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HomeMy WebLinkAbout3 - Bond Proposal Approval of Bids TABULATION OF BIDS crry OF PRIOR LAKE. MlNNESOfA $2,100,000 GENERALOBUGATION FIRE STATION BONDS OF 1993 AWARD: DATE OF SALE: MOODY'S RATING: PAINE WEBBER. INC. WEDNESDAY, JULY 28, 1993 A BIDDFR lNI'EREST RATE PAINE WEBBER, INC. Dean Witter, Ine NET INTEREST COST (RATE) 3.00% - 1994 3.25% - 1995 3.50% - 1996 3.70% - 1997 3.90% - 1998 4.10% - 1999 4.30% - 2000 4.50% - 2001 4.70% - 2002 4.90% - 2003 5.00% - 2004 5.10% - 2005 5.15% - 2006 5.25% - 2007 5.30% - 2008/10 5.40% - 201l/13 PURCHASE PRICE: $2,068,500.00 DAlNBOSWORTIlINCORPORATED Miller, Jolmson &: Kuehn 2.75% - 1994 3.10% - 1995 3.35% - 1996 3.65% - 1997 4.00% - 1998 4.20% - 1999 4.40% - 2000 4.60% - 2001 4.75% - 2002 4.90% - 2003 5.00% - 2004 5.10% - 2005 5.20% - 2006 5.25% - 2007 5.30% - 2008 5.40% - 2009 5.45% - 2010 5.50% - 2011 5.55% - 2012 PURCHASE PRICE: $2,072,280.00 $1,415,679.17 (5.25%) $1,433,876.67 (5.32%) [I] JURAN & MOODY, INC. INVESTMENT SECURITIES SINCE 1939 SAINT PAUL, MN 55101-2091 MINNESOTA MUTUAL LIFE CENTER 400 NORTH ROBERT - SUITE 800 (612) 224-1500 1-800-950-4666 FAX: (612) 224-5124 MINNEAPOLIS, MN 55402-3300 #130 INTERNATIONAL CENTRE 900 - 2ND AVENUE SOUTH (612) 339-8100 1-800-950-4666 FAX: (612) 339-2019 CLEARWATER, FL 34624-3102 ARBOR OFFICE CENTER - SUITE 205 19321 U.S. HIGHWAY 19 NORTH (813) 535-0584 1-800-950-2055 FAX: (813) 535-3271 HOUSTON, TX 77027-9008 1177 WEST LOOP SO - SUITE 1850 (713) 961-1882 1-800-950-5444 FAX: (713) 961-0962 crry OF PRIOR LAKE. MINNESar A $2,100,000 GENERAL OBliGATION ARE STATION BONDS OF 1993 PAGE 2 PIPER JAFFRA Y INC. NORWEST INVESTMENT SERVICES)JT. MGR. Ameriean Naibloal Bank, St. Paul Craig-Hallum, Ine. Dougherty, Dawkins, Strand &: Bigelow Moore, Juran &: Company Ine. CLAYTON BROWN &: ASSOCIATES FBS INVESTMENT SERVICES, INC. Miller &: Sehroeder Finaneial Inc. 2.90% - 1994 3.20% - 1995 3.50% - 1996 3.75% - 1997 4.00% - 1998 4.20% - 1999 4.40% - 2000 4.60% - 2001 4.75% - 2002 4.90% - 2003 5.10% - 2004 5.20% - 2005 5.30% - 2006 5.35% - 2007 5.40% - 2008 5.45% - 2009 5.50% - 2010/11 5.55% - 2012113 PURCHASE PRICE: $2,070,600.00 $1,446,347.50 (5.37%) 5.25% - 1994195 5.30% - 1996/13 PURCHASE PRICE: $2,068,590.00 $1,458,674.17 (5.41 %) 3.00% - 1994 3.30% - 1995 3.60% - 1996 3.90% - 1997 4.00% - 1998 4.20% - 1999 4.40% - 2000 4.60% - 2001 4.80% - 2002 5.00% - 2003 5.05% - 2004 5.10% - 2005 5.20% - 2006 5.30% - 2007 5.40% - 2008 5.50% - 2009 5.60% - 2010 5.65% - 2011 5.70% - 2012 5.75% - 2013 PURCHASE PRICE: $2,070,600.00 $1,465,120.86 (5.44%) MINNESOTA MUNICIPAL BOND SALES JULY 1993 OA 1E MA