HomeMy WebLinkAbout10C - General Obligation Bonds 1998
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MEETING DATE:
AGENDA #:
PREPARED BY:
AGENDA ITEM:
DISCUSSION:
STAFF AGENDA REPORT
OCTOBER 19, 1998
lOB
RALPH TESCHNER, FINANCE DIRECTOR
CONSIDER APPROVAL OF RESOLUTION 98-XX CALLING
FOR THE REDEMPTION OF THE OUTSTANDING GENERAL
OBLIGATION IMPROVEMENT BONDS OF 1991
Introduction
The City's bond and fiscal consultant Steve Mattson from Juran &
Moody will be present during the Council meeting to request
Council approval to payoff the remaining debt associated with the
$525,000 G.O. Improvement Bonds of 1991.
Current Circumstances
Staff regularly examines those outstanding bond issues of the City to
see if there are any candidates for either refunding or defeasance.
During a market of declining interest rates which we are presently
experiencing we look to refund those issues that would qualify.
Typically the following three criteria must exist to refund a bond
Issue:
1. A bond issue must possess a sufficient spread between its interest
rate and that which the current market may offer.
2. The outstanding bond amount must be of sufficient size to return
a cost savings to the City.
3. The remaining years within the bond issue are usually 10 or more
to provide the opportunity of time to reduce debt service costs of
principal and interest.
The City has taken advantage of the market conditions in the past to
refinance all of our eligible bond issues at a lower rate to the point
that our aggregate rate of interest that we pay on our 22 existing
bond issues is less than 5%. During this review process Staff has
identified the above referenced bond issue as a prime bond issue to
be paid off instead of being refunded. Our financial consultant Juran
and Moody concurs with this proposed course of action and has
prepared the required documents. They would also be responsible
for the proper notification to the existing bondholders and
publication requirements.
16200 Eagle Creek Ave. S.E., Prior Lake, Minnesota 55372-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245
AN EQUAL OPPORTUNITY EMPLOYER
H:\BONDSIA98CALL.DOC
ALTERNATIVES:
RECOMMENDED
MOTION:
REVIEWED BY:
Attachments:
Financial Imvact
While no further issues appear to qualify for refinancing, the
outstanding debt on the $525,000 G.O. Improvement Bonds of 1991
could be paid off to save City taxpayers a minimum of $10,000 to
$12,000 in interest cost. There are $195,000 of bonds left in this
issuance that have a payable net effective interest rate of 6.5026%
which is nearly 150 basis points higher than what the city is
currently getting in this investment climate (see attached analysis of
remaining bond payments and their coupon interest rates).
The cash fund balance of this bond issue is $264,385.01. Therefore
these bonds could be refunded on their next call date of December 1,
1998. The reason for the size of this fund balance is because of
assessment prepayments and the fact that the city had invested these
funds in the early 1990's at a much higher interest rate than today
which resulted in additional investment income. The remaining
funds after paying off the bonds would be retained in our pooled
debt service fund to reduce future scheduled property tax levies.
The following alternatives are available to the City Council:
1. Approve Resolution 98-XX Calling for the Redemption of the
Outstanding General Obligation Improvement Bonds of 1991.
2. Continue payment of the existing bonds.
Adopt a motion and a second to approve Resolution 98-XX Calling
for the Redemption of t Outstanding General Obligation
Improvement Bonds of 199
rJ 1
\ .
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1. Outstandin a Payment Schedule (FILE: PL 1991 BOND)
2. Resolution 98-XX Calling for the Redemption of the Outstanding
General Obligation Improvement Bonds of 1991.
.T
STATE OF MINNESOTA
COUNTY OF SCOTT
CITY OF PRIOR LAKE
I, the undersigned, being the duly qualified and acting
Manager of the City of Prior Lake, Minnesota, DO HEREBY CERTIFY
that I have carefully compared the attached and foregoing extract
of minutes with the original minutes of a meeting of the City
Council of said City duly called and held on the date therein
indicated, which are on file and of record in my office, and the
same is a full, true and complete transcript therefrom insofar as
the same relates to said City's $1,275,000 General Obligation
Improvement Bonds of 1998.
WITNESS my hand as such Manager this 19th day of October,
1998.
