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<br />
<br />N HBNEN & MAYER
<br />
<br />C E R T I FIE D
<br />
<br />PUBLIC
<br />
<br />A C C 0 U N TAN T 5
<br />
<br />City of Roseville
<br />Roseville, Minnesota
<br />
<br />Pursuant to the request of Ed Burrell, Finance Director, on behalf
<br />of the City of Roseville, Minnesota, we have independently verified
<br />the arithmetical accuracy of certain mathematical calculations
<br />relating to the City's proposed defeasance of $2,950,000 General
<br />Improvement Bonds, Series 5, dated July 1, 1971; $1,495,000 General
<br />Improvement Bonds, Series 6, dated May 1, 1972; $2,040,000 Genera¡
<br />Improvement Bonds, Series 7, dated May 1, 1972; $1,130,000 General
<br />Improvement Bonds, Series 8, dated May 1, 1975; $1,600,000 General
<br />Improvement Bonds, Series 9, dated November 1, 1977; $2,415,000
<br />General Improvement Bonds, Series 10, dated September 1, 1980; and
<br />$5,125,000 General Obligation Improvement Bonds, Series 11, dated
<br />June 1, 1983.
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<br />VERIFICATION OF ESCROW ACCOUNT CASH SUFFICIENCY (Exhibit A)
<br />
<br />Ed Burrell, Finance Director, provided us with schedules
<br />summarizing future escrow account cash receipts and disbursements.
<br />These schedules indicate that there will be sufficient cash
<br />available in the escrow account to pay the remaining debt service
<br />on the bonds listed above assuming those principal amounts will be
<br />redeemed at par when they become due.
<br />
<br />We independently calculated future escrow account cash receipts and
<br />disbursements using the following documents provided by Ed Burrell,
<br />Finance Director:
<br />
<br />· Schedule of investments at cost, date of maturity, and total
<br />proceeds upon maturity and an initial cash deposit of $55,000,
<br />which will be deposited to the escrow account on February 27,
<br />1990;
<br />
<br />· Amortization schedules for the bonds listed above insofar as
<br />the bonds are described as to the maturity dates, maturity
<br />amounts, interest rates and redemption provisions.
<br />
<br />· Schedule of cash flow for defeasance and redemption.
<br />
<br />The results of our independent calculations were compared to the
<br />schedules provided by Ed Burrell, Finance Director, and, based on
<br />this comparison, we have concluded that the schedules related to
<br />the escrow account cash flow as provided by Ed Burrell, Finance
<br />Director, are arithmetically accurate.
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