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267254 WHITE - CITV CLERK �� PINK - FINANCE COUt1C11 a CANqRV - DEPARTMEN G I TY A I NT PA 11 L BLUE -MAVOR File NO. � . s - l R es lution Presented By Referred To Committee: Date Out of Committee By Date WHEREAS, a proposal has been submitted to the City Council of the City of Saint Paul by Piper, Jaffray & Hopwood Incorporated for the advance refunding of certain general obligations of the City; and WHEREAS, said proposal has been reviewed by the City staff and by the City' s fiscal consultant and bond counsel; now therefore, be it RESOLVED by the Council of the City of Saint Paul, Minnesota, that this City should issue the following refunding bonds : $4,050,000 General Obligation Refunding Bonds of 1976 , Series A, to advance refund the outstanding Urban Renewal Bonds , Series 1975-L, dated December l, 1975; $�+,5�0,000 General Obligation Refunding Bonds of 1976, Series B, to advance refund the outstanding General Obligation Downtown Development District No . 1 Bonds , Series 1975, dated December l, 1975; $4 ,000,000 General Obligation Refunding Bonds of 1976, Series C, to advance refund the outstanding General Obligation Water Pollution Abatement Bonds , Series 1975, dated March l, 1975; $6,000,000 General Obligation Refunding Bonds of 1976, Series D, to advance refund the outstanding Urban Renewal Bonds, Series 1974-K, dated October 1, 1974; and $7,300,000 General Obligation Refunding Bonds of 1976, Series E, to advance refund the outstanding Capital Improvement Bonds, Series 1969 C, dated November l, 1969 and the outstanding General Obligation Capital Improve- ment Bonds, Series 1975, dated March 1, 1975 • COUIVCILMEIV Requested by Department of: Yeas Nays Christensen Hozza In Favor Levine Roedler A gai ns t BY Sylvester Tedesco President Hunt Form Approved by C' y A orney Adopted by Council: Date Certified Passed by Council Secretary By By Approved by Mayor: Date Approved by Mayor for Submission to Council By By WHITE - GTV CLERK � PINK - FINANCE GITY OF SAINT PAZTL Council ��KA. CANARY - DEPARTMENT BLUE - MA�OR � File NO. �' �'`�•J�� ' � + Council Resolution Presented By Referred To Committee: Date Out of Committee By Date FURTHER RESOLVED, that the City Clerk is hereby authorized and directed to cause notice of the time, place and purpose of said meeting to be published in the official newspaper of the City , Commercial West , and the Bond Buyer, not less than ten days in advance of the date of sale, as provided by law, which notice shall be in substantially the form set forth in Exhibit A attached hereto; and be it FURTHER RESOLVED, that the terms and conditions of such series of refunding bonds and the sale thereof are fully set forth in the Notice of Bond Sale attached hereto as Exhibit A and incorporated herein by ref- erence; and be it FURTHER RESOLVED, that at the time and place specified in said Notice, the Director of Finance and Management Services shall open bids for said refunding bonds and that thereafter, as provided in said Notice, the Mayor, City Clerk, and Director of Finance and Management Services , as the officers of the City, are hereby authorized, pursuant to Minnesota Statutes, Section 475.60, to consider and accept on behalf of the City the most favorable bid on each such series of refunding bonds and to exer- cise any other rights reserved to the City under the terms and conditions of said Notice. COUNCILMEN Requested by Department of: Yeas Nays � Christensen � Hunt In Favor Levine � Rcedler Against BY Sylvester �if•edeseo President� Hozza �Y �•� � Form Approved b ity Att rney Adopted by Council: Date Certified by C unc' ecr y BY By Approve Mayor: te Approved by Mayor for Submission to Council By By P�tBl,I3il�tt ,�N 5 f 97� �� CITY OF SAINT PAUL .-� S 1�' OFFIOE OF THE CITY COIINCIL �/N M�� [ �� /'. RUBY HUNT councilwoman Ma� 13, 1476 T0: Rose Mix, City Clerk FROM: Ruby Hunt, Councilwoman � SU�JECT: Attacfied Memorandum on Advance Refunding Proposal Please see that the attached memorandum is made a part of the official record of the Ctty Council meeting on May 18, 1976. RH/rs Att. CITY HALL SEVENTH FLOOR SAINT PAUL, MINNESOTA 55102 612/298-5378 O . „ , ��'' �: , (�3TY OI� ►.�AINT. �AUL � , �j�1 f;�1 OFFICE L�_�� T�TE GITY COUNCIL ,, �-. �5 �: s�` 5 � � � � . ��'� �� 4 } � 6 "y� .:(,� � . r `�y�- ,� _` � :::,. _,,-� RUBY HuNT May 13, 1976 Councihvoman T0: Mayor La��rence D. Cohen anrj City Council mem6ers FROM: Ruby Hunt, Councilwoman � SUBJECT: Piper, Jaffray and Hopwood Advance Re�FundTng Proposal Since I will not be present for the City Councii meeting an Tuesday, May 18, 1976, T would like to apprise you of my reservations re- garding this proposa1 . I am concerned that the Council has not had time to consider carefully all feasible alternatives for distribution Qf the substantial amount of arbitrage profit that may result from the advance refunding. �f the Council decides that advance refunding must go fo�ward without delay and no time is available for further study, it is my opinion that the arbitrage profit should 6e allocated as follows: 1 . Reimbursement� to Piper, Jaffray and Nopwood for all expenses incurred. 2. The balance to the Federal Government. RH/rs CC: Thomas Kelley City Clerk Osmon Springsted Peter Seed CITY HALL SBVENTH FLOOR S.�1IAtT PAUI,, l3INtiESnTA �i IO2 612/2�Q-S378 .. :� � � �f��7��4 AGREE;?�ir,��i THIS AGREET�ZENT, made and entered into as of the day of May, 1g76 , by and between the City of Saint Paul, acting by and through its iQayor and Director of Finance and Management Services (the "City") , and Piper, Jaffray & Hopwood Incorporated (the "Escrow Managers" ) , WITNESSETH: Section l. Recitals . The City proposes to issue and sell, at public sale, $25,890 ,000 General Obligation Refunding Bonds of 1976 , Series A, B, C, D and E, (the "Refunding Bonds" ) , pursuant to TZinnesota law and appropri- ate resolutions heretofore adopted by the City Council; and co-incident with the sale of one or more series of such Refunding Bonds the City will be required to deposit certain "federal obligations" in escro�v to secure payment of debt services on certain presently outstanding general obliga- tion bonds of the City (the "Refunded Bonds") ; and the Escrow Managers propose to furnish such "federal obliga- tions" in accordance with the requirements of state and federal law; and the City Council has determined by reso- lution to invest the proceeds of the Refunding Bonds in the manner and subject to the conditions set forth in this Agreement . ' ' �� ! �e.3� Section 2 . Unrestricted Investments . Co-in�ident with the delivery of each series of the Refunding Bonds, the City shall purchase from the "minor portion" of the proceeds of such Refunding Bonds and any "non-bond proceeds ," artd the Escrow Managers shall sell to the City, that portion o� the escrow required to be purchased from such funds at a p�ice based on the current yield on the federal obligations used in determining in the report of the Escrow Managers , dated , the minimum savings that would accrue to the City as a result of the refunding, such price to be verified by Springsted, Incorporated, the City ' s fiscal con- sultant s . Section 3. Restricted Investments . Co-incident with the delivery of each series of the Refunding Bonds, the City shall also purchase from the balance of its bond proceeds ("Major Portion Proceeds" ) , and the Escrow Managers shall also arrange for the sale to the City, of that remain- ing portion of the escrow required to be purchased from the Major Por�ion Proceeds at the yield or yields permitted by the federal arbitrage regulations [and funded from a combina- tion of investments U. S. Treasury ohligations , state and local Government Services , under 31 GFR 344 (the "Special Obligations" ) and other federal obligatians so that the third party profits to be realized by the Escrow Managers -2- . • �� fror:l such sale are to the maximur,l exten� practicable equal to all costs and expenses reasonably incurred by the Escraw r'Ianagers in connection with the refunding plus % of the present value of the balance of such third party profits (not to exceed $ ) and so that the remaining baI- ance of such third party prafits is realized by the United States Goverrrment , such allocation of profits to be verified by Springsted Incorporated.) Section 4. Refunding Commitment . The Escrow P�Ianagers hereby grant to the Council the option, exercisable from time to time during a period commencing on