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23 Details of Proposed Debt Purpose: $5,425,000 GO Bonds, Series 2009 PLEASE NOTE THAT AT THE TIME OF THIS REPORT, THE BIDS FOR EMERALD PARK WERE NOT AVAILABLE. THEREFORE THE BOND AMOUNT MAY CHANGE ALONG WITH THE ANNUAL REPARYMENT AMOUNT. AN UPDATED REPORT WILL BE HANDED OUT THE NIGHT OF THE COUNCIL MEETING. Description: GO Improvement Portion of the Bonds - $2.63 million. These Bonds are being issued for a 15 -year term to finance the construction of roadways and sewer and water improvements for the 2009 road reconstruction project and are being issued pursuant to Minnesota Statues, Chapter 429 and 475. GO Abatement Portion of the Bonris - $1.54 million. These Bonds are being issued for an 18 -year term to finance improvements to Emerald Park and are being issued pursuant to Minnesota Statues, Chapter 469 and 475. GO Refunding Portion of the Bond - $1.255 millions. The 2000A GO Storm Sewer Revenue Bonds are a current refunding callable on February 1, 2009. The Bonds were originally issued in the amount of $1,610,000 with remaining rates ranging from 5.25% to 5.6%. The new principal amount will be $855,000 with the same term (ending on February 1, 2015) and the new rates should be 2.0% to 3.25%. The Bonds are being issued pursuant to Minnesota Statues, Chapter 444 and 475. The 2000B GO State Aid Street Bonds are a current refunding callable on February 1, 2009. The Bonds were originally issued in the amount of $950,000 with remaining rates ranging from 5.25% to 5.5%. The new principal amount will be $400,000 with the same term (ending on February 1, 2016) and the new rates should be 2.25% to 3.5%. The Bonds are being issued pursuant to Minnesota Statues, Chapter 475. Perm/Call Feature: GO Improvement Portion of the Bonds. The Bond will mature February 1 in the years 2011 through 2025. Bonds maturing February 1, 2019 and thereafter will be subject to prepayment at the discretion of the City on February 1, 2018 (9 year call date). GO Abatement Portion of the Bonds. The Bond will mature February 1 in the years 2012 through 2028. Bonds maturing February 1, 2021 and thereafter will be subject to prepayment at the discretion of the City on February 1, 2020 (10 year call date). GO Refunding Portion of the Bonds. The Bonds will mature February 1 in the years 2010 through 2015 for the 2000A Bonds and February I in the years 2011 through 2016 for the 2000B Bonds, which are the original terms.