HomeMy WebLinkAbout2015-11-18 PACKET 08.A. REQUEST OF CITY COUNCIL ACTION COUNCIL AGENDA
MEETING ITEM # � �
DATE 11/18/15 -
.
PREPARED BY: Finance Robin Roland
ORIGINATING DEPARTMENT DEPARTMENT HEAD
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COUNCIL ACTION REQUEST:
Consider calling for the sale of$4,935,000 General Obligation (G.O.) Refunding bonds series
2016A.
STAFF RECOMMENDATION:
Adopt resolution calling for a public hearing on Abatement on December 16, 2015. Adopt
resolution calling for the sale of$4,935,000 G.O. Refunding bonds.
BUDGET IMPLICATION:
BUDGETED AMOUNT ACTUAL AMOUNT
ADVISORY COMMISSION ACTION:
DATE REVIEWED APPROVED DENIED
❑ PLANNING ❑ ❑ ❑
❑ PUBLIC SAFETY ❑ ❑ ❑
❑ PUBLIC WORKS ❑ ❑ ❑
❑ PARKS AND RECREATION ❑ ❑ ❑
❑ HUMAN SERVICES/RIGHTS ❑ ❑ ❑
❑ ECONOMIC DEV. AUTHORITY ❑ ❑ ❑
❑ ❑ ❑ ❑
SUPPORTING DOCUMENTS:
� MEMO/LETTER: Roland
� RESOLUTION: public hearing, call sale
❑ ORDINANCE:
❑ ENGINEERING RECOMMENDATION:
❑ LEGAL RECOMMENDATION:
� OTHER: Pre-sale report from Ehlers
ADMINISTRATORS COMMENTS:
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��, �� ,��%� 1l /; `S
City Administrator ate
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H:\Council items\council-action template.docx
Cottage
� Grove
�here Pride and PCOSperity Meet
To: Mayor and City Council Members
Charlene Stevens, City Administrator
From: Robin Roland, Finance Director
Date: November 18, 2015
Subject: Consider calling for the sale of$4,935,000 General Obligation (G.O.) Refunding
Bonds
Introduction
The City continuously reviews its outstanding debt position in order to take advantage of any refinancing
opportunities which may avail themselves. Such an opportunity is currently available.
Discussion
The EDA issued $6,500,000 of Lease Purchase Revenue bonds, series 2008B which financed the
construction of an addition to the Ice Arena. The City and the EDA entered into a Lease agreement for
an annual appropriation lease; the City levies for the funds annually to make the annual lease payment
(the bond payment) to the EDA. There is $4,080,000 of outstanding principal on these bonds and they
are callable April 1, 2016.
The City issued $3,370,000 General Obligation (G.O.) Sewer System Revenue Bonds, series 2008A to
finance the 2007 East Ravine Trunk Sanitary Sewer Project. There is $855,000 in remaining principal
and these bonds are callable February 1, 2016.
Market interest rates are currently at a level where the City could experience interest savings by "calling"
the existing bonds and refinancing them with the sale of new debt.
Staff proposes to refund these bonds through General Obligation Abatement Bonds. This type of bond is
different than the City has issued before and require a series of public hearings and actions which vary
slightly from previous bond issues. The pre-sale report from Ehlers includes an Executive Summary
outlining the purpose and authority for the bond transactions, along with a timetable for the sale and
estimates of the savings the City would experience from the refunding of the bonds.
Our Ehlers representative will be present at the meeting to answer any questions about the bonds or the
process which Council may have.
Requested Action
• Adopt the resolution calling for the Public Hearing on Abatement on December 16, 2015.
• Adopt the resolution calling for the sale of$4,935,000 General Obligation Refunding Bonds.