the day of delivery of the Refunding Bonds and terminating on , in accardance with the provisions of Sec- tion 5 of this Agreement , to recover part or all of an amount (the "Aggregate Recoverable Amount") consisting of (a) that portion of the price paid from the Major Portion Proceeds to the Escrow Managers for Federal obligations (other than the Special Obligations purchased from the U . S. Treasury to reduce third party profits to the Escrow Managers} that equals the third par�y profits realized by the Escrow Nlanagers in excess of the costs and expenses in- curred by the Escrow Managers as a result of the refunding, plus (b) interest thereon at six percent per annum commenc- ing on the date of delivery of the Refunded Bonds and ending with respect to each portion, if any , refunded to the City in accordance with this Agreement . _3_ Section 5 . Procedures . If in the opinion of Briggs an� TJIorgan, Professional Association, of Saint Paul, PJlinnesota, or if in a letter ruling secured from the In- ternal Revenue Service, it is determined that the option granted in Section 4 of this Agreement to the City may be exercised in whole or in part by the City in a manner which would not cause the Refunding Bonds (or any other bonds of the City) to be treated as "arbitrage bonds" under applicable federal latia, the option may be exercised by the City by delivery of a letter from the City to the President � or any Vice President of Piper, Jaffray & Hopwood Incor- porated, or its successor, exercising such option, accompa- nied by either the opinion of said attorneys or the letter ruling. The option may be exercised from time to time in such amounts as do not in the aggregate exceed the Aggre- gate Recoverable Amount permitted under Section � of this Agreement . Each time the City elects to exercise the op- tion as provided in th�s Section 5, the Escrow Managers shall promptly pay to the City the amount which the City then elects to recover from such Aggregate Recoverable � Amount . Section 6 . Indemnification. The Escrow P�tanagers will protec'c , indemnify and save the City harmless from and against all liabilities , losses , damages , costs , -4- � . . �� expenses (including attorneys ' fees) causes of action, suits , claims , demands , and judgm�ents of any nature relat- ing to the enforceability , validity or legality of aII or any part of the transactions or activities specified in or contemplated by the resolutions of the City Council relating to the issuance af the Refunding Bonds , or any of the agreements referred to in an;� such resolutions. Section 7 . Disclosure . U�on issuance of one or more series of the Refunding Bonds , the Escrow Managers shall disclose to the City, the amount of �hird party profits realized by the Escrow NIanagers as a result of the transaction, in a written form satisfactory to the City Attorney. Section 8 . Miscellaneous . This Agreement shall be binding upon and inure to the benefit of the City, and its successors and assigns and to the Escrow Managers and their successors and assigns ; and the invalidity or unenforceability of any one or more phrases , sentences, clauses or paragraphs in this Agreement shall not affect the validity or enforceability of trie remaining portions of this Agreement or any part thereof. IN WITNESS WHEREOF, the City and the Escrow . Managers have caused this Agreement to be executed in . _5_ �� their nar�es by their duly authorized agents as of the date first above written. CITY Or SA IT1T PAUL By It s T2ayor (SEAL) By Its Director of Finance and Management Services PIPER, JAFrRAY & HOPWOOD INCORPORATED By (SEAL) A�test R -6= ��,,. ADVP.i'�ICE R.�FtJtiDT::3 ?�SEtT�TIO�T TO CITY COU�CII, � L�� , • _•_�Y 25, 1976 STAFr ?`.SE�iTATIO� OUTLIbIE INT�ODUCTION (GITY AD��II_�IIS��iOR) - : t�Thile you hav� all gartic:�,.,ztea iA ais�u�io.� af advaace refuad,iag, I would like to pses�nt an ove�-v�e;� of the i.ssua� in aa advaac�: refuading bc� issue far Sai.at Pan].t : . : , �. _ . � SeveraZ gt��„irc- � paci�a.t�. �ivaa�cial ex��ts .are� h�r� ta�ar.� � s�gg�.� their t�ec�sl. �tssista�t��. B�fare I �uttrodu� i:h+�. Z wa�� to �cev�e� _ � the acticuts ths�. hav�- brc��,�;�ht t�ie A�3mi�t,istra�ioa he�re tc�ay ta ask � . �- Cauncil: to ac� on a reco��.dssi refunc3iag.� - : . The City oi �sat _Fa�s2 bec�s interested ia adv'a�ca reft�sx�g after t,h+� ` Metropolitaa Cc�v�cil gu3l.,:,cizec3 substan�fal saviags fram i�s re�ua�3�,ztg of $53 millioa in sewer b�.�s last winte�. SiAC� th�rz, th�- City �as • taken several steps ta se� i� simila�c b�ncfits cotLtd be available to � Saint Paul taxpayers if p�?-�i01zs of Sain� P�ul`s outstaac�i:ng debt were �cef unded. � . ' In the first steg,- ttie co�^��t of advance refuading w�g exgZaia,�d �o, the Council an� Ac3�i.nistr��ion by the repres�r€tatives franr pi,pe�c, �afgray, and Sop:avod: (pJFF} . On biarc� 30, 1976, the City Counci,I, passed a resolutien ' which autharized ti�e City �o contract with Piper, Jaffray, Hopwoo� ta . study the City's outstand�^� bonded debt. . The study was to identify those issues which quali�_� �or advance refuadiag.- In the second step, Piper, 3affray, Hopwood analyzed �he City's outstandinq debt and prepared an adva�_a refunding proposal. Its report of Ma�r 12, I976 ideTTtified certa�n b��3 issues which IegaI.ly qualif� for advaace refunding under current .ar:{et conditions. -1 --••r �.� � v ��/ ' �- . . . � � . � . . .. . . � This report provided the information base required to permit fiscal analysis and decision making concerning any advance refunding issue or issues. Pursuant tc the caatract with Pipe=, Jafz=ay, Hopwood, the City hired Springsts�d, Ia�tgor�at�ed. to analyze the repar� of May 22th, arid Briggs � � aad Morgag._was hsr�,cl, to. s+�rv� a� boad cauas�l.. - In this t�iss3 s�,� :S�iaq�'�eid,,:> IncQrpc�u�a.ta�r3 Prepaz�. aa a,r�.al�sas. Th� � � Ctrrrant -Statr�. vi t3te� l�a�ci al T� �ia=k��:, A ri l 2 8, 14 7 G. Th� ' . analysis w�s-p��t� -t�a :ths Caus�cil On Map 4, I976. Twa thiags.�►�rat shown: ' . _ _ Firstr. aay prtxp!�9��c1' advBrtC� refuadJ,n+g ]�sS�e �auSt: he : cczor!dia��ed arit�t the 1976 CIS_ is�wa� : the Port Au�.oz�,tg advaact �un�,iag issu+�, and the Sclxoal IIist�i.c�'� up— _ ccaaia+g boa� isscie. � �`a�- : � a.i�, �" � � if.U�c.d- �"�?u.f�t,� � - � Secor�, if the CitZr wanted. to ur�dertake ari adva�c� � ... refu�tc�ag issu�. nasket ccnditioas requ�red immec�iate _ City action to sect�r�e debt servi.c� sav�.ags_ �� ,�,c�k ,�.-�... ank.. .,�.s�.. �,,�,� . �+ . !� 0 At the sa� ti.z�, the City Financial Folicy Adv�sorp Comm�ttee revie��c3, the cvncept, the pro�sal, and the City's strategy� for anal��ir�g the praposal. The Comiuittee reco�artended that the Citp expedite all action� necessa*_-y tq proceed with advance refuading and th� corzespo�ding reduction in debt service. Durinq this phase, City Council requested that it be infornted of all optioas technically availa�le to distribute any wi.ndfall profit. Sp=i.ngsted, Incorporated sub:nittec3 to the Council, the`report,, Rdvance Refundinq Required Profit, dated t4arch I2, 1976_ ..��.T� ` � � . � . " , ,AS`an outgrowth of thes� s�°��?°s ar.d reco�..z�ndatiozs, Piper, Jaffzay, and Fiop:�ood pregared a s�c�n� report, thaL of May 16, 1976, which added' aptions for savings and ��_ined tne bo�d issues bei�� considsrec� far refunding_ On riay i?., 197�, Sp=in�sta�, Incorporated submitted an An3lvsis of . Ref uztdia t I I date3 :'•�3 15 19 7 6 b Pi �r �aff ra and Ha . Ttte analysis ide�ttifi�t3. � r_�eed to re�tru�tur� debt servic� �a�ut�t�: � Tt. � . =ec�amte�d tl�a� th� Cit-�.r :urther study th� cpticaa.s avai].ab1e to� irap�- . _ ttte City's cas� f3.�w yor c�� ser�ca. Piger, Jaffr�t and Hop��a�: 4hsn revised its. 'adva�t�. r.efuuc�iag prt�pa�a1, to carry out the I�a,y 17tsz reco�aaadations of SFriagsted, Incozpafrat�d.� With tad�y�s r,epc�rt� a1Z o�;+ons are before ycx�.. � I stand before yau now ta r�cor►a�e�d, ugoa the advice of Spring�te�3, Iac. , Briggs aad Morgazt, the Ci�� Finzncial P�licy �.dvisory Cam�titfi.�e, the Depar�nt of Finance aa� ..�nage��nt Services, aAC� th� Bud�e�t Dir�ett��c's staff, that a grou� of si:f �on3 issues be approved for advanee refunding, for the purpog� of irapro��:^3 cash f io:�r for debt servic� and: saving th� City a miniatcun of $Z?3+�D�Z�4 in debz serv�ce. . • � ra 1 ! �'� `ID11 � �--- /,,�'_��/�e:6':�`� ? C-=_�i:�.?. ::OTIC�. OT B�\D SALE i 1 $Z��BJOy��O . GE`:�=_.� ��'3i,IG'�1I0:� �:E�li\DI?�G E0�<DS ! v OF 19io ' SE::IES A T'tiRli E I! C==�: C� �T. P6�L,L, �II��;ESOTA �, .