City Manager
984293.1
3
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Prior Lake, Minnesota, as follows:
1. Authorization. The Council hereby authorizes Juran to
solicit proposals for the sale of the Bonds.
2. Meetino: Prooosal Ooenino. This Council shall meet at
the time and place specified in the Official Terms of Bond Sale
attached hereto as Exhibit A for the purpose of considering
sealed proposals for, and awarding the sale of, the Bonds. The
City Manager, or designee, shall open proposals at the time and
place specified in such Official Terms of Bond Sale.
3. Official Terms of Bond Sale. The terms and conditions
of the Bonds and the negotiation thereof are fully set forth in
the "Official Terms of Bond Sale" attached hereto as Exhibit A
and hereby made a part hereof.
4. Official Statement. In connection with said sale, the
officers or employees of the City are hereby authorized to
cooperate with Juran and participate in the preparation of an
official statement for the Bonds and to execute and deliver it on
behalf of the City upon its completion.
The motion for the
duly seconded by member
discussion thereof and upon a vote
following voted in favor thereof:
adoption of the foregoing resolution was
and, after full
being taken thereon, the
and the following voted against the same:
Whereupon said resolution was declared duly passed and
adopted.
984293.1
2
.. .,
EXHIBIT A
OFFICIAL TERMS OF
BOND SALE
$1,275,000
GENERAL OBLIGATION IMPROVEMENT
BONDS OF 1998
CITY OF PRIOR LAKE
SCOTT COUNTY
MINNESOTA
(Book Entry Only)
NOTICE IS HEREBY GIVEN that these bonds will be offered for sale
according to the following terms:
TIME AND PLACE:
Sealed proposals will be opened by the
City Manager, or designee, on Monday,
November 16, 1998, at 11:30 A.M.,
Central Time, at the offices of Juran &
Moody, 1100 Minnesota World Trade
Center, 30 East Seventh Street, in Saint
Paul, Minnesota 55101-2091. Considera-
tion of the proposals for award of the
sale will be by the City Council at its
meeting in the Prior Lake Fire Hall
beginning at 7:30 P.M., on the same day.
BOOK ENTRY SYSTEM:
The bonds will be issued by means of a
book entry system with no physical
distribution of bond certificates made
to the public. The bonds will be issued
in fully registered form and one bond
certificate, representing the aggregate
principal amount of the bonds maturing
in each year, will be registered in the
name of Cede & Co. as nominee of
Depository Trust Company ("DTC"), New
York, New York, which will act as
securities depository of the bonds.
Individual purchases of the bonds may be
made in the principal amount of $5,000
or any multiple thereof of a single
maturity through book entries made on
the books and records of DTC and its
participants. Principal and interest
are payable by the Issuer through U.S.
Bank Trust National Association, in St.
Paul, Minnesota (the "Registrar") to DTC
or its nominee as registered owner of
984293.1
A-I
the bonds. Transfer of principal and
interest payments to participants of D~C
will be the responsibility of DTC;
transfer of principal and interest
payments to beneficial owners by
participants will be the responsibility
of such participants and other nominees
of beneficial owners. The successful
proposal maker, as a condition of
delivery of the bonds, will be required
to deposit the bond certificates with
DTC. The Issuer will pay reasonable and
customary charges for the services of
the Registrar.
DATE OF ORIGINAL
ISSUE OF BONDS:
December 1, 1998.
PURPOSE:
For the purpose of providing money to
finance the construction of various
improvements in the Issuer.
INTEREST PAYMENTS:
June 1, 1999, and semiannually
thereafter on June 1 and December 1 to
registered owners of the bonds appearing
of record in the bond register as of the
close of business on the fifteenth
(15th) day (whether or not a business
day) of the immediately preceding month.
MATURITIES:
December 1 in each of the years and
amounts as follows:
Year
Amount
1999-2007
2008
$125,000
150,000
All dates are inclusive.
Proposals for the bonds may contain a
maturity schedule providing for any
combination of serial bonds and term
bonds, subject to mandatory redemption,
so long as the amount of principal
maturing or subject to mandatory
redemption in each year conforms to the
maturity schedule set forth above.