RESOLUTION CALLING FOR A PUBLIC HEARING ON PROPOSED PROPERTY
TAX ABATEMENTS FOR THE PURPOSE OF ISSUING TAX ABATEMENT BONDS TO
REFUND THE EDA'S LEASE PURCHASE REV�NUE BONDS,SERIES 2008B
WHEREAS,Minnesota StatZrtes, Sections 469.1812 through 469.1815,both inclusive(the"Act"),
authorize the City of Cottage Grove, Minnesota (the "City"), upon satisfaction of certain conditions, to
grant an abatement of all or a pat�t of the taxes levied by the City on certain property; and
WHEREAS, the Cottage Grove Economic Development Authority (the `BDA") issued its
$$6,500,000 Lease Purchase Revenue Bonds, Series 2008B (the "Series 2008B Bonds") to finance the
constiuction and equipping of and expansion to the Cottage Grove Ice Arena(the "Ice Arena"). The City
leases the Ice Arena froln the EDA,paying lease payments equal to debt seivice on the Series 2005B Bonds;
and
WHEREAS,the City has now determined to exercise its purchase option under the lease agreement
with the EDA in order to acquire fee title to the Building and refund the Series 2008B Bonds; and
WHEREAS,the City has determined it is the best interest of the City to finance the acquisition of
the Ice Arena through issuance of taa abatement bonds authorized by the Act and that the City authorize a
property tax abatement with respect to various parcels of land that benefit fi•om the Ice Arena; and
WHEREAS,the Act requires the City to hold a public hearing prior to adoption of a resolution
granting any property tax abatements:
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Cottage Grove,
Minnesota, as follows:
1. Hearin�. A public heariug on the consideration of authorizing a property tax abatement in
comiection with the issuance of general obligation tax abatement bonds will be held at the time and place
set foi�th in the Notice of Hearing attached hereto as Exhibit A and her•eby made a part hereof.
2. Notice. The City Clerk is hereby authorized and directed to cause notice of said hearing in
substantially the form attached hereto as E�iibit A to be given one publication in a newspaper of general
circulation in the City mar�e than 10 days but less than 30 days before the hearing. The newspaper must be
one of general circulation,intei•est and readership in the City,and must be published at least once per week.
Adopted this 18t1i day of November,2015.
Myron Bailey,Mayor
Attest:
Joe Fischbach, City Clerlc
STATE OF MINNESOTA )
WASHINGTON COUNTY ) ss
I,the undersigned,being the duly qualified and acting Clerlc of the City of Cottage Grove,
Minnesota(the "City"),by reason of my office as City Clerlc,DO HEREBY CERTIFY that I have
compared the attached and foregoing ext�•act of minutes with the original thereof on file in my office, and
that the same is a full,true and coinplete transcript of the minutes of a meeting of the City Council of the
City, duly called and held on the date therein indicated, insofar as such minutes relate to the calling of a
public hearing on proposed proper�ty tax abatements.
WITNESS iny hand this day of ,2015.
Joe Fischbach, City Clerk
Resolution No.
Resolution Providing for the Sale of
$4,935,000 General Obligation Refunding Bonds, Series 2016A
WI�REAS,the City Council of the City of Cottage Grove,Minnesota has heretofore determined that
it is necessaiy and expedient to issue the City's $4,935,000 General Obligation Refunding Bonds, Series
2016A(the "Bonds"),to provide for the current refunding of the City's General Obligation Sewer System
Revenue Bonds, Series 2008A and to acquire the Cottage Grove Ice Arena fi�om the Cottage Grove
Economic Development Authority; and
WI�REAS,the City has retained Ehlers&Associates,Inc., in Roseville,Minnesota('Bhlers"), as its
independent financial advisor for the Bonds in accordance with Minnesota Statutes, Section 475.60,
Subdivision 2(9);
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Cottage Grove, Miimesota,
as follows:
1. Authorization; Findin�s. The City Council hereby authorizes Ehlers to assist the City for the sale of
the Bonds.
2. Meeting; Proposal Opening. The City Council shall meet at 7:00 PM on Januaiy 6, 2016, for the
purpose of considering proposals for and awarding the sale of the Bonds.
3. Official Stateinent. In connection with said sale, the officers or employees of the City are hereby
authorized to cooperate with Ehlers and pai�ticipate in the preparation of an official statement for the
Bonds and to execute and deliver it on behalf of the City upon its completion.
Adopted this 18th day of November,2015.
Myron Bailey,Mayor
Joe Fischbach, City Clerlc
EHLERS
LEADERS IN PUBLIC FINANCE
November 18, 2015
Pre-Sale Report for
City of Cottage Grove, Minnesota
$4,935,000 General Obligation Refunding Bonds, Series
2016A
�'�;�u
Prepared by:
Shelly Eldridge
Senior Municipal Advisor
And
Sean Lentz
Senior Municipal Advisor
And
Stacie Kvilvang
Senior Municipal Advisor
�� 1-5��-�5�-1174 I �v���t`�v,�lif��:�-in�;.c;c��n
Executive Summary of Proposed Debt
Proposed Issue: $4,935,000 General Obligation Refunding Bonds, Series 2016A
Purposes: The proposed issue includes financing for the a current refunding of the
following Bonds:
The 2008A Bonds originally issued to finance the 2007 the East Ravine Trunk
Sanitaiy Sewer Project phases 1 and 2 and the East Ravine Trunk Sanitary
Extension Neighborhood Project.
