10-24-2016 Council Packet - Laserfiche WebLink

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- 7 - Sources and Uses of Funds The composition of the Series 2016C Bonds is estimated to be as follows: Sources of Funds: Principal Amount $1,600,000 Total Sources of Funds $1,600,000 Uses of Funds: Deposit to Current Refunding Fund $1,565,000 Costs of Issuance 25,400 Allowance for Discount Bidding 9,600 Total Uses of Funds $1,600,000 Security and Financing The Series 2016C Bonds are general obligations of the City for which the City pledges its full faith and credit and power to levy direct general ad valorem taxes. The City will pledge tax abatement revenue derived by the City from specified properties for repayment of the Series 2016C Bonds, which will be sufficient to pay 105% of the debt service due on the Series 2016C Bonds in each year. The City does not anticipate the need to levy taxes for repayment of the Series 2016C Bonds. FUTURE FINANCING The City does not anticipate issuing any additional long-term general obligation debt within the next 90 days. LITIGATION The City is not aware of any threatened or pending litigation affecting the validity of the Bonds or the City's ability to meet its financial obligations. LEGALITY The Bonds are subject to approval as to certain matters by Kennedy & Graven, Chartered, of Minneapolis, Minnesota, as Bond Counsel. Bond Counsel has not participated in the preparation of this Official Statement and will not pass upon its accuracy, completeness, or sufficiency. Bond Counsel has not examined nor attempted to examine or verify any of the financial or statistical statements or data contained in this Official Statement and will express no opinion with respect thereto. Legal opinions in substantially the forms set out in Appendix I herein will be delivered at closing.