REDEMPTION:
At the option of the Issuer, bonds
maturing after December 1, 2004, shall
be subject to prior payment on said
984293.1
A-2
date, and any interest payment date
thereafter, at a price of par and
accrued interest. Redemption may be in
whole or in part of the bonds subject to
prepayment. If redemption is in part,
the bonds remaining unpaid which have
the latest maturity date shall be
prepaid first. If only part of the
bonds having a common maturity date are
called for prepayment, the Issuer will
notify DTC of the particular amount of
such maturity to be prepaid. DTC will
determine by lot the amount of each
participant's interest in such maturity
to be redeemed and each participant will
then select by lot the beneficial
ownership interests in such maturity to
be redeemed. Notice of such call shall
be given by mailing a notice thereof by
registered or certified mail at least
thirty (30) days prior to the date fixed'
for redemption to the registered owner
of each bond to be redeemed at the
address shown on the registered books.
CUSIP NUMBERS:
If the bonds qualify for assignment of
CUSIP numbers such numbers will be
printed on the bonds, but neither the
failure to print such numbers on any
bond nor any error with respect thereto
shall constitute cause for a failure or
refusal by the Purchaser thereof to
accept delivery of and pay for the bonds
in accordance with terms of the purchase
contract. The CUSIP Service Bureau
charge for the assignment of CUSIP
identification numbers shall be paid by
the Purchaser.
DELIVERY:
Forty days after award subject to
approving legal opinion of Briggs and
Morgan, Professional Association, of St.
Paul and Minneapolis, Minnesota. Legal
opinion will be paid by the Issuer and
delivery will be anywhere in the
continental United States without cost
to the Purchaser at DTC.
TYPE OF PROPOSAL:
Sealed proposals of not less than
$1,254,600 and accrued interest on the
principal sum of $1,275,000 from date of
original issue of the bonds to date of
984293.1
A-3
delivery must be filed with the
undersigned prior to the time of sale:
Proposals must be unconditional except
as to legality. A certified or
cashier's check (the "Deposit") in the
amount of $25,500, payable to the order
of the Finance Director of the Issuer,
or a Financial Surety Bond complying
with the provisions below, must
accompany each proposal, to be forfeited
as liquidated damages if proposal maker
fails to comply with accepted proposal.
Proposals for the bonds should be
delivered to Juran & Moody, and
addressed to:
Ralph Teschner
Finance Director
Prior Lake City Hall
16200 Eagle Creek Avenue
Prior Lake, Minnesota 55372-1714
If a Financial Surety Bond is used, it
must be from an insurance company
licensed to issue such a bond in the
State of Minnesota, and preapproved by
the Issuer. Such bond must be submitted
to Juran & Moody prior to the opening of
the proposals. The Financial Surety
Bond must identify each proposal maker
whose Deposit is guaranteed by such
Financial Surety Bond. If the bonds are
awarded to a proposal maker using a
Financial Surety Bond, then that
purchaser is required to submit its
Deposit to Juran & Moody in the form of
a certified or cashier's check or wire
transfer as instructed by Juran & Moody
not later than 3:30 P.M., Central Time,
on the next business day following the
award. If such Deposit is not received
by that time, the Financial Surety Bond
may be drawn by the Issuer to satisfy
the Deposit requirement. The Issuer
will deposit the check of the purchaser,
the amount of which will be deducted at
settlement and no interest will accrue
to the purchaser. In the event the
purchaser fails to comply with the
accepted proposal, said amount will be
retained by the Issuer. No proposal can
be withdrawn after the time set for
984293.1
A-4
RATES:
INFORMATION FROM
PURCHASER:
QUALIFIED TAX
EXEMPT OBLIGATIONS:
CONTINUING DIS-
CLOSURE UNDERTAKING:
AWARD:
984293.1
rece1v1ng proposals unless the meeting
of the Issuer scheduled for award of the
bonds is adjourned, recessed, or
continued to another date without award
of the bonds having been made.
All rates must be in integral multiples
of 1/20th or 1/8th of 1%. No limitation
is placed upon the number of rates which
may be used. All bonds of the same
maturity must bear a single uniform rate
from date of issue to maturity and no
rate of any maturity may be lower than
the highest rate applicable to bonds of
any preceding maturities.
The successful purchaser will be
required to provide, in a timely manner,
certain information relating to the
initial offering price of the bonds
necessary to compute the yield on the
bonds pursuant to the provisions of the
Internal Revenue Code of 1986, as
amended.