The proposed issue includes financing for a current refunding of the 2017 —
2019 outstanding matur•ities of the City's General Obligation Sewer System
Revemle Bonds, Series 2008A (the "Prior Bonds"). The Prior Bonds were
issued in the amount of$3,370,000 and are ctu•rently being paid with trunk
charges and sewer fund revenue.
There is $855,000 in outstanding principal. The Prior Bonds are first callable
on Februaiy l, 2016 or any day thereafter. Interest rates on the Prior Bonds
are 3.50%to 3.60%. The refilnding is expected to reduce interest expense by
approximately $24,200 over the next 3 years. The Net Present Value Benefit
of the refunding is estimated to be $23,560, equal to 2.822% of the refunded
principal.
The EDA 2008B Lease Revenue Bonds were originally issued to finance the
construction and equipping of the Cottage Grove Ice Arena Expansion project.
The facility is being leased by the EDA to the City of Cottage Grove. The
lease payments are equal to the debt seivice of the Bonds.
The proposed issue includes funds sufficient to allow the City to acquire the
Ice Arena fi•om the EDA and will be issued under the City's general obligation
though the Abatement Bond authority. This, in pt•actice, will act as a current
refunding of the 2017 — 2028 outstanding maturities of the EDA's Lease
Purchase Revenue Bonds, Series 2008B (the"Prior EDA Bonds").
The Prior EDA Bonds were issued in the amount of$6,500,000 and are being
paid, in pat•t, with lease revenue fi•om School District 833 and the Cottage
Grove Athletic Association. The City has been contributing in the form of an
annual levy for the difference.
There is $4,080,000 in outstanding principal. The Prior EDA Bonds are first
callable on April 1, 2016 or any day thereafter. Interest rates on the Prior
EDA Bonds are 4.10% to 4.90%. The refunding is estimated to reduce debt
service payments by approximately$924,800 over the next 11 yeais. The Net
Present Value Benefit of the refiinding is estimated to be $821,854, equal to
18.225% of the refunded principal. This includes the use of the debt service
reserve funds, in the amount of$514,892,to reduce the size of the bonds being
issued. Abateinent Bonds have no debt service reserve requirement.
These refundings are considered to be a Current Refunding as the obligations
being refilnded are callable(pre-payable)within 90 days of the date of issue of
the new Bonds.
Presale Report November 18, 2015
City of Cottage Grove, Minnesota Page 1
Authority: The Bonds are being issued pursuant to Minnesota Statutes, Chapters 475,
115.46 and 469.
Chapter 115.46, the portion refinancing the 2008A Bonds, aliows cities to
issue debt without limitation as long as debt service is expected to be paid
from utility revenues, special assessments or property tax levy for a municipal
disposal system.
The 2008B Lease Purchase Revenue Bonds are being refunded through
General Obligation Abatement Bonds. The City is required to hold a public
hearing on the abatement poi�tion of the Bonds and the public purpose it
serves. The hearing is scheduled for December 16, 2015. In addition, the
amount of property taxes abated in airy year may not exceed either 10%of the
net tax capacity of the City or $200,000, whichever is greater. The greater of
these two calculations for pay 2015 is 10% of the net tax capacity which is
approximately $2,078,090. The City's payment on the Bonds is estimated to
be$389,455 pei•year,which is well below the statutoiy maximum.
The Bonds will be general obligations of the City for which its fiill faith, credit
and taxing powers are pledged.
Term/Call Feature: The Bonds are being issued for an 11 year term. Principal on the Bonds will
be due on February 1 in the years 2017 tlu•ough 2027. Interest is payable every
six months beginning August 1,2016.
The Bonds inat�uing on and after Febniaiy 1, 2025 will be subject to
prepayment at the discretion of the City on Februaty 1, 2024 or any date
thereafter.
Bank Qualification: Because the City is expecting to issue no more than$10,000,000 in tax exempt
debt during the calendar year, the City will be able to designate the Bonds as
"bai�l� qualified" obligations. Bank qualified status broadens the market for
the Bonds,which can result in lower interest rates.
