|
$1,275,000
<br />
<br />Bond Sale Report
<br />
<br />~.0. P~rnc~Nm~ Inl~ov~,-,-~,-~ Re.~lvlngFund Ba~l~, SQl,~ 2000B
<br />
<br /> Ass~nm~t Surl:lU~/
<br /> Dale Prind~:x~l R~e ~ P&I R~ ~dt~
<br />2~001
<br />2A~002 85,000 ~.~00% 7~,70~.]~ 160,70313 337,640 176,937
<br />2A~003 85,000 ~.~0~ ~6,822.S0 141,822 30 204,704 62,881
<br />2A~004 85,000 ~.~00~ ~3,0~0.00 138,040.00 197,738 59,698
<br />2~005 85,000 4.550% 49,215.00 134,215 D0 190,771 56,556
<br />2A~006 85,000 4.600% 45,347.50 130,347 ~0 183,805 53,457
<br />2~007 85,000 4.6~0~ 4],437.~0 126A37~0 176,838 50,401
<br />2A~008 85,000 4.700~ 37,48~.00 122~85.00 169,872 47,387
<br />2A~009 85,000 4.750~ 33,490.00 118,490.00 162,906 44,416
<br />2~010 85,000 4.800% 29,452.50 114A52 ~0 155,939 41A87
<br />2A~011 85,000 4.850% 25,372.~0 110,372 ~0 148,973 38,600
<br />2A~012 85,000 4.900~ 2],2~0.00 106,250.00 142,007 35,757
<br />2 A~013 85,000 4.950~ ] 7,085.00 102,085.00 135,040 32,955
<br />2~014 85,000 5.000% ]2,877.50 97,87730 128,074 30,196
<br />2A~015 85,000 5.050% 8,627.50 93,62730 121,108 27A80
<br />2A~016 85,000 5.] 00~ 4,33~.00 89,335.00 114,141 24,806
<br />~T~ 1 275,000 ~] ] ,540.63 1,786,540.63
<br />
<br />B and YearD o]]~:s $10,518 .75 ~s~ssrnsqt T sm 15.00
<br />A'v~s~m:3e Li~ 8.250 Yea~ ,~$~ssrl~ Rote 6.50%
<br />Avenge Coupc~ 4 ~6313% Tctd/~s~ssed 1,733,592
<br />N et ~t~stCost ~T~) 5 .04471%
<br />Tzue ~t~n~'tCost ~X~) 5 .07909%
<br />
<br />Oamuldive
<br />
<br /> 176 937
<br /> 239 818
<br /> 299 516
<br /> 356 072
<br /> 409 529
<br /> 459 930
<br /> 507 317
<br /> 551 733
<br /> 593 220
<br /> 631 820
<br /> 667 577
<br /> 700 532
<br /> 730 729
<br /> 758 209
<br /> 783 015
<br />
<br />2000C Bonds
<br />
<br />Purpose
<br />The $900,000 G.O. Improvement Refunding Bonds, Series 2000C are being issued pursuant to Minnesota
<br />Statutes, Chapters 475 and 429. The 2000C Bonds are being issued to undertake a current refunding of the
<br />G.O. Improvement Bonds, Series 1992B. The 1992B Bonds are eligible for call and prepayment on
<br />February 1,2001 and on any date thereafter.
<br />
<br />Financing these projects requires a bond issue in the amount of $900,000. The proposed finance plan
<br />consists of the following sources and uses of funds:
<br />
<br />SOURCES
<br />Par Amount of Bonds
<br />Cash Contribution
<br />
<br />$900,000
<br />196,409
<br />
<br />USES
<br />Bonds to Call $1,075,000
<br />Costs of Issuance 10,550
<br />Discount 9,900
<br />Capitalized Interest 0
<br />Rounding 959
<br />
<br />Total Sources $1,096,409 Total Uses $1,096,409
<br />
<br />Structure and Repayment
<br />The 2000C Bonds refinance the 2002 through 2008 maturities of the 1992B Bonds. The combined use of
<br />cash and lower interest rates reduced debt service expense by over $270,000. The present value of this
<br />savings, after accounting for the cash contribution, is $40,393. The preliminary projection of debt service
<br />and savings appears on the next page.
<br />
<br />The 2000C 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 the entire amount of
<br />principal and interest from the special assessments and other revenues pledged to the 1992B Bonds.
<br />
<br />4
<br />
<br />
<br />
|