HomeMy WebLinkAbout6.j. 2011 G.O. Improvement Bonds – Authorizing Issuance and Setting Bond SaleROSEMO
CITY COUNCIL
City Council Meeting Date: October 4, 2011
'EXE.C`.UTIVE SUMMARY
4
AGENDA ITEM: 2011A G.O. Bonds -
Authorizing Issuance and Setting Bond
AGENDA SECTION:
Sale
Consent
PREPARED BY: Jeff May, Finance Director
AGENDA NO. ,
ATTACHMENTS: Resolution and Recommendations
APPROVED BY:
RECOMMENDED ACTION: Motion to adopt a Resolution Providing for the Competitive
Negotiated Sale of $2,080,000 General Obligation Improvement Bonds, Series 2011A.
ISSUE
The authorization to issue bonds for the construction of street and utility improvements for the Prestwick
2nd and Prestwick 3` additions.
BACKGROUND
This item is on the agenda for your consideration in authorizing the issuance and setting the sale of
General Obligation Improvement bonds for the Prestwick 2n and Prestwick 3` additions. The repayment
of these bonds will be collected through special assessments levied for these projects.
Bids will be open until Tuesday, November 1, 2011, at 10:30 A.M. at the offices of Springsted
Incorporated. The bids will be tabulated there and then consideration for award of the Bonds will be by
the City Council at 7:30 P.M., Central Time, of the same day.
SUMMARY
Recommend the above motion. '
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2011-.
RESOLUTION PROVIDING FOR THE COMPETITIVE NEGOTIATED
SALE OF $2,080,000 GENERAL OBLIGATION IMPROVEMENT
BONDS, SERIES 2011A
WHEREAS, the City Council of the City of Rosemount, Minnesota (the "City "), has heretofore
determined that it is necessary and expedient to issue its $2,080,000 General Obligation
Improvement Bonds,, Series 2011 (the "Bonds ") to finance various public improvements in the City;
WHEREAS, the City has retained Springsted Incorporated, in Saint Paul, Minnesota ( "Springsted "),
as its'independent financial advisor and is therefore authorized to sell these obligations by a
competitive negotiated sale in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9);
and
NOW, THEREFORE, BE IT RESOLVED by the City Council of.the City of Rosemount,
Minnesota, as follows:
1. Authorization: Findinks The City Council hereby authorizes Springsted to solicit bids for
the competitive negotiated sale of the Bonds.
2. Meeting; Bid 01ening This City Council shall meet at the time and place specified in the
Terms of Proposal attached hereto as Exhibit A for the purpose of considering sealed bids for, and
awarding the sale of; the Bonds. The Administrator, or designee, shall open bids at the time and
place specified in such Terms of Proposal. r
3. Terms of Proposal The terms and conditions of the Bonds and the negotiation thereof are
fully set forth in the "Terms of Proposal attached hereto as Exhibit A and hereby approved and
made a part hereof.
4. Official Statement In connection with said competitive negotiated sale, the Administrator,
Finance Director and other officers or employees of the City are hereby authorized to cooperate
with Springsted and participate in the preparation of an official statement for the Bonds, and to
execute and deliver it on behalf of the City upon its completion.
(The remainder of this page is intentionally left blank)
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3922030 JSB RS125 -10
RESOLUTION 2011 -
ADOPTED this 4th' of October, 2011.
William H. Droste, Mayor
ATTEST:
Amy Domeier, City Clerk
CERTIFICATION
I hereby certify `that the foregoing is a -true and correct copy of a resolution presented to and
adopted by the City Council of Rosemount at a duly authorized meeting thereof, held on the
day, of October, 2011, as disclosed by the records of said City in my possession.
