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Home My WebLink AboutRes. 97-32 - General Obligation Bonds of 1997 SPECIAL MEETING OF THE PRIOR LAKE CITY COUNCIL AGENDA 1. Date: Wednesday, April 30, 1997 Time: 5:30 P.M. Location: Conference Room B, Prior Lake City Hall 2. Call to Order 3. Consider Approval of Resolution 97-32 Providing for Issuance of $7,800,000 General Obligation Bonds of 1997. 4. Adjourn 16200 E~reek Ave, S.E., Prior Lake, Minnesota 55372-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245 AN EQUAL OPPORTUNITY EMPLOYER jFILE: PL VOTED P..\RK F1);.-\L DATE OF A.'-fALYSIS: DATED DATE OF ISSUE: APRIL 30, 1997 M.W 1, 1997 CITY OF PRIOR LAKE, MINNESOTA GENERAL OBLIGATION PARK BONDS OF 1997 PAR AMOUNT: $7,800,000 FINAL ANAL YSIS (A) (B) (C) (D) (E) (F) FI.'-fAL TOTAL (12-1) INlEREST DEBT STATlTTORY YEAR PR1;";CIPAL RATES INTEREST SERVICE 0,00% 1997 254,009.58 254,009,58 254,009,58 1998 75,000,00 4.50% 435,-145,00 510,~5.00 510,445,00 1999 100,000,00 4.70% 432,070,00 532,070.00 532,070.00 2000 125,000,00 4.80% 427,370,00 552,370,00 552,370,00 2001 140,000,00 4.85% 421,370,00 561,370,00 561,370,00 2002 150,000,00 4.95% 41-+,500,00 564,580,00 564,580,00 2003 185,000.00 5.05% 407.155,00 592,155,00 592,155,00 ............................................-..-....................-.. 20041 225,000.00 5,10%: 397,812.50 622,812,50 622,812,50 2oo5! 2.50,000,00 5,20%: 386,337.50 636,337,50 636,337.50 20061 275,000.00 5,25%: 373,337,50 648,337.50 648,337,50 2(m j 300,000.00 :.30% I 358,900.00 658,900,00 658,900.00 20081 350,000.00 -,,4D%i 3-+3,000.00 693,000,00 693,000,00 2009] 400,000.00 5,45%: 324,100.00 724,100,00 724,100,00 20lOj :.50,COO.OO 5.50%: 302,300,00 752,300,00 752,300,00 2011] 500,000.00 5,60%] 277,550,00 m,550.oo 777,550,00 2012: 550,000.00 5,70%: 249,550,00 799,550.00 799,550,00 2013: 600,000.00 5,75%: 218,200.00 818,200,00 818,200,00 20141 675,000,00 5,80"". 183,700.00 858,700,00 858,700,00 2015] 750,000,00 5,90%: 144,550.00 894,550,00 894,550,00 2016j 820,000.00 5,90%j 100,300.00 920,300,00 920,300,00 20171 880.000.00 5,90%1 51,920,00 931.920,00 931. 920,00 7,800,000,00 6,503,557.08 14,303,557.08 14,303 ,557. 08 .-\PPUCATIO~ OF FL":'iDS PAR AMOU~T OF ISSCE LESS: COSTS OF ISSUA..'1CE DISCOUN"T FAcrOR (1.60% OF PAR) CAPITALIZED L'-<'TEREST (7 \IOl'<'THS) ESTI~L-\ TED REGISTRATION COSTS (ONE TIME) ESTI},LUED FI~A..'1CL-\L ADVISOR ESTI},LUED F.-\IR..'\iESS OPL'IIO.'-f \100DY'S R..-\ TI;";G Ql:OTE ESTI},IATED OS PRD.TING ESTIMATED LEGAL SERVICES (BRIGGS QCOTE) SUBTOTAL ADD: I;";VESTIIE.'-<"T L'\'COME ON CO;";STR.. ACCOC).T $7,800,000,00 (124,iJ)(),OO) (254,00958) (2,750,00) 0,00 (5,500.00) (6,000,00) ( 1,000.00) (7,800.00) $7,398,140.42 5300,000,00 A V AIL-\BLE FOR CO;";STR & OTHER HARD COSTS . ----- -- ---, : _ _ $] :?~8.,)~:.2_: (G) (H) (I) (J) (K) (L) (\1) (N) (0) (P) (Q) (*) ANNUAL MARKET A.\iNUAL :\<IKT, VALUE TAX MARKET VALUE OF PROPERTY CAPITALIZED TAX SCRPLUS CUMULATIVE INCREASE @ RATE INTEREST LEVY /DEFICIT BALA.'-fCE 4.00% INCREASE S85,OOO $100,000 $110.000 $125,000 $150,000 $254,009.58 $0,00 $0,00 $0.00 620,758,400 0,??oo% 510,445,00 0,00 0,00 645,.588,136 0.0791 % 67,21 79,07 86,97 98.83 118,60 532.070,00 0,00 0,00 671,412,285 0.0792% 67.36 79,25 87,17 99.06 118.87 552,370,00 0,00 0,00 698,268,771 o.am % 67,24- 79.11 87.02 98,88 118,66 561,370,00 0,00 0,00 726,199,528 0,0713% 65.71 7730 85.Q3 96,63 115.95 564,580,00 0,00 0.00 755,247,509 0.07~% 63.54 74.75 82,23 93.44 112. 