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SECURITI <br />PURPOSE: Proceeds from the Bonds will be used to current refund the 2022 through <br />2029 maturities of the City's General Obligation Improvement Bonds, <br />Series 2013A (the "Refunded Bonds") on March 31, 2021 and to pay costs <br />associated with issuing the Bonds. The Refunded Bonds were issued to <br />finance various street improvements within the City. The Bonds have <br />been sized based on proceeds required to refund the outstanding <br />maturities of the Refunded Bonds. The table below contains the sources <br />and uses of funds for the bond issue. <br />FINANCE PLAN: The Bonds have been structured to result in certain targeted annual levy <br />amounts as provided by the City, resulting in savings in the first 4 years <br />of the structure with negative savings in the last 4 years of the Bonds <br />structure, when compared to the Refunded Bonds, and extending the <br />average maturity of the new issue slightly. Currently, this structure for <br />the Bonds produces an overall positive savings result to the City. <br />SECURITY: Ad valorem taxes. <br />RESULTS: <br />• Method of Sale: Competitive Sale. The Bonds were underwritten by <br />United Bankers' Bank, Bloomington, Minnesota. <br />• Rating: Non -Rated <br />• Final Maturity: February 1, 2029 <br />• Optional Call: Non -Callable <br />-------------------- <br />Final <br />on <br />02%24/202I <br />Par Amount <br />$1,255,000 1 <br />�n <br />All Inclusive Cost (AIC) <br />1.35% <br />_..... <br />True Interest Cost TIC{ <br />................ <br />1.00% <br />Total Savings ($) <br />$69,011 <br />Net Present Value a � % V Savin+ros <br />5 278% <br />.......... .... ...... .. <br />Page 2 <br />