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City of Centerville, Minnesota <br /> $2,755,000 General Obligation Improvement Refunding Bond�� <br /> Series 2011A <br /> Financing Overview: <br /> The $2,755,000 General Obligation Improvement Refunding Bonds, Series 2011A are proposed to be <br /> issued to current refund the following City bond issues: <br /> 1. $2,200,000 General Obligation Improvement Bonds, Series 2004B <br /> 2. $2,600,000 General Obligation Improvement Bonds, Series 2007A <br /> The 2004B Bonds have a remaining average interest rate of approximately 4.20% and the 2007A Bonds <br /> have a remaining average interest rate of approximately 3.81% Based upon the municipal interest <br /> rates available in the current bond market, new refunding bonds could be issued at an average interest <br /> rate of approximately 2.00%. This interest rate reduction would result in net debt service of <br /> approximately 196 800 which is a 6.58% present value savings. Note - this is a net savings in that any <br /> costs of issuance have already been considered. I <br /> � <br /> Summary of Recommended Terms: ' <br /> ; <br /> 1. Type of Sale Public Offering. <br /> 2. Proposals Received Wednesday, March 23, 2011 C� 10:30 A.M. <br /> I <br /> 3. Council Consideration Wednesday, Mazch 23, 2011 @ 6:30 P.M. ! <br /> 4. Repayment Term The Bonds will mature annually each july 1, 2012-2019. ', <br /> Interest will be payable January 1, 2012 and semiannually <br /> thereafter on July 1 and January 1. <br /> 5. Security General obligation pledge of the City in addition to <br /> assessments on benefifing property owners. <br /> 6. Prepayment Option The Bonds maturing July 1, 2017 - 2019 will be subject to <br /> prepayment on July 1, 2016 at a price of par plus accrued <br /> interest. <br /> 7. Tax Status Bradley & Deike - Edina, MN <br /> Page 2 <br /> NORTHLAND�SECU R1T1ES <br /> 45 <br />