TIJRITY MUNICIPALITY AMOUNT TYPE RATING NIC 7- 6 11 County of Kittson $ 1,400,000 G.O. Solid Waste Baa 4.38 7- 6 11 Hugo 1,205,000 G.O. Water & Sewer Revenue Baa 1 4.77 7- 7 20 ISO 717, Jordan 1,525,000 G.O. School Building NR 5.60 7- 7 10 East Bethel 1,950,000 Taxable G.O. Improvement NR 6.83 7- 7 16 County of Sibley 425,000 G.O. Oarin Ditch NR 5.17 7- 12 16 ISO 544, Fergus Falls 6,725,000 G.O. School Building Aaa 5.24 (MBIA) 7- 12 21 ISO 345, New London- 8,240,000 G.O. School Building Aaa 5.29 Spicer (Cap. Gty.) 7- 12 21 ISO 624, White Bear 20,360,000 0.0. School Aaa 5.35 Lake 7- 12 20 ISO 690, Warroad 7,525,000 G.O. School Building AM 5.29 7- 13 16 St. Anthony 470,000 G.O. Impr., Ser 93A A 1 5.05 7- 19 1 ISO 2125, Oodge Center 2,480,000 G.O. Aid Anticipation Cert NR 3.13 7- 19 1 ISO 716, Belle Plaine 1,075,000 G.O. Aid Anticipatin Cert NR 3.07 7- 19 10 Northfield 1,660,000 G.O. Improvement, Serf 93A A 4.20 7- 19 5 Lakeville 550,000 G.O. Improvement, Serf 93A A 1 3.54 7- 19 13 Lakeville 1,250,000 G.O. Park Refunding, Serf 93B A 1 4.70 7- 19 17 Lakeville 1,340,000 G.O. Impr. Rfdg., Ser 93C A 1 4.97 7- 19 12 Hastings 545,000 G.O. Improvement, Serf 93A A 4.57 7- 19 9 Hastings 980,000 G.O. Impr. Rfdg., Serf 93B A 4.14 7- 19 8 Hastings 810,000 G.O. Water Rev. Rfdg., A 4.05 Serf 93C 7- 19 15 Jordan 940,000 0.0. Improvement NR 5.12 JURAN & MOODY, INC. MINNESOTA MUNICIPAL BOND SALES JULY 1993 DA:IE MA TIJRITY MUNICIPAI.TTY AMOUNT TYPE RATING NIC 7- 20 12 Rosemount $ 555,000 G.O. Improvement, Serf 93A A 4.59 7- 20 8 Rosemount 1,415,000 G.O. Impr. Rfdg., Serf 93B A 4.05 7- 20 12 Rosemount 945,000 G.O. Water Revenue A 4.69 Refunding., Series 1993C 7- 20 9 Rosemount 845,000 G.O. Municipal Building A 4.26 Refunding, Series 19930 7- 20 11 Blue Earth 1,945,000 G.O. Refunding Improvement Aaa 4.43 (AMBAC) 7- 20 10 Andover 3,650,000 G.O. Improvement Baa 1 5.55 7- 22 14 Maple Grove 3,995,000 G.O. Water Revenue, Serf 93A A 1 4.84 7- 22 12 Maple Grove 2,945,000 G.O. Impr. Rfdg., Serf 93B A 1 4.50 7- 22 7 Maple Grove 1,780,000 G.O. Building and Equipment A 1 3.90 Refunding, Series 1993C 7- 22 9 Maple Grove 745,000 G.O. Imp. Rfdg., Ser 930 A 1 4.29 7- 22 20 East Grand Forks 880,000 G.O. Improvement NR 5.25 7- 27 20 State of Minnesota 210,000,000 G.O. Bonds Aa 5.14 7- 27 16 Mound 1,350,000 G.O. Water & Sewer A 5.04 7- 28 20 Prior Lake 2,100,000 G.O. Fire Station A 5.25 JURAN & MOODY, INC. 7.25 7.00 6.75 y 6.50 i e 6.25 ) d 6.00 5.75: 5.50 5.25 6.76 Bond Buyer's 20 Bond Index 1992-1993 /+"^v\; I 5.89 5.47 J F M A M 92 J J A SON D J F M A M J J A 93 '\^'.... ,~~S SON D IFILE: PI. VOTED ex DATE OF ANALYSIS: DATED DATE OF ISSUE: JULY 28, 