Laserfiche WebLink
1.03. Savings. It is hereby determined that: <br />(a) by the issuance of the Series 2002 Refunding Bonds, the Issuer will realize a <br />substantial interest rate reduction, a gross savings of approximately $35,676.45 and a <br />present value savings (using the yield on the Bonds, computed in accordance with <br />Section 148 of the Internal Revenue Code of 1986, as amended (the "Code"), as the <br />discount factor) of approximately $29,191.81; and <br />(b) as of the Crossover Date, the sum of (i) the present value of the debt service <br />on the Series 2002 Refunding Bonds, computed to their stated maturity dates, after <br />deducting any premium, using the yield of the Bonds as the discount rate, plus (ii) any <br />expenses of the refunding payable from a source other than the proceeds of the Series <br />2002 Refunding Bonds or investment earnings thereon, is lower by 5.260% (not less than <br />3%) than the present value of the debt service on the Series 2002 Refunded Bonds, <br />exclusive of any premium, computed to their stated maturity dates, using the yield of the <br />Bonds as the discount rate. <br />Section 2. Bond Terms- Registration; Execution and Delivery. <br />2.01. Issuance of Bonds. All acts, conditions and things which are required by <br />the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be <br />performed precedent to and in the valid issuance of the Bonds having been done, now existing, <br />having happened and having been performed, it is now necessary for the City Council to <br />establish the form and terms of the Bonds, to provide security therefor and to issue the Bonds <br />forthwith. <br />2.02. Maturities; The Bonds shall <br />be originally dated as of May 1, 2009, shall be in denominations of $5,000 or any integral <br />multiple thereof, of single maturities, shall mature on December I in the years and amounts <br />stated below, and shall bear interest from the date of issue until paid or duly called for <br />redemption at the annual rates set forth opposite such years and amounts, as follows: <br />Year <br />Amount <br />Rate <br />2009 <br />$70,000 <br />2.00% <br />2010 <br />100,000 <br />3.00 <br />2011 <br />100,000 <br />3.00 <br />2012 <br />105,000 <br />2.50 <br />2013 <br />105,000 <br />3.00 <br />2014 <br />110,000 <br />3,00 <br />2015 <br />110,000 <br />3.50 <br />2016 <br />110,000 <br />3.00 <br />2019 <br />140,000 <br />3.45 <br />2021 <br />100,000 <br />3.85 <br />I <br />