(SEAL)
392203v1JSB RS125 -10
Rosemount City Clerk
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A
RESOLUTION 2011-
EXHIBIT A
THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE
THIS ISSUE ON'ITS BEHALF. PROPOSALS WILL BE RECEIVED ON THE
FOLLOWING BASIS:
TERMS OF PROPOSAL
$2,080,000
CITY OF ROSEMOUNT, MINNESOTA
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2011A
(BOOK ENTRY ONLY)
Proposals for the Bonds and the Good Faith Deposit ( "Deposit ") will be received on Tuesday,
November 1, 2011, until 10:30 A.M., Central Time, at the offices of Springsted Incorporated,
380 Jackson Street, Suite 300, Saint Paul, Minnesota, after which time proposals will be opened and
tabulated. Consideration for award of the Bonds will be by the City Council at 7:30 P.M., Central
Time, of the same day.
SUBMISSION OF PROPOSALS
Springsted will assume no liability for the inability of the bidder to reach Springsted prior to the`time
of sale specified above. All bidders are advised that each Proposal shall be deemed to constitute X
contract between the bidder and the City to purchase the Bonds regardless of the manner in which
the Proposal is submitted.
(a) Sealed Bidding: Proposals may be submitted in a sealed envelope or by fax (651) 223 -3046 to
Springsted. Signed Proposals, without final price or coupons, maybe submitted to Springsted prior
to the time of sale. The bidder shall be responsible for submitting,to Springsted the final Proposal
price and coupons, by telephone (651) 223 -3000 or fax (651) 223 -3046 for inclusion in the
submitted Proposal.
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(b) Electronic Bidding: Notice is hereby given that electronic proposals will be received via
PARITY For purposes of the electronic bidding process, the time as maintained by
shall constitute the official time with respect to all Bids submitted to PARITY'. Each bidder shall be
solely re ponsible for making necessary arrangements to access PARIT' for purposes of submitting its electronic Bid
in a timely manner and in compliance Y ith the requirements of the Terms of Proposal. Neither the City, its k
agents not PARITY' shall have any duty or obligation to undertake registration to bid for any
prospective bidder or to provide or ensure electronic access to any qualified prospective bidder, and
neither the City, its agents not PARIT' shall be responsible for a bidder's failure to register to bid
or for any failure in the proper operation of, or have any liability for any delays or interruptions of or
any damages caused by the services of PARITY The City is using the services of PARITY solely
Preliminary; subject to change.
392203v1 JSB RS125 -10
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RESOLUTION 2011 -
as a communication mechanism to conduct the electronic bidding for the Bonds, and PARITY is
not an agent of the City. ;
If any provisions of this Terms of Proposal conflict with information provided by PARITY', this
Terms of Proposal shall control. Further information about PARITY, including any fee charged,
may be obtained from:
PARITY, 1359 Broadway, 2n Floor, New York, New York 10018
Customer Support: (212) 849 -5000
DETAILS OF TI4E BONDS
The Bonds will be dated November 15, 2011, as the date of original issue, and will bear interest,
payable on February 1 and August 1 of each year, commencing August 1, 2012. Interest will be
computed on the basis of a 360 -day year -of twelve 30 -day months.
The Bonds;will mature February.1 id the years and amounts* as follows:
2013 1 $405,000 1 2014 $415,000 1 2015 1 $415,000 2016 $420,000 1 2017 $425 000
* The City reserves the right, after proposals are opened and prior to award, to increase or reduce the p rincipal
amount of the Bonds or the maturity amounts oofered for sale. Any such increase or reduction will be made in
multiples of $5,000 in an of the maturities. In the event theprincial amount of the Bonds is increased or
reduced, any premium ofred or an�yy discount taken by the successful bidder will be increa ed or reduced by a
percentage equal to the percentage b which the prinepal amount of the Bonds is increased or reduced.
Proposals for the Bonds may contain a maturity schedule providing for a combination of serial
bonds and term bonds. All term bonds shall be subject to mandatory sinking fund redemption at a
price of par plus accrued interest to the date of redemption and must conform to the maturity
schedule set forth above. In order to designate term bonds, the proposal must specify "Years of
Term Maturities" in the spaces provided on the Proposal Form.