The Issuer will designate the
bonds as qualified tax exempt
obligations for purposes of Section
26S(b) (3) of the Internal Revenue Code
of 1986, as amended.
The Issuer will covenant in the
resolution awarding the sale of the
bonds and in a Continuing Disclosure
Undertaking to provide, or cause to be
provided, annual financial information,
including audited financial statements
of the Issuer, and notices of certain
material events, as required by SEC Rule
lSc2-12.
Award will be made solely on the basis
of lowest dollar interest cost,
determined by addition of any discount
to and deduction of any premium from the
total interest on all bonds from their
date to their stated maturity.
A-S
The Issuer reserves the right to reject any and all proposals, to
waive informalities and to adjourn the sale.
Dated: October 19, 1998.
BY ORDER OF THE CITY COUNCIL
/s/ Frank Bovles
City Manager
Additional information
may be obtained from:
JURAN & MOODY
1100 Minnesota World Trade Center
30 East Seventh Street
St. Paul, Minnesota 55101-2091
Telephone No.: (612) 224-1500
984293.1
A-6
I FILE: PL 1991 BOND j
DATE OF ANALYSIS: SEPTEMBER 16. 1998
START DATED DATE OF ISSUE: DECEMBER 1, 1998
(A) (B) (C) (D)
HNAL
(12-n INTEREST
YEAR PRINCIPAL RATES IN 1 ~.KEST
1998
1999 45,000.00 6.00% 12.285.00
2000 45,000.00 6.10% 9,585.00
2001 15,000.00 6.20% 6,840.00
2002 15,000.00 6.30% 5.910.00
2003 15,000.00 6.40% 4,965.00
2004 15,000.00 6.50% 4,005.00
2005 15,000.00 6.60% 3,030.00
2006 10,000.00 6.70% 2,040.00
2007 10,000.00 6.80% 1,370.00
2008 10,000.00 6.90% 690.00
2009 0.00 0.00% 0.00
2010 0.00 0.00% 0.00
2011 0.00 0.00% 0.00
2012 0.00 0.00% 0.00
2013 0.00 0.00% 0.00
2014 0.00 0.00% 0.00
2015 0.00 0.00% 0.00
2016 0.00 0.00% 0.00
2017 0.00 0.00% 0.00
2018 0.00 0.00% 0.00
195.000.00 50,720.00
AVERAGE COUPON RATE:
6.5026 %
EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE
CITY OF PRIOR LAKE, MINNESOTA
Held: October 19, 1998
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Prior
Lake, Scott County, Minnesota, was duly called to order on the 19th day of October 1998, at
o'clock P.M.
The following members were present:
and the following members were absent:
Member
introduced the following resolution and moved its adoption:
RESOLUTION CALLING FOR THE REDEMPTION OF
THE OUTSTANDING
GENERAL OBLIGATION IMPROVEMENT BONDS OF 1991
WHEREAS:
A. The City Council of the City of Prior Lake, Minnesota issued $525,000 General Obligation
Improvement Bonds of 1991, dated March 1, 1991, of which, bonds maturing on December 1, 1998,
$240,000 still remain outstanding; and
B. All of said bonds maturing on December 1, 1997 are subject to redemption, in whole or in part,
and prepayment at the option of the City on December 1, 1996 and on any payment date thereafter at 100%
plus accrued interest, all as provided in the resolution of the City authorizing the issuance of said bonds;
and
C. The City deems it desirable and in the best interest of the City to call $195,000 of the
outstanding of said bonds maturing in the years 1999 through 2001, inclusive, for redemption on
December 1, 1998, in accordance with said resolution authorizing the issuance of said bonds, and
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Prior Lake,
Minnesota as follows:
1. $195,000 of the General Obligation Improvement Bonds of 1991, dated March 1, 1991 of the
City of Prior Lake, Minnesota, maturing in the years 1999 through 2008, shall be redeemed and prepaid on
December 1, 1998 at 100% of their principal amount plus accrued interest for each such bond called.