=_ �oads will be offered =__s�a}•, June 8, 1976. Bids �aill be opened at 1Z:00 __--_, C?ntral Time, in the o_--ce of P,00er �. 2•tattson, Director, Dzpartment of �_-:=_-,c� and �lanagement Servic�s, 109 City Ha11, Saint Paul, iiinnesota. Award :.,__ �= at 3:00 P.ri. Central =�_,° of tne sane day. ' > - � 1 -, �., -- - � . � �.,�. y _ _ _ o� , ., __ __� � - , _ - . Tne offerino c.�ili be upon the i�='_c::ing terms: . ��:��;� AtiD Ii�'TEP.EST PAY�IEI�TS Ai_ „oads will be dated July l, 1976 and wi11 bear interest payable on each �e�-La~}* I, and Auoust 1, to �turity, correncing February l, 1977. TYPE AND PURP05E az' �o�:ds will be general ob�igations of the Issuer for which its unlimited taxing pc-.��s :aill be pledged. The ��nds will be in bearer form t��ith interest coupons a�_=��yd and will be of the Z�no�ination of $5,000 each, unless other denominations ar= �equested by the Purchase� w�ithin 48 hours after the a�aard. The proceeds of t'c=� S�ries iridi.cated will be LS2CI to refund in advance of maturity all of the o�=standing bonds of each of ��e City`s follo�aing issues_ Series . Bonds Refunded Amount Outstanding A Urban Re��;aal Bonds, Series I975-L, Dated DeczL:oar l, 1975 $ 4,100,000 B General Q�lija�ion Do«ntown Developnent Distric� `;o. I Bonds, Series 1975, � Dated De��ber l, 1975 $ 4,60Q,000 C General Obligation ��'ater Pollution Abatera�*:� Bonds, Series 1975, Dated :izrch I, 1975 $ 4,000,000 D Urban Fe::e.�:al Bonds, Series 1R74-I�, Dated Oc*ober 1, 1974 $ 6,000,000 E Capital �-prez�er,ient Bonds, Series 1969 C, � Dated `.�•�e�ber l, 1969 $ 1,600,000 and Generas 'Jbligation Capital Improvenent Bonds, S�ries 1975, I�ated i�:a-ch l, 1975 $ 5,550,000 i�o�r�L S?�,t�o,oao � _,. T,��=� ,__,. , ,._� .� - ,� . . _ . � . . ; ! ' 1 ' rIATURITIES �1;�D RiDct�IPTIO�I �'��?C.�� 't. !�.1 r � �.' 1 ;,�n1s �Jill mature February 1, i,n the years and amo�nts as folloc•:s: � �eries A $ 220,000 1979-83 �•!+,05Q,000 320,000 1954-88 220,000 1989-93 250,000 I994 I Series B $ 120,000 1979-80 I S4,540,000 275,000 I981-84 i 280,000 1985-88 � 285,000 1989 � 330,000 1990-94 145,000 1995 Series C $ 150,000 1979 ' $4,000,000 145,000 1980-87 , 195,000 1988 255,000 1989-90 280,000 1991 - 285,000 1992-93 295,000 1994 � 305,000 1995 280,000 1996 255,000 1997 Series D $ 225,000 1978-82 $6,000,000 220,000 1983-87 170,000 1988-95 270,000 1996 275,000 1997 . 280,000 1998-99 • 330,000 2000-01 _ ' 335,OQ0 2002 315,000 2003 Series E $ 260,000 1977 $7,300,000 3,050,000 1978-80 650,000 1981-85 64Q,000 1986 All dates are inclusive. Series E Bonds �aill be without prior redemption. At the option of the City the Bonds of Series A-D, inclusive,maturing on or after February l, I987, shall be subject to redemption prior to maturity in inverse order of serial numbexs on Feoruary 1, 1956, and any interest payment date thereafter, at a price of par and accrued interest. .� , � w ' PAYING :�G�':i � Tii� First Natio�ial �ank of. S�int Paul, T[in^2sota or th� Chase i:antlattan Bant:, `: .A., i,;�,,,; ��or�., Ne�„ �ork, at the op�ion of the holder, c•:ill be desi�nated by the City as i�s pati�ino aoents. Tne City �•,i11 pa}� the custo^ary charoes of these agents. CL`SIP I�'U.,��?S Ir, �aithin three working da}s after the a�vard oT the �onds, Ch� Purchaser in writ- ii�g requests that CL`SIP id2ntification numbers be printed on the Bonds and agrees to be res�onsib�e for the CUSIP Service Bureau charge for the assignment of said nunb�rs, th°y. will be printed on the Bonds, bt�* neither the fail.ure to print such � nuT~!ber on any Bond nor any error c•rith respect *_�ereto shall constitute cause for � �ailure or refusal by the Pux'chaser to accept delivery of the Bands. � DELI�'�.�Y It is anticipated that the Bonds will be delivered o� or about 3uZy l, I976 subject to the unqualified approvino lzgal opinion of 5riggs and piorgan, Professional � Association of Saint Paul, rlinnesota and delivery of custamary closing papers, � including a statement of non-litigation. Bond printing and the lebal opinion i�ill � be paid for by the City. Delivery will be at the place of the Purchaserts choice. � Paynent rr.ust be made in Federal, or equivalent, funds, to be iznmediately available . on thz day of delivery. The legal opinion �aill be printed on the Bonds.. TYPE OF BID � Sealed bids for each Series far nofi ].ess than par and accrued interest on the i principal sutn of the �eries from the date of the Bonds to date of delivery must I be filed with the undersigned prior to thz tine of sale, together �aith a certified ii or cashier's check in the amount of 1% of the a�oLnt of the principal, payable , to the order of the Treasurer of the City of Saint Paul, to be retained as liqui- ' dated damages if the Bidder fails to comply with the accepted bid. The City �aill , consider and a�vard bids for each �Series separately and will not consider any bid . that is depen�ent upon the award of more then one Series. ' KF,TE S All rates must be in integral multiples of 5/100 or 1/8 of 1%. All Boccds of the sa.«.e naturity must bear a single rate frota the date of issue to maturity_ The rate specified for any maturity may not exceed the rate specified for any sub- sequent maturity. Additional coupons may not be used. No limitation is place3 upon the number of rates which may be specified. The net effective avezage rate of the respective Series� may not exceed the rates stated as follocas: Series A 5.76% Series B 5.74% Series C 5.87% Series D 6.19°!> Series E 4.79% :,.,,.. "�:-r� ..: �zr�i�:�^�r+'�r r��-an 1� ;;�^ .u+�'�`"��t�..�'?`�«��.�es:��"„.� -�-� .rt, ; �`��;+'� �:��k.�� • ' AGJEIF.D �� / f, �.�'�'i AT�:ard of each Series will be mzde on the basis of the lowest dollar interest cost deter:�in�d by the deduction of any premium fro:n the total interest un all Bonds fro�! their date to their stated naturity as computed on the basis of the schedule of bo�i1 }�ears in the O�iicial Statement published for the offering. The City reserves the right to reject any and all bids, to �aaive ircfor�alities and to adjourn the sale. The award of an�� Series i•rill not de�end upon the a�aard of any other Series. _ Duted 25 :1ay, 1976 BY ORDER OF THE CITY COUNCTL " • /s/ Roger A. :fattson, Director D�partment o€ Fi.nance and tFanagemezt Services •• . • .., . � _1,HIB11 r� � �;� � � o�'FTc�::T �:o�rl.c� o� �;�`� s�r.r �� l�f.� -; � $2�,890,000 � GENEFZ`,L :.'�LIG��1I�� FEFU`DI1�G BO:�DS � „ OF 1970 � I � SFi IF.S A T�IRti E CI�� 0'� ST. PAUL, I�fI\?iESOTA T�ese Eonds will be offered Tue�^a}�, June 8, 1976. Bids ��ill be opened at 12_00 �;oon, Central Time, in the of`ic� oi P.oger a. t•fattson, Director, Depart�►ent of + Finance and Alanagement Services, 109 City Ha11, Saint Paul, i�iinnesota. �ward d � �-�ill be at 3:00 P.ri. Central Ti-:e of the same day, ' ' � - � � �, ,�. ,. �y � _ � �, „ - . � �_ , - . Tne oFfering c.ill be upon the � iollo�•:ing terms: � i DATi�� AND INTEREST PAY:SENTS , I :�11 Ronds will be dated July l, 1976 and will bear interest payable on each '�, February 1, and August l, to ma�urity, commencing February 1, 1977. � TYPE AND PURPOSE � all $onds will be general oblig�tions of the Issuer for which its unlimited taxing poc•rers wi11 be pledged. The Bo,ds will be in bearer form with interest coupons zttached and will be of the deno�ination of $5,000 each, unless other denominations are requested by the Purchaser �.-ithin 48 hours after the ac�ard. The proceeds of the Series indicated will be us?d to refund in advance of maturity all of the outstanding bonds of each of the City's follotaing issues: Serzes . Bo�ds Refunded Amount Outstandin� A Urban Renewal Bonds, Series 1975-L, Dated Dece��er 1, 1975 $ 4,100,000 B General Obligation Dot��ntot,m Development District no. 1 Bonds, Series 1975, - Dated Dece.^��er 1, 1975 $ 4,600,000 � General Oblioation �r'ater Pollution Elbatement E�nds, Series 1975, Dated rlarch l, 1975 $ 4,000,000 D Urban Renecaal Bonds, Series 1974-I:, Dated Octo�er 1, 1974 $ b,000,000 E Capital In2-ovement Bonds, Series 1969 C, Dated �ov2:��r l, 1969 $ 1,600,000 and General Obligation Capital Improvec:�ent Bonds, Seri�s 1975, Dated t•Iarc'� l, 1975 $ 5,550,000 1'OTAL $26,150,000 n,_. , ,._ _ , , . .. . _, . ;, ., _ , ,.. �..T.,� -_�.: ��s.,��«�,� :�.., ,.. . �,., . ' . �, ' � ' � MATURITIES �1tiD R�•'.D'c',i•,PTTON � r�'•_1 Foncis �sill mature February l, in the years and amo�nts as folloc�s: �`��➢i�� Series A $ 2.2Q,000 1979-83 $4,050,000 320,000 198!