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<br />$14,460,000
<br />City of Elk River, Minnesota
<br />Electric Revenue Bonds, Series 2021B
<br />Issue Summary
<br />Proof of Reserve Fund Requirement
<br />Date Principal Interest Existing D/S TOTAL P+I
<br />08/01/2021 --490,090.63 490,090.63
<br />08/01/2022 335,000.00 325,753.38 1,489,081.25 2,149,834.63
<br />08/01/2023 395,000.00 266,067.50 1,240,531.25 1,901,598.75
<br />08/01/2024 395,000.00 263,895.00 1,240,906.25 1,899,801.25
<br />08/01/2025 400,000.00 261,525.00 1,240,331.25 1,901,856.25
<br />08/01/2026 400,000.00 258,925.00 1,246,431.25 1,905,356.25
<br />08/01/2027 405,000.00 255,925.00 1,249,031.25 1,909,956.25
<br />08/01/2028 410,000.00 252,482.50 1,245,881.25 1,908,363.75
<br />08/01/2029 410,000.00 248,382.50 1,243,881.25 1,902,263.75
<br />08/01/2030 415,000.00 243,667.50 1,250,512.50 1,909,180.00
<br />08/01/2031 420,000.00 238,065.00 1,245,531.25 1,903,596.25
<br />08/01/2032 430,000.00 231,555.00 1,244,118.75 1,905,673.75
<br />08/01/2033 435,000.00 224,245.00 1,246,162.50 1,905,407.50
<br />08/01/2034 445,000.00 216,632.50 1,240,656.25 1,902,288.75
<br />08/01/2035 450,000.00 208,400.00 1,243,456.25 1,901,856.25
<br />08/01/2036 460,000.00 199,850.00 1,249,906.25 1,909,756.25
<br />08/01/2037 470,000.00 190,650.00 560,706.25 1,221,356.25
<br />08/01/2038 480,000.00 181,015.00 561,106.25 1,222,121.25
<br />08/01/2039 490,000.00 171,175.00 560,906.25 1,222,081.25
<br />08/01/2040 500,000.00 161,130.00 562,081.25 1,223,211.25
<br />08/01/2041 510,000.00 150,630.00 562,731.25 1,223,361.25
<br />08/01/2042 520,000.00 139,665.00 562,856.25 1,222,521.25
<br />08/01/2043 535,000.00 127,705.00 562,456.25 1,225,161.25
<br />08/01/2044 545,000.00 115,400.00 561,531.25 1,221,931.25
<br />08/01/2045 560,000.00 102,865.00 559,493.75 1,222,358.75
<br />08/01/2046 570,000.00 89,985.00 561,912.50 1,221,897.50
<br />08/01/2047 585,000.00 76,875.00 563,606.25 1,225,481.25
<br />08/01/2048 600,000.00 62,250.00 559,575.00 1,221,825.00
<br />08/01/2049 615,000.00 47,250.00 -662,250.00
<br />08/01/2050 630,000.00 31,875.00 -661,875.00
<br />08/01/2051 645,000.00 16,125.00 -661,125.00
<br />Total $14,460,000.00 $5,359,965.88 $26,145,471.88 $45,965,437.76
<br />PROOF OF RESERVE FUND
<br />MAXIMUM PERIODIC DEBT SERVICE
<br />Omit First Period?...............................................................................................................................................Yes
<br />100 % of the Maximum Periodic Debt Service........................................................................................................1,909,956.25
<br />AVERAGE PERIODIC DEBT SERVICE
<br />Total P+I............................................................................................................................................................45,965,437.76
<br />Bond Years (Delivery Date)..................................................................................................................................30.22
<br />125 % of the Average Periodic Debt Service..........................................................................................................1,901,493.56
<br />PERCENT OF PAR
<br />Existing Par.......................................................................................................................................................21,125,000.00
<br />Total Par (Existing + New)...................................................................................................................................35,585,000.00
<br />10 % of Par........................................................................................................................................................3,558,500.00
<br />RESERVE REQUIREMENT
<br />Computed Requirement.......................................................................................................................................640,134.56
<br />Proof's Requirement............................................................................................................................................1,901,493.56
<br />Portion of reserve requirement funded externally.....................................................................................................1,261,359.00
<br />Lowest Requirement less external funding.............................................................................................................640,134.56
<br />2021 Electric Rev Bonds 3 | SINGLE PURPOSE | 3/ 1/2021 | 1:28 PM
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