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Ehlers & Associates, Inc. <br /> LEADERS IN PUBLIC FINANCE <br /> May 13, 1998 <br /> The City Council <br /> Centerville, MN 55038 <br /> Re: 20th Avenue North Sanitary Sewer and Watermain Improvements <br /> Attached are schedules indicating the following: <br /> Exhibit 1.00: An estimated capitalization schedule for the issuance of $720,000 general <br /> obligation bonds to finance the improvements on 20th Avenue North; <br /> Exhibit 2.00: A proposed debt service schedule for maturing the bonds over a ten year <br /> period, coordinating with the receipt of the special assessments over the same period of <br /> time; <br /> Exhibit 3.00: A spreadsheet reflecting the requirements of the principal and interest of <br /> the bond issue, the 5% excess which is required by law to protect against delinquencies in <br /> collection of assessments; the receipt of special assessments to be collected at 8% interest <br /> on the unpaid balances from year to year, and the remaining non - assessed portion which <br /> is expected to be paid from utility revenues. <br /> We understand the City has received construction bids and has held an assessment hearing on <br /> this project. If the Council feels the project is at an appropriate stage at tonight's meeting, we <br /> would suggest that action be taken "to authorize City staff to work with Ehlers and Associates, <br /> Inc. to solicit proposals for the sale of $720,000 General Obligation Bonds and report the results <br /> to the Council for consideration on June I0, 1998." <br /> Parkview Addition improvements: Our understanding is that the Parkview development <br /> project is not quite at a stage where bonds could be issued based upon construction bids. This <br /> makes it difficult to sell bonds for the Parkview project at the same time as the improvements on <br /> 20th Avenue North are financed. This could be accomplished if the Council was interested in <br /> selling bonds based upon estimated costs rather than final construction bids. <br /> We look forward to discussing the financing of these improvements this evening. <br /> Si ly, <br /> Carolyn Drude Kristin Hanson <br /> 3060 Centre Pointe Drive • Roseville, Minnesota 55113 -1105 <br /> (612) 697 -8500 • FAX (612) 697 -8555 • www.ehiers- ine.com <br /> Affirmative Action /Equal Opportunity Employer <br /> Charter Member of the National Association of Independent Public Finance Advisors <br />