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S P R I N GSTE D 120 South Sixth Street <br /> Suite 2500 <br /> PUBLIC FINANCE ADVISORS Minneapolis, MN 55402-1800 <br /> (612)333-9177 <br /> Home Office Fax: (612)349-5230 <br /> • <br /> 85 East Seventh Place 16655 West Bluemound Road <br /> Suite 100 Suite 290 <br /> Saint Paul, MN 55101-2143 Brookfield,WI 53005-5935 <br /> (612) 223-3000 (414) 782-8222 <br /> Fax: (612) 223-3002 Fax: (414)782-2904 <br /> 6800 College Boulevard <br /> Suite 600 <br /> Overland Park, KS 66211-1533 <br /> (913) 345-8062 <br /> Fax: (913)345-1770 <br /> 1800K Street NW <br /> June 3, 1993 Suite 831 <br /> Washington, DC 20006-2200 <br /> (202) 466-3344 <br /> Fax: (202)223-1362 <br /> Mayor Clarence Ranallo <br /> Members, City Council <br /> Mr. Roger Larson, Finance Director <br /> Mr. Thomas Burt, City Manager <br /> Ms. Connie Kroeplin, Clerk <br /> St. Anthony City Hall <br /> 3301 Silver Lake Road <br /> St. Anthony, MN 55418-1699 <br /> �n <br /> Re: Recommendations for the Issuance of $470,000 General Obligation Improvement <br /> Bonds, Series 1993A <br /> We respectfully request your consideration of these recommendations for the issuance of these <br /> general obligation improvement bonds in accordance with the attached Terms of Proposal. <br /> The bonds are being issued under Minnesota Statutes, Chapters 429 and 475 and will be <br /> general obligations of the City. <br /> The proceeds of this issue will finance the construction of various street and utility <br /> improvements. The composition of this issue is as follows: <br /> Project Costs" $420,581 <br /> 10% Contingency 42,369 <br /> Allowance for Discount Bidding 7,050 <br /> Total Costs/Bond Issue $470,000 <br /> Based on actual construction bids and includes engineering, administrative and issuance costs. <br /> Appendix I is the projected assessment income schedule calculated by estimating special <br /> assessments of 35% of project costs, or $147,203, which are expected to be filed on or about <br /> October 1, 1993 for first collection in 1994. Assessments will be spread in fifteen installments of <br /> principal with interest to be charged at an estimated 6.60%, which is 1.5% over the estimated <br /> average rate on the Bonds. We understand this is the City's policy for the interest chargeable <br /> on special assessments. The assessments are structured with even annual payments over the <br /> 15-year period. The first collection of assessments will be received by the City with taxes <br /> collected in 1994. This schedule does not take into account any prepayments or <br /> • delinquencies, thereby assuming a collection at 100%. <br />