HomeMy WebLinkAbout2011-03-23 CC Mtg. Handouts NORTHLAND SECURITIES
TABULATION OF BIDS
CITY OF CENTERVILLE, MINNESOTA
$2,760,OOOt
GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 201 lA
AWARD: iJNITED BANKERS' BANK
DATE OF SALE: WEDNESDAY, MARCH 23, 2011
STANDARD AND POOR'S UNDFRLYII�TG RATII�TG: AA
TRUE
PURCHASE � NET INTEREST
BIDDER PRICE 'INTEREST COST COST (TIC) ,
�
UNTIED BANKERS' BANK ��` �$, 36,031.25 $276,074.37 1.997200%
�
Bloomington, MN �a � � I
PIPER JAFFRAY � $�,771,642.30 $291,749.89 2.099349% I
Kansas City, MO -�..� �
� _� � I
MORGAN KEEGAN & CO., INC. � $,869,781.77 �$299,480.73 2.110063%
Memplus, TN r � ` I
� �»-.�_ � � � �
UMB BANK N.A. $2, .50 $294,005.13 2.128637% I
Kansas City, MO I
BERNARDI SECURITIES, INC. $2,764,642.50 299,614.38 2.159317%
Chicago, IL !
ROBERT W.BAIRD & CO., INC. $2,773,637.40 $307,465.73 2.208940%
Milwaukee, WI
t Par amou�lt increased from $2,755,000 to $2,760,000. The adjusted purchase price is $2,�40,996.82 and the adjusted TIC is
1.99986S5%.
Mais OtHce 45 Sowh 7th Street, Suite 2000, Minneapolis, Mmnesota 55402 Main Office Toll Frec 1-800-851-2920
Iowa O�Ce 6600 Westown Parkway, Suite 255, West Des Moines, Iowa 50266 Toll Froe 1-800-851-2920 Dirxt 515-661-6182 Fax 515-661-6192
Soath Dakota OtSce 215 West Sioux Avenue, Pieae, South Dakota 57501 Toll Free 1-877-224-5557 Direct 605-2245557 Fax 605-224-9554
www.aordilandsecurit�s.com
Member FINRA and SIPC
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Summary:
` Centerville, Minnesota; General
� Obligation �
` ' Primary Credit Analyst: �'
Carol Hendrickson, Chicago 312-233-7062; caral_hendrickson�standardandpoors.com I
Secondary CoMact:
Caroline West, Chicago 312-233-7047; caroline west�standardandpoors.com
Table Of Contents
I
Rationale
Outlook I
j � Related Criteria And Research I
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854223�3014565J1
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Summary:
Centerville, Minnesota; General Obligation
-. �,
US$7.755 mil GO imp ffdg bnds ser 2tJ11 A dtd 04Jt11 J2019 due al/Q1 /2019
to�! Term Rating AA/Stable � NeN►
Centerville GQ:
Long Term Reting AA/Stable Affim�ed
Rarionale
The 'AA' rating assigned to Centerville, Minn.'s series 2011A general obligation (GOj improvement refunding
bonds and the affirmed 'AA' rating on the city's previously rated issues reflect the following credit characteristics:
� Access to employment throughout the large and diverse Minneapolis-St. Paul area;
• Strong to very strong wealth and income indicators;
• Historically very strong general fund reserves, supported by good management; and
• Moderate overall net debt burden.
Elevated carrying charges, in part, offset the above suengths.
The city's unlimited tax GO pledge secures the series 2011A bonds. Management plans to use proceeds to current
refund the city's series 2004B and series 2007A GO improvement bonds for interest-cost savings.
Centerville (population: 3,881) is located about 15 miles north of St. Paul ('AAA/Stable' GO raring) in Anoka ''
County ('AAA/Stable' GO raring). The city is primarily residential in nature (83% of market value is residential),
and residents have easy access to employment throughout the Minneapolis-St. Paul area. We consider median
hous�hold effective buying income (EBI) very strong at 144% of the national average, while per capita EBI is
considered good at 110% of the national average. In fiscals 2007 and 2008, indicated market value grew an average '
12% per year. Howeve� indicated market value decreased 3% in fisca12009 and 8.3% in fiscal 2010 to $351
million. Although indicated market value has deteriorated somewhat, we still consider city market value very strong
at $90,408 per capita. In fisca12010, Centerville's tax capacity was $3.8 million, and the city's leading 10 taxpayers
accounted for a very diverse 8% of tax capacity.
� While city revenues have fallen due to decreases in interest earnings, intergovemmental revenues, and user-fee
receipts, the city has responded with expenditure reductions to maintain very suong reserves. To mirigate the effects
of a 6% decrease in general fund revenues in fisca12009, the city reduced general fund expendirures by 15% in
discretionary spending areas such as salaries and benefits and delayed capital improvement projects. The general
fund had a$73,810 surplus in fiscal 2009, increasing the unreserved fund balance to $1.2 million, or a very strong
55% of expenditures. Centerville reported an unaudited $162,000 general fund deficit in fisca12010 due to building
permit revenues coming in below budget. Management has adjusted revenue assumprions to account for lower
revenues in fisca12011 and expects balanced general fund results. The city currendy sets its operarional levy below
the state cap; if the city were to levy at its maximum rate, it would generate an additional $67,000. Property taxes
account for 81.5% of general fund revenues while intergovernmental receipts account for 7.5%.
Standard & Poor's � RatingsDirect on the Global Credit Portal � March 15, 2011 2
854223�301456571
Summary: Centervilde, Minnesota; General Obligation
We consider the Centerville's financial management practices to be "good" under Standard & Poor's Financial
Management Assessment methodology. This indicates that financial management practices exist in most areas,
although all may not be formalized or regularly monitored. Highlights of these pracrices include regular reporting of
budget and investment performance to elecred officials, a formal five-year capital improvement plan that is updated
annually, and a formal policy to maintain a general fund balance at 40%-50% of expenditures.
All qualified city employees participate in a pension plan administered by the Public Employees Retirement
Association of Minnesota. The city made alt employer pension contriburions as required by state statute in fiscal
2009. Eligible retirees have the option to purchase health insurance at 100% of premium costs through the ciry at a
fu�ed rate. In fisca12009, the city contributed no funds to the retiree health care plan.
The city's overall net debt burden is considered high at $5,250 per capita but moderate at 5.8% of market value. In
addition, debt service as a percentage of governmental expenditures less capital outlay has averaged an elevated
32.6% over fiscals 2006-2009, with 2009 carrying charges at 25% of expenditures. Although much of this debt is
self-supported, it is with the use of special assessments; we do not give self-support credit for debt serviced by this
revenue sueam since they are similar in nature to property taxes. Amortization is above average, with 78 % of GO
bonds due to be retired within 10 years. The city has no immediate debt plans but may issue bonds for sueet
improvements in fisca12015.
i
Outlook
The stable outlook reflects our expectation that management will continue to make necessary adjustments to offset I
potenrial further decreases in taxable valuation or other revenue pressures. We do not expect the rating to change '
within the two-year parameter of the stable outlook because we believe the disuict will continue to maintain
consistently strong reserves. I
Related Criteria And Research �
USPF Critezia: GO bebt, Oct.12, 2006 I
Complete ratings informarion is available to subscribers of RatingsDirect on the Global Credit Portal at
wwwglobalcreditportal.com. All ratings affected by this rating acrion can be found on Standard & Poor's public
Web site at www.standardandpoors.com. Use the Ratings search box located in the left column.
