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City of Pequot Lakes,Minnesota Preliminary
<br /> Rated A1 in 2012
<br /> $3,500,000 MASTER
<br /> General Obligation Tax Abatement Bonds,Series 2018A
<br /> Uses of Funds Bond Details
<br /> Trailside Park Project 1,998,508 Set Sale Date 8/7/2018
<br /> AdjaceM StreeUUtiliry Improvements 838,850 Sale Date 9/4/2018
<br /> Contingency 279,751 Dated Date 9/18/2018
<br /> Erx�ineeri�g 567,472 Closing Date 9/18/2018
<br /> Total Project Costs 3,684,580 1st Interest Payment 8/1/2019
<br /> Underwriter's Discount Allowance 1.25% 43,750 Proceeds spent by: 12131/2019
<br /> Unused Underwrder's Discount Allowance - ro�ared oa�e
<br /> Fiscal Fee Verffied 18,000 Purchase Price 1,302,000.00
<br /> Bond Counsel Verified 9,000 Net Interest Cost 1,548,854.40
<br /> Pay AgeM/Registrar 750 Net Effective Rate 3.6667%
<br /> Printing&Misc Verified 1,500 Average Coupon 3.5625%
<br /> Rating Fee Verified 9,500 Yield
<br /> Capitalized Interest - Average Life 12.0709
<br /> Abatement Verified 1,000 CallOption 2/1/2026
<br /> Rounding 4,419 Purchaser TBD
<br /> 3,772,500 Bond Counsel Briggs&Morgan,PA
<br /> Pay AgeM Northland Trust
<br /> Sources of Funds Tax Status Tax Exempt,Bank Qualified
<br /> Bond Issue 3,500,000 Continuing Disclosure Limi[ed
<br /> Secured Donations(on hand) 265,000 Rebate $5 miilion Small Issuer Exemption
<br /> Cash Contribution (0) Statutory Authority M.S.469&475
<br /> NJPA Contribution 7,500
<br /> 3,772,500
<br /> Payment Schedule 8 Cashflow
<br /> Payment Schedule Pledged Revenues Account Balances
<br /> 12-Month Interest Payment plus 5% Collection Abatement Tax Sanftary Sewer Water Surplus Account
<br /> Period erxJing Principal Rate IMerest Total Coveraqe Year Levy` Levies Revs Revs (deficR) Balance
<br /> 9/18/2018 Deposit to Debt Service at Closing> 4,419
<br /> 2/1/2020 90,000 2.45% 160,834 250,834 263,376 2019 175,000 55,780 14,089 14,089 - (4,4t9) 0
<br /> 2/1I2021 130,000 2.45% 115,240 245,240 257,502 2020 175,000 57,677 12,413 12,413 - - 0
<br /> 2/1/2022 140,000 2.60% 112,055 252,055 264,658 2021 175,000 60,612 14,523 14,523 - - 0
<br /> 2/1I2023 140,000 2.70% 108,415 248,415 260,836 2022 175,000 58,018 13,909 13,909 - - 0
<br /> 2/1/2024 145,000 2.80% 104,635 249,635 262,117 2023 175,000 60,575 13,271 13,271 - - 0
<br /> 2/1/2025 155,000 2.90% 100,575 255,575 268,354 2024 175,000 62,885 15,234 15,234 - - 0
<br /> 7J1/2026 155,000 3.00% 96,080 251,080 263,634 2025 175,000 59,688 14,473 14,473 - - 0
<br /> 2/1/2027 160,000 3.10% 91,430 251,430 264,002 2026 175,000 61,630 13,686 13,686 - - 0
<br /> 2l1/2028 160,000 3.20% 86,470 246,470 258,794 2027 175,000 58,050 12,872 12,872 - - 0
<br /> 2/1/2029 170,000 3.30% 81,350 251,350 263,918 2028 175,000 59,604 14,657 14,657 - - 0
<br /> 2/1/2030 175,000 3.40% 75,740 250,740 263,277 2029 175,000 60,869 13,704 13,704 - - 0
<br /> 2l1/2031 180,000 3.50% 69,790 249,790 262,280 2030 175,000 61,835 12,722 12,722 - - 0
<br /> 2/1/2032 190,000 3.55% 63,490 253,490 266,165 2031 175,000 62,491 14,337 14,337 - - 0
<br /> 2/1/2033 190,000 3.60% 56,745 246,745 259,082 2032 175,000 57,646 13,218 13,218 - - 0
<br /> 2/1/2034 200,000 3.65% 49,905 249,905 262,400 2033 175,000 57,982 14,709 14,709 - - 0
<br /> 2/1/2035 205,000 3.70% 42,605 247,605 259,985 2033 175,000 58,058 13,464 13,464 - - 0
<br /> 2/1/2036 215,000 3.75% 35,020 250,020 262,521 2033 175,000 57,869 14,826 14,826 - - 0
<br /> 2/1/2037 225,000 3.80% 26,958 251,958 264,555 2034 175,000 62,659 13,448 13,448 - - 0
<br /> 2/1/2038 235,000 3.85% 18,408 253,408 266,078 2035 175,000 61,725 14,677 14,677 - - 0
<br /> 2/1/2039 240,000 3.90% 9,360 249,360 261,828 2036 175,000 60,507 13,161 13,161 0
<br /> 3,500,000 1,505,104 5,005,104 5,255,360 3,500,000 1,196,158 277,391 277,391 (4,419)
<br /> *Abatement only needs to cover the principal
<br /> David Drown Associates,Inc. Master Cash Flow-FINAL
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