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<br />^ <br /> <br />. <br /> <br />A. ~r!TN HILLS City of Arden Hills, Minnesota e I ~Jt~,~,~,. <br />L ~~. Pre-Sale Report <br />Tax Increment Refunding Bonds, Series 2004A <br /> <br />September, 2004 <br /> <br />I'roposed Issue: $2,410,000 G,Q, Tax lucrement Refunding Bonds, Series 2004A <br /> <br />Pnrpose: The Bonds will be a current refunding of the $2,370,000 of the outstanding <br />principal of the $3,100,000 G.O. Tax Increment Bonds, Series 1998A, which is <br />callable on February I, 2005. <br /> <br />Term/Call Featnre: The first principal payment is 2/1/06 and the final payment is 2/1/16. <br />We propose a call (pre-payment) date of 8/1/11, which is less than seven years. <br /> <br />Funding Sources: Tax increments from TJF District No.2. <br /> <br />Discussiou Issues: Outstanding interest rates on the 1998 Bonds average 4.63%. New rates are <br />expected to be in the mid to high 3% range. The refunding is expected to save <br />future value of $100,000 and a present value of approximately $70,000 in total. <br />Annual savings will begin in taxes payable 2005. <br /> <br />Because the City expects to issue less than $10,000,000 in tax-exempt . <br />obligations in 2004, the Bonds will be bank qualified, whieh carries a slightly <br />lower interest rate. Standard & Poor's will be asked to rate the issue. <br /> <br />Bond Attorney: <br /> <br />Steve Bubul, Kennedy & Graven <br /> <br />Paying Agent: <br /> <br />Bond Trust Services, Inc. (an Ehlers subsidiary). <br /> <br />Schedule: <br />Pre-Sale Review: <br /> <br />Estimated Closing Datc; <br /> <br />Scptember, 2004 <br /> <br /> <br />Week of Sept. 13, 2004 <br /> <br /> <br />W cek of Sept. 20 2004 <br /> <br /> <br />September 27, 2004 <br /> <br /> <br />First week of November, 2004 <br /> <br />Distribute Official Statement: <br /> <br />Rating Agency Interview <br />Bond Sale: <br /> <br />Attachment: <br /> <br />Resolution authorizing Ehlers to proceed with bond sale <br /> <br />Ehlers Contacts: <br />Financial Advisors: <br /> <br />Bond Analysts: <br /> <br />Mark Ruff (65 I )697-8505 <br />Shelly Eldridge (651)697-8504 <br />Diana Lockard (651) 697-8534 <br />Debbie Holmes (651) 697-8536 <br />Connie Kuck (651) 697-8527 <br /> <br />. <br /> <br />Bond Sale Coordinator: <br /> <br />The Official Statement for this financing ...t:i!l be mailed to the Council Members at their home address for review <br />prior to the sale date. <br />