www.atandardand�oors.comlratingsdirect 3
854223�301456571
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Standard & Poor's � RatingsDirect on the Global Credit Portal � March 15, 2011 4
854223�301456571
City of Centerville, Minnesota
G.O. Improvement Refundi.ng Bonds, Series 2011A
Table of Contents
Report
ISSUE SUMMARY
Refunding Summary 1
Debt Service Comparison 2
Debt Service Schedule 3
Pricing Summary 4
Proof Of Bond Yieid Q 1.8530851% 5
Detail Costs Of Issuance 6
Total Prior Net Debt Service 7
Debt Service To Maturity And To Call 8
Cutrent Refunding Escrow 9 I
2004
Refunding Summary 10
I
Debt Service Comparison 11 I '
Debt Service Schedule 12
Total Prior Net Debt Service 13 '�
Debt Service To Maturity And To Call 14
Current Refunding Esp�ow 15
2Q07
Refunding Summary 16
Debt Servi� Comparison 17
DeM $ervice Schedule 18
Total Prar Net Debt SeMt� 19
Debt Service To Maturily Md To CeN , 20
Cument Refunding Escxrnnr 21
Ref � Issue Summary � 3/23/2011 � 10:54 AM
Northland Securities
Public Finance
Fina1
City of Centerville, Minnesota
G.O. Improvement Refunding Bonds, Series 2011A
Refunding Summary
Dated 04/01I2071 � Delivered 04/1412011
' Issue
2004 20Q7 Summary
Sources Of Funds
Par Amount of Bonds 1,115,000.00 $1,645,000.00 $2,760,000.00
Accrued Interest from 04/01l2011 to 04114l2011 561.17 1,014.27 1,575.44
Total3ources ;1,115,561.17 :1,&18,014.27 �2,751,575.44
Uses Of Funds
Deposit to Current Refunding Fund ,142.87 1,614,841. 2,710,984.77
Costs of Issuance � 10,988.41 16,211.59 27,2�.00
Total Undeiwriters Discount (0.689%) 7,677.01 11,326.t7 19,003.18
Rounding Amount 191.71 2,620.34 2,812.05
Deposit to Debt Service Fund 561.17 1,014.27 1,575.44
Total Uses 51,115,561.17 51,646,014.27 52,761,575.44
Flow of Funds Detail
State and Local Govemment Series (SLGS) rates for
Date of OMP Candidates
Primary Purpose Fund Solution Method Net Funded Net Funded Net Funded
Total Cost of Investments $1,096,142.87 $1,614,841.90 $2,710,984.77
Interest Eamings � 0.070°k 25.68 158.10 183.98
Total Drews $1,096,168.75 $1,615,000.00 $2,711,168.75
PV Analysis Summary (Net to Net)
Net PV Cashflow Savings � 7.853%(Bond Yield) 83,472.11 122,911.03 206,383.14
Accrued Interest Credit to Debt Service Fund 561.17 1,014.27 1,575.44
Contingency or Rounding Amount 191.71 2,620.34 2,812.05
Net Present Value Benefit $84,224.99 $126,545.64 $210,770.63
Net PV Benefit /$2,700,000 Refunded Principal 7.763% 7.836% 7.806%
Net PV Benefit 1$2,760,000 Refunding Prinapal 7.554% 7.693% 7.637%
Bond Statistics
Average Life 4.322 Years 5.469 Years 5.005 Years
' Average Coupon 1.6797925% 1.9585036% 1.8612876%
Net Interest Cost (NIC) 1.8391079% 2.084402496 1.9988423%
Bond Yield for Arbitrage Purposes 1.5530851% 1.8530851% 1.8530851%
True Interest Cost (TIC) 1.8423189% 2.0849342% 1.5988655%
AII Inclusive Cost (AIC) 2.0861391% 2.2804922°� 2.2123147%
Ref ( IssueSummary ( 3/23/2011 � 10:54AM
Northland Securities
Public Finance ' Pags �
�_
Fm�
City of Centerville, Minnesota
G.O. Improvement Refunding Bonds, Series 201 lA
Debt Service Comparison
Existing
Date Total P+I D/S Net New D/S Old Net D/S Savings
07/01/2011 - 178,820.00 174,432.51 178,820.00 4,387.49
07/01/2012 249,534.38 - 249,534.38 392,095.00 142,560.62
07/01/2013 392,652.50 - 392,652.50 391,490.00 (1,162.50)
07/01/2014 400,202.50 - 400,202.50 400,295.00 92.50
07/01/2015 401,602.50 - 401,602.50 398,107.50 (3,495.00)
07/01/2016 396,492.50 - 386,492.50 395,292.50 (1,200.00)
07/01/2017 400,105.00 - 400,105.00 401,835.00 1,730.00
07/01/2018 402,605.00 - 402,�05.00 402,310.00 (295.00)
07/01/2019 373,942,50 - 373,942.50 221,�7.50 (752,035.00)
07/01/2020 - - - 223,707.50 223,707.5Q
Total 53,017,136.88 i178.820.00 ;3,191,569.38 i8,40S,860.00 5214,290.61
PV Malysis Summary (Net to Net)
Gross PV Debt Service Savings ..................... 206,383.14
Net PV Cashflow Savings @ 1.853%(Bond Yield)..... 206,383.14
Accrued Interest Credit to Debt Service Fund...... 1,575.44 '
Contlngency or Rounding Amount .................... 2,812.05
Net Present Value Benefit $210,770.63
Net PV Benefit /$2,967,958.58 PV Refunded Debt Service 7.102%
Net PV Benefit /$2,700,000 Refunded Principal... 7.806°�
Net PV Benefit /$2,760,000 Refunding Prinapat.. 7.637%
Refund(ng Bond Information
Refunding Dated Date 4/01/2011
Refunding Delivery Date 4/14/2011
Rei � Issue Summary ( 3/23/2017 � 10:54 AM
Northland Securities
Public Finance Page 2
Final
City of Centerville, Minnesota -
G.O. Improvement Refunding Bonds, Series 2011A
Debt Service Schedule
Date Princlpal Coupon Interest Total P+i ' Fiscal Total
04/14/2011 - - - - -
01/01/2012 - - 32,720.63 32.720:63 _
07/01/2012 195,000.00 0.500°� 21,81375 216,813.75 249,534.38
01/01/2013 - - 21,32625 21,328.26 -
07/01/2013 350,000.00 0.700% 27,326.25 371,326.25 . 392,652.50
01/01/2014 - - 20,101.25 20,101.25 -
07/01/2014 360,000.00 1.000% 20,101.25 380,101.25 400,202.50
01/01/2015 - - 78,301.25 18,301.25 -
07/01/2015 365,000.00 1.400% 18,301.25 383,301.25 401,602.50
01/01/2016 - - 15,746.25 15,746.25 -
07/01l2016 365,000.00 1.750% 15,746.25 380,746.25 396,492.50
01/01/2017 - - 12,552.50 12,552.50 -
07/01/2017 375,000.00 2.000% 12,552.50 387,552.50 400,105.00
01/01/2018 - - 8.802.50 8,�2.50 -
07/01/2018 385,000.00 2.25096 8,802.50 393,802.50 402,605.00
01/01/2019 - - 4,471.25 4,477.25 -
07/01/2019 365,0 00.00 2.4 4,471. 369,4 71.25 373,942.50
Total 52,760,000.00 - 5257,136.88 =3,017,136.88 -
Dated 4/01/2011
Delivery Date 4/14/2011
First Coupon Date 1/01l2012
First available call date 7/01/2016
Call Price 100.0000000%
Accrued Interest from 04/01/2011 to 04/14/2011 1,575.44
Bond Year pollars $13,815.00
Average Life 5.005 Years
Average Coupon 1.8612876%
Net Interest Cost (NIC) 1.9988423%
True Interest Cost (TIC) 1.9998855%
Bond Yield for ArbKrage Purposes 1.8530851%
Net Interest Cost 1.8498837%
Weighted Average Maturity 5.005 Years
Ref � Issue Summary � 3/23/2017 � 10:54 AM
Northland Securities
Public Finance Pa9s 3
Fm�
City of Centerville, Minnesota
G.O. Improvement Refunding Bonds, Series 201 lA
Pricing Summary
Maturity
Maturity Type of Bond Coupon Yield Value Price Dollar Price
07/01/2012 Serial Coupon 0.500% 0.500% 195,�0.00 100.000% 195,000.00
07/01/2013 Serial Coupon 0.700% OJ00% 350,000.00 100.000% 350,000.00
07fU1/2014 Serial Coupon 1.000% 1.000% 360,000.00 100.000°r6 360,000.00
07/01/2015 Serial Coupon 1.400% 1.400% 365,000.00 100.000% 365,000.00
07/01/2016 Serial Coupon 1.750°k 1.75096 365,000.00 700.000% 365,000.00
07/01/2017 Seriai Coupon 2.000% 2.000°� 375,000.00 100.000% 375,000.00
07/01/2018 Serial Coupon 2250% 2.250°Yo 385,000.00 100.000% 385,000.00
07/01/2019 Serial Coupon 2. 450% 2.450% 365,000.00 100.000% 365,000.00
Total - - - i2,760,000.00 - 52,760,000.00
Dated 4/01/2011
Delivery Date 4/14/2011 ',
First Coupon Date 1/01/2012
First available call date 7/01/2016
Call P�iCe 100.0000000%
Par Amount of Bonds $2,760,000.00 I
Gross Production $2,760,000.00
Total Undervu�iter's Discount (0.689%) $(19,003.18) � 'I
Bid (99.311%) 2,740,996.82
Accrued Interest from 04/01/2011 to 04/14/2011 1,575.44
Total Purchase Price $2,742,572.26 i
I
Bond Year pollars $13,815.00
Average Life 5.005 Years
Average Coupon 1.8612876%
Netlnterest Cost(NIC) ' 1.9988423%
True Interest Cost (TIC) 1.9998655°�
Ref � hsue Surnmary � 3/23I2011 � 10:54 AM
Northland Securities
Public Finance Pa9e a
Final
City of Centerville, Minnesota
G.O. �xnprovement Refunding Bonds, Series 2011A
Proof Of Bond Yield @ 1.8530851 %
cumulative
Date Cashflow PV Factor PreseM Value PV
04/14/2011 - 1.000OOOOx - -
07/01/2012 32,720.63 0.9889�83x 32,292.58 32,292.59
07/01/2012 216,813.75 0.9778580x 212,013.06 244,305.65