+-88 ZZ0,�00 1989-93 250,000 I994 Series B $ 120,000 1979-80 $4,540,000 275,000 1981-84 280,000 198�-88 285,000 1989 � 330,000 1990-94 145,OQQ 1995 Series C $ 150,000 1979 $4,000,000 145,000 1980-87 f 195,000 1988 1 255,000 1989-90 280,000 1991 - 285,000 1992-93 295,000 1994 305,000 1995 280,000 1996 � 255,000 1997 � . Series D $ 225,Q00 1978-82 + I $6,000,000 220,000 1983-87 170,000 1488-95 i . 270,Q00 1996 ', 275,000 1997 . ' 280,000 � 1998-99 • 330,000 2000-01 , ' 335,000 2002 315,000 2003 Series E $ 260,000 1977 $7,300,000 1,050,000 I978-80 650,000 1981-85 640,000 1986 A11 dates are inclusive. Series E Bonds �aill be without prior redemption. At the option of the City the Bonds of Series A-D, inclusive,maturing on or after February 1, 1987, shall be subject to reclemption prior to maturity in inverse order of serial numbers on February 1, 1986, and an5� interest paycnent date thereafter, at a price of par and accrued interest. PAYZr<c; .�c��:��r �'b�� T:�� rir�t idational Bank of Saint Pa�.il, l�[inr:esot� or the Ct�ias� i�t�nhattan Bant:, 1;�A.� � :.;�;; �;,��,, \e�� Yor�,, at the option of the hold�r, �;�ill be ��JZvRt�tEIL by the City as i-, ��;in� a�ents. T'tie City t•;ill pay the custo^ary charoes of these agents. CUSIP hli�tLE�S I�, ;:i�nin three working days after the awar� of the Bonds, the Purchaser in �•rrit- ino re�uests that CUSIP id�ntification nunbzrs be printed on the Boncls and a�rees to b� responsibl.e ior the CUSIP Ser.vice Bureau charge for the assignrnent of said nu,b�_-s, th°}' ��ill be printed on the Bonds, but neither the failure to prin[ such r,u�5�r on any Bond nor any error caith respect thereto shall constitute cause f or £ailll�"2 or refusal by the Purchaser to accept delivery of the Tonds. DEL 1�'inY Yt is anticipated that the Bonds will be delivered an or about July l, 1976 subject to the unqualified approving lzgal opinion of Briggs and rlorgan, ProfessionaZ Association of Saint Paul, riinnesota and delivery of customary* closing papers, including a state�ent of non-litigation. Bond printino and the legal opini.on will be paid for by the City. Delivery will be at the place of the Purchaser's choice. � Pa}�?nt must be made in Federal, or equivalent, funds, to be immediately avai.lable . on the day of delivery. The legal opinion «i11 be printed on the Bonds.. TYPE OF BID Seale3 bids for each Series for not less than par and accrued interest on the prin�ipaZ sum of t�-�e �eries from the date of the Bonds to date of delivery must be filed wi*_h the undersigned prior to the time of sale, together �vith a certified or cashier's check in the amount of 1% of the amount of the principal, payable to the order of the Treasurer of the City of Saint PauZ, to be retained as liqui- dated damaoes if the Bidder fails to comply with the accepted bid. The Gity will consider and acaard bids for each Series separately and �aill not consider any bid . th2� is dependent upon the award of more then one Series. ' RA.TE S All rates must be in integral multiples of 5/100 or l/8 of 1�. All Bonds of the sa�.e naturity must bear a single rate fror� the date of issue to maturity. The raCe specified for any maturity may not exceed the rate specified for any sub- sequer.t �aturiCy. Additional coupons may not be used. No limitation is place3 upon the number of rates which nay be specified. 'Fhe net effective average rate of t?�e respective Series� may not exceed the rates stated as follo�as: Series A 5.76% Series B 5.74% Series C 5.87% Series D 6.19`/> Series E 4.79% ��:7u.sa-, °:'.<�. �,».,.x+r�"�"4r'��(�'�#,��c' �::;'YZr '�'��9; '�'k ,_,-��."�s±�e"''�n? ,�'�3�,^E��"'�s,,,�'- `�#��'�`q.,.� � z 3' '.�� 'ry _, : _ �.c ., . � ._. . . . � . .. . .. .�_,s _.>.r .,. . .. . _.�s_�. Y� ��r. s�'.�+4.a?�, �Y:. ,.._ . � . ��r;�';.'s��-� .. , .: . � . A[�IAP.D ��r�e�� , r,�::ard of each Series will be ;��de on the basis of the lowest dollar interest cost determined by the deduction of an� premiu.^:. from the total interest on aIl Bonds fra�! their date to their stated raturity as computed on the basis of the schedule o� bond years in the Officzal Statement published for tae offerin�_ The City reserves the right to reject any and all bids, to �aaive informalities and to adjourn the sale. The av�ard of any �eries will not depend upon the award of any other Series. . nacea 25 `iay, 1.976 BY ORDER OF THE CITY COUiV'CIL • /s/ Roger A. �fattson, Director Department of Finance and rtanagement Services . ��'' 800 Multifoods Building - 733 Maryuettc Avcnue Minncapolis, MN SS402 Arca 612 371-61 11 ��C1� - . 4 D Piper,Jaffray&Hopwood � • INCORPORATED �2,y 2 rj� 19 7() Fstablishsd 1895•Member New York Stock Exchange,Inc. City Council City of St. Paul Ramsey County St. Paul, Minnesota The following commitment offered to the City has been recommended by your fiscal consultant with verbal approval of your bond attorney. Our firm will commit to purchase for the benefit of the City of St. Paul of various federal securities placed in the escrow (minor portion amounts) at prices which will yield as follows: Bond Refunded Yield Representing URB 75 8.14� FHLB 8.10� 11-25-85 DDD 75 8.14% FALB 8.10% 11-25-85 WPA 75 8.05% FNMA 7.95% 9-10-84 URB 74 8.05� FPdMA 7.95% 9-10-84 CIB 75 7.95% FLB 8.20% 1-20-83 • 7.94� FHLB 7-3/8X 11-25-83 8.05% FNMA 7.95 9-10-84 CIB 69 7.51'd FLB 6.80 10-20-79 The above yields are market quotations taken from the Wall Street Journal of Tuesday, May 25, 1976, and are considerably greater than yields which were used in our previous reports to Council. This commitment is made in advance of the sale date, and eliminates that portion of market risk to the City which the City would otherwise be required to assume.. Because of volatile market c.onditions .and the corresponding risk involved, this commitment is made on the assumption that the arbitrage inherent in this refunding transaction is not suppressed. � The City may elect to reject this fixed price commitment by us thereby � awaiting sale date to determine such market yield existing at that time. In that event the yields obtainable may be better or worse than this commitment. . The attached savings estimates are up-dated to reflect maximum net interest cost limitations, on the new refunding bonds and up-dated yields on the federal securities which benef it the City. The yields on the federal St. Paul City Council May 25, 1976 Page �ao � ��t�� : _ securities portion are taken from the Wall Street Journal of Friday, May 21, 1976, which are lower than the guaranteed yields offered by us. This means the savings estimates hereby enclosed are conservative, and would be greater had we used the yields guaranteed by our commitment. In essence, should the City elect to proceed with this advance refunding� ' and all issues were effectively sold, the City can be assured of these savings estimates, at a minimum. Further, the substaritial fiscal benefit from restructure is inherent in a successful refunding. Very truly yours, PIPER, JAFFRAY & HOPWOOD INCORPORATED � .e.-s�{� E. A. Edmunds Vice President EAE:kd Enclosures MAY 22, 1976 CITY OF ST. PAUL ESTIMATED MINIMUM SAVINGS BASED UPON MAX7MUM NET INTEREST COST ' AND GUARANTEED YIELDS ON EEDERAL SECURITIES _ (Friday, 5-21-76) URB 75 $402,094.41 � DDD 75 480,354.50 WPA 75 806;866.04 URB 74 649,597.42 CIB 75/69 ,1,766.66 $2,340,679.03 Re-Investment value of Re-Structure 650,000.00 *Re-Investment Value of Surplus Cash at Closing 412,217.00 Elimination of Call Premiums 109,200.00 TOTAL ESTIMATE $3,512,09b.03 *URB 75 - $52,679 @5.75� compounded semi-annually to 2-1-94 (Less principal �amount)= $90,121 DDD 75 - $65,707 @5.749; to 2-1-95 (less principal amount)= 122,457 CIB 75 - $47,725 @5.87� to 2-1-97 (less principal amount)= 109,524 � URB 74 - $18,562 @6.18% to 2-1-2003 (Less principal amount)= 75,091 CIBs - $26,150 @4.79% to 2-1-86 (less principal amount) = 15,024 $412,217 • 1 , • . �'6'��4 � PROPOSED REFUNDIMG ISSUE ST PAUL Ukb 7S INTEREST COMPUTED FROM 7/ 1/1976 YR ENDING PAYMENT INTEREST INTEREST SEMI-ANNUAI EXISTINO INCREASE 2/ 1 DATES PRINCIPAI. RATES COST TOTAL TOTAL DEBT TOTAI (C�ECREASE) 1977 : -or-i,=i-:r�`- 190�2.92 19022.92 (`J2G74.C7�� 47� . 2/ 1/1977 114137.50 114137.50 133160.42 301�70.83 31889.59 1978 : 8/ 1/1977 1141�7.50 114137.50 . 2/ 1/1978 114137.50 114137.30 228275.00 243050.00 ( 14775.00) 1979 : 8/ 1/1978 11413�.50 114137.50 � 2/ 1/1979 220000 5.400 114137.50 334137.50 ♦48275.00 443050.00 5�25.00 1980 : 8/ i/1979 108197.50 148197.50 � 2/ 1/1980 220000 5.400 108197.50 328197.50 43639s.00 431550.00 48a5.00 1981 t 8I 1/1980 102257.50 i02:.