Rating: The City's most recent bond issues were rated AA+ by Standard & Poor's.
The City will request a new rating for the Bonds.
If the wilming bidder• on the Bonds elects to purchase bond insurance, the
rating for the issue may be higher than the City's bond rating in the event that
the bond rating of the insurer is higher than that of the City.
Basis for Recommendation: Based on our knowledge of your situation, your objectives communicated to
us, our advisory relationship as well as characteristics of various municipal
financing options, we are recommending the issuance of general obligation
bonds as a suitable financing option because these options are the most viable
option a�ailable to finance this type of project under state law and is the most
overall cost effective options that still manitains fiiture flexibility for the
repayment of debt.
Presale Report November 18, 2015
City of Cottage Grove, Minnesota Page 2
Method of Sale/Placement In order to obtain the lowest interest cost to the City,we will competitively bid
the purchase of the Bonds fi�om local and national underwriters/banks.
We have included an allowance for discount bidding equal to 1.000% of the
principal amount of the issue. The discount is treated as an interest item and
provides the underwriter with all or a portion of their compensation i�i the
transaction.
If the Bonds are purchased at a price greater than the minimum bid amount
(maximum discount), the unused allowance may be used to lower your
borrowing amount.
Premium Bids: Under current market conditions, most investois in municipal
bonds prefer "premium" pricing structures. A premium is achieved when the
coupon for any maturity (the interest rate paid by the issuer) exceeds the yield
to the investor, resulting in a price paid that is greater than the face value of
the bonds. The sum of the amounts paid in excess of face value is considered
"reoffering premium."
The amount of the premium varies,but it is not uncommon to see premiums
for new issues in the range of 2.00%to 10.00%of the face amount of the
issue. This means that an issuer with a$2,000,000 offering may receive bids
that result in proceeds of$2,040,000 to$2,200,000,
For this issue of Bonds we have been directed to use the premium to reduce
the size of the issue. The adjustments may slightly change the true interest
cost of the original bid, either up or down.
You have the choice to limit the amount of preinium in the bid
specifications. This inay result in fewer bids, but it may also eliminate large
adjustments on the day of sale and other uncertainties.
Review of Existing Debt: We have reviewed all outstanding indebtedness for the City and find that,
other than the obligations proposed to be refunded by the Bonds, there are no
other current refunding opportunities at this tiine.
We will continue to monitor the mai�ket and the call dates for the City's
outstanding debt and will alert you to any firture refiinding opportunities.
Continuing Disclosur'e: Because the City has more than $10,000,000 in outstanding debt (including
this issue) and this issue is over $1,000,000, the City will be agreeing to
provide cei�tain updated Annual Financial Information and its Audited
Financial Statement annually as well as providing notices of the occurrence of
certain "material events" to the Municipal Securities Rulemaking Board (the
"MSRB"), as required by iules of the Securities and Exchange Commission
(SEC). The City is already obligated to provide such reports for its existing
bonds, and has contracted with Ehlers to prepare and file the reports.
Ar'bitr'age Monitoring: Because the Bonds are tax-exempt securities/tax credit securities,the City
must ensure compliance with cei�tain Internal Revenue Service(IRS)rules
throughout the life of the issue. These rules apply to all gross proceeds of the
Presale Report November 18, 2015
City of Cottage Grove, Minnesota Page 3
issue,including initial bond proceeds and investment earnings in construction,
escrow,debt service, and any reserve funds. How issuers spend bond
proceeds and how they track interest earnings on funds (arbitrage/yield
restriction compliance) are common subjects of IRS inquiries. Your specific
responsibilities will be detailed in the Nonarbitrage Cei�tificate prepared by
your Bond Attorney and provided at closing. We recommend that you
regularly monitor compliance with these rules and/or retain the seivices of a
qualified firm to assist you.
Risk Facto►'s: The Bonds are being issued for the purpose of current refunding prior City
debt obligations. Those prior debt obligations are "callable" now and can
therefore be paid off within 90 days or less. The new Bonds will not be pre-
payable until Februaiy l, 2024. This refunding is being undertalcen based, in
part, on an assuinption that the City does not expect to have future revenues to
pay off this debt and that market conditions warrant the refinancing at this
time,
Other Service Providers: This debt issuance will require the engagement of other public finance service
providers. This section identifies those other seivice providers, so Ehlers can
coordinate their engagement on your behalf. Where you have previously used
a particular firin to provide a service, we have assumed that you will continue
that relationship. For services you have not previously required, we have
identified a seivice provider. Fees charged by these service providers will be
paid from proceeds of the obligation, unless yott notify us that you wish to pay
them fi�om other sources. Our pre-sale bond sizing includes a good faith
estimate of these fees, so their final fees may vaty. If you have any questions
pei�aining to the identified service providers or their role, or if you would like
to use a different service provider for any of the listed services please contact
us.
