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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 2000B Bonds 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, SERIES 2009B
<br />On December 16, 2009, the City issued the $1,645,000 General Obligation Refunding Bonds, Series
<br />2009B with an average interest rate 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 2001 A, $1,160,000 General Obligation Improvement Bonds, Series 2001 B, 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
<br />Revenue Pled
<br />d
<br />C _,Year
<br />Percent f
<br />Deld service
<br />Principal
<br />Pledged
<br />Remaining
<br />Uac of
<br />Total
<br />.aY Of
<br />Tenn of
<br />Principal
<br />and lnleresl
<br />Revenue
<br />Bond lawc
<br />Proceeds
<br />Type
<br />Debt Servicc
<br />Net Revenue
<br />Pledge
<br />and lntercq
<br />Paid
<br />Receiver!
<br />2003E TIF
<br />ReNndmg of 1996 W bonds,
<br />TIF
<br />100%
<br />N/A
<br />2003 -2013
<br />780,353
<br />19,235
<br />337,230
<br />mdcvdopmctn of Super Valu
<br />20068 TIF
<br />Redevelopmentafpejed
<br />TIF
<br />IWA
<br />N/A
<br />2036 -2031
<br />8,449434
<br />345,300
<br />1.357,649
<br />ante M3 and TIF 3 -5
<br />2007 TIF
<br />Redctdopmvml
<br />TIF
<br />100%
<br />N/A
<br />2007 -2031
<br />7,705,328
<br />305,414
<br />305,414
<br />2003 Le. Reveuac
<br />Acquire, coratmct and fomish
<br />Lease revroue
<br />1006
<br />N/A
<br />2003-2024
<br />6,017,915
<br />373,073
<br />394,045
<br />public works and fire facility
<br />1997 Liquor Revenue
<br />New liquor atone
<br />Liquor store revenue
<br />100%
<br />206
<br />1997- 2012
<br />201,100
<br />100,525
<br />100.525
<br />2003BG.0.Walcr 1Sewer Revenuc
<br />Water and newer utility
<br />Chirgca for arnica
<br />100%
<br />73%
<br />2003.2034
<br />1,231,043
<br />154.706
<br />154,706
<br />impmvcmcnta
<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 2000B Bonds 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, SERIES 2009B
<br />On December 16, 2009, the City issued the $1,645,000 General Obligation Refunding Bonds, Series
<br />2009B with an average interest rate 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 2001 A, $1,160,000 General Obligation Improvement Bonds, Series 2001 B, 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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