1993 AUGUST I, 1993 CITY OF PRIOR LAKE. MINNESOTA GENERAL OBLIGATION FIRE STATION BONDS OF 1993 PAR AMOUNT: $2,100,000 FINAL PURCHASER: PAINE WEBBER (A) (B) (C) (E) (G) (D) (F) FINAL TOTAL (12-1) INTEREST DEBT STATUTORY CAPITALIZED YEAR PRINCIPAL RATES INTEREST SERVICE 5.00% INTEREST 1993 $84,935.42 1994 $60,000.00 3.00% 135,896.67 195,896.67 205,691.50 1995 65,000.00 3.25% 100,122.50 165,122.50 173,3/!.63 1996 65,000.00 3.50% 98,010.00 163,010.00 171,160.50 1997 70,000.00 3.70% 95,735.00 165,735.00 174,021.75 1998 70,000.00 3.90% 93,145.00 163,145.00 171,302.25 1999 75,000.00 4.10% 90,415.00 165,415.00 173,685.75 2000 75,000.00 4.30% 87,3<<>.00 162,3<<>.00 170,457.00 2001 80,000.00 4.50% 84,115.00 164,115.00 172,320.75 2002 85,000.00 4.70% 80,515.00 165,515.00 173,790.75 2003 95,000.00 4.90% 76,520.00 171,520.00 180,096.00 2004 100,000.00 5.00% 71,865.00 171,865.00 180,4.58.25 2005 105,000.00 5.10% 66,865.00 171,865.00 180,4.58.25 2006 110,000.00 5.15% 61,510.00 171,510.00 180,085.50 2007 120,000.00 5.25% 55,845.00 175,845.00 184,637.25 2008 125,000.00 5.30% 49,545.00 174.545.00 183,272.25 2009 135,000.00 5.30% 42,920.00 177,920.00 186,816.lXl 2010 145,000.00 5.30% 35,765.00 llll,765.00 189,sm.25 2011 155,000.00 5.<<>% 28. (8).00 183,(8).00 192,234.00 2012 175,000.00 5.<<>% 19,710.00 194,710.00 204,445.50 2013 190,000.00 5.<<>% 10,260.00 200,260.00 210,273.00 2,100,000.00 1,384,179.17 3,484.179.17 3,6.58,388.13 84,935.42 APPUCATION OF FUNDS PAR AMOUNT OF ISSUE $2,100,000.00 LESS: COSTS OF ISSUANCE DISCOUNT FAcrOR (1.50% OF PAR) (31,500.00) CAPITALIZED INTEREST (10 MOr-.-rHS) (84,935.42) ESTIMATED REGISTRATION COSTS (ONE TIME) (3,900.00) ESTIMATED FINANCIAL ADVISOR (14,500.00) ESTIMATED BOND PRINTING (450.00) ESTIMATED RATING FEE (2,500.00) ESTIMATED LEGAL SERVICES (3,500.00) SCBTOTAL $1,958, 714.58 ADD: INVESTMENT INCOME ON CONSTR. ACCOU~-r $13,624.33 (A) . A V AILABLE FOR CONSTR. & OTHER HARD COSTS _ J!..:922.:.3~8..!':..1 (A) ASSUMES NET CONSTRUcrION AND INTEREST FUNDS INVESTED FOR A VER-\GE OF 120 DAYS @ 2.00% (H) TAX LEVY $0.00 159,000.00 161,000.00 163,000.00 165,000.00 167,000.00 169,000.00 171,000.00 173,000.00 176,000.00 178,000.00 Illl,OOO.OO 182,000.00 184,000.00 186,000.00 188,000.00 190,000.00 192,000.00 194,000.00 197,000.00 199,000.00 $3,574,000.00 BONDS DATED: BONDS MATURE: INTEREST: OPTION: (1) (1) (K) (I.) ANNUAL TAX ANNUAL TAXCAPACllY CAPACITY SURPLUS CUMULATIVE INCREASE @ RATE IDEFICIT BALANCE 1.00% INCREASE $84,935.42 $84,935.42 7,816.869 O.