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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 />Debt Service Comparison
<br />Date
<br />Total P +I
<br />Net New D/S
<br />Old Net D/S
<br />Savings
<br />02/01/2013
<br />85,210.42
<br />85,210.42
<br />89',140.48
<br />3,930.06
<br />02/01/2014
<br />82,870.00
<br />82,870.00
<br />89,140.47
<br />6,270.47
<br />02/01/2015
<br />82,502.50
<br />82,502.50
<br />89,140.48
<br />6,637.98
<br />02/01/2016
<br />87,047.50
<br />87,047.50
<br />89,140.46
<br />2,092.96
<br />02/01/2017
<br />86,427.50
<br />86,427.50
<br />89,139.48
<br />2,711.98
<br />02/01/2018
<br />85,707.50
<br />85,707.50
<br />89,140.51
<br />3,433.01
<br />02/01/2019
<br />84,887.50
<br />84,887.50
<br />89,140.53
<br />4,253.03
<br />02/01/2020
<br />83,967.50
<br />83,967.50
<br />89,140.50
<br />5,173.00
<br />02/01/2021
<br />82,967.50
<br />82,967.50
<br />89,140.51
<br />6,173.01
<br />02/01/2022
<br />86,907.50
<br />86,907.50
<br />89,137.51
<br />2,230.01
<br />02/01/2023
<br />85,647.50
<br />85,647.50
<br />89,140.65
<br />3,493.15
<br />02/01/2024
<br />84,320.00
<br />84,320.00
<br />89,140.66
<br />4,820.66
<br />02/01/2025
<br />82,947.50
<br />82,947.50
<br />89,140.66
<br />6,193.16
<br />02/01/2026
<br />86,530.00
<br />86,530.00
<br />89,140.65
<br />2,610.65
<br />02/01/2027
<br />84,905.00
<br />84,905.00
<br />89,140.65
<br />4,235.65
<br />02/01/2028
<br />83,205.00
<br />83,205.00
<br />89,140.65
<br />5,935.65
<br />02/01/2029
<br />86,405.00
<br />86,405.00
<br />89,140.65
<br />2,735.65
<br />02/01/2030
<br />84,370.00
<br />84,370.00
<br />89,140.66
<br />4,770.66
<br />02/01/2031
<br />87,280.00
<br />87,280.00
<br />89,140.65
<br />1,860.65
<br />02/01/2032
<br />84,940.00
<br />84,940.00
<br />89,140.66
<br />4,200.66
<br />02/0112033
<br />82,540.00
<br />82,540.00
<br />89,140.65
<br />6,600.65
<br />02/01/2034
<br />85,080.00
<br />85,080.00
<br />89,140.65
<br />4,060.65
<br />02/01/2035
<br />82,382.50
<br />82,382.50
<br />89,140.65
<br />6,758.15
<br />02/01/2036
<br />86,602.50
<br />86,602.50
<br />89,140.64
<br />2,538.14
<br />02/01/2037
<br />83,627.50
<br />83,627.50
<br />89,140.65
<br />5,513.15
<br />02/01/2038
<br />85,617.50
<br />85,617.50
<br />89,140.66
<br />3,523.16
<br />02/01/2039
<br />87,280.00
<br />87,280.00
<br />89,140.66
<br />1,860.66
<br />02/01/2040
<br />83,680.00
<br />83,680.00
<br />89,144.12
<br />5,464.12
<br />Total
<br />$2,375,855.42
<br />$2,375,855.42
<br />$2,495,936.15
<br />$120,080.73
<br />PV Analysis Summary (Net to Net)
<br />NetFV Cashflow Savings ...............................................................................................
<br />............................... 120,080.73
<br />GrossPV Debt Service Savings .....................................................................................
<br />............................... 80,960.75
<br />Net PV Cashflow Savings @ 3.655 %(Bond Yield) .........................................................
<br />............................... 80,960.75
<br />Contingencyor Rounding Amount ..................................................................................
<br />............................... 3,511.46
<br />NetFuture Value Benefit .................................................................................................
<br />............................... $123,592.19
<br />NetPresent Value Benefit ...............................................................................................
<br />............................... $84,472.21
<br />Net PV Benefit / $772,665.72 PV Refunded Interest .......................................................
<br />............................... 10.933%
<br />�- Net PV Benefit / $1,560,960.75 PV Refunded Debt Service ...........................................
<br />............................... 5.412%
<br />.: >.
<br />Net PV Benefit / $1,403,327 Refunded Principal ............................................................
<br />............................... 6.019%
<br />Net PV Benefit / $1,480,000 Refunding Principal ...........................................................
<br />............................... 5.708%
<br />Refunding Bond Information
<br />RefundingDated Date ....................................................................................................
<br />............................... 4/01/2012
<br />RefundingDelivery Date .................................................................................................
<br />............................... 4/01/2012
<br />G:dex2012Wd2000AH / SIN LEPMUSE / 111212012 / 9:15AW
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