2. The City Finance Director is hereby authorized and directed to give mailed notice of call to the
bank where said bonds are payable and to all holders of the bonds. Said notice shall be in substantially the
following fonn:
"," -
EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE CITY OF
PRIOR LAKE, MINNESOTA
HELD: October 19, 1998
Pursuant to due call and notice thereof, a regular meeting
of the City Council of the City of Prior Lake, Scott County,
Minnesota, was duly held at the City Hall in said City on Monday,
the 19th day of October, 1998, at o'clock .M. for the
purpose in part of authorizing a 'public sale of the $1,275,000
General Obligation Improvement Bonds of 1998 of said City.
The following members were present:
and the following were absent:
Member
resolution and moved its adoption:
introduced the following
Resolution Number 98-
RESOLUTION AUTHORIZING PUBLIC SALE
OF $1,275,000
GENERAL OBLIGATION IMPROVEMENT BONDS OF 1998
A. WHEREAS, the City Council of the City of Prior
Lake, Minnesota (the "City"), has heretofore determined that it
is necessary and expedient to issue the City's $1,275,000 General
Obligation Improvement Bonds of 1998 (the "Bonds"), to finance
the construction of various improvements in the City; and
B. WHEREAS, the City has retained Juran & Moody, in
St. Paul, Minnesota ("Juran"), as its independent financial
advisor for the Bonds and is therefore authorized to sell the
Bonds by a private negotiation in accordance with Minnesota
Statutes, Section 475.60, subdivision 2(9):
984293.1
AI'PLlCA TIOK OF FUI''DS (ESTIMATE)) COSTS)
1998 COKSnn:CTIOS PROJECTS
ADD: ESTIMATED ENG~EERlNG (18%)
ESTIMATED ADMINISTRATtON (5%)
ESTIMATED ANA~ClNG (3.25%)
U:SS: MU~ICIPALSTATEAID
TRUNK RESERVE FL1S'D COlloi'R.
GRAND TOTAL H.'1RD COSTS
ADD: (SmT COSTS, INCLUDED IS ABOVE)
ESTI~1A TED LEGAL OPINION
ESTI~1ATED BOND PJUNTING I P\JBLlCATIONS
ESTI~.IATED REGI~TRATlO~ (I TIME - BOOK ENTRY)
CAPITAL ISTEREST (0 MOl\THS)
ESTI~IATED FISCAL FEE
ESTI~1ATED B01'\D RATING FEE
EST. DISCOt.:l\'T FACfOR (/.6O'iO OF PAR)
ROU:-:OING FAL"TOR
TOTAL SOFT COSTS OF ISSUANCE
SUBTOTAL
ROI,;:\'DEC fOR ISSUAfl:CE
1.345,500.00
229,000.00
67,000.00
43,soo.OO
( 150,000.00)
(260,000.00)
3,500.00
0.00
2,000.00
0.00
13,500.00
4,000.00
20,500.00
0.00
43,500.00
1,275.000.00
1,2'75,000.00
$1,275.000.00
CITY OIF PRIOR LAKE, MINNESOTA
GENERAL OI:LIGA TION lII1PROVEt.ffiNT BONDS OF 19~.!1
PAR AMOUNT: $1.275,000
Yr:AR
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
Tar AU
BONDS DATED:
AMOUNT
BONDS MATURE:
S 125,000
125,000
125.000
125,000
125,IJOO
125,000
125,000
125,000
125.000
ISO,OOO
o
o
o
o
o
o
o
o
o
o
51.275.1100
I:'oITERr::'sT:
OPTION:
).mm,ICM mD:
F'sT. ;\ VERAGE COUPOy r,,\TE:
EST. fl:E'!' EFFECT1',IERATE:
PAYINGAG~Yr &
REGISTRAR:
Bm:D SALE DATE:
Bm:D SALE PLACE:
BOND SALE TI~IE:
EST. BOI\D CLOSJ~;G DATE:
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PRELIM. AN AL YSIS
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DECEMBER 1, 1998
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DECEMBER 1, IW-l THROUGH 2008
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JL""E 1. 1999 AND SEMIAI\NUALL Y THERE...FrER ON EACH
n:XE I AND DECE.\mER I.
ALL nm:DS MATURING IN THE YEARS 2005 THROUGH :loce, ARE
CALLABLE AT THE omON OF 'rfffi cITy ON OECEMBE.R 1, 2.004
OR AI'\' PAYl.tEt-.T DATETHEREAl'1'ER.AT MR.
