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City of Elk River, Minnesota <br />Recommendations for Issuance of Bonds <br /> <br />$10,000,000 Electric Revenue Bonds, Series 2016A <br />$1,460,000 Electric Revenue Refunding Bonds, Series 2016B <br />The City Council and Utilities Commission have under consideration the issuance of bonds to <br />buy-in to become a member of the Minnesota Municipal Power Agency and (ii) refund an <br />outstanding series of electric revenue bonds . This document provides information <br />relative to the proposed issuance. <br />KEY EVENTS:The following summary schedule includes the timing of some of the key events that will <br /> <br />occur relative to the bond issuance. <br /> <br />May 10, 2016 Utilities Commission sets sale date and terms <br />May 16, 2016 City Council sets sale date and terms and authorizes <br />Utilities Commission to award Bonds <br />Week of May 30, 2016 Rating conference is conducted <br />On or about June 10, 2016 Rating received <br />June 14, 2016, 10:00 AM Competitive bids are received <br />June 14, 2016, 3:30 PM Utilities Commission considers award of Bonds <br />July 14, 2016 (est.) Proceeds are received <br /> <br />RATING:An application will be made to for a rating on the Bonds. The <br /> <br />Cielectric revenue supported debt is currently rated 'Aa3' by . <br /> <br />THE MARKET:Performance of the tax- <br /> <br />which measures the yield of high grade municipal bonds in the 20 year for general <br />th <br />obligation bonds (the BBI 20 Bond Index) and the 30 year for revenue bonds (the BBI 25 <br />th <br />Bond Index). The following chart illustrates these two indices over the past five years. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />2 <br />2 <br />1 <br />. <br />1 <br />2 <br /> <br />1 <br />. <br />4 <br /> <br />9 <br />86 <br /> <br />:1 <br />N <br />. <br />0 <br />o <br />2 <br /> <br />, <br /> <br />4 <br />y <br /> <br />d <br />y <br /> <br />u <br />a <br />t <br />SM <br />