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City of St. Anthony, Minnesota <br /> February 5, 1997 <br /> 1997. All of the assessments will be filed over a term of 15 years with even annual payments • <br /> and interest charged on the unpaid balance at a rate approximately 2.0% over the net interest <br /> rate on the bonds. We have used an interest rate of 7.00% for structuring purposes. <br /> The principal repayment of this issue, shown on page 5 of these recommendations, .is <br /> structured to meet the receipt of assessment income on page 4. The first interest payment <br /> (February 1, 1998) is due prior to the receipt of assessment and tax collections in 1998 and will <br /> be made from a temporary transfer of available City funds. Thereafter, each August 1 interest <br /> payment will be made from first-half collections of special assessments and taxes and each <br /> subsequent February 1 principal and interest payment will be made from second-half <br /> collections plus surplus first-half collections. <br /> Respectfully submitted, L <br /> SPRINGSTED Incorporated <br /> jmm <br /> • <br /> • <br /> Page 3 <br />