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Refunding Bonds 2005
Preliminary City of Prior Lake, Minnesota G. O. Refunding Bonds of 2005 Forward Refund 1998A and 1998B Bonds in March 2005 Dated 09/01/2005 I Delivered 09/06/2005 Refunding Summary Sources Of Funds Par Amount of Bonds... ...... ......... .................... ...... ............ ..... .................. Accrued Interest from 09/01/2005 to 09/06/2005.. ................... ................ Total Sources................ ..................... .............................. ........... ........... Uses Of Funds Deposit to Current Refunding Fund........................... ... ................ ............ Total Underwriter's Discount (1.200%)......... .................... ...... ................. Gross Bond Insurance Premium..... .................................. ...... .... ............. Costs of Issuance..................... ....................... ................. ..... .................. Rounding Amount.................................................................................... Deposit to Debt Service Fund.................................................................. Total Uses............................................................ ...................... ............. Flow of Funds Detail State and Local Government Series (SLGS) rates for.............................. Date of OMP Candidates............... ........ ........ ....... ......... ......... ................. Primary Purpose Fund Solution Method................................................... Total Cost of Investments........................................................................ Interest Earnings @ 2.302%.................................................................... Total Draws.............................................................................................. PV Analysis Summary (Net to Net) Net PV Cashflow Savings @ 3.723%(Bond yield).................................. Accrued Interest Credit to Debt Service Fund.......................................... Contingency or Rounding Amount........................................................... Net Present Value Benefit.......... ........................................ ...................... Net PV Benefit / $7,950,000 Refunded Principal..................................... Net PV Benefit / $8,060,000 Refunding Principal.................................... Bond Statistics Average Life............................................................................................, Average Coupon...................................................................................... Net Interest Cost (NIC)..................................................... ........... ....... ..... Bond Yield for Arbitrage Purposes........................................................... True Interest Cost (TiC)........................................................................... All Inclusive Cost (AI C)............................................. ............................... Ref3 I Issue Summary I 2/ 712005 I 1:54 PM 1998A 1998B Issue Summary $1,380,000.00 $6,680,000.00 $8,060,000.00 633.33 3,299.10 3,932.43 $1,380,633.33 $6,683,299.10 $8,063,932.43 1,352,669.65 6,554,480.11 7,907,149.76 16,560.00 80,160.00 96,720.00 4,109.99 21,498.80 25,608.79 4,280.40 20,719.60 25,000.00 2,379.96 3,141.49 5,521.45 633.33 3,299.10 3,932.43 $1,380,633.33 $6,683,299.10 $8,063,932.43 2/07/2005 2/07/2005 2/07/2005 Net Funded Net Funded Net Funded $1,352,669.65 $6,554,480.11 $7,907,149.76 7,330.35 35,519.89 42,850.24 $1,360,000.00 $6,590,000.00 $7,950,000.00 47,428.25 633.33 2,379.96 $50,441.54 315,010.10 3,299.10 3,141.49 $321,450.69 362,438.35 3,932.43 5,521.45 .'\.882.23 3.709% 3.655% 4.878% 4.812% 4.678% 4.614% 5.529 Years 3.4599934% 7.719 Years 3.7225274% 7.344 Years f~''''''78% 3.6770315% 3.7227901 % 3.6947982% 3.8212590% 3.8779817% 3.7227901 % 3.8916492% 3.9904940% 3.8520800% 3.7227901% 3.8653410% 3.9678539% Northland Securities Public Finance Page 1 City of Prior Lake, Minnesota G.O. Refunding Bonds of 2005 Forward Refund 1998A and 1998B Bonds in March 2005 Debt Service Comparison Preliminary Date Total P+I 12/01/2005 12/01/2006 758,918.75 12/01/2007 767,200.00 12/01/2008 808,092.50 12/01/2009 841,592.50 12/01/2010 877,692.50 12/01/2011 891,077.50 12/01/2012 922,272.50 12/01/2013 940,825.00 12/01/2014 961,990.00 12/01/2015 820,490.00 12/01/2016 857,385.00 12/01/2017 795,982.50 Total $10,243,518.75 Net New D/S Old Net D/S Savin s 601,756.12 611,210.00 9,453.88 758,918.75 799,990.00 41,071.25 767,200.00 806,715.00 39,515.00 808,092.50 847,140.00 39,047.50 841,592.50 879,700.00 38,107.50 877,692.50 914,275.00 36,582.50 891,077.50 930,525.00 39,447.50 922,272.50 964,035.00 41,762.50 940,825.00 979,122.50 38,297.50 961,990.00 1,001,442.50 39,452.50 820,490.00 855,460.00 34,970.00 857,385.00 889,200.00 31,815.00 795,982.50 829,105.00 33,122.50 $10,845,274.87 $11,307,920.00 $462,645.13 Existin D/S 611,210.00 $611,210.00 PV Analysis Summary (Net to Net) Gross PV Debt Service Savings................... .............. ............................................ ................................ ......... ............... ......... Net PV Cashflow Savings @ 3.723%(Bond yield)......... ................................................................... .................. ..... ...... ......... Accrued Interest Credit to Debt Service Fund.............. ...... .............. ....................................... ................. .............. .............. .... Contingency or Rounding Amount..... ........ ................. .... .................... ......................... ........... ....... .... ....... .................. ........ ..... Net Present Value Benefit....... .................... ............. .............. ...... .... .................. ...... ......... ................. ...... .... ....... ........ ............ Net PV Benefit / $8,400,761.99 PV Refunded Debt Service.................................................................................................... Net PV Benefit / $7,950,000 Refunded Principal.................................................................................................................... Net PV Benefit / $8,060,000 Refunding Principal.................................................................................................................... Refunding Bond Information Refunding Dated Date.......................................................................................................................... ................................... Refunding Delivery Date........................................................................................................................... ...................... ......... 362,438.35 362,438.35 3,932.43 5,521.45 $371,892.23 4.427% 4.678% 4.614% 9/01/2005 9/06/2005 Ref3 I Issue Summary I 2/712005 I 1:54 PM Northland Securities Public Finance Page 2 City of Prior Lake, Minnesota G.O. Refunding Bonds of 2005 Forward Refund 1998A and 1998B Bonds in March 2005 Debt Service Schedule Preliminary Date Principal Coupon Interest Total P+I 09/06/2005 06/01/2006 212,351.25 212,351.25 12/01/2006 405,000.00 2.700% 141,567.50 546,567.50 06/01/2007 136,100.00 136,100.00 12/01/2007 495,000.00 2.850% 136,100.00 631,100.00 06/01/2008 129,046.25 129,046.25 12/01/2008 550,000.00 3.000% 129,046.25 679,046.25 06/01/2009 120,796.25 120,796.25 12/01/2009 600,000.00 3.150% 120,796.25 720,796.25 06/01/2010 111,346.25 111,346.25 12/01/2010 655,000.00 3.300% 111,346.25 766,346.25 06/01/2011 100,538.75 100,538.75 12/01/2011 690,000.00 3.450% 100,538.75 790,538.75 06/01/2012 88,636.25 88,636.25 12/01/2012 745,000.00 3.550% 88,636.25 833,636.25 06/01/2013 75,412.50 75,412.50 12/01/2013 790,000.00 3.650% 75,412.50 865,412.50 06/01/2014 60,995.00 60,995.00 12/01/2014 840,000.00 3.750% 60,995.00 900,995.00 06/01/2015 45,245.00 45,245.00 12/01/2015 730,000.00 3.850% 45,245.00 775,245.00 06/01/2016 31,192.50 31,192.50 12/01/2016 795,000.00 3.950% 31,192.50 826,192.50 06/01/2017 15,491.25 15,491.25 12/01/2017 765,000.00 4.050% 15,491.25 780,491.25 Total $8,060,000.00 $2,183,518.75 $10,243,518.75 Fiscal Total 758,918.75 767,200.00 808,092.50 841,592.50 877,692.50 891,077.50 922,272.50 940,825.00 961,990.00 820,490.00 857,385.00 795,982.50 Dated......................................................................................................................... ............................................................. Delivery Date........................................................................................................................... ................................................ First Coupon Date.......................................................................................................................... ......................................... First available call date............................................................................................................................................................ Call Price......................................................................................................................... ....................................................... Accrued Interest from 09/01/2005 to 09/06/2005...................................................................................................................., Bond Year Dollars.......................................................................................................................... ............... .......................... Average Life........................................................................................................................... ................................................. Average Coupon......................................................................................................................... ............................................ Net Interest Cost (NIC)............................................................................................................................. ............................... True Interest Cost (TiC)........................................................................................................................... ............................... Bond Yield for Arbitrage Purposes............................................................... ........................................................................... Net Interest Cost........................................................................................................................... ...................................... .... Weighted Average Maturity...................................................................................................................... ............................... Ref3 I Issue Summary I 2/7/2005 I 1:54 PM 9/01/2005 9/06/2005 6/01/2006 3,932.43 $59,195.00 7.344 Years 3.6886878% 3.8520800% 3.8653410% 3.7227901 % 3.6890210% 7.330 Years Northland Securities Public Finance Page 3 City of Prior Lake, Minnesota G. O. Refunding Bonds of 1998A Debt Service To Maturity And To Call Preliminary Refunding Dated Date.......................................................................................................................... ................................... Refunding Delivery Date........................................................................................................................... .............................., 9Baold I SINGLE PURPOSE I 2/712005 I 1:54 PM 9/01/2005 9/06/2005 Northland Securities Public Finance Page 4 City of Prior Lake, Minnesota G. O. Refunding Bonds of 1998B Debt Service To Maturity And To Call Preliminary Refunding Dated Date.... .................................................................................................................................. ....................... Refunding Delivery Date............................................................................................................................. ............................ 9Bbold I SINGLE PURPOSE I 2/712005 I 1:54 PM 9/01/2005 9/06/2005 Northland Securities Public Finance Page 5 City of Prior Lake, Minnesota G. O. Refunding Bonds of 2005 Forward Refund 1998A and 1998B Bonds in March 2005 Current Refunding Escrow Preliminary Date Principal Rate Interest Receipts Disbu rsements Cash Balance 09/06/2005 0.76 0.76 12/01/2005 7,907,149.00 2.300% 42,850.24 7,949,999.24 7,950,000.00 Total $7,907,149.00 $42,850.24 $7,950,000.00 $7,950,000.00 Investment Parameters Investment Model [PV, GIC, or Securities]....................... .................................................................................................... Default investment yield target........... ..................................................................................... ....... ............ ................... ....... Cash Deposit........................................................................................................................ ............................................... Cost of Investments Purchased with Bond Proceeds...... ................. ..... ...................... ................. ...... ................. ................. Total Cost of Investments................................................................ ........ ................................ .... ........ ...... ........ .................. Target Cost of Investments at bond yield.......... ............................. .............. .............................. ... ....... .... ....... ........... .... ...... Actual positive or (negative) arbitrage... ..... ....... ....... ...... ....... ............ ........ ... ........ ......... ...... ...... ... ... .......... ......... ... ............... Yield to Receipt......................................................................................................................... ..........................................' Yield for Arbitrage Purposes. ........ ....... ....... ..... ........... ........... ........ ... ..... .... ....... ..... ....... ..... .... ........ ...... .... ...... ............... ....... State and Local Government Series (SLGS) rates for.......................................................................................................... Ref3 I Issue Summary I 2/ 7/2005 I 1:54 PM Securities User Defined 0.76 7,907,149.00 $7,907,149.76 $7,881,063.16 (26,086.60) 2.3021330% 3.7227901% 2/07/2005 Northland Securities Public Finance Page 6