HomeMy WebLinkAbout6.l. 2013A G.O. Improvement Bonds-Authorizing Issuance and Setting Bond Sale�ROSEMOUNT EXECUTIVE SUMMARY
CITY COUNCIL
City Council Meeting Date: August 5, 2013
AGENDA ITEM: 2013A G.O. Improvement Bonds -
AGENDA SECTION:
Authorizing Issuance and Setting Bond
Consent
Sale
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 $1,500,000 General Obligation Improvement Bonds, Series 2013A.
ISSUE
The authorization to issue bonds for the construction of street and utility improvements for the Greystone
2 "d Addition and the Prestwick Place 7d' Addition.
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 Greystone 2 "d Addition and the Prestwick Place 7`h
Addition. The repayment of these bonds will be collected through special assessments levied for this
project.
Bids will be open until Tuesday, September 3, 2013, at 10:00 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 2013-
RESOLUTION PROVIDING FOR THE COMPETITIVE NEGOTIATED
SALE OF $1,500,000 GENERAL OBLIGATION IMPROVEMENT
BONDS, SERIES 2013A
WHEREAS, the City Council of the City of Rosemount, Minnesota (the "City "), has heretofore
determined that it is necessary and expedient to issue its $1,500,000 General Obligation
Improvement Bonds, Series 2013A (the "Bonds ") to finance various infrastructure improvement
projects 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: Findings. The City Council hereby authorizes Springsted to solicit bids for
the competitive negotiated sale of the Bonds.
2. Meeting; Bid Opening. 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.
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)
428610V1 JSB RS125 -14
ADOPTED this 5th day of August, 2013.
ATTEST:
Amy Domeier, City Clerk
RESOLUTION 2013
William H. Droste, Mayor
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 5th day
of August, 2013, as disclosed by the records of said City in my possession.
(SEAL)
42861OV1 JSB RS125 -14
Rosemount City Clerk
2
RESOLUTION 2013-
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
$1,500,000
CITY OF ROSEMOUNT, MINNESOTA
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2013A
(BOOK ENTRY ONLY)
Proposals for the Bonds and the Good Faith Deposit ( "Deposit ") will be received on Tuesday,
September 3, 2013, until 10:00 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 a
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, may be 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.
I'
(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 PARITY`'
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 PARITY® for purposes of submitting its electronic Bid
in a timely manner and in compliance n ith the requirements of the Terms of Proposal. Neither the City, its
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 PARITY° shall be responsible for a bidder's failure to register to bid
* Preliminary, subject to change.
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42861OV1 JSB RS125 -14
RESOLUTION 2013-
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
as a communication mechanism to conduct the electronic bidding for the Bonds, and PARITYg 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, 2nd Floor, New York, New York 10018
Customer Support: (212) 849 -5000
DETAILS OF THE BONDS
The Bonds will be dated October 1, 2013, as the date of original issue, and will bear interest payable
on February 1 and August 1 of each year, commencing August 1, 2014. Interest will be computed
on the basis of a 360 -day year of twelve 30 -day months.
The Bonds will mature February 1 in the years and amounts* as follows:
2015 $290,000 2017 $300,000 2019 $310,000
2016 $295,000 2018 $305,000
* The City reserves the ri ht, afterproposals are opened and prior to award, to increase or reduce the principal amount of the
Bonds or the amount of any maturity an multiples of,$5,000. In the event the amount of any maturio is modified, the
aggregate purchase price will be Gusted to result in the same gross spread per,$1,000 of Bonds as that of the original
proposal. Gross epread is the di erential between the price paid to the City for the new issue and the prices at which the
senor ties are initially offered to t e investing public.
BOOK ENTRY SYSTEM
The Bonds will be issued by means of a book entry system with no physical distribution 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 nominees of beneficial owners. The purchaser, as a condition of delivery of the Bonds, will be
required to deposit the Bonds with DTC.
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.
