5.3. SR 02-06-2006 - Laserfiche WebLink

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Audited Fiscal Year Ended OPERATlNG REVENUES OPERATlNG EXPENSES $ OPERATlNG PROFIT (Exclusive of Depreciation) $ ADD: Non-Operating Revenue NET REVENUES $ The Net Revenues of the Electric System for the Audited Fiscal Year immediately preceding the issuance of the Series 2006A Bonds, adjusted as set forth above, were at least one hundred twenty five percent (125%) of the average annual principal and interest coming due during the remaining term of the Prior Bonds plus the Series 2006A Bonds computed to February 1, 2015 (the final maturity date of the Prior Bonds). The average annual principal and interest requirements, based on the schedule of maturities herein set forth and a net interest cost on the Series 2006A Bonds of % per annum for the Prior Bonds and the Series 2006A Bonds is $ Other than the Prior Bonds, the Commission has no other bonds, warrants, certificates or other obligations or evidences of indebtedness of money borrowed for or on account of the Electric System or indebtedness for which the Net Revenues of the Electric System have been appropriated or pledged. 2.04. Sufficiency of Gross Revenues and Net Revenues. The Commission reasonably anticipates that the Gross Revenues to be received during the period for which the Series 2006A Bonds will be outstanding will be more than sufficient to pay all costs of the operation and maintenance of the Electric System and to provide Net Revenues adequate to pay the principal of and interest on the Series 2006A Bonds and the Prior Bonds when due. 2.05. Authorization of Series 2006A Bonds. The Commission is authorized by law to borrow money necessary to finance the Proj ect and to pay the related financing costs and fund the Reserve Account. It is necessary and expedient for the City forthwith to issue its Electric System Revenue Bonds, Series 2006A, in the principal amount of$3,595,000. All costs of the Proj ect in excess of the proceeds of the Series 2006A Bonds available for payment of such costs shall be paid from any other funds legally available to the Commission for such purpose. 2.06. Sale of Series 2006A Bonds. The Commission has retained Ehlers and Associates, Inc., in Roseville, Minnesota (Ehlers), as its independent financial advisor for the sale of the Bonds and was therefore authorized to sell the Bonds by private negotiation in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9) and proposals to purchase the Bonds have been solicited by Ehlers. 2.07. Receipt and Acceptance of Proposals. Proposals have been received by the Commission Secretary, or designee, at the offices of Ehlers on the date hereof pursuant to the Official Terms of Bond Sale established for the Bonds. The proposal of 1861915vl 5