�+7.50 � 2/ 1/1981 220000 5.400 102257.50 322257.50 424.�i15.00 420050.00 4465.00 1982 � 8/ 1/1981 96317.30 96317.50 . 2/ 1/1982 220000 3.400 96317.50 31631�.50 412635.00 408550.00 4085.00 1983 I 8/ 1/1982 90377.50 90377.30 � 2/ 1/1983 220000 5.400 90377.30 330377.50 400735.00 397030.00 3705.00 1984 : 8/ 1/1983 84�37.30 84437.50 � 2/ 1/1984 320000 5.400 84437.50 404437.50 488875.00 485350.00 3325.00 1985 � 8/ 1/1984 75797.30 75797.30 � 2/ 1/1983 320000 5.400 75797.50 395797.50 471393.00 46B300.00 3293.00 1986 7 8/ 1/1985 67157.30 67157.30 � 2/ 1/1986 320000 5.400 67157.30 387137.30 434315.00 451030.00 3265.00 1987 7 8/ I/1986 58517.50 58317.50 . 2/ 1/1987 320000 5.500 58517.50 378317.50 437035.00 433800.00 3235.00 1988 : 8/ 1/1987 49717.50 49717.50 � 2/ 1/1988 320000 5.600 49717.50 369737.50 419435.00 416550.00 2885.00 1989 7 8/ 1/1988 40737.50 ' 40737.30 � 2/ 1/1989 220000 5 JSO 40757.50 260737.50 301515.00 299000.00 2513.00 1990 : 8/ 1/1989 3�432.50 34432.50 � 2/ 1/1990 220000 5.900 34432.30 254432.50 288865.00 28�200.00 1665.00 1991 � 8/ 1/1990 27942.30 27942.50 � 2/ 1/1991 220000 6.000 27942.30 247942.50 273885.00 275000.00 885.00 1992 � 8/ 1/1991 21342.30 21342.30 � 2/ 1/1992 220000 6.100 21342.30 241342.50 262683.00 262500.00 iB3.00 1993 � 8/ 1/1992 14632.50, 14632.50 , 2/ 1/1993 220000 6.200 34632.50 234632.30 - 249263.00 250000.00 ( 733.00) 1994 7 9/ 1/1993 7812.50 7812.50 i 2/ 1/1994 250000 6.254 7812.50 257812.50 263623.00 237300.00 28123.00 1993 � 8/ i/1994 0.00 0.00 , 2/ 1/1995 0.00 0.00 0.00 225000.00 ( 225000.00) 1996 : 8/ 1/1993 0.00 0.00 • � 2/ 1/1996 - 0.00 0.00 0.00 212500.00 ( 212500.00) (4 oL09�K.�F�) 4050000 2349105.42 6399303.42 6399105.42 6748320.83 � NIC X 3.736 CIC X 5.723 ` � ' 1 • ' �6'��4 . PROPOSED REFUNDTNO ISSUE ST PAUL ADD �5 � INTEREST COMPUTED FROM 7/ 1/1976 YR EHDING PAYMENT INTERES7 INTERE8T SEMI-ANNUAL EXISTIN(3 INCREASE 2/ 1 DATES PRINCIPAL FATES COST TOTAL TOTAL DEBT TOTAL (DECFEASE) 1977 S ��'-r=i++� 20888.96 20888.96 ��i7o7�J��" � 2/ 1/1977 125333.75 125333.73 146222.71 112005.21 34217.50 1978 � B/ 1/197� 123333.75 125333.73 1 2/ 1/1978 125333.75 125333.�5 230667.50 268812.50 ( 18145.00) 1979 ; 8/ 1/1978 125333.75 123333.73 � 2/ 1/1979 120000 4.250 1:5333.75 245333.73 370667.50 368812.50 1B53.00 1980 � 8/ 1/1979 122�83.75 122783.73 i 2/ 1/1980 120000 4.500 12:�B3.75 242783.75 365567.50 363512.50 2055.00 1981 3 8/ 1/1980 120083.75 120083.75 � 2/ 1/1981 275000. 4.700 120083.75 395083.75 515167.50 513212.50 1955.00 1982 7 8/ 1/1981 113621.25 113621.23 S 2/ 1/1992 275000 4.900 113621.25 388621.25 502242.30 499697.50 2545.00 1983 i 8/ 1/1982 106883.�5 106883.75 1 2/ 1/1983 275000 5.000 106883.75 381883.75 488767.50 486182.50 2585.00 1984 P 8/ 1/1983 100008.73 100008.75 1 2/ 1/1984 273000 5.000 100008.75 373008.75 475017.50 4�2667.50 2350.00 1985 � 8/ 1/1984 93133.73 93133.75 i 2/ 2/1983 280000 5.250 93133.75 373133.75 466267.30 45B897.50 7370.00 1985 1 B/ 1/1983 83783.75 B5783.75 i 2/ i/19H6 280000 5.400 85783.75 365783.75 451567.50 444872.30 6695.00 1987 i 8/ i/1986 78223.75 78223.75 S 2/ 1/1987 280000 5.500 78223.75 358223.75 436447.50 �30592.50 5855.00 1988 S 8/ 1/1987 70523.73 70523.75 i 2/ 1/1988 280000 5.600 70323.75 350523.75 �21047.50 415930.00 5117.50 1989 � 8/ 1/1988 62683.75 62683.73 i 2/ 1/1989 265000 5.750 62683.75 347683.75 410367.50 . 406140.00 4227.50 1490 i 8/ 1/1989 54490.00 54490.00 � 2/ 1/1990 330000 5.900 54490.00 384490.00 438980.00 430800.00 8180.00 1991 3 B/ 1/1990 4I755.00 44733.00 ! 2/ 1/1991 330000 6.000 44755.00 374755.00 419510.00 412500.00 7010.00 1992 f 8/ 1/1991 34855.00 34855.00 i 2/ 1/1992 330000 6.300 34855.00 3648BS.00 399730.00 393750.00 5960.00 1993 � $/ 1/1992 24790.00 24790.00 { 2/ 1/1993 330000 6.100 24790.00 354790.00 379380.00 373000.00 4380.00 1994 ! 8/ 1/1993 14723.00 14725.00 1 2/ 1/1994 330000 6.200 14725.00 344725.00 339430.00 356250.00 3200.00 1995 f 8/ 1/1994 4495.00 4495.00 l 2/ 1/1993 1�3000 6.200 4495.00 149493.00 133990.00 337300.00 ( 183510.00) 1996 1 8/ 1/1995 0.00 0.00 ! 2/ 1/1996 0.00 0.00 0.00 338730.00 ( 338750.00) (.�fo35�so) �540000 2911237.71 7451237.71 743123�.71 7865883.21 ( -4}i6i�r56) NIC X 3.740 CIC X 5.693 ' FftOFOSCD kEFUNUINI; IS�UE � ` 5T f'AUL WPA '15 IN7ERE8t COMPUTEp PFON 7/ 1/1976 � �� YR ENDINO FAYMENT INTEREST IN'fEREST SEMI-ANNUAL [XI,riTINU INCREASF 2/ 1 DATES PRINCIPAL RATES COST TOTAL TOTAL DEBT TO1Al_ (OECREASE) 1977 t �b- 19167.71 19167.71 � ,ynZy,pp�/�76 1 2/ 1/1977 115006.25 115006.63 134173.96 A016:.50 94011.46 1978 i 8/ 1/1977 115006.25 115006.25 I 2/ 1/1978 115006.23 115006.25 :30012.30 240975.00 f 10962.30) • 1979 I 8/ 1/1978 115006.25 115006.25 i 2/ 1/1979 150000 5.350 115006..�.5 :65006.25 38001�.50 376915.00 3097.50 1980 S B/ 1/1979 130993.75 110993.75 � 2/ 1/1980 I43000 5.350 110993.75 255993.75 366987.50 368795.00 ( 1807.50) 1981 2 8/ 1/1980 107115.00 107113.00 � 2/ 1/1981 145000 3.350 107115.00 252115.00 359230.00 360673.00 ( 1443.00) 1982 � 8/ 1/1981 103236.7.5 103236.45 � 2/ 1/1982 143000 5.350 103236.25 248236.25 35147?.50 352855.00 ( 1082.50) 1983 � 8/ 1/1982 993S7.S0 99357.50 � 2/ 1/1983 145000 5.350 99357.50 244357.50 343715.00 344433.00 < 720.00) 1984 f 8/ 1/1983 954�8.75 95478.75 i 2/ 1/19B4 145000 S.S00 95478.75 240478.75 335957.50 336315.00 < 337.50) 1983 { 8/ 1/1984 91491.25 11491.25 � 2/ 1/1985 145000 3.500 91491.23 236491.25 327982.50 328195.00 t 212.54) 1986 � 8/ 1/1985 87503.75 87303.75 � 2/ 1/I986 145000 5.500 87503.75 232503.75 320007.50 320073.00 < 67.50) 1987 � 8/ 1/1986 83516.25 83516.25 � 2/ 1/i987 145000 5.500 83516.25 228516.25 312032.50 292535.00 19497.30 1986 � 8/ 1/1987 79328.73 79328.75 � 2/ i/1988 195000 5.500 74328.73 27�328.73 354037.50 285575.00 684B2.S0 1989 S 8/ 1/1988 7�166.23 71166.23 � 2/ 1/1989 255000 5.500 74166.23 329166.23 403332.50 278615.00 124717.50 1990 ; 8/ i/1999 67153.�5 67133.73 � 2/ 1/1990 255000 5.600 67153.75 322233.75 389307.30 2�1655.b0 117652.30 1991 S 8/ 3/1990 60013.75 60013.73 � 2/ 1/1991 280000 5.750 60013.75 340013.73 400027.50 264695.00 133332.50 1992 ! 8/ 1/1991 51963.75 31963.73 � 2/ 1/1992 285000 3.850 51963.75 336963.75 388927.50 2�7015.00 111912.50 1993 � 8/ 1/1992 43627.50 43627.30 S 2/' 1/1993 285000 3.950 43627.30 " 328627.50 372235.00 268615.00 103b40.00 1994 � 8/ 1/1993 33148.75 35148.75 � 2/ 1/1994 295000 6.050 35148.75 330148.75 365297.50 260143.00 105132.50 1995 1 8/ 1/1994 26225.00 26225.00 1 2/ 1/1995 303000 6.130 26225.00 331223.00 357450.00 261300.00 96150.00 1996 f 8/ 1/1995 16846.25 16846.25 � 2/ 1/1996 280000 6.250 168�6.23 296646.23 313692.50 252075.00 61617.30 1997 ! 8/ 1/1996 8096.25 8096.23 t 2/ 1/1997 253000 6.350 8096.23 263096.25 271192.30 2�2773.00 28�1y.50 1998 I 8/ 1/1997 0.00 0.00 S 2/ 1/1998 , 0.00 0.00 0.00 233437.50 ( 233437.50) 1999 I 8/ 1/1998 0.00 0.00 i 2/ 1/1999 � 4.00 0.00 0.00 221062.50 ( 22�062.30) 2000 I 8/ 1/1999 0•00 0.00 . 2/ i/2000 0.00 0.00 0.00 214687.50 ( 214687.50) 2001 t 8/ i/2000 0.00 0.00 ! 2/ 1/2001 0.00 0.00 0.00 215000.00 ( 213000.00) 2002 I 8/ 1/2001 0.00 0.00 t 2/ 1/2002 0.00 0,00 0.00 205000.00 < 203000.00) 2003 I B/ 1/2002 0.00 0.00 { 2/ 1/2003 0.00 0.00 0.00 195000.00 ( 193000.00) 2004 1 B/ 1/2003 0.00 0.00 1 2/ 1/2004 0.00 0.00 0.00 183000.00 ( 183000.00) 2003 I 8/ 1/2004 0.00 0.00 1 2/ 1/2003 0.00 0•00 0.00 173000.00 < 173000.00) 2006 1 0.00 16$000.00 ( 165000.00) (8G�648G.ar) 1000000 3077123.96 7077123.96 7077123.96 7836283.00 H594ttse+� MIC X 5.875 .rrr r ___ _ _ . �..a�? h'KUFUSEA hEf 11NU1NU 15SUE � SiF'AUl UhU 7y INTERE3T COMFUTED FFOM 7/ 1/1976 ��>�p�'� YR ENDINt3 FAYhENT INTEFEST IN'fFREST 6EMI-ANNUAL EXISTINt: INfREA£;F: 2/ 1 UATEE PRINCIFAL FATES COST TOTAL TOTAL UEHT TOIAL (DECFE:A,E) • 1977 i �idr .�.9b92.0A 29692.OA ( (S'.��Z.oO) t4�4 l 2/ 1i1977 17E1152.90 178152.50 207844.58 9591�.50 111932�(>t� 1978 t 8/ 1/1977 17�iS2.B0 178152.50 i 2/ 1/1978 225000 5.350 17B15?..;,0 403152.50 581305.00 583650.00 < 2345.00) 1979 7 8/ 1/1978 172133.75 172133.75 S 2/ 1i1979 225000 5.330 172133.75 397133.75 569267.50 571050.00 ( 1782.50) 1980 � 8/ 1/1979 166115.00 I66115.00 S 2/ 1/1980 225000 5.350 166115.00 391115.00 557230.00 538450.J0 < 1220.U0) 1981 � 8/ 1/1980 160096.25 160096.25 � 2/ 1/1981 2:5000 3.350 Sb0096.25 385096.25 543192.50 5458,"'i0.00 < 637.50) 1982 7 B/ 1/1981 l54077.50 154077.50 � 2/ 1/1982 2.�.5000 5.350 154077.;,0 379077.50 533155.00 533250.00 f 95.00) 1983 t 8/ 1/1982 148058.75 14805@.75 � 2/ 1/1983 220000 3.500 1480�8.75 368058.75 316117.50 5206.`i0.