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42861OV1 JSB RS125 -14
RESOLUTION 2013-
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 infrastructure
improvement projects within the City.
BIDDING PARAMETERS
Proposals shall be for not less than $1,489,500 plus accrued interest, if any, on the total principal
amount of the Bonds. No proposal can be withdrawn or amended after the time set for receiving
proposals unless 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 1 / 100 or 1 /8 of 1%. The initial price to the public for each maturity must be 98.0% or
greater. 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
$15,000, 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.
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 2013A Good Faith Deposit
Contemporaneously with such wire transfer, the bidder shall send an e -mail to
bond services &slringsted.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.
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42861OV1 JSB RS125 -14
RESOLUTION 2013-
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
may be 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 calculated on the proposal prior to any adjustment made by the City. 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
The City has not applied for or pre- approved a commitment for any policy of municipal bond
insurance with respect to the Bonds. If the Bonds qualify for municipal bond insurance and a
bidder desires to purchase a policy, such indication, the maturities to be insured, and the name of
the desired insurer must be set forth on the bidder's Proposal. The City specifically reserves the
right to reject any bid specifying municipal bond insurance, even though such bid may result in the
lowest TIC to the City. All costs associated with the issuance and administration of such policy and
associated ratings and expenses (other than any independent rating requested by the City) shall be
paid by the successful bidder. Failure of the municipal bond insurer to issue the policy after the
award of the Bonds shall not constitute cause for failure or refusal by the successful bidder to accept
delivery of the Bonds.
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42861OV1 JSB RS125 -14
RESOLUTION 2013-
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 Kennedy & 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
In accordance with SEC Rule 15c2- 12(b)(5), the City will undertake, pursuant to the resolution
awarding sale of the Bonds, to provide annual reports and notices of certain events. A description
of this undertaking is set forth in the Official Statement. The purchaser's obligation to purchase the
Bonds will be conditioned upon receiving evidence of this undertaking at or prior to delivery of the
Bonds.
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 up to 25 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
underwriter delivering a proposal with respect to the Bonds agrees thereby that if its proposal is
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42861OV1 JSB RS125 -14
RESOLUTION 2013-
accepted by the City (i) it shall accept such designation and (ii) it shall enter into a contractual
relationship with all Participating Underwriters of the Bonds for purposes of assuring the receipt by
each such Participating Underwriter of the Final Official Statement.
Dated August 5, 2013
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42861OV1 JSB RS125 -14
BY ORDER OF THE CITY COUNCIL
/s/ Amy Domeier
City Clerk
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City of Rosemount, Minnesota
Recommendations for Issuance of Bonds
$1,500,000 General Obligation Improvement Bonds, Series 2013A
The City Council has under consideration the issuance of bonds to fund street improvements for two new residential
developments in the City. This document provides information relative to the proposed issuance.
KEY EVENTS: The following summary schedule includes the timing of some of the key events that will
occur relative to the bond issuance.
August 5, 2013 City Council sets sale date and terms
Week of August 27, 2013 Rating conference is conducted
September 3, 2013, 10:00 AM Competitive bids are received
September 3, 2013, 7:30 PM City Council considers award of bonds
Early October, 2013 (est.) 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 ( "BBI ")
which measures the yield of high grade municipal bonds in the 20th year for general
obligation bonds (the BBI 20 Bond Index) and the 30th year for revenue bonds (the BBI 25
Bond Index). The following chart illustrates these two indices over the past five years.
BBI 25 -bond (Revenue) and 20 -bond (G.O.) Rates for 5 Years
Ending 712512013
6.5%
6.0%
5.5%
5.0%
is
4.5%
4.0%
3.5%
3.0%
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n
712.2013
r�
X Gotd:l'7%
Myr,�
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AAA I
f { ;
- -- -88125 Bond
-98120 Bond
Dates Prepared by Springsted incorporated
POST ISSUANCE The issuance of the Bonds will result in post- issuance compliance responsibilities. The
COMPLIANCE: responsibilities are 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 general terms the arbitrage requirements control the earnings on 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.