()()(J()% (46,691.50) 38,243.92 7,895,038 2.0139% (12,378.63) 25,865.29 7,973,988 2.0191% (8,160.50) 17,704.79 8,053,128 2.0239% (9,021.75) 8,683.04 8,134,265 2.0285% (4,302.25) 4,380.79 8,215,608 2.0327% (4,685.75) (304.96) 8,297,764 2.0367% 543.00 238.04 8,380,742 2.0404% 679.25 917.29 8,464,549 2.0438% 2,209.25 3,126.54 8,549,195 2.0587% (2,096.00) 1.030.54 8,634,686 2.0615% (458.25) 572.29 8,721,033 2.0640% 1,541.75 2,114.04 8,808,244 2.0662% 3,914.50 6,028.54 8,896,326 2.0683% 1,362.75 7,391.29 8,985,289 2.0701% 4,727.75 12,119.04 9,075,142 2.0716% 3,184.00 15,303.04 9,165,894 2.0729% 2,196.75 17,499.79 9,257,553 2.07<<>% 1,766.00 19,265.79 9,350,128 2.0748% (7,445.50) 11,820.29 9,443,629 2.0861% (11,273.00) 547.29 9,538,066 2.0864% $547.29 ..........AYtt~AJ:;;Il!l{Clt.< ':';':':':-:':':'.':':':','';:';':':':-:':':':-:':':':-:':':':':':':':':-:':':':':','.-:':':-:':-:-:':':':':' M~t~~r>. .. ...... $85,000 (N) (0) (P) MARKEr V ALUE HOMESTEAD $100,000 $125,000 $150,000 TAXCAPACllY VALUE $1,280 $1,780 $2,280 (M) $980 19.74 19.79 19.83 19.88 19.92 19.96 20.00 20.03 20.18 20.20 20.23 20.25 20.27 20.29 20.30 20.31 20.33 20.33 20.44 20.45 .$~.. 4. .... .. .. "... }$~.... .,.................. .,...... ........, 25.78 25.84 25.91 25.96 26.02 26.07 26.12 26.16 26.35 26.39 26.42 26.45 26.47 26.50 26.52 26.53 26.55 26.56 26.70 26.71 /$$$)./ .... ............... .................." ........$................. ..-" .... ..... ..... - ..... ...., . ..... :::::::::...;~:::::::::: 35.85 35.94 36.03 36.11 36.18 36.25 36.32 36.38 36.64 36.69 36.74 36.78 36.82 36.85 36.87 36.90 36.92 36.93 37.13 37.14 .$:14.$1: ...".."......... ....... ......... ..:.$J;Qii.. ..... ............. 45.92 46.03 46.15 46.25 46.35 46.44 46.52 46.60 46.94 47.00 47.06 47.11 47.16 47.20 47.23 47.26 47.29 47.31 47.56 47.57 <'*'$: ...........- .... <~ (Q) $175,000 $2, 780 55.99 56.13 56.26 56.39 56.51 56.62 56.72 56.82 57.23 57.31 57.38 57.44 57.50 57.55 57.59 57.63 57.66 57.68 57.99 .58.00 . .... $.s,;.u.. .......... . .........................~7~...: 1--------------------------, IESTIMATED AVERAGE COUPON RATE: 5.140%1 IESTIMATED NET EFFECTIVE RATE: 5.257%1 ---------------------------- AUGUST I, 1993 DECEMBER I, 1994 THROUGH 2013 JUNE I, 1994 AND SEMIANNUAU.. Y THEREAFTER ON EACH JUNE 1 AND DECEMBER 1. AU.. BONDS MATURING IN THE YEARS 2002 THROUGH 2013 ARE CALLABLE AT THE OPTION OF THE CllY ON DECEBMER 1,2001 OR ANY INTEREST PAYMENT DATE THEREAFfER AT PAR PLUS ACCRUED INTEREST . 2,068,500 AcruAL BID PRICE: PAYING AGE.."lT & REGISTRAR: BOND SALE DATE: BID OPENING: BID AWARD: ESTIMATED CLOSING DATE: FIRSTAR TRUST CO. JULY 28, 1993 II:ooA.\4 @ THE ST. PAUL OFFICE OF JURAN & MOODY 5:00PM @ CllY HALL AUGUST 19, 1993 PREPARED BY: ~ JURAN '" MOODY, INe. STEVE.'Il J. MATTSON V.P. 612-ZU15OO 1.800-956-4666