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BOOK ENTRY SYSTEM
The Bonds will be issued by means of a book entry system "with no physical distribuiion of Bonds
made to the public. The Bonds will be issued in fully registered form and one Bond, representing
`the aggregate principal amount of the Bonds maturing in each year, will be registered in the name of
Cede & Co. as nominee of The Depository Trust Company ( "DTC "), New York, New York, which
will act as securities depository of the Bonds. Individual purchases of the Bonds may be made in the
principal amount of $5,000 or any multiple thereof of a single maturity through book entries made
on the books and records of DTC and its participants.. Principal and interest are payable by the
registrar to DTC or its nominee as registered owner of the Bonds. Transfer of principal and interest
payments to participants of DTC will be the responsibility of DTC; transfer of principal and interest
payments to beneficial owners by participants will be the responsibility of such participants and
other of beneficial owners. The purchaser, as a condition of delivery of the Bonds, will be
required to deposit the Bonds with DTC. r
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392203v1 JSB RS125 -10
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RESOLUTION 2011-
REGISTRAR
The City will name the registrar which shall be subject to applicable SEC regulations. The City will
pay for the services of the registrar.
OPTIONAL REDEMPTION
The Bonds will not be subject to payment in advance of their respective stated maturity dates.
SECURITY AND PURPOSE
The Bonds will be general obligations of the City for which the City will pledge its full faith and
credit and power to levy direct general ad valorem taxes. In addition, the City will pledge special
assessments against benefited properties. The proceeds will be used to finance various improvement
projects within the City.
BIDDING PARAMETERS
Proposals shall be for not less than $2,063,360 and accrued_ interest on the total principal amount of
the Bonds.
No proposal can be withdrawn or amended after the time set for receiving proposals uriless the
meeting of the City, scheduled for award of the Bonds is adjourned, recessed, or continued to
another date without award of the Bonds having been made. Rates shall be in integral multiples of
5/100 or 1/8 of 1 %.. Rates are not required to be in level or ascending order; however, the rate for
any maturity cannot be more than 1% lower than the highest rate of any of the preceding maturities.
Bonds of the same maturity shall bear a single rate from the date of the Bonds to the date of
maturity. No conditional proposals will be accepted.
GOOD FAITH DEPOSIT
Proposals, regardless of method of submission, shall be accompanied by a Deposit in the amount of
$20,800, in the form of a certified or cashier's check, a wire transfer, or Financial Surety Bond and
delivered to Springsted Incorporated prior to the time proposals will be opened. Each bidder shall
be solely responsible for the timely delivery of their Deposit whether by check, wire transfer or
Financial Surety Bond. Neither the City nor Springsted Incorporated have any liability for delays in
the transmission of the Deposit. I.
Any Deposit made by certified or cashier's check should be made payable to the City and
delivered to Springsted Incorporated, 380 Jackson Street, Suite 300, St. Paul, Minnesota 55101.
Any Deposit sent via wire transfer should be sent to Springsted Incorporated as the City's agent
according to the following instructions:
Wells Fargo Bank, N.A., San Francisco,' CA 94104
ABA #121000248
for credit to Springsted Incorporated, Account #635 - 5007954
Ref: Rosemount, MN Series 2011A Good Faith Deposit
392203v1 JSB RS125 -10
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RESOLUTION 2011-
Contemporaneously with such`wire transfer, the bidder shall send an e -mail to
bond ~services sl2ringsted.com including the following information; (i) indication that a wire
transfer has been made, (ii) the amount of the wire transfer, (iii) the issue to which it applies, and (iv)
the return wire instructions if such bidder is not awarded the Bonds.
Any Deposit made by the successful bidder by check or wire transfer will be delivered to the City
following the award of the Bonds. Any Deposit made' °by check or wire transfer by an unsuccessful
bidder will be,returned to such bidder following City action relative to an award of the Bonds.