SECURITY AND The Bonds will be general obligations of the City secured by its full faith and credit and
SOURCE OF taxing power. The Bonds will repaid from a combination of special assessments and general
PAYMENT: ad valorem property taxes. Assessments in the principal amount of $1,451,643 will be
spread over a term of 5 years with equal annual payments of principal and interest, with
interest charged on the unpaid balance at a rate of 2.00% over the rate on the Bonds. For
'?I "it1CO1 Page2
w .*
The arbitrage rules provide an exception from rebate provisions for gross proceeds that are
spent within an 18 -month period in accordance with certain spending criteria. The City
expects to meet the 18 -month spending exception and gross proceeds that meet the test
will qualify for an exception to rebate.
An issue qualifies for a small issuer exception from rebate if it is sold by a municipality with
general taxing powers that issues $5 million or less of certain tax - exempt obligations in a
calendar year. The City may qualify for the small issuer exception.
Yield restriction provisions will apply to the debt service fund and any project proceeds
unspent after three years under certain conditions and the funds should be monitored
throughout the life of the issue.
Secondary disclosure requirements result from 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 continuing disclosure agreement.
Springsted currently provides arbitrage and continuing disclosure compliance services to the
City under separate contracts. Contract amendments adding this issue will be provided to
City staff.
SUPPLEMENTAL
Supplementary information will be available to staff including detailed terms and conditions
INFORMATION AND
of sale, comprehensive structuring schedules and information to assist in meeting post -
BOND RECORD:
issuance compliance responsibilities.
Upon completion of the financing, a bond record will be provided that contains pertinent
documents and final debt service calculations for the transaction.
PURPOSE:
Proceeds of the Bonds, together with funds from other sources including prepaid
assessments, developer funds and City parks improvement funds, will be used to finance
construction of street improvements for two new residential developments, Prestwick
Place 7th and Greystone 2 ^d.
AUTHORITY:
Statutory Authority: The Bonds are being issued pursuant to Minnesota Statutes,
Chapters 429 and 475.
SECURITY AND The Bonds will be general obligations of the City secured by its full faith and credit and
SOURCE OF taxing power. The Bonds will repaid from a combination of special assessments and general
PAYMENT: ad valorem property taxes. Assessments in the principal amount of $1,451,643 will be
spread over a term of 5 years with equal annual payments of principal and interest, with
interest charged on the unpaid balance at a rate of 2.00% over the rate on the Bonds. For
'?I "it1CO1 Page2
w .*
purposes of these recommendations we have used a rate of 3.55 %. Assessments are
expected to be filed on or about November 1, 2013 for first collection in 2014. The City will
need to levy for a portion of debt service beginning with collection year 2014.
Each year's collection of assessments and taxes will be used to pay the interest to come
due on August 1 in the year of collection and the principal and interest due February 1 of the
following year.
There is a statutory requirement relative to general obligation bonds whereby, in order to
avoid a tax levy to support an issue, the annual pledged revenue must exceed debt service
by 5 %. In the case of the Bonds, the pledged special assessments are estimated to exceed
debt service but not by the required 5% margin. While a levy must therefore be filed with the
county for the term of the Bonds, the City may annually cancel the levy provided it has
sufficient funds on hand to pay 100% of the debt service.
STRUCTURING At the direction of the City, the Bonds have been structured around the assessment income
SUMMARY: over a term of five years to result in equal annual levy requirements.
SCHEDULES Schedules attached include a sources and uses of funds, calculation of special assessment
ATTACHED: income and estimated debt service requirements, given the current interest environment.
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, the Bonds 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
obligations that count against the $10 million limit for this calendar year; therefore, the
Bonds are designated as bank qualified.
,I "piig Page
$1,500,000
City of Rosemount, Minnesota
General Obligation Improvement Bonds, Series 2013A
Sources & Uses
Dated 10/01/2013 1 Delivered 10/01/2013
Sources Of Funds
Par Amount of Bonds ................... ...............................
