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$1,480,000 <br />City of Pequot Lakes, Minnesota <br />General Obligation Refunding Bonds, Series 2012 <br />Current Refunding of Series 2000AB <br />Preliminary Feasibility Summary <br />Dated 04/01/2012 1 Delivered 04/01/2012 <br />y <br />Sources Of Funds <br />ParAmount of Bonds ....................................................................................................................... ............................... $1,480,000.00 <br />TotalSources ............................................................................................................... ............................... .................. $1,480,000.00 <br />Uses Of Funds <br />Depositto Current Refunding Fund .................................................................................................. ............................... 1,429,288.54 <br />Costsof Issuance ............................................................................................................................ ............................... 25,000.00 <br />Total Underwriter's Discount (1. 500%) ............................................................................................ ............................... 22,200.00 <br />RoundingAmount ............................................................................................................................ ............................... 3,511.46 <br />TotalUses ....................................................................................................................................... ............................... $1,480,000.00 <br />ISSUES REFUNDED AND CALL INFORMATION <br />PriorIssue Call Price ....................................................................................................................... ............................... 100.000% <br />PriorIssue Call Date ........................................................................................................................ ............................... 6/01/2012 <br />SAVINGS INFORMATION <br />NetFuture Value Benefit .............................................................................................................:.... ............................... $123,592.19 <br />NetPresent Value Benefit ................................................................................................................ ............................... $84,472.21 <br />�. Net PV Benefit / $1,560,960.75 PV Refunded Debt Service ............................................................. ............................... 5.412% <br />BOND STATISTICS <br />AverageLife ..................................................................................................................................... ............................... 16.273 Years <br />AverageCoupon .............................................................................................................................. ............................... 3.7198149% <br />NetInterest Cost ( NIC) ..................................................................................................................... ............................... 3.8119948% <br />TrueInterest Cost ( TIC) ................................................................................................................... ............................... 3.7843046% <br />.Swrts2012Rtf2OLVAB / - JNGLEPIWAVE / 111212011 / 9:15AM <br />Springsted <br />