�0 ( 4532.50> 1984 t 8/ 1/1983 142008.75 142008.7$ � 2/ 1/1984 2:0000 5.500 142008.75 362008.75 504017.50 508030.00 < 4032.50) 1985 ; 8/ 1/1984 135958.75 135958.75 i 2/ 1/1985 220000 5.500 13:,958.75 355958.75 491917.50 493450.00 ( 3532.;,0) 1986 : 8/ 1/1995 129908.75 129908.75 ' � 2/ 1/1986 220000 5.500 1.`'.9908.75 349908.75 479817.50 482930.00 ( 3032.�0) 1987 ; 8/ 1/1986 123858.75 1.^.3858.75 � 2/ 1/1987 220000 5.500 123858.75 343858.75 467717.50 470250.00 ( 2532.50) 1988 t 8/ 1/1987' 117808.75 117808.75 t 2/ 1/1988 170000 5.500 117808.75 287808.75 403617.50 �07630.00 f 2032.50) 1989 � 8/ 1/1988 113133.75 313133.73 � 2/ 1/i989 170000 5.600 113133.75 283133.75 3962A7.50 398200.00 f 1932.50) 1990 � 8/ 1/1989 108373.75 108373.75 � 2/ 1/1990 170000 5.750 108373.75 278373.75 386747.50 388750.00 ( 2002.50) 1991 S 8/ 1/1990 103486.25 103486.25 � 2/ 1/1991 170000 3.850 103486.25 273486.25 37b972.30 379300.00 < 2327.50) 1992 � 8/ 1/1991 98513.75 98513.75 � 2/ 1/1992 170000 5.950 98533.73 268513.75 367027.50 369850.00 ( 2822.50) 1993 i 8/ 1/199� 93456.�5 93436.25 � 2/ 1/1993 170000 6.050 93456.25 263456.25 356912.30 360400.00 ( 3487.50> 1994 0 B/ 1/1993 Q8313.75 88313.75 � 2/ 1/1994 170000 6.IS0 88313.7:, 258313.73 346627.50 384950.00 < 4322.50) 1993 t 8/ 1/1994 83086.25 83086.25 { 2/ 1/1995 170000 6.250 83066.25 253086.25 336172.50 341350.00 ( 5177.50) 1996 i B/ 1/1995 77773.�5 77773.73 S 2/ 1/1998 270000 6.350 77773.75 347773.75 423547.50 431730.00 ( 6202.50) 1997 1 8/ 1/1996 69201.25 69201.23 1 2! 1/1.997 275000 6.350 69201.25 344201.25 413402.50 415750.00 ( 2347.50) 1998 I 8/ 1/1997 60470.00 60470.00 • I 2/ f/1998 280000 6.450 60470.00 340470.00 4009�0.00 399500.00 1440.00 1999 � 8/ 1/1998 51440.00 51440.00 ! 2/ i/1999 280000 6.450 51440.00 331440.00 382880.00 383250.00 f 3�0.00) 2000 I 8/ 1/1999 42410.00 42410.00 1 2/ 1/2000 330000 6.450 42410.00 372410.00 414820.00 417000.00 ( 2160.00) 2001 t .B/ 1/2000 31767.50 31767.50 I 2/ 1/2001 330000 6.450 31767.50 361767.50 393535.00 397300.00 l 3965.00> 2002 t B/ 1/2001 21125.00 21125.00 I 2/ 1/2002 335000 6.500 21125.00 356125.00 377250.00 378000.00 f 750.00) 2003 i 8/ 1/2002 10237.;,0 10237.50 I 2/ 1/2003 313000 6.500 30237.50 325237.50 333475.00 358300.00 f 23023.00> 200� 1 8/ 1/2003 0.00 0.00 I 2/ 1/2004 0.00 0.00 0.00 339000.00 ( 339000.00) 2003 I 8/ 1/2004 0.00 0.00 f 2/ 1/2005 0.00 0.00 0•00 319500.00 ( 319800.00> ( G'/9399.4t2� 6000000 5569777.08 11569777.08 1156977�,08 12201612.50 t d349�35:�'i NIC X 6.179 CIC Y 6.it_i . . ' �`-'�� . PROPOSEU REFUNDING ISSUE ST PAUI. CIP 75 INTEREST COMPUTED FROM 7/ i/1976 YR ENDING PAYMENT INTERE3T INTEREST SEMI-ANNUAL EXISTINO INCREASE �/ 1 DATES PRINCIPAL RATES COST TOTAL TOTAL DEPT TOTAL (DECREASE) 1977 : �� 27931.67 2�931.67 � ( 2G,/SO,OO� 1476 t 2/ 1/1977 260000 4.230 167590.00 427590.00 453521.67 479520.83 ( �3999.16) 1979 ' B/ 1/1977 162065.00 162065.00 = 2/ 1/19�8 1050000 4.250 162065.00 1212065.00 1374130.00 1395200.00 t 21070.00) 1979 � 8/ 1/1978 139752.50 139752.50 � 2/ 1/1979 1050000 4.250 139752.50 1199752.50 1329503.OQ 1340150.00 ( 10645.00) 1980 � @/ 1/1979 117440.00 117440.00 I 2/ 1/1980 1050000 4.250 117440.00 T167440.00 1284880.00 1295100.00 � 220.00) 1981 ' 8/ 1/1980 95127.50 95127.30 I 2/ 1/1981 650000 4.230 93127.50 745127.50 840253.00 830030.00 10205.00 � 1982 0 8/ 1/1981 81315.00 81318.00 i 2/ 1/1982 634000 4.730 81313.00 731315.00 @12630.00 798200.00 14430.00 1983 i 8/ 1/1982 65877.50 63877.50 � 2/ 1/1983 650000 4.730 65877.30 713877.50 781733.00 766023.00 15730.00 1984 1 8/ 1/19Q3 50440.00 50440.00 l 2/ 1/1984 650000 5.200 50440.00 700440.00 730880.00 733525.00 17353.00 1983 ' 8/ 1/1984 33540.00 33340.00 i 2/ 1/1985 650000 3.200 33540.00 683540.00 717080.00 700700.00 16380.00 1986 3 8/ 1/1985 1664A.00 16640.00 i 2/ 1/1986 640000 5.200 16640.00 656640.00 673260.00 667062.50 6217.50 (17 66d6� 7300000 1719916.67 9019916.67 9019916.67 8995533.33 24383+�'.N NIC X 4.802 CIC X 4.779 PROCESSINLi 15 UkIT3 - � � . . . . • ��c�, . � PROFOSED REFUNDING ISSUE ST PAUL CIH 75 INTEREST COMPUTED FROIi 7/ 1/1976 YR ENPING PAYMENT INTEREST INTEREST SEMI-ANNUAL EXISTINO IMCkEASE 3/ 1 DATES PRINCIPAL RATES COST TOTA� TOTAL DEBT TOTAL �GE�fiEASE) 1977 0 '87'�i'7�- 27931.6� 27931.67 ( 2b/50,�O� ��G , 2/ 1/1977 260000 4.250 167590.00 427390.00 455521.67 1�75283.33 < 31s,'61.6e 1978 i 8/ 1/1977 162065.00 162065.00 , 2/ 1/1978 1050000 4.250 162065.00 1212065.00 1374130.00 1379�75.00 ( `145.00) 1979 t 8/ 1/1978 13975�.50 139752.50 i 2/ 1/1979 1050000 4.250 13973<.50 1189752.50 1329503.00 1324223.00 5280.00 1980 i 8/ 1/1979 117440.00 117440.00 , 2/ 1/1980 1030000 4.230 117A40.00 1167440.00 1284880.00 1269175.00 15705.00 1981 i 8/ 1/1980 93�27.50 95127.50 t 2/ 1/1981 630000 4.230 95127.50 743127.50 840255.00 814125.00 ^_6130.00 1982 S 8/ 1/1981 81315.00 81315.00 i 2/ i/1982 650000 4.�30 81315.00 731315.00 812630.00 782273.00 30355.00 1493 3 8/ 1/1982 65877.50 65877.50 i 2/ 1/1983 630000 4.730 65877.50 715877.50 781755.00 749773.00 31980.40 198� i 8/ i/1983 50440.00 50440.00 I 2/ 1/1984 650000 5.200 50440.0� 700440.00 730880.00 717273.00 33603.00 1985 i 8/ 1/1984 33540.00 33540.00 i 2/ 1/1983 650000 5.200 33540.00 883540.00 717080.00 684125.00 3295�.00 1986 � 8/ 1/1985 16640.00 16640.00 1 2/ 1/1986 640000 5.200 16640.00 656640.00 673280.00 0.00 673280.00 1764.LL.� 7300000 1719916.67 9019916.67 9019916.67 8495533.33 NIC X 4.802 CIC X �.7�9 ' • ��`°.�'�� SPRINGSTED INCORPORATED MUNICIPAL CONSULTANTS SUITE 813 OSBORN BUILDING • SAINT PAUL,MINNESOTA 55102 • (612) 227-8318 � 24 May 1976 Mayor Lawrence D. Cohen � Mr. David H. Hozza, Council President Members of the City Council St. Paul, Minnesota RE: Analysis of Advance Refunding Program III, by Piper, Jaffray & Hopwood Incorporated � For purposes of identification, we have designated the last proposed advance refunding program prepared by Piper, Jaffray & Hopwood Incorporated (PJH) as "Program III", which shall be hereinafter referred to as the "Program". (Appendix I) � The Program has adopted our recommendation that the savings to the City be maximized by using the projected annual savings, occurring by reason of a lower interest rate, to accelerate principal payments. The advantages of this approach are: 1. The estimated savings to the City are increased from $1,483,023 ` to $2,340,679. 2. The average ma.turity of the issues. taken as a whole has been reduced from 11.38 years to 10.42 years, which should enhance the marketability of the issues, either collectively or individually. � 3. The present value of the savings, by our computations, is increased from $385,719 to $398,952. (All comparisons are with the data in our Report to you dated 17 May 1976 which was based upon the PJH Advance Refunding Report II, dated May 16, 1976). � As shown in the PJH Report II, the annual savings of the programs presented there were generally relatively small, especially when compared to the total levy �or debt service by the City. We, therefore, think that the best interest of the City is better served with the maturity schedules of the �rogram. As you will see £rom an examination of the Program, for � those issues for which a substantial saving is predicted, the annual debt service requirements will be substantially the same as they would be if there were no advance refunding. � • -2- � The savings to be derived from the advance refunding, as you know, will not be represented by dollars in hand. Instead, they represent amounts which the City would otherwise'need to tax for. However, there is the potential for a very substantial amount of actual hard dollars, which will accrue to the City, involved in the total plan � of refunding. This is due to the fact that the restructuring of payment dates to better correlate them with tax receipts will enable the City to invest tax monies received in advance of debt service payments. We estimate that if all of the bonds are advance refunded, over the life of the entire program the City will earn approximately $718,000 from this investment, assuming a 5% rate. � A further point is that if the Water Pollution Abatement and Urban Renewal of 1974 bonds were not refunded now and on their respective call dates were to be redeemed according to the redemption terms which they have, the City would need to pay $109,000 of premium. While this saving is problematical, it is a potential saving to be considered. � It is our opinion that the increased savings to the City of the Program, as it is now proposed, together with the benefit of the payments restructuring, is a much stronger plan. After reviewing our