51,:!54.6:JO.OO
4.2J60%
4.5237 'k
AIlSl NATIO:-lAL TF.l:ST ASSOCL4.T10N
:'oIOVEMBER~ 1998
FInE HALL
_:__ PM
DECEMBER _' 1998
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llA"fE OF .\:\'\I..\'5IS: 001.9-1998 Nunc nf Issuer el1'\ or J'RIOR LAKE, MINJI,'ESOl'A ]'RELlM. ANALYSIS
IJA TED DAm OF BO:-;IHSSUE: (;E:'oo'EI:AI. OBLlGATIOr-; IMPRO';":"I-JENT BO:\DS OF ]998 ..
;,"c-I.I998 Type of BODd ~
~"J..E: ('RIOI: Lum 4;"aB~ ..,....or'l,OO ....
PAU AMOUNT J RE;IDEJI,'l'l~L HO>IESTEAD ....
A:-Nl.Al nx MARKET VALUE ...
EST. TOTAL STATlr~,'rORY CAPITALIZED ASSESSMENTS ANNUAL TAX CAFACITY CAPACITY $85,000 SllIl,OOO $125.000 $150,Cloo c
c
(12.11 l'\TERfsr DEIIT (OVERAGE lfoITF.REST ASSESSMENT 1:vJ'EREST iii ASSESSMENT TAX SURPLUS CUMULATIVE \' ALL'E [NCR. RATE NET TAX CAPACm ..
YEJ,R PRJI\'CII'AL RATES 1l\.,.EREST SERVICE @ 105.0010 o MO:vJ'HS PRlNClPAL 8.00% INCOME UiVY ,DEFICIT BALAl\'CE 2.00;;' II\'CREASE $935 51,398 5],750 $2,250 ;.
..
1998 50.00 50.00 $0.00 9,9Cl7,620 c
1999 $125,001.00 3.65% 52,5)7.50 177,537.50 186,414.38 S58,7IlO.oo $58,700.00 5117,400.00 80,000.00 W,985.62 10,'1&5 62 10, W5,772 0.79% $739 511.04 $13.83 517.78 ....
..
2000 125.000.00 3.SS.... .f 7,975.00 I 72,975.llO 181,623.75 58,7m.00 42.264.00 1l1O.964.00 80,(0).00 (659.751 10..125 87 IO,3117.8S7 0.78% 7.29 JU90 .13.65 17.55 ..
2001 12j,ooo.00 3.9:5" 43,162.50 168.162.50 176,570.6J 58,7110.00 37.568.00 96,268.00 80,00).0(1 (302.6.1) 10.023.24 10.514,045 0.76% 7.11 10.62 13.30 17.10 ...
..
2002 125,000.00 4.05'1; 38,225.00 163,225.00 171,386.25 58,71lO.CO 32.872.00 91,572.00 80,000.0<1 183.75 10,20899 10,724.326 0.75'" 7.01 10,./9 J~.13 16.88 ....