Bond Attorney: Briggs and Morgan,Professional Association
Paying Agent: Bond Trust Services Corporation
Rating Agency: Standard&Poor's
This presale report summarizes our understanding of the City's objectives for the structure and terms of this
financing as of this date. As additional facts become lcnown or capital markets conditions change,we may need
to modify the structure and/or terms of this financing to achieve results consistent with the City's objectives.
Presale Report November 18, 2015
City of Cottage Grove, Minnesota Page 4
Proposed Debt Issuance Schedule
Pre-Sale Review by City Council: November 18,2015
Distribute Official Statement: Week of December 7,2015
Conference with Rating Agency: Weelc of December 14,2015
City Council Meeting to hold Public Heai7ng on Abatement: December 16,2015
City Council Meeting to Award Sale of the Bonds: January 6,2016
Closing Date: Januaiy 28,2016
Redemption Date for 2008A Bonds: February 15,2016
Redemption Date for 2008B Lease Purchase Bonds: April 1,2016
Attachments
Sources and Uses of Funds
Proposed Debt Service Schedule
Proposed Refilnding Sa�ings Analysis
Resohrtion Calling for Public Hearing on Proposed Property Tax Abateinents
Resohrtion Authorizing Ehlers to Proceed With Bond Sale
Ehlers Contacts
Municipal Advisois: Shelly Eldridge (651)697-8504
Sean Lentz (651)697-8509
Stacie Kvilvang (651)697-9506
Disclosure Coordinator: Elizabeth Greiter (651)697-8550
Financial Analyst: Alicia Gage (651)697-8551
The Official Statement for this financing will be provided to the City Council, at their home address or e-mailed,
for review prior to the sale date.
Presale Report November 18, 2015
City of Cottage Grove, Minnesota Page 5
City of Cottage Grove, Minnesota
$4,940,000 General Obligation Refunding Bonds, Series 2016A
Issue Summary
Assuming Current GO BQ"AA+" Market Rates plus 25bps
Total Issue Sources And Uses
Dated 01/28/2016� Delivered 01/28/2016
Proposed
Current Proposed Current
Refunding of Refunding of Issue
Series 2008A Series 2008B EDA Summary
Sources Of Funds
Par fvnount ofBonds $855,000.00 $4,085,000.00 $4,940,000.00
Transfers from Prior Issue DSR Funds - 514,892.50 514,892.50
Additional required Equiry contribution - 2,150.01 2,150.01
Total Sources $855,000.00 $4,G02,042.51 $5,457,042.51
Uses Of Funds
TotalUnderwriter'sDiscount (1.000%) 8,550.00 40,850.00 49,400.00
Costs of Issuance 8,999.99 43,000.01 52,000.00
Deposit to Current Refunding Fund 836,147.81 4,515,000.00 5,351,147.81
Rounding Amount 1,302.20 3,192.50 4,494.70
Totnl Uses $855,000.00 $4,602,042.51 $5,457,042.51
Series 2016A GO Ref Bds C � Issue Summary� 11/10/2015� 1:02 PM
EHLERS
LEADERS IN PUBLIC FINANCE
City of Cottage Grove, Minnesota
$4,940,000 General Obligation Refunding Bonds, Series 2016A
Issue Summary
Assuming Current GO BQ "AA+" Market Rates plus 25bps
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Totai
O 1/28/2016 - - - - -
08/O1/2016 - - 38,04112 38,041.12 - (
12/31/2016 - - - - 38,04112
02/O1/2017 635,000.00 0.800% 37,417.50 672,417.50 -
08/01/2017 - - 34,877.50 34,877.50 -
12/31/2017 - - - - 707,295.00
02/01/2018 640,000.00 0.950% 34,877.50 674,877.50 -
08/O1/2018 - - 31,837.50 31,837.50 -