01/01/2013 21,326.25 0.9688809x 20,662.60 264,968.24
07/01/2013 371,326.25 0.9599862x 356,468.08 621,436.32
01/01/2014 20,101.25 0.9511732x 19,199.77 640,556.09
07/01/2014 36U,101.25 0.9424411x 358,223.03 998,779.12
01/01/2015 18,301.25 0.9337891x 17,089.51 1,015,868.63
07/01/2015 383,301.25 0.9252166x 354,636.68 1,370,505.31
01/01/2016 15,746.25 0.9167228x 14,434.95 1,384,940.26
07/01/2016 380,74625 0.�83069x 345,834.45 1,730,774.71
01/01/2017 12,552.50 0.8999683x 11,296.85 1,742,071.56
07/01/2017 387,552.50 0.8917063x 345,583.00 2,087,654.56
01/01/2018 8,802.50 0.8835201x 7,777.19 2,095,437.75
07/01/2018 393,802.50 0.8754091x 344,738.28 2,440,170.03
01/01/2019 4,471.25 0.8673725x 3,878.24 2,444,048.27
07/01/2019 369,471.25 0.8594087x 317,527.17 2,761,575.44
Total :3,017,136.88 - S2,7B1,575.44 -
Derivation Of Target Amount
Par Amount of Bonds $2,760,000.00
Accrued Interest from 04/01/2011 to 04/14/2011 1,575.44
Original Issue Proceeds $2,761,575.44
Ref � Issue Summery � 3P23/2011 � 10:54 AM
I
Northland Securities
Public Finance Page s
Finai
City of Centerville, Minnesota
G.O. Improvement Refunding Bonds, Series 20I lA
Detail Costs Of Issuance
Dated 04/01/2011 � Delfvered 04H4/2011
CO3TS OF ISSUANCE DETAIL
Financial Advisor $13,400.00
Bond Counsel $4,750.00
Rating Agency Fee $7,900.00
Miscellaneous $400.00
Registrar / Paying Agent $750.00
TOTAL 527,200.00
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I
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Rat � I� Summary � 3/23l2011 � 10:54 AM
Northland Securities
Public Finance Page s
Final
City of Centerville, Minnesota
G.O. Ixnprovement Refunding Bonds, Series 2011A
Total Prior Net Debt Service
�����
Date Principai Coupon Interest Total P+I Net D/S Total
04/14/2011 - - - - -
06/01/2011 145,000.00 3.600% 33,820.00 178,820.� 178,820.d0 -
07/01/2071 - - - - - 178,820.00
08/01/2011 - - 22,337.50 22,337.50 22,337.50 -
12/01/2011 - - 31,210.00 31,210.00 31,210.00 -
02/01/2012 135,000.00 3.800°k 22,337.50 157,337.5U 157,337.50 - _
O6/01l2012 150,000.00 3.650% 31,210.00 181,210.00 181,210.� -
07/01/2012 - - - - - 382,095.00
08/01/2012 - - 19,772.50 19,772.50 19,772.50 -
12/01/20i2 - - 28,472.50 28,472.50 28,472.50 -
02/07/2013 140,000.00 3.90096 19,772.50 159,772.50 159,772.50 -
06/01/2013 155,0OO.OQ 3.70095 28,472.50 183,472.5Q.. 153,472.50 -
07/01/2013 - - - - - 391,490.00
08/01/2013 - - 17,042.50 17,042.50 17,042.50
12/01/2013 - - 25,605.00 25,605.00 25,605.00 -
02/01/2014 150,000.00 4.000% 17,042.50 167,042.50 167,042.50 -
06/01/2014 165,000.00 3.750% 25,605.00 19U,6U5.U0 19U,605.00 -
07/01/2014 - - - - - 400,295.00
OS/01/2014 - - 14,042.50 74,042.50 14,042.50 -
12/01/2014 - - 22,511.25 22,511.25 22,517.25 -
02/01/2015 155,000.00 4.1U0% 14,042.50 169,042.50 169,042.50 -
O6/01l2015 170,000.00 3.800% 22,57125 192,51125 192,511.25 -
07/01 /2015 - - - - - 398,107.50
08/01/2015 - - 10,865.00 10,865.00 10,865.00 -
12J01/2015 - - 19,28125 19,281.25 19,28125 -
02/01/2016 160,000.00 4.200% 10,865.00 170,865.00 170,865.00 -
O6/01/2016 175,000.00 3.850% 19,281.25 194,281.25 194,281.25 -
07/01/2016 - - - _ - 395,292.50
08/01/2016 - - 7,505.00 7,505.00 7,505.00 -
12/01/2016 - - 15,912.50 15,912.50 15,912.50 -
02/01/2017 170,000.00 4.300% 7,505.00 177,505.00 177,505.00 -
06/01/2017 185,000.00 3.9D0% 15,912.50 200,912.50 200,912.50 -
07/01/2017 - - - - - 401,835.00
08/01/2017 - - 3,850.00 3,850.00 3,850.00 -
12/01/2017 - - 12,305.00 12,305.00 12,305.00 -
02/01/2018 175,000.00 4.400% 3,850.00 178,850.00 178,850.00 -
06/01/2018 195,000.00 3.950% 12,305.00 207,305.� 207,305.00 -
07/01/2018 - - - - - 402,310.00
12/01 /2018 - - 8,453.75 8,453.75 8,453.75 -
06/01/2019 205,000.00 4.000% 8,453.75 213,453.75 213,453.75 -
07/01/2019 - - - - - 221,907.50
12/01/2019 - - 4,353.75 4,353.75 4,353.75 -
06I01I2020 215,000.00 4.050% 4,353.75 219,353.75 219,353.75 -
, 07/01/2020 - - - - - 223,707.50
Total ;2,845,000.00 - 5560,860.00 53,405,860.00 53,405,860.00 -
Sources Of Funds
Total Sources -
Uses Of Funds
Total Uses -
Ref � Issue Summary � 3/23/2017 � 10:54 AM
Northtand Securities
Public Finance Pa90 �
Final
City of Centerville, Minnesota
G.O. Improvement Refunding Bonds, Series 2011A
Debt Service To Maturity And To Call
Refunded interest to
Date Bonds Call D/S To Call Principal Interest Refunded D/S Fiscal Total
04N4l2011 - - - - - - -
05/01/2011 1,085,000.00 11,168.75 1,09B,168.75 - - - -
06/01/2011 1,615,000.00 - 1,615,000.00 - - - -
08/01/2011 - - - - 22,337.50 22.337.50 -
12/01/2011 - - - - 31,210.00 31.210.00 -
02/01/2012 - - 135,000.00 22,337.50 157,337.50
O6/01/2012 - - - 150,000.00 31,210.00 181,210.00 -
07/07/2012 - - - - - - 392,095.00
08I01/2012 - - - - 19,772.50 19,772.50 -
12/01/2012 - - - - 28,472.50 28,472.50 -
02/01/2013 - - - 140,000.00 19,772.50 159,772.50 -
O6/01/2013 155,000.00 28,472.50 183,472.50
07/01/2013 - - - - - - 391,490.00
OS/01/2013 - - - - 17.042.50 17,042.50 -
12J01/2013 - - - - 25,605.00 25,605.00 -
02J01/2014 - - - 150,000.00 77,042.50 167,042.50 -
U6l01/2014 - - - 165,000.00 25,605.00 190,605.00 -
07/01/2014 - - - - - 400,295.00
08/01/2014 - - - - 14,042.50 14,042.50 -
12J01/2014 - - - - 22,511.25 22,511.25 -
02/01/2015 - - - 155,000.00 14,042.50 169,042.50 -
06l01l2015 - - - 170,�0.00 22,511.25 192,511.25 -
07/01l2015 - - - - - - 398,107.50
08/01/2015 - - 10,865.00 10,865.00 -
12J01i2015 - - - - 19,281.25 19,281.25 -
02/01/2016 - - - 160,000.00 10,865.00 170,865.00 -
O6/01/2016 - - - 175,000.00 19.281.25 194,281.25 -
07/01/2016 - - - - - - 395,292.50
08/01/2016 - - - - 7,505.00 7,505.00 -
12l01/2016 - - - - 15,912.50 15,912.50 -
02/01/2017 - - - 170,000.00 7,505.00 177,505.00 -
06/01/2017 - - - 185,000.00 15,912.50 200,912.50 -
07/01/2017 - - - - - - 401,835.00
OS/01/2017 - - - - 3,850.00 3,850.00 -
12/01/2017 - - - - 12,305.00 12,305.00 -
02/01/2018 - 175,000.00 3,850.00 178,850.00
06/01/2018 - - - 195,000.00 12,305.00 207,305.00 -
07/0112018 - - - - - - 402,310.00
12/01/2018 - - - - 8,453.75 8,453.75 -
06/01/2019 - - - 205,000.00 8,453.75 213,453.75 -
07/01/2019 - - - - - - 221,907.50
12/01/2019 - - - 4,353.75 4,353.75
O6/01/2020 - - - 215,000.00 4,353.75 219,353.75 -
07/01l2020 - - - - - - 22
Total :2,700,000.00 =11,168.78 i�711.188.75 f2,700,000.00 :527,W0.00 :3,227.W0.00 -
Yield Statistics
Base date for Avg. Lffe & Avg. Coupon Celculatlon 4/01/2011
Average Life 4.881 Years
Average Coupon 3.9992918°k
Weighted Average MaturHy (Par Basis) 4.845 Years
Refunding Bond Inbrmation
Refunding Da1ed Date 4/01/2011
Refunding Delivery Date 4/14/2011
R�r ��re s��y � ar2�zo� i � �a.se a�
Northland Securities
Public Finance Pa9e s
, Final
City of Centerville, Minnesota
G.O. Improvement Refunding Bonds, Series 2011A
Current Refunding Escrow
Date Principal Rate l�terest Receipts Disbursements Cash Balance
04/14/2071 - - - - - -
05/01/2011 1,096,742.87 0.0500000% 25.88 1,096,168.75 1,0�,168.75 ' -
' 06/07/2011 1,614,841.90 0.07500�% 158.10 1,615,�0.00 9,615,�0.00 -
Total :2,710,884.77 - 5783.88 �2,711,168.75 =2,711,168.75 -
Investment Parameters
Investment Model (PV, GIC, or Securities] PV Discwunt
Default investment yield targek Unrestricted
Cost of Investments Purchased with Bond Pr�oceeds 2,710,984.77
Total Cost of Investments $2,710,984.77
Target Cost of Investments at bond yield $2,706,329.85
Actual positive or (negative) arbitra9e (4 654.92)
Yield to Receipt 0.0700731%
Yield for Arbitrage Purposes 1.8530851 °�6
State and Local Govetnment Series (SLGS) rates for 2/08/2011
Ref � Issue Summary � 3/23P2011 � 10:54 AM
i
� Northland Securities
i Public Finance Page 9
�
F��
City of Centerville, Minnesota .