UtilityFunds .................................. ...............................
DeveloperFunds .......................... ...............................
City Park Improvement Funds ....... ...............................
Prepaid Assessments .................. ...............................
TotalSources ............................ ...............................
Uses Of Funds
Prestwick Place 7th ............................................................... ...............................
Greystone2nd ....................................................................... ...............................
Costsof Issuance ................................................................. ...............................
Total Underwriter's Discount (0. 700%) ................................ ...............................
RoundingAmount .................................................................. ...............................
TotalUses ..................................................................... ...............................
2013A GOLnprovement Bond I SNGLEPURPOSE 1 712412013 1 1.00 PM
Springsted
.......... ............................... $1,500,000.00
.......... ............................... 441, 404.00
.......... ............................... 392, 063.00
.............................. I ..... I.... 163,913.00
.......... ............................... 147,831.00
............. ............................... $2,645,211.00
............ ............................... 1,921, 902.00
............ ............................... 674, 952.00
............ ............................... 34, 250.00
............ ............................... 10,500.00
............ ............................... 3,607.00
$2,645,211.00
Page 4
$1,451,643
City of Rosemount, Minnesota
General Obligation Improvement Bonds, Series 2012A
Assessments
ASSESSMENT INCOME
Date
Principal
Coupon
Interest
Total P +I
12/31/2013
-
-
-
12/31/2014
267,059.36
3.550%
55,827.77
322,887.13
12/31/2015
280,834.41
3.550%
42,052.72
322,887.13
12/31/2016
290,804.04
3.550%
32,083.10
322,887.14
12/31/2017
301,127.58
3.550%
21,759.55
322,887.13
12/31/2018
311,817.61
3.550%
11,069.53
322,887.14
Total
$1,451,643.00
-
$162,792.67
$1,614,435.67
SIGNIFICANT DATES
Filing Date ...... ...............................
First Payment Date .......................
2013A Assessments I SRJGLN PURPOSE 1 712412013 1 1:00 PM
" S i i [ # 447
.... 11/30/2013
.... 12/31/2014
Page 5
$1,500,000
City of Rosemount, Minnesota
General Obligation Improvement Bonds, Series 2013A
NET DEBT SERVICE SCHEDULE
Date Principal Coupon Interest Total P +1 Net New D/S 105 %of Total Assessment Levy
Required
02/01/2014 - _ _ _
02/01/2015 290,000.00 0.590% 23,670.00 313,670.00 313,670.00 329,353.50 322,887.13 6,466.37
02/01/2016 295,000.00 0.900% 16,041.50 311,041.50 311,041.50 326,593.58 322,887.13 3,706.45
02/01/2017 300,000.00 1.190% 13,386.50 313,386.50 313,386.50 329,055.83 322,887.14 6,168.69
02/01/2018 305,000.00 1.450% 9,816.50 314,816.50 314,816.50 330,557.33 322,887.14 7,670.19
02/01/2019 310,000.00 1.740% 5,394.00 315,394.00 315,394.00 331,163.70 322,887.13 8,276.57
Total $1,500,000.00 - $68,308.50 $1,568,308.50 $1,568,308.50 $1,646,723.93 $1,614,435.67 $32,288.26
Dated ...................
Delivery Date.......
First Coupon Date
Yield Statistics
Bond Year Dollars ..........................
Average Life ... ...............................
Average Coupon ............................
Net Interest Cost (NIC) ...................
True Interest Cost (TIC) ..................
Bond Yield for Arbitrage Purposes
All Inclusive Cost (AIC) ...................
2013A GO Lnpmvement Bond I SNGLEPURPOSE 1 712412013 1 COO PM
ringsted
10/01/2013
10/01/2013
8/01/2014
$5,050.00
3.367 Years
1.3526436%
1.5605644%
1.5635462%
1.3489144%
2.2779832%
.......................... 1.3526436%
.......................... 3.367 Years
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