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57 <br /> CITY OF ST. ANTHONY VILLAGE, MINNESOTA <br /> PRE-SALE REPORT <br /> FEBRUARY 1 1 , 2003 <br /> Proposed Issues: <br /> $2,200,000 General Obligation Sewer & Water Revenue Bonds, Series 2003A <br /> $1,700,000 General Obligation Improvement Bonds, Series 2003B <br /> e $310,000 Equipment Certificates of Indebtedness, Series 2003C <br /> Purpose: The Bonds will serve three separate purposes including: <br /> 1. The Sewer and Water Revenue Bonds are being issued to finance the cost of 27`h Avenue <br /> sanitary sewer replacement, installation of water main in the Kenzie Terrace area, <br /> chemical treatment facility renovation for the water supply system and related system <br /> improvements. <br /> 2. The Improvement Bonds will finance the 2003 street reconstruction program. <br /> 3. The Equipment Certificates will finance a portion of the cost of replacing fire and public <br /> works equipment. <br /> Term/Call Feature: The Sewer and Water Revenue Bonds and the Improvement Bonds are being <br /> issued for a 20 year period. Bonds maturing in 2012 and thereafter will be callable in 2011 at the <br /> option of the City. The Equipment Certificates will be issued for a term of five years. <br /> Funding Sources: The Water and Sewer Revenue Bonds will be payable from water and sewer <br /> revenues. The City has previously approved a rate increase to cover the debt service for the bonds. <br /> The Improvement Bonds will be paid from the debt service portion of the City's tax levy. The <br /> estimated impact of this levy will be about$42 for a home with a value of$200,000. <br /> Discussion Issues: The City has already taken action to provide funding for the Water and Sewer <br /> Bonds. The use of Improvement Bonds for street reconstruction has been an established practice for <br /> over ten years. The use of Equipment Certificates is common for many communities but new to St. <br /> Anthony Village. The term of the Equipment Certificates is limited to five years or the expected life <br /> of the equipment, whichever is less. There are some other options to finance equipment with a <br /> useful life of over five years (fire equipment). <br />