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CITY OF ST. ANTHONY, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2009
<br />CURRENT REFUNDINGS
<br />$1,210,000 GENERAL OBLIGATION CURRENT REFUNDING BONDS, SERIES 2009A
<br />On May 7, 2009, the City issued the $1,210,000 General Obligation Current Refunding Bonds, Series
<br />2009A with an average interest rate of 3.505% to refund the 2010 through 2015 maturities aggregating
<br />$1,220,000 principal amount of the City's $1,610,000 General Obligation Storm Sewer Revenue Bonds,
<br />Series 2000A and the $950,000 General Obligation State -Aid Street Bonds, Series 2000B with an average
<br />interest rate of 5.454% and 5.392%, respectively. The net proceeds of $1,238,335 (after payment of
<br />$16,023 of issuance costs) was used to retire all outstanding principal of the refunded bonds on June 1,
<br />2009 (the call date).
<br />The City refunded the 2000A Bonds to reduce its total debt service payments over the next six years by
<br />$88,695 and to obtain an economic gain (difference between the present value of the debt service payments
<br />on the old and new debt) of $82,963.
<br />The City refunded the 20008 13onds to reduce its total debt service payments over the next six years by
<br />$42,210 and to obtain an economic gain (difference between the present value of the debt service payments
<br />on the old and new debt) of $37,930.
<br />$1,645,000 GENERAL OBLIGATION REFUNDING BONDS, SARLES 200913
<br />On December 16, 2009, the City issued the $1,645,000 General Obligation Refunding Bonds, Series
<br />20098 with au average interest late of 2.0527% to refund on February 1, 2010 the 2011 through 2018
<br />maturities aggregating $1,770,000 principal amount of the City's $625,000 General Obligation Tax
<br />Abatement Bonds, Series 2001A, $1,160,000 General Obligation Improvement Bonds, Series 200113, and
<br />$1,500,000 General Obligation Improvement Bonds, 2002A with an average interest rate of 4.487%,
<br />4.713% and 4.747%, respectively. The net proceeds of $1,656,281 (after payment of $33,397 of issuance
<br />64
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<br />Bmdlss'uo
<br />Pr ds
<br />Type
<br />Debt Se -ice
<br />Net Revenues
<br />PWII
<br />and lntercsl
<br />Paid
<br />Rived
<br />2003E TIP
<br />Rcfnodine of 1996 TIF bonds,
<br />TIP
<br />100%
<br />N/A
<br />2003-2013
<br />780,353
<br />196,235
<br />337,230
<br />redcaclop,ncnt of 6npw Valu
<br />20061E FIT
<br />R'd vI pment O,GTeE
<br />TIF'
<br />100%
<br />N/A
<br />2006-2031
<br />8,449,434
<br />345,300
<br />1,357,649
<br />rea 113 and TIE' 3.5
<br />2007 TIF
<br />Rcdevclor.rrE
<br />TIF
<br />100%
<br />N/A
<br />20072031
<br />7,205,325
<br />305,414
<br />305,414
<br />2003 U. ltevenuc
<br />Acquire, conswa and fumiab
<br />t<asc mrcnuc
<br />100%
<br />N/A
<br />2003-2024
<br />6,017,915
<br />373,073
<br />394,045
<br />public works and fire k6wy
<br />1997 Lignor Revenue
<br />Na. liT.,I.rc
<br />l.ignor smmmrrnuc
<br />100%
<br />20%
<br />1997-2012
<br />201,100
<br />100,525
<br />100,525
<br />200311 (j 0, Ir—Or,
<br />Wacr and sovandilily
<br />Cbarvs for scnicu
<br />100%
<br />73%
<br />2003-2024
<br />1,231,043
<br />154,706
<br />154,706
<br />mpro m n,
<br />CURRENT REFUNDINGS
<br />$1,210,000 GENERAL OBLIGATION CURRENT REFUNDING BONDS, SERIES 2009A
<br />On May 7, 2009, the City issued the $1,210,000 General Obligation Current Refunding Bonds, Series
<br />2009A with an average interest rate of 3.505% to refund the 2010 through 2015 maturities aggregating
<br />$1,220,000 principal amount of the City's $1,610,000 General Obligation Storm Sewer Revenue Bonds,
<br />Series 2000A and the $950,000 General Obligation State -Aid Street Bonds, Series 2000B with an average
<br />interest rate of 5.454% and 5.392%, respectively. The net proceeds of $1,238,335 (after payment of
<br />$16,023 of issuance costs) was used to retire all outstanding principal of the refunded bonds on June 1,
<br />2009 (the call date).
<br />The City refunded the 2000A Bonds to reduce its total debt service payments over the next six years by
<br />$88,695 and to obtain an economic gain (difference between the present value of the debt service payments
<br />on the old and new debt) of $82,963.
<br />The City refunded the 20008 13onds to reduce its total debt service payments over the next six years by
<br />$42,210 and to obtain an economic gain (difference between the present value of the debt service payments
<br />on the old and new debt) of $37,930.
<br />$1,645,000 GENERAL OBLIGATION REFUNDING BONDS, SARLES 200913
<br />On December 16, 2009, the City issued the $1,645,000 General Obligation Refunding Bonds, Series
<br />20098 with au average interest late of 2.0527% to refund on February 1, 2010 the 2011 through 2018
<br />maturities aggregating $1,770,000 principal amount of the City's $625,000 General Obligation Tax
<br />Abatement Bonds, Series 2001A, $1,160,000 General Obligation Improvement Bonds, Series 200113, and
<br />$1,500,000 General Obligation Improvement Bonds, 2002A with an average interest rate of 4.487%,
<br />4.713% and 4.747%, respectively. The net proceeds of $1,656,281 (after payment of $33,397 of issuance
<br />64
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