If a Financial Surety Bond is used, it must be from an insurance company licensed to issue such a
bond in`the State of Minnesota and pre- approved by the City. Such bond must be submitted to
Springsted Incorporated prior to the opening,of the proposals. The Financial Surety Bond must
identify each underwriter whose Deposit is guaranteed by such Financial Surety Bond. If the Bonds
are awarded to an underwriter using a Financial Surety Bond, then that underwriter is required to
submit its Deposit to the City in the form of a certified or cashier's check or wire transfer as
instructed by Springsted Incorporated not later than 3:30 P.M., Central Time on the next business
day following the award. If such Deposit is not received by that time, the Financial Surety Bond
maybe drawn by the City to satisfy the Deposit requirement.
The Deposit received from the purchaser, the amount of which will be deducted at settlement, will
be deposited by the City and no interest will accrue to the purchaser. In the event the purchaser
fails to comply with the accepted proposal, said amount will be retained by the City.
AWARD
The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true
interest cost (TIC) basis. The City's computation of the interest rate of each proposal, in accordance
with customary practice, will be controlling.
The City will reserve the right to: (i) waive non - substantive informalities of any proposal or of
matters relating to the receipt of proposals and award of the Bonds, (ii) reject all proposals without
cause, and (iii) reject any proposal that the City determines to have failed to comply with the terms
herein.
BOND INSURANCE AT PURCHASER'S OPTION
If the Bonds qualify for issuance of any policy of municipal bond insurance or commitment therefor
at the option of the underwriter, the purchase of any such insurance policy or the issuance of any
such commitment shall be at the sole option and expense of the purchaser of the Bonds. Any
increased costs of issuance of the Bonds resulting from such purchase of insurance shall be paid by
the purchaser, except that, if the City has requested and received a rating on the Bonds from a rating
agency, the City will pay that rating fee. Any other rating agency fees shall be the responsibility of
the purchaser.
Failure of the municipal bond insurer to issue the policy after Bonds have been awarded to the
purchaser shall not constitute cause for failure or refusal by the purchaser to accept delivery on the
Bonds.
392203v1 JSB RS125 -10
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RESOLUTION 2011-
CUSIP NUMBERS
If the Bonds qualify for assignment of CUSIP numbers such numbers will be printed on the Bonds,
but neither the failure to print such numbers on any Bond nor any error with respect thereto will
,.constitute cause for failure or refusal by the purchaser to accept delivery of the Bonds. The CUSIP
Service Bureau charge for the assignment of CUSIP identification numbers shall be paid by the
purchaser ".
SETTLEMENT
Within 40 days following the date of their award, the Bonds will be delivered without cost to the
purchaser through DTC in New York, New York. Delivery will be subject to receipt by the
purchaser of an approving legal opinion of Kenney & Graven, Chartered of Minneapolis,
Minnesota, and of customary closing papers, including a no- litigation certificate. On the date of
settlement, payment for the Bonds shall be made in federal, or equivalent, funds that shall be
received at the offices of the City or its designee not, later than 12:00 Noon, Central Time. Unless
compliance with the terms of payment for the Bonds has been made impossible by action of the
City, or its agents, the purchaser shall be liable to. the City for any loss suffered by the City by reason
of the purchaser's non - compliance with said terms for payment.
CONTINUING DISCLOSURE
On the date of actual issuance and delivery of the Bonds, the City will-execute and deliver a
Continuing Disclosure Undertaking (the "Undertaking ") whereunder the City will covenant for the
benefit of the owners of the Bonds to provide certain financial and other information about the City
and notices of certain occurrences to information repositories, as specified iff and required by SEC,
Rule 15c2- 12(b)(5).
OFFICIAL STATEMENT
The City has authorized the preparation of an Official Statement containing pertinent information
relative to the Bonds, and said Official Statement will serve as a nearly final Official Statement
within the meaning of Rule 15c2 -12 of the Securities and Exchange Commission. For copies of the
Official Statement or for any additional information prior to sale, any prospective purchaser is
referred to the Financial Advisor to the City, Springsted Incorporated, 380 Jackson Street, Suite 300,
Saint Paul, Minnesota 55101, telephone (651) 223 -3000.