G.O. Improvement Refunding Bonds, Series 2011A
2004
Refunding Summary
Dated 04/01/2011 � Deliverod 04NM2011
Sources Of Funds
ParAmount of Bonds 1,115,000.00
Accrued Interest from 04/01/2011 to 04N4/2011 561.17
Total Sources 51,115,561.17
Uses Of Funds
Deposit to Curce�t Refunding Fund 1,096,142.87
Costs of Issuance 10,988.41
Total Undervvriter`s Discount (0.689°k) 7,677.01
Deposit to Debt Service Fund 561.17
Rounding AmouM 191.71
Total Uses 51,115.561.17
I
Flow of Funds Detail I
State and Local Govemment Series (SLGS) rates for I
Date of OMP Candidates I
Current Refunding Escrow Solution Method Net Funded I
Total Cost of Irnestments $1,096,142.87 I
Interest Eamings � 0.050% 25.88
Total Draws $1,096,168.75 I
I
Issues Refunded Md Call Dates I
04o1d 5/01l2011 I
I
PV Malysis Summary (Net to Net) i
Net PV Cashflow Savings @ 1.853%(Bond Yield) 83,472.11
Accrued Interest Credit to Debt Service Fund 561.17
Contingency or Rounding Amount 191.71
Net Present Value 8enefit $84,224.99
Net PV Benefit /$1,085,000 Refunded Principal 7.763�0
Net PV Benefit /$1,115,000 Refunding Prind�l 7.554�0
Bond Statistics
Average Life 4.322 Years
Ave�age CQUpon 1.6797925°h
Net Interest C�t (NIC) 1.8391079%
Bond Yfeld for Arbitrage Purpo�es ' 1.8530851 %
True Interest Cost (TIC) 1.8423199�
All {nduslve COSt (AIC) 2.0861391 %
Ref � 2004 � 3l23/2011 � 10:54 AM
Northland Securities
Public Finance Page �o
Final
City of Centerville, Minnesata �
G.O. Improvement Refunding Bonds, Series 2011A
, 2004
Debt Service Comparison
Date Total P+1 Net New D/S Old Net D/S Savings
�
07/01/2011 - (752.88) - 752.88
07/01l2012 174,425.00 174,425.00 179,675.00 ' 5,250.04
07/01/2013 164,785.00 164;�65.00 179;545.0f1 14,78Q.QQ
07/01 /2014 168,715.00 168,715.00 184,085.00 15,370.00
07/01/2015 172,165.00 172,f65.00 183,085.00 10,920.00
07/01/201& 169,925.00 169,925.� 181;730.00 11,805.00
07/01/2017 772,125.00 172,125.00 185,010.00 12,885.00
07/01 /2018 173;825.00 173,825.00 182,700.00 8,875.00
Total 51,795,845.00 :1,195,192.12 ;1,275,830.00 S$0,637.88
PV Analysis Summary (Net to Net)
Gross PV Debt Service Savings ..................... 83,472.11
Net PV Cashflow Savings (c,� 1.853%(Bond Y+eld)..... 83 q72. � �
Accrued Interest Credit to Debt Service Fund...... 561.17
Contingency or Rou�ling Amount .................... �g� 7�
Net Present Value Benefrt $gq,�4,gg
Net PV Benefit! $1,190,867.96 PV Refunded Debt Service 7.073%
Net PV Benefit /$1,085,000 Refunded Principal... 7.763%
Net PV Benefit /$1,115,000 Refunding Principal.. 7�549y
Refunding Bond Information
Refunding Dated Date 4/09/2011
Refunding Delivery Date 4/14/2011
Ref � 2004 � 3/23/2011 � 10:54 AM
Northland Securities
Public Finance P »
Final
City of Centerville, Minnesota
G.O. Improvement Refunding Bonds, Series 201 lA
2004
Debt Service Schedule
Date Princlpal Coupon Interest Totat P+� Fiscal Total
04/14l2011 - - - - -
01/01/2012 - - 11,655.00 11,655.00 -
07/01/2Q12 155,000.00 0.500% 7,770.00 162,770.� 474,425.00
01/01/2013 - - 7,382.50 7,382.50 -
07l01/2013 150,QOQ.QO 0.700% 7,382.50 157,382.5U 164,765.00
01/01/2014 - - 6,857.50 6,857.50 -
07/01/2014 155,000.00 1.U00°lo 6,857.50 161,857.5U 188,715.00
01/01/2015 - - 6,082.50 6,082.50 -
07/07/2015 460,000.00 1.400% 6,�2.50 166,082.50 172,165.00
01/01/2016 - - 4,962.50 4,962.50 -
07/01/2016 160,000.00 1.750°�O 4,�2.50 164,962.50 169,925.00
01/01/2017 - - 3,562.50 3,562.50 -
07/01/2017 165,000.� 2.�0% 3,562.5Q 168,562.50 172,125.00
01/07/2018 - - 1,912.50 7,812.50 -
07/01/2018 17 0,000.00 2.250 1,912.50 171,912.50 173,825.00
Total 51,115,000.00 - s80,945.00 :7,195,945.00 -
Deted 4/01/2011
Delivery Date 4/14/2011
First Coupon Date 1/01/2012
First available call date 7/01 /2016
Call Price 100.0000000% I
Accrued Interest from 04/01/2011 to 04/14/2011 561.17 ,
Bond Yeer pollars $4,818.75
Average Life 4.322 Years
Avefage CoupOn 1.6797925%
Net Interest Cost (NIC) 1.8391079%
True Interest COSt (TIC) 1.8423199%
Bond Yield for Arbitrage Purposes 1.8530851 %
Net Interest Cost 1.8681469%
Weighted Average Maturity 4.322 Years
Ref � 2004 � 3/23/2011 � 10:54 AM
Northland Securities
Public Finance Page 12
I I Final
City of Centerville, Minnesota
G.O. Improvement Refunding Bonds, Series 2011A
2004
Total Prior Net Debt Service
Fiscal
Date P�incipal Coupon In#erast Totai P+I Nef D/S Total
04/14/2011 - _ _ _ - -
08/OV2011 - - 22,33�.5U 22,337.50 22,337.5fi _
5
02/01/2012 135,000.00 3.800% 22,337.50 157,337.50 157,337.50 -
07/01 /2012 - - - - - 179,67b.00
08/01/2012 - - 19,772.50 19,772.50 19,772.50 -
02/01/2013 140,000.00 3.90096 19,772.50 159,772.50 159,7�2.50 -
� 07/01/2013 - - - - - 179;543.00
08/01/2013 - - 17,042.50 17,042.50 17,042.50 -
02/01/2014 150,000.� 4.00096 17�042.50 167,042.50 167,042.50 -
07/01/2014 - - - - - 184,085.00
08/01/2014 - - 14,042.50 14,042.50 74,042.50 -
02/01/2015 155,000.00 4.100% 14,042.50 169,042.50 169,042.50 -
07/01/2015 - - - - - 183,085.00
08/01/2015 - - 10,865.00 10,865.00 10,865.00 -
02/01/2016 160,000.00 4.200% 10,865.00 170,865.� 170,865.00 -
07/01/2016 - - - - - 181,730.00
08/01/2016 - - 7,505,00 7,505.00 7,505.00 -
02/01/2017 170,000.00 4.300% 7,505.00 177,505.00 177,505.� -
07/01/2017 - - - - - 185,010.00
08/01/2017 - - 3,850.00 3,850.00 3,850.� -
02/01/2018 175,000.00 4.400°r6 3,850.00 178,850.00 178,850.00 -
07/01/2018 - - - - - 182,700.00
Total s1,085,000.00 - 5190,830.00 S1,2T5,830.00 51.275,830.00 -
Sources Of Funds
Total Sources _
Uses Of Funds
Tota1 Uses .
