Laserfiche WebLink
• <br />• <br />• <br />City of Lino Lakes <br />August 3, 2006 <br />Refinancing the 1998A bonds as GO CIP Refunding Bonds would result in savings of about <br />$208,513. The present value savings as a percentage of the refunded debt service is 4.6 %. <br />This is well above the 3% threshold set by the State for advance refundings. Although this is <br />not an advance refunding, as they would be refinanced after the call date, the 3% threshold is a <br />consideration. Annual savings through 2019 would average $22,088. <br />The current outstanding bond amount is $4,210,000. The new bond issue size would be <br />$3,810,000. Because a reserve fund required for the revenue bonds of $479,342 is no longer <br />necessary, this reserve would be used to buy down the size of the new issue from $4,210,000. <br />In order to accomplish the refinancing this fall, we have developed the attached calendar which <br />covers both the CIP approval process and the sale of bonds process. We have also included <br />the refunding feasibility for your information. <br />Please let me know if you have any questions or wish to discuss further. <br />Respectfully, <br />Terri Y. Heaton, Senior Vice President <br />Client Representative <br />