CC PACKET 02142006 - Laserfiche WebLink

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2006A GO Improvement Portion of the Bonds. Under Minnesota Statutes, Chapter 429, principal and interest on the Bonds is payable from special assessments against benefiting property owners and a tax levy. The special assessments amount is $423,000 and will be levied in the years 2006 through 2020 for collection in 2007 through 2021. The remaining balance will be paid from a tax levy. The required 105% coverage on the Bonds shows a need for the City to levy approximately $150,000 annually for this project. Discussion Issues: Present Value Savings on Refunding Portion of the 1998A Bonds. Based on current coupon rates, the estimated savings as a result of the Refunding of the 1999A GO Improvement Bonds is approximately $13,728, after all fees and expenses. GO Improvement Portion of Bonds. The repayment schedule has been structured around projected revenues during the term of the financing in order to maintain level debt service payments averaging approximately $185,000 per year through the year 2022. The first interest payment on the Bonds will be February 1, 2007 and semiannually thereafter on February 1 and August 1. The projected debt service and flow of funds are attached to this report. Schedule: Pre -Sale Review: Distribute Official Statement: Conference with Rating Agency: Bond Sale: Estimated Closing Date: February 14, 2006 March 2, 2006 Week of March 6, 2006 March 14, 2006 April 6, 2005 Attachments: Resolution authorizing Ehlers to proceed with bond sale Cash flow Schedule Ehlers Contacts: Financial Advisors: Stacie Kvilvang, Sid Inman, Mark Ruff (651)-697-8500 Bond Analysts: Diana Lockard (651) 697-8534 Debbie Holmes (651) 697-8536 Bond Sale Coordinator: Connie Kuck (651) 697-8527 The Official Statement for this financing will be mailed to the Council Members at their home address for review prior to the sale date. 0 Prepared by Ehlers & Associates, Inc. 29