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<br />City of Elk River, Minnesota
<br />G.O. Improvement Refunding Bonds
<br />Series 1999
<br />Full Crossover Advance Refunding of Series 1994A
<br />DEBT SERVICE COMPARISON
<br />
<br />Date Total P+I PCF Existing D/S Net New D/S Old Net D/S Savings
<br />2/01/2000 - - 297,097.50 297,097.50 297,097.50 -
<br />2/01 /2001 32,925.00 (1,802,925.00) 2,127,445.00 357,445.00 357,445.00 -
<br />2/01/2002 76,340.00 - - 76,340.00 239,950.00 163,610.00
<br />2/01/2003 89,240.00 - - 89,240.00 252,670.00 163,430.00
<br />2/01/2004 101,445.00 - - 101,445.00 264,190.00 162,745.00
<br />2/01/2005 102,925.00 - - 102,925.00 269,470.00 166,545.00
<br />2/01/2006 89,100.00 - - 89,100.00 253,745.00 164,645.00
<br />2/01/2007 75,650.00 - - 75,650.00 238,105.00 162,455.00
<br />2/01/2008 62,595.00 - - 62,595.00 227,560.00 164,965.00
<br />2/01/2009 49,955.00 - - 49,955.00 211,830.00 161,875.00
<br />2/01/2010 37,750.00 - - 37,750.00 201,210.00 163,460.00
<br />2/01/2011 21,000.00 - - 21,000.00 185,500.00 164,500.00
<br />Total 738,925.00 (1,802,925.00) 2,424,542.50 1 ,360,542.50 2,998,772.50 1 ,638,230.00
<br />PRESENT VALUE ANALYSIS SUMMARY (NET TO NET)
<br />
<br />Gross PV Debt Service Savings............................................................................................ 1,217,321.60
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<br />Net PV Cashflow Savings @ 4.663% (Bond yield)................................................................ 1,217,321.60
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<br />Total Cash contribution..........................................................................................................
<br />Contingency or Rounding Amount.........................................................................................
<br />NET FUTURE VALUE BENEFIT...........................................................................................
<br />NET PRESENT VALUE BENEFIT.........................................................................................
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<br />(1,150,000.00)
<br />2,831.29
<br />$491,061.29
<br />$70,152.89
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<br />NET PV BENEFIT / $458,934.49 PV REFUNDED INTEREST.............................................
<br />NET PV BENEFIT / $1 ,761 ,911.29 PV REFUNDED DEBT SERVICE..................................
<br />NET PV BENEFIT / $1,770,000 REFUNDED PRINCIPAL...................................................
<br />NET PV BENEFIT / $575,000 REFUNDING PRINCIPAL...................................................
<br />
<br />15.286%
<br />3.982%
<br />3.963%
<br />12.201%
<br />
<br />Springsted Incorporated
<br />Public Finance Advisors
<br />
<br />File = Elkriver.sf-Ser99R94A
<br />8/25/1999 2:24 PM
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<br />Page 9
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