i
I
�
I Rar � zooa ��u2o» ��o:saa�
Northland Securities
Public Finance Pag� �3
Final
City of Centerville, Minnesota
G.O. Improvement Refunding Bonds, Series 2011A
2004
Debt Service To Maturity And To Call
Refunded Interest to
Date Bonds Call D/S To Call Principal Interest Refunded D/S Fiscal Total
04/14/2011 - - - - - - -
05/01I2011 1,085,000.00 11,168.75 1,096,168.75 - - - -
OS/01/2011 - - - - 22,337.50 22,337.50 -
02/01/2012 - - - 135,000.00 22,337.50 157,337.50 -
07101/2012 - - - - - - 179,675.00
08/01/2012 - - - - 19,772.50 19,772.50 -
02/01/2013 - - - 140,000.00 19,772.50 158,772.50 -
07/01/2013 - - - - - - 179,545.00
08/01/2013 - - - - 17,042.50 17,042.50 -
02/01/2014 - - - 150,000.00 17,042.50 167,042.50 -
07/01/2014 - - - - - - 184,085.00
08/01/2014 - - - - 14,042.50 14.042.50 -
02/01/2015 - - - 155,000.00 14,042.50 169,042.50 -
07/01/2015 - - - - - - 183,085.00
08/01/2015 - - - - 10,865.00 10,865.00 -
02/0112016 - - - 160,000.� 10,865.00 170,865.� -
07/01/2016 - - - - - - 181,730.00
08/01/2016 - - - - 7,505.� 7,505.� -
02/01/2017 - - - 170,000.00 7,505.00 177,505.00 -
07/01/2017 - - - - - - 185,010.00 ,
08/01/2017 - - - - 3,850.00 3,850.00 - '
02/01/2018 - - - 175,000.00 3,850.00 178,850.00 -
0 - - - - - - 182,700.00
Total 51,085,000.00 517,168.75 51,096,168.75 51,085,000.00 5190,830.00 51,275.880.00 -
Yield Statistics
Base date for Avg. Life & Avg. Coupon Calculation 4/01 /2011
Average Life 4.008 Years
Average COUp0l1 4.3877371 %
Weighted Average Maturity (Par Basis) 3.972 Years
Refunding Bond Information
Refunding Dated Date 4l01/2011
Refunding Delivery Date 4/14/2011
aar � saoa ��noy� ��o:sanM
Northland Securities
Public Finance Page 14
I Final
City of Centerville, Minnesota
G.O. Improvement Refunding Bonds, Series 2011A
2004
i Current Refunding Escrow
�
Date Principal Rate Interest := Receipts Disbursemer�ts Cash Balance
04/14/2011 - - - - -
I 05/01/2011 1,096,142.87 0.05000d0°k 25.88 '" 1,096,16$.75 1,096,168.75 -
Total 51,096,142.87 - S2S.�8 i1,096,168.75 i1,OD8,i�.7S .
' Investment Parameters
Investment Model [PV, GIC, or Securities] PV Discount
Default investment yield taiget Unrestricted
Cost of Investments Purchased with Bond Proceeds 1,096,142.87
Total Cost of Investments $1,096,142.87
Target Cost of Investments at bond yiefd $1,095,214.36
Actual positive or (negative) arbitrage (928.51)
Yield to Receipt 0.0500034%
Yield for Arbitrage Purposes 1.853085196
�
I
Ref � 2004 � 3/23/2011 � 1D:54AM
I
� Northland Securities
Public Finance Pa� as
Fm�
City of Centerville, Minnesota
G.O. Improvement Refunding Bonds, Series 2011A
2007
Refunding Summary
Dated 04/0112011 � Delivered 04/14J2011
Sources Of Funds
ParAmount of Bonds $1,645,000.00
Accrued interest from 04/01/2011 to 04/14/2011 1,014.27
Total Sources s1,646,074.27
Uses Of Funds
Deposit to Current Refunding Fund 1,614,841.90
Costs of Issuance 16,211.59
Total Ur►dervvriter's D'+scount (0.689%) 11,326.17
Rounding Amount 2,620.34
Deposit to Debt Service Fund 1,014.27
Total Uses 51,646,014.27
Flow of Funds Detail �
State and Local Govemment Series (SLGS) rates for
Date of OMP Candidates I
Current Refunding Escrow Solution Method Net Funded
Total Cost of Investments $1,614,841.90
Interest Eamings � 0.075% 158.10 ,
Total Draws $1,615,000.00
Issues Refunded And Call Dates '
07o1d 6/01/2011
i
PV Analysis Summary (Net to Net)
Net PV Cashflow Savings Q 1.853%(Bond Yield) 122,911.03
Accrued Interest Credit to Debt Senrice Fund 1,014.27
Contingency or Rounding Amount 2,620.34
Net Present Value Benefit $126,545.64
Net PV Benefit /$1,615,000 Refunded Principal 7.836%
Net PV Benefit /$1,645,000 Refunding Princdpel 7.693�0
Bond Statistics
Average Ufe 5.469 Years
Averege Coupon 1.9585036%
Net Interest Cost (NIC) 2.084402496
Bond Yfeld for Aibitrage Purposes 1.8530851 %
True Interest Coat (TIC) 2.0849342°k
All Inclusive C�t (AIC) 22804922%
Rei � 2007 � 3123/2011 � 10:54 AM
Northland Securities
Public Finance Pa9e �s
Final
City of Centerville, Minnesota �
G.O. Improvement Refunding Bonds, Series 2011A
2007
Debt Service Comparison
Ex�sfirtg
Date Total P+� D/S Net New D/S Old Net D!S Savings
�
07/01/2011 - 178,820.fl0 175,185.39 178.820.00 3,634.61
07/01/2012 75,109.38 - 75,109.38 212,420.� 137,310.62
07/01/2013 � 227,887.50 - 227,887.50 211,945.00 (15,942:50)
07/01/2014 23t,a87.50 - 231,487.50 216,210.00 (15,277.50j
07/01/2015 229,437.50 - 229,437.50 215,022.50 (14,415.00)
07/01/2016 226,567.50 - 226,567.50 213,562.5U (13,005.00)
07/01/2017 227,980.00 - 227,980.� 216.825.00 (11,155.00) �
07/01/2018 228,780.00 - 228,780.00 219,610.00 (9,170.00)
07/01/2019 373,942.50 - 373,942.50 221,907.50 (152,035.00)
07/01/2020 - - - 223,707.50 2 2 3, 707. 50
Total 51,821,191.88 5178,820.00 57.996,377.27 52,130,030.00 5133,6�2.73
PV Analysis Summary (Net to Net)
Gross PV Debt Service Savings ..................... 122,911.03
Net PV Cashflow Savings (c� 1.853%(Bond Yield)..... 122,811.03
Accrued Interest Credit to Debt Senriee Fund...... 1,014.27
Contingency or Roanding Amount .................... 2,620.34
Net Present Value Benefit �126,545.64
Net PV Benefd /$1,777,090.63 PV Refunded Debt Service 7.121%
Net PV Benefit /$1,615,000 Refunded Principal... 7.836°k
Net PV Benefit /$1,645,000 Refunding Principal.. 7.693%
Refunding Bond Information
Refunding Dated Date 4/01/2011
Refunding Delivery Date 4/14/2011
Ref � 2007 � 3/23/2071 � 10:54 AM
Northland Securities
Public Finance Pags t�
i
Final
City of Centerville, Minnesota
G.O. Improvement Refunding Bonds, Series 2011A
2007
Debt 5ervice Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
04/1 M2011 - - - - -
01/01/2012 - - 21,065.63 21,065.63 -
07/01/2d12 40,000.00 0.500% 14,043.75 54,043.75 75,109.38
01/01/2013 - - 13,943.75 13,943.75 -
07l01/2013 200,�0.00 0.700% 13,943.75 213,943.75 227,887.50
01/01/2014 - - 13,243.75 73,243.75 -
07/07/2014 205,000.00 1.000% 13,243.75 218,243.75 231,487.50
01/07/2015 - - 12,278.75 12,218.75 -
07/01/2015 205,000.00 1.400% 12,218.75 217,218.75 229,437.50
01/01/2016 - - 10,783.75 10,783.75 -
07/01/2016 205,000.00 1.750% 10,783.75 215,783.75 226,567.50
01/01/2077 - - 8,990.00 8,990.00 - '
07/01/2077 210,000.00 2.000% 8,890.00 218,990.00 227,980.00 '
01/01/2018 - - 6,890.00 6,890.00 -
07/01/2018 215,000.00 2250% 6,890.00 221,890.00 228,780.00
01/01/2019 - - 4,471.25 4,471.25 -
07/01/20 365,000.00 2.450% 4,477.25 369,47125 373,942.50
Total 57,645,000.00 - ;176,191.88 i1,821,191.88 -
Dated 4/01/2011 I
Delivery Date 4/14/2011
First Coupon Date 1/01/2012 �
First availabls call date 7/01/2016 '�
Call Price 100.0000000%
Accrued Interest from 04/01/2011 to 04/74/2011 1,014.2� I
Bond Year pollars $8,996.25 I
Average Life 5.469 Years �,
Average Coupon 1.9585036%
Net Interest Cost (NIC) 2.0844024% ,
True Interest Cost (TIC) 2.0849342% �
Bond Yield far Arbiirage Purposes 1.8530851 %
Net Interest COSt 1.9472292%
WeigMed Average Maturity 5.469 Years
Rei � 2007 � 3/23/2011 � 10:54 AM
Northiand Securities
Public Finance Page �s
Final
City of Centerville, Minnesota