The Official Statement, when further supplemented by an addendum or addenda specifying the
maturity dates, principal amounts and interest rates of the Bonds, together with any other
information required by law, shall constitute a, "Final Official Statement" of the City with respect to
the Bonds, as that term is defined in Rule 15c2 -12. By awarding the Bonds to any underwriter or
underwriting "syndicate submitting a proposal therefor, the City agrees that, no more than seven
business days after the date of such award, it shall provide without cost to the senior managing
underwriter of the syndicate to which the Bonds are awarded 80 copies of the Official Statement
and the addendum or addenda described above. The City designates the senior managing
underwriter of the syndicate to which the Bonds are awarded as its agent for purposes of
distributing copies of the Final Official Statement to each Participating Underwriter. Any
392203v1 JSB RS125-10
RESOLUTION 2011-
underwriter delivering a proposal with respect to the Bonds agrees thereby - that if its proposal is
accepted by the City (i) it shall accept such designation and (ii) it shall enter into a contractual
relationship with gall Participating Underwriters of the Bonds for purposes of assuring the receipt by
each such Participating Underwriter of the Final Official Statement.
Dated October 4, 2011 BY ORDER OF THE CITY COUNCIL
/s/ Amy Domeier
City Clerk
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392203v1 JSB RS125 -10
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City of Rosemount, Minnesota
Recommendations for Issuance of Bonds
$2,080,000 General Obligation Improvement Bonds, Series '2011A
The Council has under consideration the issuance of bonds to fund two street improvement projects within the City.
This document provides information relative to the proposed issuance. Complete bidder information will be provided
in a separate document.
KEY EVENTS: The following summary schedule includes the timing `of some of the key events that will
occur relative to the bond issuance.
October 4, 2011 Council set sale date and terms
Week of October 24, 2011' Rating conference conducted
November 1,2011,10:30 a.m. Competitive proposals are received
November 1, 2011, 7:30 p.m. Council considers award of obligations
November 29, 2011 Proceeds are received
RATING: An application will be made to Moody's Investors Service for a rating on the bonds. The
City's general obligation debt is currently rated "Aa2? by Moody's.
THE MARKET: Performance of the tax - exempt market is often measured by the Bond Buyer's index ( "6131 ")
which, measures the yield of high grade municipal bonds in the 20th maturity year for general
obligation bonds and the 25th maturity year for revenue bonds. The following chart
illustrates these two indices over the past five years.
BBI 25 -bond (Revenue) and 20 -bond (G.O.) Rates fors Years
Ending 9/2212011
b �
4.096
3 596
BEN 25 Bond
9r2?12011 r
k BBI 20 Bond
25 bond: 48696
20 bond: 385% �a ,
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F
I
vy r4
c , °1 lz oo 90 90 10% Z I ca ,,a �a ��o AV
C4
N
Z �
Ir
a
2 coj Springsted
Dates Prepared by Spribgsted Incorporated
3
6.596
6.0%
5.5%
5.096
4.596
4.096
3 596
BEN 25 Bond
9r2?12011 r
k BBI 20 Bond
25 bond: 48696
20 bond: 385% �a ,
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M - ,
F
I
vy r4
c , °1 lz oo 90 90 10% Z I ca ,,a �a ��o AV
C4
N
Z �
Ir
a
2 coj Springsted
Dates Prepared by Spribgsted Incorporated
3
L �
POST ISSUANCE
COMPLIANCE: ,R
SCHEDULES
ATTACHED:
SUPPLEMENTAL
INFORMATION AND
BOND RECORD:
PURPOSE:
M
V AUTHORITY:
SECURITY AND
SOURCE OF
PAYMENT:
The issuance of the bonds will result in post- issuance compliance responsibilities. The
responsibilities lie in two primary areas: i) compliance with federal arbitrage requirements
and ii) compliance with secondary disclosure requirements.
