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City of Pequot Lakes,Minnesota
<br /> $175,000 Proposed for MICRO Loan
<br /> General Obligation Equipment Certificate,2022A PRELIMINARY
<br /> Uses of Funds Bond Details
<br /> Purchase Snow Plow Truck 170,859.00 Review Bonding/Financing Proposal/Authorize Application 1/4/2022
<br /> Other - Award Bond 2/1/2022
<br /> Other - Dated Date 2/15/2022
<br /> - Closing Date 2/15/2022
<br /> Total Project Costs 170,859.00 1st Interest Payment 8/1/2022
<br /> Underwriter's Discount Allowance - Proceeds spent by. 12/31/2022
<br /> Unused Underwriter's Discount Allowance - Purchase Price 175,000.00
<br /> MRWA Application Fee 5,050.00 Net Interest Cost 19,324.67
<br /> Bond Counsel - Net Effective Rate 2.4000%
<br /> Pay Agent Setup - Average Coupon 2.400%
<br /> Printing/Miscellaneous - Average Life 4.6011
<br /> Rating Agency Fee - Yield
<br /> Abatement Fee - Call Option TBD
<br /> Capitalized Interest - Purchaser TBD
<br /> Rounding - Bond Counsel Taft Law Firm
<br /> 175,909.00 Pay Agent City Clerk
<br /> Continuing Disclosure Audits upon request
<br /> Sources of Funds Tax Status Tax Exempt,Bank Qualified
<br /> Bond Issue 175,000.00 Authority 412.301 and 475
<br /> Bond Premium -
<br /> City Contribution 909.00
<br /> Other -
<br /> Construction Fund Earnings(excess proceeds) -
<br /> 175,909.00
<br /> Payment Schedule&Cashflow
<br /> Payment Schedule Revenues Account Balances
<br /> 12-Month Payment TOTAL Collection Tax Revs for Surplus Account
<br /> Period ending Principal Rate Interest Total PLUS 5% Year Levy coverage (deficit) Balance
<br /> 2/15/2022 Unused Discount&accrued interest> -
<br /> 2/1/2023 20,000 2.400% 4,037 24,037 25,239 2022 24,037 1,202 - -
<br /> 2/1/2024 20,000 2.400% 3,720 23,720 24,906 2023 23,720 1,186 - -
<br /> 2/1/2025 21,000 2.400% 3,240 24,240 25,452 2024 24,240 1,212 - -
<br /> 2/1/2026 22,000 2.400% 2,736 24,736 25,973 2025 24,736 1,237 - -
<br /> 2/1/2027 22,000 2.400% 2,208 24,208 25,418 2026 24,208 1,210 - -
<br /> 2/1/2028 23,000 2.400% 1,680 24,680 25,914 2027 24,680 1,234 - -
<br /> 2/1/2029 23,000 2.400% 1,128 24,128 25,334 2028 24,128 1,206 - -
<br /> 2/1/2030 24,000 2.400% 576 24,576 25,805 2029 24,576 1,229 - -
<br /> 175,000 19,325 194,325 204,041 194,325 9,716 -
<br /> David Drown Associates,Inc.
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