G.O. Ixnprovement Refunding Bonds, Series 2011A
2007
Total Prior Net Debt Service
Fiseat
Date Principal Coupon interest �otal P+� Net D/S Totai
04/14/2011 - - - - - -
O6/01/2011 145,000.00 3.600% 33,82Q.U0 178,820.00 178,820.00 -
07/OU2011 - - - - - 178,820.00
12/01/2011 - - 31,210.00 31,210.00 31,210.00 -
06/01/2012 150,000.00 3.650% 31,210.00 181,210.00 181,210.00 -
07/01/2012 - - - - - 212,420:00
12/01/2012 - - 28,472.50 28.472.50 28,472.50 -
06/01/2013 155,000.00 3.700°� 28,472.50 183,472.50 183,472.50 -
07/01(2013 - - - - - 277,945:80
12/01/2013 - - 25,605.00 25,605.00 25,605.00 -
06/01/2014 165,000.00 3.750% 25,605.00 190,605.00 190,605.00 -
07/01/2014 - - - - - 276,210.00
12/01/2014 - - 22,511.25 22,517.25 22,51125 -
06/01/2015 170,000.00 3.800°k 22,511.25 192,511.25 192,511.25 -
07/01/2015 - - - - - 215,022.50
12/01l2015 - - 19,281.25 19,281.25 19,287.25 -
06/01/2016 175,000.00 3.850% 19,281.25 194,281.25 194,28125 -
07/01/2016 - - - - - 213,562.50 '
12/01/2016 - - 15,912.50 15,912.50 15,912.50 -
06/01/2017 185,000.00 3.900% 75,912.50 200,972.50 200,912.50 -
07/01/2017 - - - - - 216,825.00
12/01l2017 - - 12,305. 0 12,305.00 12,305.00 -
06/07/2018 195,000.00 3.950°� 12,305.00 207,305.00 207,305.00 -
07/01/2018 - - - - - 219,610.�
12/01l2018 - - 8,453.75 8,453.75 8,453.75 -
06/07/2019 205,000.00 4.000°� 8,453.75 213,453.75 213,453.75 -
07/01/2019 - _ _ - - 221,907.59
12/01/2019 - - 4,353.75 4,353.75 4,353.75 -
O6/01/2020 215,000.00 4.050% 4,353.75 219,353.75 219,353.75 -
07/01/2020 - - - - - 223,707.50
Total 51,760,000.00 - ;370,030.� 52,130,030.00 52,130,030.00 -
Sources Of Funds
Total Sources -
Uses Of Funds
Total Uses -
�
Rer � 200� � sn�2o» � io:sa,ar�
Northland Securities
Public Finance Page 19
Final
City of Centerville, Minnesota
G.O. Improvement Refunding Bonds, Series 2011A
2007
Debt Service To Maturity And To Call
Refunded
Date Bonds D/S To Call Principal Interest Refunded D/S Fiscal Total
04/14/2011 - - - - - -
06/01/2011 1,615,000.00 1,615,000.00 - - - -
12/01/2011 - - - 31,210.00 31,210.00 -
O6/01l2012 - - 150,000.00 31,210.00 181,210.00 -
07/01/2012 - - - - - 212,420.00
12/01/2012 - - - 28,472.50 28,472.50 -
O6/01/2013 - - 155,000.00 28,472.50 183,472.50 -
07/01/2013 - - - - - 211,945.00
12/01/2013 - - - 25,605.00 25,605.00 -
O6/01/2014 - - 165,000.00 25,605.00 190,605.00 -
07/07/2014 - - - - - 216,210.00
12I01/2074 - - - 22,511.25 22,51125 -
06/01/2015 - - 170,000.� 22,511.25 192,511.25 -
07/01/2015 - - - - - 215,022.50 ,
12l01/2015 - - - 19,281.25 18,287.25 -
O6/01/2016 - - 175,000.� 19,28125 194,28125 -
07/01/2076 - - - - - 213,562.50 i
12/01/2016 - - - 15,912.50 15,912.50 - '
06/01/2017 - - 185,000.00 15,912.50 200,912.50 -
07/01/2017 - - - - - 216,825.00
12/01/2017 - - - 12,305.00 12,305.00 - I�
O6/01/2018 - - 195,000.00 12,305.00 207,305.00 - '
07/01/2018 - - - - - 219,610.00
12/01/2018 - - - 8,453.75 8,453.75 -
06/07/2019 - - 205,000.00 8,453.75 213,453.75 -
07/01/2019 - - - - - 221,907.50
12/01/2019 - - - 4,353.75 4,353.75 -
06/01l2020 - - 215,000.00 4,353.75 219,353.75 - I
07/01/2020 - - - - - 223,707.50
Total ;7,615,000.00 :1,615,000.00 =1,615,000.00 5336,270.00 ;1,951,210.00 - i
Yield Statistics
Base date for Avg. Life $ Avg. Coupon Calculation 4/01 /2011 '
Average L'rfe 5.467 Years
Avsrage Coupon 3.8079471%
Weighted Average Maturity (Par Basis) 5.431 Years
Refunding Bond Information
Refundin Dated Date 4/01/2011
Refund'mg Delivery Date 4/14/2011
R� � 2ao� ��zo�i � to:saa►,�
Northland Securities
Public Finance Pa9e 20
Final
City of Centerville, Minnesota
G.O. Ixnprovement Refunding Bonds, Series 201 lA
2007
Current Refunding Escrow
Date Principal Rate Inte� - Receipts Dishursements Cash Balance
04/14/2011 - - - - - -
06/01/2011 1,614,841.90 0.075000U46 158.t4 1,615,000.00 1,615,000.00 -
Total 51,614.841.90 - S158r18, : 51,615,000.00 i1.61S,000.00 -
Investment Parameters
, Investment Model [PV, GIC, w Securities] PV Discwunt
Defautt investment yield target Unrestricted
Cost of Investments Purchased with Bond Proceeds 1,614,841.90 .
Total Cost of Investments $1,614,841.90
Target Cost of Investments at bond yield $1,611,175.49
Actual positive or (negative) arbitrage (3,726.41)
Yield to Receipt 0.0750009%
Yield for Arbltrage Purposes 1.8530851 %
Ref � 2007 � 3/23/2011 � 10:54 AM
Northland Securities
Public Finance ' Paga �t
-
. �� n
W"
Sustainabte Development — A Brief Analysis
Public Policy throughout America is implementing the global political-economic program referred to as Sustainable
Development. Most Americans do not know or understand the integrated policy and philosophy of Sustainable
Development.
Sustainable Development is the Action plan bein; used across America and around the world to
t!n<lrrst a�►d i���; (mplemeM the United Nations Agenda 21 program. Although the movement's roots are much
tiusta in<iblc older, the United Nations, at its 1992 Earth Summk held in Rio de Janeiro, publicly launched the
���� `�" �� � global movement known as Agenda 21. The Secretary General of that'Earth Summit
- A���'�n:� Zl -
Conference,' Maurice St�ong addressed the gathering and said the following:
"...current lifestyles and consumption patterns of the afflue�t middle class - involving high
meat intake, use of fossil fuels, appliances, home and work air conditioning, and suburban
� ��:: � housing are not sustainable." '
��, ; ���': ,� �,�
�
�� ��„ 178 nations were signatories to the 288 page Agenda 21. President George H. W. Bush signed
�..;, ;, , ;,, on behalf of the United States. Since Agenda 21 was "soft lavi/' and not a treaty, Congress had ',
no role to perForm. Instead, the cabinet agencies of the Executive branch of government were charged with implementing i
this'global to local' program..
In 1993, PresideM Bill Clinton established, by executive order, the PresidenYs Council on Sustainable
SusWinable Development. Since Clinton's order, every cabinet agency fias undertaken its Devetop�tet�t
role in advancing Agenda 21/Sustainable Development policy in the US Globa! fo Locaf
Ac�rot� Ptarfs
In summary, Sustainable Development seeks:
• The step by step abolition of private property, primarily through the I ��
implementation of the Wildlands Project and Smart Growth.
• Education of youth to prepare them for globai cRizenship.
• Control and uRimate reduction of human population.
Sustainable Developers rally around the concepts within their "th�ee E's" symbol. The three E's are Equity,
Economy and Environment.
• Equity rrieaos to restructure human nature and to enforce that restrudure by shifting our system of justice from
one that adheres to the principle of equal justice and unallenable rights to one that implemerKs the concept of
"soctal justice."
• Economy means shifting from free er�terprlse to "public-prhrate pannerships." It ako means establishment of a
globsl economy where goods "freel�' cross national borders in order to redlstribute financial, natural and human
resources in order to equalize the income distsibution within and between nations.
