HomeMy WebLinkAbout2013-09-04 PACKET 08.A.Debt Issuance Services
� i _ �—❑—� - -
September 4, 2013
Sale Report
C ity of Cottage G rove, M i n nesota
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EHLERS
LEADERS IN PUBLIC FINANCE
Minnesota phone 651-697-8500
Offices also in Wisconsin and Illinois fax 651-697-8555
vvww,ehlers-inc,com
3060 Centre Pointe Drive
Roseville, MN 55113-1122
Debt Issuance Services
—�—� f—❑— - —
City of Cottage G rove, M N
Results of Bond Sale — September 4, 2013
$7, 345, 000
General Obligation
Purpose:
Rating:
Number of Bids:
Low Bidder:
True Interest Cost:
Interest Savings from
Lowest to Highest Bid:
Principal Amount'':
Reoffering Premium:
Net Proceeds:
Discount Allowance:
True Interest Cost:
Assessment Interest Cost:
Total Levy:
Cost of Issuance:
Coupon Rates:
Closing Date:
Improvement Bonds, Series 2013A
To finance various public improvements within the City.
Standard & Poor's "AA+"
:
Piper Jaffray & Co., Leawood, Kansas
2.8372%
Low Bid
2.8278%
High Bid
3.2239%
Interest Savings
$290,122
$7,600,000
$0
$9,714,600
$68,400
3.1111%
4.60%
$6,321,844
$57, 000
0.70% - 3.70%
September 26, 2013
$7,345,000
$211, 507
$9,713,492
$30,320
2.8372%
4.35%
$6,173,211
$52,965
3.00% - 3.50%
-$255,000
$211,507
-$1,108
-$38, 080
-0.2739%
-0.25%
-$148,633
-$4,035
Council Action: Resolution Providing For The Issuance And Sale Of $7,345,000
General Obligation Improvement Bonds, Series 2013A, And Pledging
Special Assessments And Levying A Tax For The Payment Thereof
Attachments: • Bid Tabulation
• Updated Debt Service Schedules
• BBI Graph
• Bond Resolution (Distributed in Council Packets)
* The size of the bond issue changed from the projected amount due to a premium bid by the underwriter, a reduction
in underwriters' discount, and a decrease in costs of issuance.
EHLERS
LEADENS IN PUBLIC FINANCE
Minnesota phone 651-697-8500
Offices also in Wisconsin and Illinois fax 651-697-8555
www,ehlers-inc,com
3060 Centre Pointe Drive
Roseville, MN 55113-1122
BID TABULATION
$7,600,000* General Obligation Improvement Bonds, Series 2013A
CITY OF COTTAGE GROVE, MINNESOTA
SALE: September 4, 2013
AWARD: PIPER JAFFRAY & CO.
RATING: Standard & Poor's Credit Markets "AA+" BBI: 4.96%
NET TRUE
NAME OF BIDDER MATURITY RATE REOFFERING PRICE INTEREST INTEREST
(February 1) YIELD COST RATE
PIPER JAFFRAY & CO.
Leawood, Kansas
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028*"
2029*'`
3.000%
3.000%
3.000%
3.000%
3.000%
3.000%
3.000%
3.000%
3.000%
3.000%
3.000%
3.100%
3.200%
3.500%
3.500%
0.450%
0.700%
1.000%
1.300%
1.650%
1.950%
2.200%
2.450%
2.650%
2.800%
3.000%
3.100%
3.200%
3.550%
3.550%
$7,790,542.85 $1,944,289.09 2.8278%
RAYMOND JAMES & ASSOCIATES, INC.
Memphis, Tennessee
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2.000%
2.000%
2.00�%
2.000%
2.000%
2.050%
2.300%
2.500%
2.700%
2.900%
3.100%
3.200%
3.350%
3.450%
3.500%
*Subsequent to bid opening the issue size was decreased to $7,345,000.