recommendations, in our Report of 17 May 1976, relative to the Downtown Development District Bonds of 1975, we think � that we should elaborate on those comments with respect to our calling to your attention the fact that advance refunding these bonds now will foreclose any further option of restructuring until such time as the Refunded Bonds have been paid in 1985. This is true, but you should also be advised that there cannot be a guarantee now that the present Bonds could be advance refunded in the future. This would depend upon • market conditions at the time and probably upon the time within which the option was taken. Due to the relative shortness of the Issue, it is probable that advance refunding would not be viable beyond, at most, the third year. We t�ave made an estimate of the required profit that may be expected pursuant to the �rogram, and have found that it may be expected to be in � substantially the same range as shown in the PJH Report II. We have revised Part I of our Summary of Proposed Advance Refunding at page 5 of our 17 May 1976 report and attached it as Appendix II. Also attached as Appendix III is a proposed Notice of Sale which we have � drawn upon the basis of the total program. (It is of course not necessary that all of the issues be included; each is severable). In it we have assumed dates for receipt and award of bids which you may wish to revise. � � • -3- The terms and conditions of the bonds to be offered are set out�in the � Notice. For all of the issues except Series E, which will refund' the CIB's of 1969 and 1975, a 10-year right of redemption has been provided. (Series E will be non-callable because of its shortness). This call generally conforms to the call dates of the bonds to be refunded except that no premium has been provided. Although longer call dates might enhance marketability we believe that to dilute the present right of redemption (for which the City may have paid a price when the refunded � bonds were issued) in order to now obtain a better rate would discount the savings to the City. Our estimate of the rates which may be expected to be received for the refunding bonds based upon current market conditions (the BBI on Thursday, May 20, was 6.91%, its highest since March 18, 1976) give us considerable � concern as to whether some of the issues will be marketable. As we have reported to you before we do not know where the market is going but our best guess is that it is not likely that we will soon see lower rates. � The maturity schedules and amounts of the Program have also been somewhat revised principally to better reduce initial debt service requiremet�ts in excess of tax receipts. PJH has accepted our recommendation to guarantee the City yield rates for escrow securities for the "minor" portion as of Tuesday, May 25th. • Thus, restriction of the maximum rates which may be bid and the guaranteed yield rates, together, will fix the Program's savings. WTaile a government market of rising rates would increase the City`s savings it is our recommendation that the conservative approach is to leave the r�sk to the principal and riot for the City to assume it. PJH has also accepted our recommendation that it agree to indemnify the � City from any losses or legal actions which may arise by reason of the refunding. In addition, they will agree to compensate the City should a retroactive change in the arbitrage regulations result in the City's being able to realize a higher yield. Because of the improbability of this happening we think an agreement is sufficient without establishment of a "suspense"' account. • �repared By: SPRINGSTED INCORPORATED • � B . • Osmon R. Springsted � � -1- APPENDIX I • (Progrem 1111 � PROPOSED REFUNCIING ISSUE ST FAUL Ukb 75 INTEREST COMPUTED FROM 7/ 1/1976 YR ENGING PAYMFNT INTEREST INTEFEST SEMI-ANNUAL EXISTING IkCREASE 2/ 1 DATES PRINCIPAL RATES COST TOTAL TOTAL DEBT TOTAL (LECkEASE) • iy» � ,eT�- ivozz.s2 isozz.9z (5�:G74.ov) �R7G� 3 2/ 1/1977 114137.50 114137.50 133160.42 101270.83 3t8o^9.59 1978 i 8/ 1/1977 114137.50 114137.50 � 2/ 1/1978 114137.�0 114137.50 228275.00 243050.00 ( 14775.:00) 1979 i 8/ 1/1978 114137.50 3147,37.50 S 2/ 1/1979 220000 5.400 114137.�0 334137.50 44827�.00 443050.00 5225.00 • 1980 ; B/ 1/1979 30B197.50 108197.50 2/ 1/19B0 220000 5.400 108197.50 3�8197.50 436395.00 431550.00 4845.00 1981 7 8/ 1/1980 102257.50 102257.50 , 2/ 1/1981 220000 5.400 102257.50 322257.50 424515.00 420050.00 4465.00 1982 7 8/ 1/1981 96317.50 96317.50 � 2/ 1/1982 220000 5.400 96317.50 316317.50 41�635.00 408550.00 4085.00 1983 � 8/ 1/1982 90377.50 90377.50 • S 2/ 1/19B3 220000 5.400 90377.50 310377.50 400755.00 397050.00 3705.00 1984 S 8/ 1/1983 84437.50 84437.50 , 2/ 1/1Si84 320000 5.400 84437.50 404437.50 488875.00 485550.00 3325.00 1985 � 8/ 1/1984 75797.50 75797.50 � 2/ 1/19B5 320000 �.400 75797.50 395797.50 471595.00 468300.00 3295.00 1986 : 8/ 1/1985 67157.50 67157.:i0 � 2/ 1/1986 320000 5.400 67157.50 3871�7.50 454315.00 451050.00 3265.00 • 1987 � B/ 1/1986 58517.50 58517.50 i 2/ 1/1987 320000 5.500 58517.50 378517.50 437035.00 433800.00 3235.00 1988 i 8/ 1/1987 49717.50 49717.50 i 2/ 1/1988 320000 5.600 49717.50 369717.�0 419435.00 416550.00 2885.00 1989 S 8/ 1/1988 40757.50 40757.50 i 2/ 1/1989 220000 5.750 40757.50 260757.50 301515.00 299000.00 2515.00 • 1990 i 8/ 1/1989 34432.50 34432.50 I 2/ 1/1990 220000 5.900 34432.50 254432.50 288865.00 287200.00 1665.00 1991 I 8/ 1/1990 27942.50 27942.50 I 2/ 1/1991 220000 6.000 27942.:,0 24794z•50 275885.00 275000.00 885.00 1992 S 8/ 1/1991 21342.50 21342.50 � 2/ 1/1992 220000 6.100 21342.50 241342.50 262685.00 262500.00 185.00 1993 � 8/ 1/1992 14632.50 14632.50 � � 2/ 1/1993 220000 6.200 14632.30 234632.50 249265.00 250000.00 ( 735.00) 1994 1 8/ 1/1993 7812.50 7812.50 i 2/ 1/1994 250000 6.250 7812.50 257812.50 265625.00 237500.00 28125.00 1995 1 8/ 1/1994 0.00 0.00 1 2/ 1/1995 0.00 0.00 0.00 225000.00 ( 225000.00) 1996 I 8/ 1/1995 0.00 0.00 • 1 2/ 1/1996 0.00 0.00 0.00 212500.00 ( 212500.00)' (40209�.�i) 4050000 2349105.42 6399105.42 6399105.42 6748520.83 �"ft"�' � NIC X 5.756 CIC X 5.725 � • _2_ �1PPENDIX I (Program 111) • PROPOSED REFUNnING I55UE ST PAUL DI�D 7� INTEREST COMPUTED FFOM 7/ 1/19�6 Yk ENUING FAYMENT IMTEFEST INTERES'i SEMI-ANNUAL EXISTING INI:FEASE 2/ 1 UATES FRINCIPAL RATES COST TOTAL TOTAL UEBT TOTAL (DECF:EAFiE) • 1977 1 9f-�f�P�ifr 20888.96 20888.96 �G.3 1707.��° , 2/ 1/1977 125333.75 125333.75 146?.22.71 112005.21 34217.50 1976 � 8/ 1/1977 125333.75 125333.75 S 2/ 1/1978 125333.75 12:i333.75 250667.50 268812.`✓0 ( 1814:i.00) 1979 7 8/ 1/1978 1'25333.75 125333.75 � 2/ 1/1979 120000 4.250 125333.75 245333.75 370667.50 368812.50 IBJJ�00 19H0 I 8/ 1/1979 122783.75 122783.75 � 2/ 1/1980 120000 4.500 1227B3.75 242783.75 365567.50 363512.50 205:,.00 1981 � 8/ 1/1980' � 120083.75 120083.75 � 2/ 1/1981 275000 4.700 120083.75 395083.75 515167.50 513212.50 1955.00 1982 : B/ 1/1981 113621.�5 113621.25 � 2/ 1/1982 275000 4.900 113621.25 38H621.�5 �02242.50 499697.50 25A:i.00 1983 � S/ 1/1982 106883.75 106B83.75 • , 2�/ 1/1983 275000 5.000 106883.75 . 381883.75 488767.50 486182.50 2585.00 1984 i 8/ 1/1983 100008.75 100008.75 , 2/ 1/1984 275000 5.000 100008.75 375000.75 475017.50 472667.50 2350.00 1985 1 8/ 1/1984 93133.�5 93133.75 , 2/ 1/1985 280000 5.250 93133.75 373133.75 466267.50 458897.50 7370.00 1986 i 8/ 1/1985 85783.75 85783.75 I 2/ 1/1986 280000 5.400 85783.75 365783.75 451567.50 444872.50 6695.00 • 1987 S 8/ 1/1986 78223.75 78223.75 , 2/ 1/1987 2B0000 5.500 78223.75 35B223.75 436447.50 430592.50 SB55.00 1988 � 8/ 1/1987 70523.75 70523.75 , 2/ 1/1988 280000 5.600 70523.75 3505�3.75 421047.50 415930.00 5117.50 1989 � 8/ 1/1988 62683.75 62683.75 , 2/ 1/19B9 283000 5.750 62683.75 347683.75 430367.50 406140.00 4227.50 � 1990 � 8/ 1/1989 54490.00 54490.00 , 2/ 1/1990 330000 5.900 54490.00 384490.00 438980.00 430800.00 B180.00 1991 � 8/ 1/1990 44755.00 44755.00 . , 2/ 1/1991 330000 6.000 44755.00 37475�.00 419510.00 412500.00 7010.00 1992 t B/ 1/1991 34855.00 34855.00 � 2/ 1/1992 330000 6.100 34B55.00 364855.00 399710.00 393750.00 5960.00 1993 7 8/ 1/1992 24790.00 24790.00 � , 2/ 1/1993 330000 6.100 24790.00 354790.00 379580.00 375000.00 4380.00 1994 i 8/ 1/1993 14725.00 14725.Q0 , 2/ 1/1994 330000 6.200 14725.00 344725.00 359450.00 356250.00 3200.00 1995 � 8/ 1/1994 4495.00 4495.00 , 2/ 1/1995 145000 6.200 4495.00 149495.00 153990.00 337500.00 ( 183`10.00) 1996 i 6/ 1/1995 0.00 0.00 • i 2/ 1/1996 0.00 0.00 0.00 318750.00 < 318750.00) (.