• Environment means giving plants, animals and even inanimate objects status equal to or even greater than the
rights of human beings.
, °
To date Sustainable policy can be traced to many current issues including:
• Smart Growth development standards in every metropolitan area within the United States; induding a
concentration of high rise living, "mixed use
buildings,p "walkable communities" with mass �
transit such as light rail, and birycle trails.
• Im�lementat�on of the Wfidlands Project, including
the destructfon of dams, the closure of roads, the
, prohibition c�f resource extraction including timber
and oil, the reintroduction of wild animals,
I _ . management of forest to allow catastr ic fire
�
.
i `
_
' " centralized control over water and other
' `�� '• mechanisms desfgned to force people into Smart
. - � �' �� Growth communities.
,,; ;
' �� • Smart 6�owth and the Wildlands Projed are
designed to ultimately abolish private property.
• An educational system operated from Washington mandates child assessment in iieu
of child testing. It is designed to lead children toward accepting globai citizenship. w��'� f�' .� R �
• The deveiopment of technoiogy and the passage of taw that atlows or mandates the ,y �,� i�� }� .
monitoring of individual activity. An exampie is the use of biometrics, authorized by .::. -�
the federal Real ID Ac�t. `>=�*�!�'_'
• The use of a funn mon � � `� ' � ' '
y ey system where all money is created out of thin air by
globalist bankers. Money is Issued to government, business and individuais as debt ,.;},..
owing back !o the gbbalist bankers. The conceMration of profits from this worid ,� '- ,� ,
f "�°{"`II .. _ ,.. . r} �
wide scam finance the conditions necessary to advan e Sustainable poliry and worid �' *;;,� ;;� ��� {- _.
govemance. ' 1 ; .
�`�`�c"�'�It��
�'`- `-'",,""�"'� � �
Under Sustainable Development, the rec�nition of the Unalienable Right to ooe's life, liberty and property is lost. This war
on freedom is a Global to Local one.
America's defense relies on a local response designed to generate national impact, Become Vocai Locall
i
� � ; �"""" � � • u�v ♦ vl J
Wedncsday, 23 March 2011 se�rch...
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Home AGENDA21 Definitlons Login � Register
AGENDA 21 Definitions
_ _ _ � � � Usemame
DEFINITIONS LEXICON OF AGENDA 21 SUSTAINABLE DEVELOPMENT: b ��
MONEY These are not legal or dictionary �`�, `r�z ;'' ���Jt= `
definitb�s, but short explanations used '" '> r t'''� �
'�1..� fr�`Y s=�- � -..-..
RIGHT-LEFT PARADIGM to describe words as they are used .,_.__s�.`. �-�-"?`�'�.""
� �`��..
ENVIRONMENT Wnhin the Agenda 21 contez: *s;. ., > Help us morph this into a
` better worid!
PPP SUI of Rlghts: US Cons.� u�iu�a7 �iy�,�., r ,, ` R�
that refkcl natural law , deemed � x+� �rti^ ' - -
, �" � �'' � . . _ . ._ .....
.:_ : YIM�L ,.."
TRANSPORTATION unalienable- we are bom wdh these .���;;,� � :: �
TRADE �ian:s. *nev ca^r^:!: :_... . _,..�- �� I�d'°" .��8
Y
.`�' '
Gonverserv. Muman rcian:s -�� ..
EDUCATiON tu peopie under iiia ue..� �. w „_ `'�„
y ._,,. , ; ,
ICLEI Human Rights. Under this system the • - I
�. _ _ .
govemment can take these nghts away -"-
_..
CAUFORNIA to advance a ceMraily detertnined S�'la�@ tf'i@ �/1/Ofd. I
_ ^common good".
MorphCity grants permission
Biodiversity: The dictionary defines it as a variety of plants and animals in their for reprinting articles and
native environmentsl habitats. N is uaed by gbbalists to promote fear around �tent on this website. We
eM(ndion M species so that they ca� activffie the Enda�gered Species Act only request that the author is
which has yet to have a single success! It is used as a weapon to abolish �d'Aed and a link back to
private property. MorphCity is provided.
Coilec�ivism: Politicai philosophy where a small group determines the "greater
good" for the masses. While it could take the fortn of communism, fascism,
sociatism, etc, the common denominator fs control over the population.
Commeree Clause: The Constilution provides that the federal govemment has
pow�er over eommerce behveen stetes, but this pow�er has been distorted and
expanded beyond its original intention. The tederci govemme�t usea this as an
excuse to regulate rosources, businesses and everything else.
Consensus: Facilitators will use the conaensus process to reach a
predetertnined outcome. Minority posAions are ignored in consensus. This is
also used In education as more value is placed on reeching consensus than
objecBve data.
Cortidors: Areas targeted for controi. This word epplks to sVips of land 1hM
interconnect with Wildlands, where humen presence and resour� extraction
are not allowed. This word is also used in relation to transporlation routes and
power grids.
http://morphcity.com/agenda-21/definitions 3/23/2011
.------------ _ »�.. .. .,� .,
Counciis: These organizations, comprised of insiders and stakeholders, are
being used to usum ihe power of Icca! caa�rr,^;ar.a.
Democracy: MoU rule, or ��� ,�
m.��:+sity rtde. We live in a
ne}�uw�c that is based in
u
proteding individuals' �
�
rigMs. lmagine 'rf a lynch
mob (the majority) wanted -
to hang you (the
indivi�uat) Demacr;;rr - "''�
._
COqtraSiS �oitir til:: � -- � " - .. . . .
American system,
intended to operate as a Republic, with timked govemment powers arn! with the
protection oi individuais' Unalienable Rights through a system of due process.
Endangered Species Act: This Act was based on a United Nations model and
implemented through intemationai treaties. fl is a tooi collectivisis use to take
over land and resources in pursuit of the abotition of private property.
Enumerated Powers: Power given to the congress in Articlel, Secdon 8 of
ihe Constitution, that are turther limited by the Bill of Righta
Equal Justice: Equel JusTice is a respect for independence and unalienable
rights of the individual and general tolerance for individuatity. Equai justice puts
a checkmate on mob rule.
Fabianism: Constant, slow change in govemment. Incrementalism.
Facilitators: Paid workers who use peer pressure and psychological
manipulation to obtain consensus.
Forfelture: VIpEO (3 min) about how govemment can take yaur personal
ProPertY•
Gaia: Pagan religion of nature worship honoring Mother Earth. Today, Gaia
represeots a philosophy that places nature above humans consistent with the
Action Plan of Agenda 21. Agenda 21 is designed and used as a means to an
end (depopufation and slavery). the Gaia philosophy is predicated on a"higher
purpose" - to save naWro at all costs.
Govemance: To rule, control and maniputate America vras based on the
pnncipals of a govemment of protection. G. Edward Griffln suggests we should
not even use the word govemment, but a Protectoraie instead.
Green: While uve are ali dependent upon and concemed about the
environment, the environment has been elevated to a status above humans,
under the banner of being "gre�n".
Gerrymander. Division of ���
areas to give special _____ ___ _� y �.��
advaMages to certa�n — - - �--�
______ _ �, . .
' grouDS: it is a mechan�s:r: � -- _ -- • ,
- R �..,, �r :
to adjust Congressional _ - - -
�.._ � - ---
boundaries to meet the �- �
..v. •°.#e��«+'�.°°� .
ruling po� -. . _ . �; !
�:-.� -�-,e �.+k-� ;
ob�F-' - -
immiaratwn - � ,,, - e
of this type of social and �` �-����'�'` —
political engineering. __—: . �-
-- - s
�..,...... , d ..._. , ,,. _.. _ �_.. rr.' ,
rights granteci oy men and c.�pa�ie af being withdrawn by men as outlined in
the U.N.'s Universal Deelarotion of Human Rigbts. (Article 29 "These rights
and treedoms may tn no case be exerr,ised conMary fo Me purposes and
' http://morphcity.com/agenda-21/definitions 3/23/2011
�I
-- _,----'�..-' � .,b.. .. .,. .,
pnnciples of the United Nadons." This means 'Human Rights' can be taken
away).
ICLEL The Intemaiional Council for Local Environmental Initiatives (also called
Locai Govemments for Sustai�ability) is a U.N. accred"Red Non Govemmental
vrganizatian (NGO). It implements the Aciion Plan of Agenda 21 Sustainable
Development. Cities pay dues in order to obtain direction from ICLEI in
establishing local policy and law. It is a violation of Article 1, Section 10 of the
US ConHitution which prohibits States and their subdivisions from entering
alliances with foreign operatives.
Insiders: A person in power who has access to confidentiai infortnation and
influences decisions.
Individualism: The philosophy that the interests of the individual are, or ought to
be, paramount. Collecti�ism is its opposite.
Inailenable Rights: Rights that are granted by the govemment. What is given
can also be taken away. The U.N.'s Deciaration of Human Rights are a system
of of inalienable rights.
NGO's: Non �
GovemmF.,f=i ��w���rl� , ///{
� �ip2:I!". ' _ _ _ . ' „_„`_,,., � .'