Adjusted Price -$7,526,187.48 Adjusted Net Interest Cost -$1,908,704.39
$7,625,758.25 $1,959,671.37 2.8740%
Adjusted TIC - 2.8372%
"'$1,195,000 Term Bond due 2029 with mandatory redemption in 2028 (Adjusted amount of $1,195,000)
w ww.ehlers-in c.com
E H L E RS Minnesota phone 651-697-8500 3�0 Centre Pointe Drive
LEADEHS IN PUBUC FINANCE Offices also in Wisconsin and Illinois fax 651-697-8555 Roseville, MN 55113-1122
$7,345,000 General Obligation Improvement Bonds, Series 2013A
City of Cottage Grove, Minnesota
Page 2
NET TRUE
NAME OF BIDDER MATURITY RATE REOFFERING PRICE INTEREST INTEREST
(February 1) Y IELD COST RATE
BAIRD
Milwaukee, Wisconsin
FTN FINANCIAL CAPITAL MARKETS
Memphis, Tennessee
WELLS FARGO BANK, NATIONAL
ASSOCIATION
Charlotte, North Carolina
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2.000%
2.000%
2.000%
2.000%
2.000%
2.000%
2.300%
3.000%
3.000%
3.000%
3.000%
3.200%
4.000%
3.500%
3.650%
2.000%
2.000%
2.000%
2.000%
2.��0%
2.000%
2.350%
2.500%
2.750%
2.800%
3.000%
3.500%
3.750°/a
4.000%
4.000%
2.000%
2.000%
2.000%
2.000%
2.000%
2.000%
2.250%
2.500%
2.500%
3.000%
3.000%
3.250%
3.250%
4.000%
4.000%
$7,701,627.55 $1,985,456.13 2.8901%
$7,705,754.65 $2,017,404.07 2.9287%
$7,646,801.85 $2,015,747.28 2.9432°/a
$7,345,000 General Obligation Improvement Bonds, Series 2013A
City of Cottage Grove, Minnesota
Page 3
NET TRUE
NAME OF BIDDER MATURITY RATE REOFFERING PRICE INTEREST INTEREST
(February 1) YIELD COST RATE
STIFEL NICOLAUS
Memphis, Tennessee
STERNE AGEE
Birmingham, Alabama
BMO CAPITAL MARKETS GKST INC.
Chicago, Illinois
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2.000%
2.000%
2.000%
2.000%
2.000%
2.050%
2.350%
2.750%
3.000%
3.000%
3.250%
3.250%
3.250%
3.500%
3.750%
2.000%
2.000%
2.000%
2.000%
2.000%
2.250%
2.500%
2.750%
2.750%
3.000%
3.250%
3.500%
3.750%
3.750%
3.600%
2.000%
2.000%
2.000%
2.000%
2.000%
3.000%
3.000%
4.000%
4.000 %
3.250%
4.000%
4.000%
4.000%
4.000%
4.000%
$7,637,205.05 $2,013,068.94 2.9483%
$7,680,892.55 $2,032,079.67 2.9627%
$7,803,271.35 $2,234,411.46 3.2239%
City of Cottage Grove, Minnesota
$7,345,000 General Obligation Improvement Bonds, Series 2013A
Sources & Uses
Dated 09/26/2013 � Delivered 09/26/2013
Sources Of Funds
Par Amount of Bonds
Reoffering Premium
Planned Issuer Equity contribution
Total Sources
Uses Of Funds
Total Underwriter's Discount (0.413%)
Costs of lssuance
Deposit to Project Construction Fund
Deposit to Project Fund (Rounding)
Total Uses
Series 2013A GO Imp Bonds � SINGLE PURPOSE � 9/ 4/2013 � 10:30 AM
$7,345,000.00
211,50735
2,240,000.00
$9,796,507.35
30,319.87
52,695.00
9,711,029.17
2,463.31
$9.796,507.35
EHLERS
LEADERS IN PUBLIC FINANCE
City of Cottage Grove, Minnesota
$7,345,000 General Obligation Improvement Bonds, Series 2013A
Debt Service Schedule
Date Principal Coupon Interest Total P+I 105°/a of Total Assessments Levy/(Surplus)
02/O1/2014 • - - ! • • - -
02/O1/2015 320,000.00 3.000% 307,186.88 627,186.88 658,546.22 248,895.04 409,651.18