Federal arbitrage requirements include a wide,range of implications that have been taken
into account as your issue has been structured. Post- issuance compliance responsibilities
for your tax - exempt issue include both rebate and yield restriction provisions of the IRS
- Code. In very general terms the arbitrage requirements control the earnings on
i'unexpended bond proceeds, including investment earnings, moneys held for debt service'
payments (which are considered to be proceeds under the IRS regulations), and /or,
reserves. There is an exemption from rebate for a municipality that issues $5 million or
less of tax - exempt obligations in a calendar year. Since the City does not expect to issue
more than $5 million of tax - exempt obligations in 2011, the bonds will be exempt from
rebate. If proceeds remain unspent for more than three years, yield restriction provisions
will apply. Yield restriction provisions also apply to the, debt service fund under certain
conditions and the fund should be monitored throughout the life of the issue.
x
Secondary disclosure requirements :resultifrom an SEC requirement that underwriters
provide ongoing disclosure information to investors. To meet this requirement, any
prospective underwriter will require -the City to commit to providing the information needed
to comply under a continuin jAisclosure agreement.
Springsted provides both arbitrage and continuing disclosure services to the City under a
separate contract.
Schedules attached include the sources and uses of funds, estimated debt service
requirements, given the current interest rate environment, and the calculation -of projected
assessment income.
Supplementary information will be available to staff including detailed terms and conditions
of sale, comprehensive structuring schedules and information to assist in meeting post -'
issuance compliance responsibilities. -
Upon completion of the financing, a, record will be provided that contains pertinent
documents and final debt service calculations for the transaction.
The proceeds of the Bonds will be used to finance two street projects: Prestwick Place 2 nd
and Prestwick Place 3rd.
Statutory Authority: The Bonds are being issued pursuant - to Minnesota Statutes,
Chapters 429 and 475.
The Bonds will be general, obligations of the City, secured by its full faith and credit and`
taxing power. In addition the City will pledge special assessments filed against benefited
properties. A small tax levy requirement is shown in the attached Net Debt Service
Schedule. The tax levy can be abated annually if deposits in the debt service fund exceed
105% of the next year's debt service requirement.
The first receipt of special assessment collections will be in 2012. Each year's first -half
collection of assessments, and taxes if necessary; will be used to pay the August 1 interest
payment in the year of collection. Second -half collections and any funds collected but not
applied on August 1 will be used to pay the February 1 principal_ and interest payment in
the following_ year.
®r springsted
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STRUCTURING. The Bonds are structured around the projected future income stream from special
SUMMARY: assessments and'result in relatively even annual debt service payments.
Special assessments totaling $2,034,481 of principal are expected to be filed on or about
November 30, 2011 for first collection in 2012. Assessments will be spread over a term of
five years, with equal annual payments. Interest on the unpaid .balance of special
assessments will' be charged at an interest rate of 2.00% over the interest rate on the
Bonds. We have estimated a rate of 3.30% in the attadhed schedules.
RISKS /SPECIAL The outcome of this financing will rely on the market conditions at the time of the sale. Any
CONSIDERATIONS: projections included herein are estimates based on current market conditions.
SALE TERMS AND Variability of Issue Size: A specific provision in the sale terms permits modifications to the
MARKETING:- issue size and /or maturity structure to customize the issue once the price and interest rates
are set on the day of sale.
Prepayment Provisions: Based on the short duration of the Bonds, and to avoid possible
negative pricing impacts, this issue will not be subject to redemption prior to their;stated
maturities,
Bank Qualification: The City does not expect to issue more than $10 million in tax - exempt
bonds in 2011; therefore, the Bonds are designated as bank qualified.
a.
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Springsted-
Page 3
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2,080,000
City of Rosemount, Minnesota
General Obligation Improvement;Bonds, Series 2011A
Sources & Uses x
Dated 11/15/2011 Delivered 11 /15/2011
Sources Of Funds
ParAmount of Bonds ...................................................................... n............................................... ............................... $2,080,000.00
Developer Payment for Prestwick 3rd Overhead .............................................................................. ............................... 316,620.00
TotalSources ....................................................................................... ............................... ....... ............................... $2,396,620.00
Uses Of Funds
PrestwickPlace 3rd. ..........................................................................................................:_............... ................:.............. 1,674,879.00
PrestwickPlace 2nd .................................:...................................................................:................. ............................... 676,222.00
Costs of Issuance................ ........................................................ ............................... 28,750.00
Total Underwriter's Discount (0. 800%) ........................................................................................... ..........................a.... 16,640.00
RoundingAmount.. : ................................................. : ............ ....... ..................:............................ ....................:.......... 129.00
TotalUses ..::................................................................................................................................... ................................ $2,396,620.00
s
Series 2011A GO Improveme SINGLE PURPOSE 9/20/2011 1:08 PM
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Spfln9Sted Page
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$2,080,000 Y
City of Rosemount, Minnesota
General Obligation Improvement Bonds, Series 2011A
Q :
Net Debt Service Schedule
Data
Principal
Coupon
Interest
Total P +I
Fiscal Year
106 of Total
Projected
Levy
............................... $6,724.11
AverageLife ................. "....................:............................................................................................
