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' VOTO, REARDON, TAUTGES & CO., LTD.
<br />CERTIFIED PUBLIC ACCOUNTANTS
<br />\fist'
<br />/ Birch Lake Professional Building • 1310 E. Hwy. 96 e White Bear Lake, MN 55110 s Phone 426 -3263
<br />January 4, 1984
<br />Mr. Joseph Chlebeck,
<br />City Clerk- Treasurer
<br />City of Little Canada
<br />515 Little Canada Road
<br />St. Paul, Minnesota 55117
<br />Dear Joe:
<br />JAN 5 1984
<br />CITY OF
<br />LITTLE CANADA
<br />ROBERT I. VOTO, CI'A
<br />TIMOTHY E. REARDON, CPA
<br />ROBERT G. TAUTGES, CPA
<br />Re: AMENDING COUNCIL RESOLUTION:
<br />$1,480,000 Improvement Bonds of 1983
<br />I have reviewed the proposed amending City Council Resolution relating to the
<br />$1,480,000 Improvement Bonds of 1983 and concur with the financial aspects of
<br />the changes. These changes are the result of our efforts over the past few
<br />weeks to analyze and re- structure this bond issue. Three key financial elements
<br />have been addressed, as follows:
<br />1. Proper allocation of the original bond proceeds.
<br />2. Assets appropriated to retire the 1981 Temporary Bonds by
<br />April 1, 1984.
<br />3. Assets appropriated to finance the 1983 Bonds over the
<br />original term.
<br />The proceeds of the $1,480,000 Improvement Bonds of 1983 should be allocated
<br />(receipted) as follows:
<br />BONDING NEEDS:
<br />1. RETIREMENT OF 1981 BONDS:
<br />• Principal
<br />• Interest (1983 Payments)
<br />' Less: - Investment Earnings to 10/1/83
<br />- Cash Balance 1/1/83
<br />- Construction Surplus
<br />2. NEW PROJECTS 1983 -1, 4, 8 S. 9:
<br />' Construction Contracts
<br />' Contingency
<br />' Engineering
<br />• Legal/Fiscal/Administrative
<br />• Capitalized Interest
<br />3. OTHER:
<br />• Issuance Expenses - Old Projects
<br />• Bond Discount /Rounding
<br />' Capitalized Interest - Old Protects
<br />' Accrued Interest ($7,057.58)
<br />Debt Service
<br />1983 1981 1983
<br />Construction Bonds Bonds
<br />$ 298,824
<br />29,882
<br />44,824
<br />1 7, 92 7
<br />$1,060,000
<br />106,000
<br />(35, 333)
<br />(11,094)
<br />(145,000)
<br />12,394
<br />$ 43,063
<br />3,083
<br />30,270
<br />7,058
<br />Total
<br />$1,060,000
<br />106,000
<br />(35, 333)
<br />(11,094)
<br />(145,000)
<br />298,824
<br />29,882
<br />44,824
<br />1 7,927
<br />43,063
<br />12,394
<br />3,083
<br />30,270
<br />7,058
<br />Totals $ 391,457 $ 986,967 $ 83,474 $1,461,898
<br />MEMBERS Of AMERICAN INSTITUTE
<br />MINNE • BY' "
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<br />• PRIVATE COMPANIES PRACTICE SECTION
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