12/31/2018 - - - - 706,715.00
02/0112019 645,000.00 1.100% 31,837.50 676,837.50 -
08/O1l2019 - - 28,290.00 28,290.00 -
12l31/2019 - - - - 705,127.50
02/Ol/2020 360,000.00 ]300% 28,290.00 388,290.00 -
08/01/2020 - - 25,950.00 25,950.00 -
12/31l2020 - - - - 414,240.00
02/01J2021 365,000.00 1.500% 25,950.00 390,950.00 -
08/O1/2021 - - 23,212.50 23,212.50 -
12/31/2021 - - - - 414,162.50
02/0112022 370,000.00 1.700% 23,212.50 393,212.50 -
08/O1l2022 - - 20,067.50 20,067.50 -
12/31/2022 - - - - 413,280.00
02/O1/2023 370,000.00 1.800% 20,067.50 390,067.50 -
08101/2023 - - 16,737.50 16,737.50 -
12/31/2023 - - - - 406,805.00
02/O1/2024 380,000.00 1950% 16,737.50 396,737.50 -
08/O1l2024 - - 13,032.50 13,032.50 -
12/31/2024 - - - - 409,770.00
02I01/2025 385,000.00 2.100% 13,032.50 398,032.50 -
08/O1/2025 - - 8,990.00 8,990.00 -
12/31/2025 - - - - 407,022.50
02/OU2026 390,000.00 2.200°/a 8,990.00 398,990.00 -
08/O1l2026 - - 4,700.00 4,700.00 -
12/31/2026 - - - - 403,690.00
02/01l2027 400,000.00 2350% 4,700.00 40�,700.00 -
12/31/2027 - - - - 404,700.00
Total $4,940,000.00 - $490,848.62 $5,430,848.62 -
Yield Statistics
Bond Year pollars $26,77117
Average Life 5.419 Years
Average Coupon 1.8334973%
Net Interest Cost(NIC) 2A 180242%
Tnie Interest Cost(TIC) 2.0201372%
Bond Yield for Arbitrage Purposes I.8218567%
All Inclusive Cost(AIC) 2.2321222%
IRS Form 8038
Net Interest Cost 1.8334973%
Weighted Average Maturity 5.419 Years
Series 2016A GO Ref Bds C� Issue Summary� 11I10/2015� 1:02 PM
EHLERS
LEADERS IN PUBIIC FINANCE
City of Cottage Grove, Minnesota
$4,940,000 General Obligation Refunding Bonds, Series 2016A
Issue Summary
Assuming Current GO BQ "AA+" Market Rates plus 25bps
Debt Service Comparison --Accrual Basis
Calendar
Year Total P+I Net New D/S Old Net D/S Savings
2016 38,041.12 35,696.43 117,803.75 82,107.32
2017 707,295.00 707,295.00 789,820.00 82,525.00
2018 706,715.00 706,715.00 792,700.00 85,985.00
2019 705,127.50 705,127.50 789,507.50 84,380.00
2020 414,240.00 414,240.00 495,69625 81,456.25
2021 414,162.50 414,162.50 495,870.00 81,707.50
2022 413,280.00 413,280.00 494,600.00 81,320.00
2023 406,805.00 406,805.00 492,370.00 85,565.00
2024 409,770.00 409,770.00 489,252.50 79,482.50
2025 407,022.50 407,022.50 485,232.50 78,210.00
2026 403,690.00 403,690.00 485,175.00 81,485.00
2027 404,700.00 404,700.00 483,942.50 79,242.50
2028 - - (33,377.50) (33,377.50)
- $5,430,848.62 $5,428,503.93 $6,378,592.50 $950,088.57
PV Analysis Summary(Net to Net)
Gross PV Debt Service Savings..................... 1,256,947.42
Effects of changes in DSR inveshnents............. (412,877.64)
Net PV Cashflow Savings�a, 1.822%(Bond Yield}..... 844,069.79
Total Cash contribution........................... (2,150A1)
Contingency or Rounding Amaimt.................... 4,494.70
Net Present Va(ue Benefit $846,414.48
Net PV Benefit/$6,196,947.42 PV Refimded Debt Service 13.659%
Net PV Benefit/ $5,350,000 Refimded Principal... 15.821%
Net PV Benefit/ $4,940,000 Refunding Principal.. 17.134%
Refunding Bond Information
Refiuiding Dated Date 1/28/2016
Refimding Delivery Date 1/28/2016
Series 2016A GO Ref Bds C� Issue Summary� 11/10l2015� 1:02 PM
EHLERS
LEADERS IN PUBLIC FINANCE