............................... °.................. 3.233 Years
AverageCoupon ....................................................... ............................... ..........................................................
............................... 1.0453844%
Total
............................... 1.2928521%
Assessment
Required
Bond Yield for Arbitrage Purposes ...............................................................................................................:......
............................... 1.0434988%
AllInclusive Cost ( AIC) ...............................................................................................................................
............f.................a :....... 1.7430660%
IRS Form 8038
NetInterest Cost .............................::.................................................................................................................
Income
WeightedAverage Maturity.': .........:...........................................................'........................................................
08/01/2012
-
-
13,811.56
13,811.56
-
-
-
02/01/2013.
405,000.00
0.650%
9,711.25
414,711.25
428,522.81
449,948.95
449,243.22
705.73
08/01/2013
-
I -
8,395.00
8,395.00
-
-
02/01/2014
415,000.00
0.700%
8,395.00
423,395.00
431,790.00
453,379.50
449,243.21
4,136.29
08/01/2014
-
6,942.50
6,942.50
-
-
02/01/2015
415,000.00
0.850%
6,942.50
421,942.50
428,885.00
450,329.25
449,243.20
1,086.05
08101/2015
-
-
5,178.75
5,178.75
-
-
-
-
02/01/2016
420,000.00
1.100%
5,178.75
425,178.75
430,357:50
451,875.38
449,243.22
2,632.16
08/01/2016
-
-
2,868.75
2,868.75
-
-
-
02/01/2017
425,000.00
1.350%
2,868.75
427,868.75
430,737.50
452,274.38
449,243.21
3,031.16
Total
$2,080,000.00
-
$70,292.81
$2,150,292.81
$2,150,292.81
$2,257,807.45
$2,246,216.06
$11,591.39
Dated ...................................................................................................................................................................
....................:.......... 11152011
Delivery Date .......................................................................................................................................................
............................... 11152011
FirstCoupon Date ...............................................................................................................................................
............................... 8012012
Yield Statistics
BondYear Dollars ......... ............................... •......................................................................................................
............................... $6,724.11
AverageLife ................. "....................:............................................................................................
............................... °.................. 3.233 Years
AverageCoupon ....................................................... ............................... ..........................................................
............................... 1.0453844%
NetInterest Cost ( NIC) ........................................................................................................................................
............................... 1.2928521%
TrueInterest Cost ( TIC) .......................................................................................................................................
............................... 1.2975342%
Bond Yield for Arbitrage Purposes ...............................................................................................................:......
............................... 1.0434988%
AllInclusive Cost ( AIC) ...............................................................................................................................
............f.................a :....... 1.7430660%
IRS Form 8038
NetInterest Cost .............................::.................................................................................................................
............................... 1.0453844%
WeightedAverage Maturity.': .........:...........................................................'........................................................
.......r....................... 3.233 Years
P'
Series 2011A GO Imp- -- I SINGLE PURPOSE 1 9/26/2011 1 10:45 AM
ILIA
Springsted
Page 5
$2,034,481
City of Rosemount, Minnesota
General Obligation Improvement Bonds, Series 2011A
Assessments
ASSESSMENT INCOME
4 1
Series 2011A Assessments SINGLE PURPOSE 9/20/2011 1:07 PM
ff,2 & Springsted Page 6