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Bond Sale Report
<br />
<br />Structure and Repayment
<br />The Bonds are general obligations of the City of Elk River and as such are secured by a pledge of the
<br />City's full faith, credit, and taxing powers. It is the intent of the City to pay the entire amount of principal
<br />and interest from tax increment revenues connected with the original issues. Revenues from Tax
<br />Increment Financing District No. 6 support the 1989B Bonds. Revenues from Tax Increment Financing
<br />District No. 7 support the 1990A Bonds. The debt service on the refunding bonds will be allocated to
<br />these TIF districts. The preliminary projection of debt service and savings for the 2000D Bonds appears
<br />below.
<br />
<br />The Bonds will be sold October 23, 2000 and be dated November 1, 2000. The first interest payment on
<br />the Bonds will be August 1, 2001, and semiannually thereafter on February 1 and August 1. Principal on
<br />the Bonds will be due on February 1 in the years 2002 through 2010. We recommend that Bonds maturing
<br />in the years 2006 through 2010 be subject to prepayment at the discretion of the City on February 1, 2005
<br />and any date thereafter.
<br />
<br />D~e
<br />2/1/2001
<br />2/1/2002 50,000 7.000%
<br />2/1/2003 60,000 7.050%
<br />2/1/2004 65,000 7.050%
<br />2/1/2005 75,000 7.150%
<br />2/1/2006 70,000 7.150%
<br />2/1/2007 80,000 7.200%
<br />2/1/2008 35,000 7.200%
<br />2/1/2009 40,000 7.250%
<br />2/1/2010 35,000 7.250%
<br /> 510,000
<br />
<br />Bond YearDoIhm $2,502 `50
<br />A~mge Li~ 4.907 Yea~
<br />Ax~mge Coupon 7 ~17360%
<br />Net Ixt~stCost ~112) 7.41816%
<br />Tzue I~Cost {plP) 7.46346%
<br />
<br />$510,000 Tc~bleTc~ Increment Refundng Bonds, Series 2000D
<br />
<br /> E~sting
<br />Pri~Dd R~e Interest P&I Debt
<br />
<br />45,496.88 95/196.88
<br />32,897.50 92,897 `50
<br />28,667.50 93,667 `50
<br />24,085.00 99,085.00
<br />18,722.50 88,722`50
<br />13,717.50 93,717,50
<br />7,957.50 42,957 .50
<br />5,437.50 45/t37 .50
<br />2,537.50 37,537 `50
<br />
<br />179,519.38 689,519..38
<br />
<br /> 97 807
<br /> 98 127
<br /> 97 952
<br />102 290
<br /> 95 660
<br /> 99 000
<br /> 46 385
<br /> 47 920
<br /> 43 960
<br />
<br />Total savings
<br />
<br />P~sse~t vaJue o f savings
<br />
<br />C~ cash cc~tnbutim
<br />N etp~l~s~mt valle savi~gs
<br />% ofmfunded p~i~cJpa~l
<br />
<br />% of~fundi~g p~cJpal
<br />
<br />2,311
<br />5,230
<br />4,285
<br />3,205
<br />6,937
<br />5,282
<br />3/127
<br />2,482
<br />6,422
<br />
<br /> 39,583 &2
<br /> 26,943 X8
<br />
<br />$26,943 ~8
<br /> 539%
<br /> 528%
<br />
<br />
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