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CITY OF ST. ANTHONY VILLAGE, MINNESOTA PRESALE REPORT FEBRUARY 9, 2006 Proposed Issue: $3,190,000 General Obligation Itnprovemeht Bonds Series 2006A Purpose: The bond issues consist of several purposes: an improvement portion to finance the 2006 road reconstruction projects ($2,000,000) and a current refunding of the 2004B GO Temporary Improvement Bonds ($715,000) and the 1998A GO Improvement Bonds ($475,000). Description: GO Improvement Portion of the Bonds. These Bonds are being issued for the purpose of financing the construction of roadways and sewer and water improvements and are being issued pursuant to Minnesota Statues, Chapter 429 and 475. GO Refunding Portion of the Bonds. The 2004A GO Temporary Improvement Bonds area current refunding callable on February 1, 2005 and any date thereafter. The Bonds were originally issued in the amount of $2,075,000. The principal will be reduced to $715,000 from $1,387,118 cash on hand from prepaid assessments. The new term of the Bonds will be through February 1, 2022 (15 years) and paid 100% from assessments to benefiting property owners. New rates should be 3.9% to 4.6%. The Bonds are being issued pursuant to Minnesota Statues, Chapter 429 and 475. The 1998A GO Improvement Bonds are a current refunding callable on February 1, 2006. These Bonds were originally issued in the amount of $725,000 and are callable in the amount of $460,000, which mature on February 1 in the years 2007 through 2014. Current coupon rates are 4.50% to 5.00%. New rates should be in the 3.35% to 3.7% range. These Bonds are being issued pursuant to Minnesota Statues, Chapter 429 and 475. Term/Call Feature: The new money portion of the 2006A Improvement Bonds and the 2004A GO Refunding have a fifteen (15) year term and the 1998A Bonds have an eight (8) year term. The 2006A Improvement Bonds have been structured to have a seven (7) year call date. Principal on the 2006A Bonds will be due on February 1 in the years 2007 through 2022. Principal on the Bonds maturing February 1, 2014 and thereafter will be subject to prepayment at the discretion of the City on February 1, 2013. Funding Sources: The Bonds are general obligations of the City and as such are secured by a pledge of the City's full faith, credit and taxing powers. Payment ofRefunding Portion ofthe Bonds. It is expected that the same source of payment originally pledged to the Prior Bonds will pay for the Refunding Portion of the Bonds (100% assessments for the 2004A GO Temporary Improvement Bonds and assessments and tax levy for the 1998A GO Improvement Bonds). A& 1W Prepared by Ehlers & Associates, Inc. 28