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• STRUCTURING The Refunding Portion has been structured with the same term as the Series 2003A Bonds <br />SUMMARY: to result in approximately even annual savings. <br />On February 1, 2013, the call date, the City will (i) make the February 1, 2013 principal and <br />interest payment on the Series 2003A Bonds as scheduled with assessments collected <br />in 2012 and (ii) use the proceeds of the Refunding Portion to redeem the February 1, 2014 <br />through 2019 maturities on the Series 2003A Bonds. Beginning with the August 1, 2013 <br />interest payment, the City will begin to make debt service payments on the Refunding <br />Portion of the Bonds, realizing the interest cost savings. <br />Based on current interest rate estimates, this refunding transaction is projected to result in <br />the City realizing average annual cash flow savings of approximately $6,125 per year. This <br />results in an aggregate future value savings of approximately $34,160 with a net present <br />value benefit to the City of approximately $32,340. These estimates are net of all costs <br />associated with the refunding. <br />• <br />• <br />Sprinsted Page4 <br />