02/O1/2016 410,000.00 3.000% 218,415.00 628,415.00 659,835.75 248,895.04 410,940.71
02/O1/2017 425,000.00 3.000% 206,115.00 631,115.00 662,670.75 248,895.04 413,775.71
02/O1/2018 435,000.00 3.000% ]93,365.00 628,365.00 659,783.25 248,895.04 410,888.21
02/O1/2019 450,000.00 3.000% 180,315.00 630,315.00 661,830.75 248,895.04 412,935.71
02/O1/2020 465,000.00 3.000% 166,815.00 631,815.00 663,405.75 248,895.05 414,510.70
02/O1/2021 475,000.00 3.000% 152,865.00 627,865.00 659,258.25 248,895.04 410,363.21
02/O1/2022 490,000.00 3.000% 138,615.00 628,615.00 660,045.75 248,895.04 411,150.71
02/O1/2023 SOS,000.00 3.000% 123,915.00 628,915.00 660,360.75 248,895.04 411,465.71
02/O1/2024 520,000.00 3.000% 108,765.00 628,765.00 660,203.25 248,895.04 411,308.21
02/O1/2025 535,000.00 3.000% 93,165.00 628,165.00 659,573.25 248,895.04 410,678.21
02/O1/2026 550,000.00 3.100% 77,ll5.00 627,115.00 658,470.75 248,895.04 409,575.71
02/O1/2027 570,000.00 3.200% 60,065.00 630,065.00 661,568.25 248,895.04 412,673.21
02/O1/2028 585,000.00 3.500% 41,825.00 626,825.00 658,166.25 248,895.04 409,271.21
02/O1/2029 610,000.00 3.500% 21,350.00 631,350.00 662,917.50 248,895.04 414,022.46
Total $7,345,000.00 - $2,089,891.88 $9,434,891.88 $9,906,636.47 $3,733,425.61 $6,173,210.86
Significant Dates
Dated
First Coupon Date
Yield Statistics
Bood Year pollars
Average Life
Average Coupon
1 I�?tcres! Ens! (Nl� l
True 137tcretii C��st ("I�lC]
Bond Yield for r�rhslr.�gs I'i�e'}�c�scs
All Inclusive Cost [AlC1
Series 2013A GO Imp Bonds � SINGLE PURPOSE � 9/ 4/2013 � 1030 AM
9/26/2013
8/O1/2014
$65,97035
8.982 Years
3.1679261%
2.8932763%
2.!{3727{30'r'r
?.7�327 I q�k
2.9292598%
� EHLERS
LEADERS IN PUBLIC FINANCE
Citv of Cottaae Grove. Minnesota
$2,700,798 General Obligation Improvement Bonds, Series 2013A
Assessments - 1.5% over TIC - Equal P&I
Assessments
Date Principal Coupon Interest Total P+I
12/31/2014 131,41031 4.350% 117,484.73 248,895.04
12/31/2015 137,126.66 4350% 111,76838 248,895.04
12/31/2016 143,091.67 4.350% 105,80337 248,895.04
] 2/31/2017 149,31616 4350% 99,578.88 248,895.04
12/31/2018 155,811.41 4.350% 93,083.63 248,895.04
12/31/2019 162,589.21 4350% 86,305.84 248,895.05
12/31/2020 169,661.84 4350% 79,233.20 248,895.04
12/31/2021 177,04213 4.350% 71,85291 248,895.04
12/31/2022 184,743.46 4350% 64,151.58 248,895.04
12/31/2023 I�J'?,77�).Hf1 4350% 4(�, I I 5.?� 248,895.04
12/31/2024 201,165.72 4350% a7.7?9.32 248,895.04
12/31/2025 209,916.43 4.350%a ?8 �17K.(ii 248,895.04
12/31/2026 219,047.79 4350% 39.847.25 248,895.04
12/31/2027 228,576.37 4350% ?tl.� C 8.67 248,895.04
12/31/2028 238.519.44 4350% I If, ti74.6{) 248,895.04
Total $2,700,798.40 - $1,032,627.21 $3,733,425.61
Significant Dates
Filing Date
First Payment Date
Series 2013A GO Imp Bonds � SINGLE PURPOSE � 9/ 4/2013 � 10:30 AM
1/O1/2014
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EHLERS
LEADERS IN PUBLIC FINANCE
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