|
Bond Sale Report
<br />
<br />The 2000C Bonds will be sold October 23, 2000 and be dated the date of closing (tentatively November
<br />14, 2000). The first interest payment on the 2000C Bonds will be August 1, 2001, and semiannually
<br />thereafter on February 1 and August 1. Principal on the 2000C Bonds will be due on February 1 in the
<br />years 2002 through 2008. We recommend that 2000C Bonds maturing in the years 2006 through 2008 be
<br />subject to prepayment at the discretion of the City on February 1, 2005 and any date thereafter.
<br />
<br />$900,000 C~O Irnl~cx, ement RefunclngBcncl% Seriee 2000C
<br />
<br /> E~isting
<br />Dote Prim:iDd Rote Ir~emt Pal DeI~ S~ncs
<br />2/1/2001
<br />2/1/2002 125,000 4.400% 51,162.50 176,162.50 216,360 40,198
<br />2/1/2003 135,000 4.450% 35,430.00 170,430.00 207,510 37,080
<br />2/1/2004 135,000 4.500% 29,422.50 164,422 .50 203,360 38,938
<br />2/1/2005 130,000 4.550% 23,347.50 153,347.50 193,750 40,403
<br />2/1/2006 130,000 4.600% 17,432.50 147 ,432 .50 184,063 36,630
<br />2/1/2007 125,000 4.650% ]],452.50 136,452 ~50 174,375 37,923
<br />2/1/2008 120,000 4.700% 5,640.00 125,640.00 164,688 39,048
<br />TOTAL 900,000 ] 73,887.50 1,073,887 .50
<br />
<br />Bond YearD oIb~s $3,785.00 ToizLl saviags 270,217 .50
<br />Avenac3e Li~ 4 ~ 06 Yearn Pm~ent~a3ue of savings 219,433.47
<br />Aveuage Coupc~ 4,59412% CSBjr cash contnbutim3 (180,000.00)
<br />Net ~Cost IN]E) 4.85568% Roundixg ~n ount 959 .59
<br />Tzue ~=~-tCost fi]E) 4.88358%
<br />
<br />N et p~es~ut vaJue savi~gs $ 40,393.06
<br />% ofmfunded prhc~al 3.76%
<br />% o f ~fnncl~g pzi%cJpal 4.49%
<br />
<br />2000D Bonds
<br />
<br />Purpose
<br />The $515,000 Taxable Tax Increment Refunding Bonds, Series 2000D (the "Bonds") are being issued
<br />pursuant to Minnesota Statutes, Chapters 475 and 469. The Bonds are being issued as a current refunding
<br />of the Taxable G.O. Tax Increment Bonds, Series 1989B and the Taxable G.O. Tax Increment Bonds,
<br />Series 1990A. Both issues are eligible for call and prepayment on any date.
<br />
<br />Financing these projects requires a bond issue in the amount of $510,000. The proposed finance plan
<br />consists of the following sources and uses of funds:
<br />
<br />SOURCES
<br />Par Amount of Bonds
<br />Up-Front Revenue
<br />
<br />Total Sources
<br />
<br /> USES
<br />$510,000 Principal Called $500,000
<br />7,559 Costs of Issuance 8,550
<br /> Discount 6,120
<br /> Capitalized Interest 0
<br /> Rounding 2,889
<br />$517,559 Total Uses $517,559
<br />
<br />
<br />
|