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<br />
<br />City of Elk River, Minnesota
<br />Electric Revenue Bonds
<br />Proof of Reserve Fund Requirement - Series 2016A, 2016B and 2014A Bonds
<br />DatePrincipalInterestSeries 2014A TOTAL P+I
<br />and Series
<br />02/01/2017-133,479.81670,334.56803,814.37
<br />02/01/2018-243,922.50673,385.00917,307.50
<br />02/01/2019465,000.00243,922.50474,988.751,183,911.25
<br />02/01/2020470,000.00237,645.00256,162.50963,807.50
<br />02/01/2021480,000.00230,595.00257,732.50968,327.50
<br />02/01/2022485,000.00222,675.00112,732.50820,407.50
<br />02/01/2023495,000.00213,945.00-708,945.00
<br />02/01/2024505,000.00204,540.00-709,540.00
<br />02/01/2025515,000.00194,187.50-709,187.50
<br />02/01/2026525,000.00183,372.50-708,372.50
<br />02/01/2027535,000.00171,560.00-706,560.00
<br />02/01/2028550,000.00158,720.00-708,720.00
<br />02/01/2029565,000.00144,970.00-709,970.00
<br />02/01/2030580,000.00130,280.00-710,280.00
<br />02/01/2031595,000.00114,910.00-709,910.00
<br />02/01/2032610,000.0098,547.50-708,547.50
<br />02/01/2033630,000.0081,467.50-711,467.50
<br />02/01/2034645,000.0062,882.50-707,882.50
<br />02/01/2035665,000.0043,210.00-708,210.00
<br />02/01/2036685,000.0022,262.50-707,262.50
<br />Total$10,000,000.00$3,137,094.81$2,445,335.81$15,582,430.62
<br />PROOF OF RESERVE FUND
<br />
<br />MAXIMUM PERIODIC DEBT SERVICE
<br />Omit First Period?.....................................................................................................................................................................................
<br />.Yes
<br />100 % of the Maximum Periodic Debt Service.............................................................................................................................................................
<br />.1,183,911.25
<br />
<br />AVERAGE PERIODIC DEBT SERVICE
<br />Total P+I..............................................................................................................................................................................................
<br />.15,582,430.62
<br />Bond Years (Delivery Date).............................................................................................................................................................................
<br />.19.55
<br />125 % of the Average Periodic Debt Service.............................................................................................................................................................
<br />.996,460.68
<br />
<br />PERCENT OF PAR
<br />Total Par (Existing + New).............................................................................................................................................................................
<br />.12,695,000.00
<br />10 % of Par............................................................................................................................................................................................
<br />.1,269,500.00
<br />
<br />RESERVE REQUIREMENT
<br />Computed Requirement...................................................................................................................................................................................
<br />.647,460.68
<br />Proof's Requirement....................................................................................................................................................................................
<br />.996,460.68
<br />Portion of reserve requirement funded externally.......................................................................................................................................................
<br />.349,000.00
<br />Lowest Requirement less external funding...............................................................................................................................................................
<br />.647,460.68
<br />
<br />Series 2016 Electric Rev | SINGLE PURPOSE | 5/ 2/2016 | 4:09 PM
<br />Page 13
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