~003 125,000.00 4.1:;'{, 33.162.50 158,162.50 166.070.63 58,7110.0.0 28,176.00 &6,876.0.0 80,OOJ.OO 805.37 Il,014.36 (1).938,813 0.73% 6.83 10.21 12.78 16.43 <-
c
2tJO.1 125.000,00 ".20"1> 27,975.00 152,975.00 160,623.75 53,7ClO.OO 23.480.00 h'2. I 80.00 80.000.00 J ,556.25 12,57061 11,157,589 0.72% 6.7.1 10.07 12.60 16.20 <-
2005 125,001.00 4.25'>> 22,725.00 147,725.00 155, IIU5 58,700.00 ]8.784.00 77,484.00 80,000.00 2,372.75 14,')-1336 1l,3!:O,7-11 0.70% 6.55 9.79 12.25 15.75
2006 125,001.00 4.30% 17,412.50 142,412.50 14!>,S33.13 58,7(10.00 14.08&.00 72.788.00 80.00100 3,25-1.87 18,198 23 1[,6(18,356 0.69% 6.45 9.65 12.08 15.53
2007 12.S,~~.oo 435"10 12,037.50 137,037.50 143,889.38 58,71111.00 9,392.00 68,092.110 8~.oo).00 4,202.62 21,.100 85 11,1\.lO,523 0.68% 6.36 9.51 11.90 1530
2008 150. 000.00 4.40% 6,600.00 156.600.00 16<~,430.00 58,7IJO.00 4,696.00 63,396.00 80,.000.00 (21,0H.0l1) [,366.85 12,077,3]3 O.E6% 6.17 9.23 lI.S5 14.85
2009 0.00 0.00'10 0.00 0.00 0.00 0.00 . 0..00 0..00 0.00 o.on 1.366.85 12,3 J 8,880 0.00% 0.00 0.00 0.00 0.00
2010 n.oo 0.00% 0.00 0.00 0.00 0.0.0 0.00 0.00 n.oo 0.0l1 1,166 85 I l.St.;, 258 0.00% 0.00 0.00 0.00 0.00
lOll 1100 0.00" 0.00 0.00 0.00 0.0.0 0.00 0.00 0.00 0.0lI 1,366 85 12,816,563 0.00% 0.0l) 0.00 0.00 0.00
",;"12 0.00 0.00% 0.00 0.00 0.00 0.0.0 0.00 0.00 Il.OO O.OlJ 1.366 as 11,072,8')-1 0.00% 0.00 0.00 0.00 0..00
2013 0.00 O.oo'lo 0.00 0.00 0.00 0.00 0.00 O.llO 0.00 0.0lI 1,:166.85 1J,334,352 0.00% 0.00 0.00 0.00 000
2014 0.00 0.00% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.366&5 1J,601,039 0.00% 0.00 0.00 0.00 0.00
2015 n.oo 0.00% 0.00 0.00 0.00 0.00 0.00 O.IJO 0.00 D.0lI 1,366 85 !.l,B?3,060 0.00% 0.00 0.00 0.00 0.00.
2016 0.00 O.OO~ 0.00 0.00 0.00 0.00 0.00 o.nO 0.00 0.0l1 1;166.&5 14,1:.0.521 0.00% 0.00 0.00 0.00 0.00
2017 0.00 O.OJ% 0.00 0.00 0.00 0.00 0.00 O.llO 0.0<1 O.OlI 1,366.85 1-1.433,531 0.00% O.Ol) 0.00 0.00 0.00
2018 0.00 0..00% 0..00 noo 0,00 0.00 0.00 0.00 0.00 0.00 1,:166.85 1:.1.,712.202 0.00% 0.00 0..00 0.00 0.00
1.275.001.00 301.812.50 1,576,812.50 1,655,653.15 0.00 587,000.00 270.020.00 857.020.llO ~800.ooJ.OO $1,366.85 A \'0. AIiXl.IAlIXCR. 56.79 S10.!5 $12.71 $16.34
c-) (+) c+) c+) ~")NTHI.\' I:'\cn. SO.57 SO.85 SI.06 5\.36.
AMOL1\'T OF ADDmONAL ....SSESSMENTS: 5587,000.00
PERCENT AGE OF ISSUE ASSESSED: 46.04% i PR EP,\ RED BY:
INTEREST RATE ON ASSE5SMEIITS: 8.00% 11-- A"Rlli'''OOO'
FOtST INST....Ll.MEN1' COLLECnON: 1999 II ' ~~ . STEVEN J. JlIATTSON V.P.
I OF ANXUAL INSTALLMENTS: 10 ~ IXC 612-291.3034 I
START 0.... TE OF ASSE.SSMfl'ITS: 101l!98 '--~ 801).9;:0.-1666 ~J
~
H:\BONDS\A98BONDS.DOC
RECOMMENDED
MOTION:
REVIEWED BY:
Attachments:
.
1. Approve Resolution 98-XX Authorizing Public Sale of
$1,275,000 General Obligation Improvement Bonds of 1998.
2. Delay financing to a future time as determined by the City
Council.
Motion and second to approve Resolution 98-XX Authorizing
Public Sale of $1,275,000 General Obligation Improvement Bonds
of 1998. Steve Mattson will be present at the meeting to discuss the
resolution and answer an questions the Council may have with
respect to the bo issua process.
1. Juran & ody Bond Analysis
2. Resolution 98-XX Authorizing Public Sale of $1,275,000 General
Obligation Improvement Bonds of 1998