costs $1,717,442 477,931 Costs of Issuance 16,389 Discount 19,100 Capitalized Interest 0 $1,752,931 Total Uses $1,752,931 Structure and Repayment The 2000B Bonds are general obligations of the City of Elk River and as such are secured by a pledge of the City's full faith, credit, and taxing powers. It is the intent of the City to pay the entire amount of principal and interest from revenues of the Permanent Improvement Revolving Fund. These revenues include approximately $1,733,000 assessed for the Phase IV improvements. These revenues will be sufficient to provide revenues equivalent to 105% of debt service on the 2000B Bonds. The preliminary projection of debt service and revenues for the 2000B Bonds appears on the next page. The 2000B Bonds will be sold October 23, 2000 and be dated November 1, 2000. The first interest payment on the 2000B Bonds will be August 1, 2001, and semiannually thereafter on February 1 and August 1. Principal on the 2000B Bonds will be due on February 1 in the years 2002 through 2016. We recommend that 2000B Bonds maturing in the years 2007 through 2016 be subject to prepayment at the discretion of the City on February 1, 2006 and any date thereafter.