#�
accrednea - -
purposes of impiementing �" ` ' ' '
Aqenda 21. T'hey are well -
funded by govemments.
tax free foundations, corporations and individuals.
Outcome Based Education: Method of teaching wherein the student must be
able to pertorm accorcling to prescribed standards, and real knowledge and
criticai thinki�g are discounted.
Pubifc- Private Partnershlps (PPP): Co orations or other private entities like
' foundations, NGO's, associations, etc that pair with govemment to enforce rules
and policies that benefit the money partner (corporetion) or govemment
objectives. Public- Private Part�ership is the re-invention of Mussolini's system
of economic fascism.
Private Property: Private propeAy is the relationship l�tween a person and
something wherein the owner determines ihe use and enjoyment of the thing.
Private property includes land, personal possessions and intellectuai property.
Private property also includes one's own person, body and mind, which is why
the protection of property rights are so important. Land ownership is the
primary source of freedom and weakh!
Quality of Life: This phrase is freyuently used in propaganda and official
documents to sugar coat the underlying policies and intentions.
Regtons: Political regions are established in order to replace existing polilical
boundaries thus destroying the power oi local govemments. A water conVOl
agency would be an example of this. Regionalizing resources to remove power
from locel euthorities is the way Russia wes Sovietized.
Republic: A system of govemment that operates by ruk of lew and exists to
protect individual rights. The Republic ot the United States has a
demoaatically elected representative govemment, but this does not make it a
democracy.
Smart Growth: Herding people into citks and off rural lend, for ihe purpose of
co�irolling humen aotion. Building up (high-rises), not out, end mixed-use
buildings with storea on the ground floor wRh living spaces above exist within a
walkabie communiry.. The objective is for people to stay within a small area in
order to be easily controlled while the animals roam freely everywhere else.
http://morphcity.com/agenda-21/definitions 3/23/2011
- „ - _� . ..�..
i
,,.,,� - 4�1 ''
$trskaE:: -: �_. �. ,,:,:1:: . "::: . I � .
.. �,
@I11N3[E� . . . ... . ' . �Q – . '1 � .
, r .�
... ... „ .�, �
of beHOrs. Stakehoiders -' - - _ —
are shadowy entities that �
_.� ��.��
� have influence and a--
_ _.._.
_. .__
rrferenced in m4r�- -
_
documents. Stskeno�o =.:: - �
. ._ „ :
i� this new polAicai conte�ci —.
are those who combine `
efforts to drive a stak€ °-•-
� �� _
the heart o1 prva•P _ - _
� — — - k � �
proRenv. ,� _
�t''� _ _
Sustainable �
Devetopment: The U.N. �� �:-� ,
document calied Agenda
21 iays the blueprint for advancing Sustainable Development. This fs a
• euphemism for depopulation and control. The basis of the design is the "Three
E' program: "Equfly"- using sociology and the law to create a globai system of
govemance; "Economy'- meaning redistrilwtion 6etween nations and
converting Nom fiee enterp�se to Pub1iF Private Partnership; and
"EnvironmenY'- meaning nature above man.
Tenth Amendment: This is the key to the undoing of Agenda 21- the
recognition of States' rights and State sovereignty: "The powers not delegated
to the United States by the Constftution, not prohihRed to R by the States, are
reserved to the States respectively, or to the people"
tJnaHenable Rlghts; Rights that we are bom with. They may not be taken
away by govemmenf. "That all men are endowed by their Creator wfth certain
unalienabie rights" This polftical recognition is why the Dedaration aF
Independence is regarcled as humanity's greatest achievement.
Wildtands: The counterpart to Smart Growth, it is designed to remove people
ftom the land, using the excuse of "sustaining" wiidl'rfe; the plan is to remove
people and eliminate resource extraction irom over 50°k of America's
landscape.
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F'�MWIFTAS70Yq+WreW�wai�laW : W.N�sgwsc.iWw�s � .
� �TOM N OIilQMatlSM! - .. - .. . . .
Spread the word
�� -� � x�
http://morphcity.com/agenda 211d�finitic>n� 3/23/2011
In addition to the handout you received regazding "Sustainable Development - A Brief
Analysis", Freedom Advor,a.tes website is a MLTST read.
Listed below is additional information on this subject that may be obtained by searching
the web:
1. Agenda 21 called "Sustainable Development Agenda 21 ".
Agenda 21 was unveiled in 1992 during the LTN Conference an Environment and
Development (iJNCED) commonly known as the Rio Eatth Summit
George H. W. Bush signed Rio Accords 1992.
In 1993 President Clinton established by Executive Order the President's Council on
Substantial Development (PCSD).
2. Johannesburg Summit 2402 - United Sta.tes of American Country Profile/REPORT to
LJN! Read tlie report in its entirety. Also refer to ICLEI (International Council for Locai
Environmental Initiatives. Same as Local Governments for Sustainability.
3. Minnesota Environmental Quality Boazd Sustainable Development Initiative
4. Minnesota Administrative Rules, Chapter 4410 (environmental quality board).
5. Met CounciUSeazch ICLEI
6. IULA - International Union of Loca1 Authorities established in 1913. Federal Reserve
established in 1913.
ICLEI - Loca1 Governments for Sustainability
IULA - NORAM
Pre az St ven i
p ed by e King, Counc imember for the City of Centerville, Minnesota
Telephone: 651 /426-2973
Email: dkking3@msn.com
International t�nion of Operating Engi.�eers
LOCAL NO. 49, 49A, 49B, 49D, AND 49E
MINNESOTA • NORTH DAKOTA • SOUTH DAKOTA (East Hal�
THOMAS H. PARISEAU, President GLEN D. JOHNSON
JOSEPH L. RYAN, Vice President Business Manager/Financial Secretary
KYLE D. JONES, /
Recording-Corresponding Secretary
JAMES J. HANSEN, Treasurer Affiliated with the AF.L. — C.I.O.
2829 Anthony Lane South, Minneapolis, MN 55418-3285
Phone (612) 788-9441 • Toll Free (866) 788-9441 • Fax (612) 788-1936
Mazch 17, 2011 Sent via e-mail
Da11as Larson
City Administrator
1880 Main Street
Centerville, MN 55038
Dear Dallas: I
i
Very early in the negotiation pmcess the membership reluctantly expressed support of the
City's desire to freeze wages again in 2011. That being said, the membership had
requested some very minor items and through the mediation process we brought back to !
the membership the best offer that both parties were able to support. The membership,
by majority vote, has accepted the mediator's proposal that resulted from our joint �
mediation on Monday Mazch 14, 2011. The terms of that proposal were as follows:
1) one year contract for 2011
2) additional 16 hours of PTO carryover annually (208 total)
3) renew CDL MOU with 2011 dates
I will wait to hear the Council's action and am hopeful we can move forward with their
support towazds a brighter 2012.
Respectfully,
��. �I"��krs�;+�i
Todd Doncavage
Area Business Representa.tive
I.U.O.E., Loca149
cc: Tedd Peterson, Steward (e-mail)
CITY OF CENTERVILLE AND I.U.O.E., LOCAL 49
MEMORANDUM OF UNDERSTANDING
Commercial Drtver's License
The purpose of this Memorandum of Understanding is to assist both Labor and Management in
dealing with Commercial Drivers License (CDL) rules and the pending changes to those rules.
This Memorandum will apply only in the instance where the city determines, in its sole
judgment, that it will make an accommodation for an employee loosing his driver license as
indicated below. The decision by the City to make an accommodation in one situation will not
obligate the city to do so in another case and the parties agree that the City's decision is final
and not grievable, nor may it be challenged in court.
The following will apply to employees in the Local 49 Bargaining Unit when the City determines
it will make an accommodation for loss of driver's license.
A. If an employee temporarily loses his/her driver's license and CDL, the employer may
chdose, on a case-by-case basis, to accommodate the employee by assigning him/her
to duties that do not require a driver's license/CDL, not to exceed twelve (12) months
during the employee's tenure with the City, and/or not to exceed two (2) revocations.
B. If the temporary loss of a driver's license is the result of an alcohol-related offense, the I '
employee will be required to comply with the recommendations of a licensed Substance
Abuse Professional. Proof of compliance with the Substance Abuse Professional
recommendations wil� be provided to the Employer before an employee will be permitted
to retum to work.
C. The application of this agreement will begin for an individual as of the date of his/her
license revocation regardless of subsequent procedures contesting the revocation.
D. This Memorandum of Understanding applies to any loss of driving privileges.
E. This Memorandum of Understanding does not include positive test results from
applicable state or federal required testing procedures, including but not limited to �
random testing.
F. A$2.00 per hour decrease in pay will begin as of the revocation date. Any hourly wages
not paid to an employee during the revocation of the employee's driver's license/CDL will
not be reimbursed regardless of the outcome of any subsequent contesting of the
revocation.
This Memorandum will remain in effect from January 1, 2011, through December 31, 2011.
This Memorandum may be terminated by either party's request with 90 days written notification.
For the City of Centerville: For IUOE, Local 49:
Dallas Larson, City Administrator Todd Doncavage, Area Business Rep.
Tedd Peterson, Steward