13 592.155,00 0,00 0,00 785,457,.:109 0,0754% 64,08 75.39 &2,93 94,24 113.08 622,812.50 0.00 0.00 816,875,706 0,0762% 64,81 76,24 83,87 95,30 114.36 636,337,50 0.00 0.00 849,550,134 0,0749% 63,67 74,90 &2,39 93.63 111.35 648,337.50 0.00 0.00 883,532,763 0,0134% 62,37 7338 80.72 91. 73 110.07 658,900.00 0.00 0,00 918,874,074 0.0717% 60,95 71.71 78.88 89,63 107,56 693,000.00 0,00 0.00 955,629,037 0,0725% 61.64 72,52 79.77 90.155 108,78 724,100,00 0,00 0.00 993,8.54,198 0,0729% 61.93 72,86 80.14 9:.07 109,29 752,300.00 0,00 0.00 1,033,608,366 0.0728% 61.87 72,78 80.06 90,98 109,18 m,550.OO 0,00 0.00 1,074,952,701 0.0723% 61.~ 7233 79,57 90.-+'" 108,50 799,550,00 0,00 0.00 1,117,950,809 0.0715% 60,79 71.52 78.67 89. -1-0 107,28 818,200,00 0,00 0.00 1,162,668,841 0.0704% 59,82 70.37 77.-1-1 87.97 105,56 858:'00.00 0,00 0.00 1,209,175,595 0.0710% 60.36 71.02 78,12 88,/7 106,52 894,550,00 0,00 0.00 1,257,542,619 0,0711% 60A6 71.13 7K 25 ~,92 I06,7J 920,300,00 0,00 0,00 1,307,844,324- 0,0704% 59.81 70.37 77. -1-0 87,96 105,55 931,920,00 0,00 0.00 1,360,158,096 0,0685% 58,24 68.52 75.37 8564 102,77 254,009,58 514.049,547,50 $0,00 AVG. A.'''1I.''UALINCR. $61,67 $73.73 $81.10 $92:.16 $110.59 Mo~rrHLY INCR. $s.2Z $6.14 $6.76 $7.68 $9.22 (*) THIS VALUATION IS THE 1997 ESTIMATED MARKET VALUE THAT IS INCREASED Ol\' A 4,00% Cl:~i:-,[t;L-\TIVE BASIS PER YEAR. (Q) $175,000 138,37 138,68 138,43 135,28 130,82 13 1. 93 133.43 13 1. 08 12842 125,49 ]26,9' ]27.50 12737 126,58 125.16 123.15 12-1-.:!8 12-+.49 123,14 119.90 $U9.02 $W.75 BO~DS DATED: :\<iAY 1, 1997 ~S~i-\TEDAVEi~GicoCPON-~~ffi~--------------5.~6%i ~~~~-\J~Q~E!~~~~~E_~\I~~____------------~~~; PREPARED BY: Jl"RA" & \IOODI' I C ""'~ STEVE.'l J. \lATTSO~ V.P. i ~ 18C] 612. 291. 3Q34 ! 1~INC 800.950-4666 '--- ~ BONDS ~lA Tt:"RE: DECEMBER 1, 1999THROeGH 2017 I~TEREST: DECE..\-1BER 1, 1997 AND SE\IL\N~'UALLY THEREAITER ON EACH JUNE 1 A,\1) DECEMBER 1. OPTIO).': ALL BO).'DS ~lATt:"RING IN THE YEARS 2004 THROeGH 2017 ARE CALLABLE AT THE OPTION OF THE CITY ON DECEB},IER 1. 2003 OR A).l' L'\,'TEREST PA Y'[E~"T D.UE THEREAFTER.U PAR PLL'S ACCRCED I).TEREST . $7,675,200 PURCHASE PRICE: P.-\YI;";G AGE~"T & REGISTR-\R: ESTP-.LUED CLOSING D.UE: FIRST TReST :\A TIO).'AL ASSOCL-\TIO:\ \IAY 15, 1997 CITY OF PRIOR LAKE, ~IINNESOT A GENERAL OBLIGATION PARK BONDS OF 1997 PRIOR LAKE FRIDLF{ RA. TING A-2 A.A-l ~1ATCRITY DATI (12-1 ) (2-1 ) 1998 4.50% 4.60% 1999 4,70% -1-,65% 2000 4.80% -1-.70% 2001 4.85% 4,80% 2002 4.95% -1-,90% 2003 5.05% -1-.95% 2004 5.10% 5.05% 2005 5,20% ~RO 2006 5.25% ~RO 2007 5.30% ~RO 2008 5A.Q% :S-RO 2009 5.45% 2010 5,50% 2011 5.60% 2012 5.70% 2013 5,75% 201-1- 5.80% 2015 5,90% 2016 5,90% 2017 5,90% MO~TIVEDIO .-\A.A, (12-1 ) 5.25% 5.30% 5.35% 5.-I-Oq, 5.50% 5.60% 5,65C1o 5.70% 5,75% 5.75% 5.80% 5.80% 5,85% O.J.o%. "-0 0-02 ,- . ;) ,0 " j -0.10% -0.05% -0.05% i -0.10% i ~. -0,05%_.-1 -.~----- 0,05% 0.05% 0,05% 0.00% 0.05% 0.10% 0,05% 0.00% \.. h'- 0.00% ~ \ ., f':lf.55% ._, ,~, ~ ! -0,10% } (I '" " V -0.10% i \ ~~~ C I' , '~. \ i t \.: j- I( ~ .