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Executive Summary of Proposed Debt -- Proposed Issue: Authority: ----- Purposes: Term/Call Feature: .. _. Bank Qualification: Rating: Presale Report City of St. Anthony, Minnesota $2,070,000 General Obligation Improvem ent Bonds, Series 2014A The Bonds are being issued pursuant to Minnesota Statutes, Chapter(s): • 429 and 475 The Bonds will be general obligations of the City for whieh its full faith, credit the City assessing at least 20% of the obligation without a referendum and t. and taxing powers are pledged, Because project costs, the Bonds can be a general will not count against the City's debt limi -- The proposed Issue includes financing for the 2014 Road reeonstruction Projects, It is the intent of the City to levy sp eeial assessments in the amount of ng property owners in 2014 for t a rate of 2% over the True Interest approximately $444,639,53 to benefiti collection in years 2015 through 2029 a Cost of the proposed Bonds, Annual assessments are paid on an equal eceiving approximately $177,855,81 ssments from the projects this year. principal basis, The City anticipates I' (40%) in prepayments on the special asse The issue size has been redueed by the In addition, the City has received $50,00 aforementioned prepayment amounts, o in grant hmds for the project so the amount. Remaining debt serviee will be required for collection until 2015, lUgh the February I, 2015 payment in ement. issue size has also been reduced by this be paid from a tax levy, whieh will not We have assumed capitalized interest tim order to offset any immediate levy requir The Bonds are being issued for a 15-ye ar term, Interest is payable every six We have capitalized interest in the since assessments and/or the tax levy County, months beginning Febru31y I, 2015, amount of $39,012,19 for this payment will not be available until June from the The Bonds maturing on and after Fe prepayment at the discretion of the City 0 Because the City is issuing less than $10, will be able to designate the Bonds as qualified status broadens the market for interest rates, bruary I, 2022 will be subject to n February I, 2023, 000,000 in the calendar year, the City "bank qualified" obligations, Bank the Bonds, which can result in lower The City's most recent bond issues weI' e rated "AA" by Standard & Poor's, Bonds, The City will request a new rating for the If the winning bidder on the Bonds el- rating for the issue may be higher than tl eets to purchase bond insurance, the le City's bond rating in the event that February 25,2014 Page 1 43