�fo35y�) 45�0000 2911237.%1 7451237.71 7451237.71 786�885.21 (-4�'d> � NIC X 5.740 CIC X 5.693 � � -3' APPENDIX I INlf.hf(.ST cunr�u�FU PFDM �i 1/1976 (Program III) YF EN[�INC,, f`AYMf:NT INIFFEST INTI_"FEST SEM1-ANNUAL_ EXISiING INCFtE'A^F. 2/ 1 DA1'ES FFINf,IF'AL RAl[9 Cir�i TOTAL TOTAL GEFT fU1�11 (UECRE_ASF:> 1y77 i �+�-i�J�4?fr-' 19tb/.71 39167.71 (�//'z��7"�'74' � 2/ 1/1977 115o�?r�.:t5 115006.25 134173.96 401G2.::�0 9.Ut!,•t,-'; 19'18 S 8/ 1/19"l� 115006.25 11�006.25 , 2/ 1/1978 115006.25 11�006.25 23001�.54 240975.00 < 10962�50) • 1979 i 8/ 1/197Fi ItS�+�>5.:!5 115006.25 ! 2/ 1/1979 150000 5.350 il`,SOi)G.i�S 265006..°5 3ttU012.50 37691`.i.OU 3097.50 1980 � 8/ 1/1979 110'�')3.75 130993.7:, , 2/ 1/1980 1A5000 5.350 130•`�;s.%`•i 255993.7 i 35h987.50 36F179i.(i0 < 1807.50) 1991 1 8/ 1/1980 1q�I15.00 10711S.OU' � 2/ 1/1981 145000 5.350 lOTL1`S.UO 252115.00 3Ei9230.00 36067.".i.00 < 1445.00) • 1982 � 8/ 1/1981 103236.�5 103236.25 t 2/ 1/1982 145000 5.350 303236.25 246236.25 3514�2.50 35?555.00 ( 3082.50) 1983 7 9/ 1/1982 99357.50 993:,7.50 � 2/ 1/1983 145000 5.350 99357.50 244357.50 343715.00 344435.00 < 720.00) 198� t 8/ 1/1983 95478.75 95478.75 � 2/ 1/]984 145000 5.500 9547F1.75 240478.7:, 335957.50 336315.00 ( 357.50) 1985 � 8/ 1/1984 � 914N1.25 91491.25 • � 2/ 1/1985 145000 5.500 91491.25 236491.25 327982.50 328195.00 f 212.50) 1986 � 8/ 1/1985 87503.75 87503.�5 , 2/ 1/1986 145000 5.500 '875U3.75 232503.75 320007.50 320075.00 ( 67.50) 1987 7 8/ 1/1986 93516.25 83516.25 , 2/ 1/1987 145000 5.500 83516.25 266516.25 312032.50 29�535.00 19497.50 1988 : 8/ 1/19B7 ' 79528.75 79528.75 S 2/ 1/1968 195000 5.500 745�8.75 2745�8.75 354057.:,0 285575.00 68482.50 . 1989 t 8/ 1/1988 � 74166.25 74166.2� . 2/ 1/1989 255000 5.500 74166.25 329166.25 403332.50 278615.00 124737.50 1990 � 8/ 1/1989 67153.75 67153.75 � 2/ 1/1990 255000 5.600 67153.75 322153.75 389307.50 271655.00 117652.50 1991 � 8/ 1/1990 60013.75 60013.75 � 2/ 1/1991 • 280000 5.730 60013.75 340013.75 4000�7.50 264695.00 135332.50 1992 � 8/ 1/1991 51963.75 51963.75 • S 2/ 1/1992 285000 5.850 51963.75 336963.75 38E927.50 277015.00 111912.:,0 1993 � 8/ 3/1992 43627.50 �3627.50 { 2/ 1/l993 2B5000 5.950 43627.:,0 ' '328627.50 372255.00 268615.00 103640.00 1994 f 8/ 1/1993 35148.75 35148.75 , 2/ 1/1994 295000 6.050 35148.75 330148.75 365297.50 260145.00 105152.50 1995 i 8/ 1/1994 26?25.00 26225.00 . � 2/ 1/1995 305000 6.150 26�25.00 331�25.00 357430.00 261300.00 96150.00 � 1996 1 8/ 1/1995 16846.25 16B46.25 � 2/ 1/1996 280000 6.250 16846.25 296846.25 313692.50 252075.00 61617.50 1997 : 8/ 1/1996 8096.25 8096.25 f 2/ 1/1997 255000 6.350 8096.25 263096.25 271192.50 242775.00 28417.,;0 1998 � 8/ 1/1997 0.00 0.00 , 2/ 1/199B 0.00 0.00 0.00 2334�7.50 ( 233437.;,0) 1999 I 8/ 1/1998 0.00 0.00 • � 2/ 1/1999 0.00 0.00 0.00 224062.50 ( 224062.50> 2000 ! 8/ 1/1999 0.00 0.00 � 2/ 1/2000 0.00 0.00 0.00 214687.50 ( 214687.50) 2001 S 8/ 1/2000 4.00 0.00 , 2/ 1/2001 0.00 0.00 0.00 215000.00 ( 215000.00) 2002 0 8/ 1/2001 0.00 0.00 i 2/ 1/2002 0.00 0.00 0.00 205000.UU ( 205000.00> • 2003 S 8/ 1/2002 0.00 0.00 1 2/ 1/2003 0.00 0.00 0.00 1950UO.OU ( 195000.00) 2004 i 8/ 1/2003 0.00 0.00 I 4I SI2OO4 O�OO O�OO O�OO SBSO()O.hO ( SBJOOOrOO) 2005 f 8/ 1/2004 0.00 0.00 . 2/ 1/2005 O.OQ 0.00 0.00 17560(i•�)0 f 175000.00) • . -,�� 0.00 16:�000.00 ( 165000.00) (S�i4�.0•l� . 400U000 3G//t:'t.'76 7077123.9f '��77123.96 703l,:"�'J•,'�? ��' NI��. % i.'1"�� • I.:1� ._ ... .. -4- ' �,,. ,�rF�nui_� iuu, ,,, �.. � . APPENDIX I INTEFE57 COMFUTED FkOM 7/ 1/1976 (Programllll YR ENDING F'AYM[:NT INTEFFST IN7ERC:tif SF.MI-ANNUAL FXiSI'INCi INff+f,'��E 2/ 1 UATES PRINf.Ii'�L RAiES CU';I TOTAL TpTAL GE'I�I IOTAL ([.iL-Cl�i��!;E:) 1977 t ��1� .^')nv'�.Of� 1969:'..Ofl ( 1$.7:._'_.ci:� 19fL � 2/ 1/1977 1;'t�ll��.'.�U 1781:�:E.'.�� ' � 207844.�8� '�'_�•�12.50 111.��.-,-.�.Q3 � 197(d I 8/ 1/1977 1�.'11�t�7.:�0 178152.`..�0 � 2/ 1/1978 :'S�>00 5.350 1;'i�C.;_'.50 403152.5O 5813Q5.00 9F336�0.00 f 23AE;.00) 1979 S 8/ 1/1978 172133.7:; 172133 JS 1 2/ 1/1979 2:5000 5.350 172133.75 397133.75 569267.50 571050�00 < 1782.50) 1980 1 8/ 1/1979 16h1L;.00 166115.00 _ � 2/ 1/1980 ...":��JO 5.350 Ib611ti.U0 391115.00 557230.00 JJBAJO.00 ( 1220.00) 1981 , 8/ 1/1980 1600v6.25 160096.2.`.1 . • , 2/ 1/1981 7.25000 5.350 16U096.�5 385096.25 54519�'..50 �4'i850.00 ( 657.50> 1982 t B/ 1/1981 154077.50 1:,4077.50 i 2/ 1/1982 225000 5.350 154077.:,0 379077.50 J33SJJ�00 533250.00 < 95.00) 1983 � 8/ 1/1982 1480;8.75 1480�8.75 , 2/ 1/1983 2�0000 5.�00 140058.75 368058.7; 516117.50 520f50.00 ( 4532.50) 1984 ; 6/ 1/1983 14:t(?Oi1.75 142008.�P; � � 2/ 1/1984 2�OOJ0 5.500 142Ui�f1.75 • 362008.7:i 504017.50 508050.00 ( 403':'.50) • 1985 I 8/ 1/1984 135958.75 135958.7:, � 2/ 1/1985 220000 5.500 135958.75 355958.75 491917.50 49:,450.00 ( 353�'..50) 1986 i $/ 1/1985 129908.75 129908.75 � 2/ 1/1986 220000 5.500 129908.7;, 349908.75 479817.50 482850.00 ( 3032.50) 1987 S 8/ 1/1986 123858.75 123850.75 � 2/ 1/1987 220000 5.500 123858.75 343858.75 467717.50 470250.00 ( 2532.�0> 1988 i 8/ 1/1987 117808.75 117806 JS • , 2/ 1/1988 170000 5.500 117806.75 287808.75 405617.50 407650.00 ( 2032.:,0) 1989 � 8/ 1/1988 113133.75 113133.75 , 2/ 1/1989 170000 5.600 113133.75 283133.75 396267.50 396200.00 < 1932.50) 1990 �• 8/ 1/1989 308373.75 108373.75 , 2/ 1/1990 170000 5.J50 108373.75 27B373.75 386747.50 388750.00 ( 200�.50) 1991 � B/ 1/1990 303486.25 303486.25 , 2/ 1/1991 170000 5.850 103486.25 273486.25 376972.50 379300.00 < 2327.50> � 1992 t 8/ 1/1991 98513.75 98513.75 I 2/ 1/1992 170000 • 5.950 98513.75 268513.75 367027.50 369850.00 ( 2822.50) 1993 I 8/ 11199� 93456.25 93456.25 , �/ 1/1993 170000 6.050 93456.25 263456.2:i 356912.50 360400.00 f 3487.50) 1994 � 8/ 1/1993 88313.75 88313.-7� � 2/ 1/1994 � 170000 6.150 B8313.75 258313.�5 346627.50 350950.00 t 4322.50) • 1995 � 8/ i/1994 83086.25 83086.25 � 2/ 1/1995 170000 6.250 63086.25 253086.25 336172.50 341350.00 ( 5177.50> 1996 i 8/ 1/1995 77773.75 77773.75 , 2/ 1/1996 270000 6.350 77773.75 347773.75 4255A7.50 431750.00 f 6202.50) 1997 � 8/ 1/1996 69201.25 69201.25 � 2/ 1/1997 275000 6.350 69201.25 344201.25 413402.50 415750.00 ( 2347.50) 1998 � 8/ 1/1997 60470.00 60470.00 � 2/ 1/1998 28000Q 6.450 60470.00 340470.00 400940.00 399500.00 1440.U0 • 1999 I 8/ 1/1998 31440.00 51440.00 , 2/ 1/1999 260000 6.450 5'1440.00 331440.00 362880.00 383250.00 ( 370.00> 2000 � 8/ i/1999 42�30.00 42410.00 . 2/ 1/2000 330000 6.450 42410.00 372410.00 414820.00 417000.00 < 2180.00) 2001 f 8/ 1/2000 31767.50 31767.50 , 2/ 1/2001 330000 6.450 31767.50 361767.50 393535.00 397500.00 < 396`.00) . 2002 ; d/ 1/2001 21125.00 21125.00 2/ 1/2002 335000 6.500 21125.00 356125.00 377250.00 376000.00 ( 750.00) 2003 t S/ 1/�'.002 10237.50 10237.50 , 2/ 1/2003 315000 6.500 10237.50 325237.50 335475.00 3`1fl500.00 ( 23025.00) 2004 I R/ 1/2003 0.00 0.00 , 2/ 1/200� 0.00 0.00 0.00 33'7�00.00 ( 339000.00) 20U:� � A/ 1/2004 0.00 0.00 . :?/ 1/2005 o.p0 O.OU 0.00 3��i',n0.00 ( 3195oo.�io) � � 6�/9.�97.4Z) 60Q�?:�Oi? S:ib'7'777.G�I1 11569777.OE1 I1`.�(.9777.08 1:':'i)]6C!."iU < �-'"� NIC 2 6.179 • CIC � 6.113 � � -5- �PPENDIX I (Program III) � PROFOSEU FEFUNLiING ISSUE . ST F'AUL CIFf 75 REST COMPUTEP FFOM 7/ 1/1976 NDING f-'AYMENT INTEFEST INTEkEST SEMI-ANNUAL •• EXISTING INCREASE ! 1 L�ATES FkINCIFAL FATES C05T TOTAL TOTAL DEKT TOTAL <UECFEASE> •977 � �}q�(r 27931.67 27931.67 { 26,/SO,OD) �y�� 2./ 1/1977 260000 4.250 167590.00 4�7590.00 AJJS�1.67 4795�0.83 < 23999.1b) 978 � 8/ 1/1977 � 162065.00 16206�.00 � 2/ 1/1978 1050000 4.250 162065.00 1212065.00 1374130.00 1395200.00 ( 21070.00) 979 � �]/ 1/197E3 139752.50 139752.50 ; '�/ 1/1979 10�0000 4.250 13975�.50 1189752.50 13.ry'-9JOJ�00 1340150.00 ( 10645.Q0) � 980 1 8/ 1/1979 117440.00 • 117440.00 , 2/ 1/1980 1050000 A.250 1174A0.00 i167440.04 1�'84884.00 1285100.00 ( 220.00> 981 � 8/ 1/1980 951�7�JO 9JS27.50 � 2/ 1/1981 65Q000 4.250 95127.50 7451�7.�0 840�J:1�00 830050.00 10205.00 982 � 8/ 1/1981 81315.00 81315.00 � 2/ 1/1982 6:,0000 4.750' 81315.04 731315.00 812630.00 798�00.00 14430.Q0 • 983 1 £3/ 1/198� 65877.50 65877.:�0 ; �/ 1/1983 650000 4.7°i0 65877.50 71:i877.50 781755.00 766025.OU 15730.00 98A � 8/ 111983 50440.00 50440.00 ; �/ 1/1984 650000 5.200 �0440.00 700440.00 75p880.00 7335�5.00 173�5.00 485 � S/ 1/1984 33540.00 33540.40 • i '�/ 1/1985 650000 5.200 33540.00 683540.00. 717080.00 700700.00 16380.00 966 � 8/ 1/1985 16640.00 16640.00 , 2/ 1/1986 640000 5.�00 16640.00 656640.00 67�280.00 667062.50 6217.:,0 (��r�.a6) 7300000 1719916.67 9019916.67 9019916.67 8995533.33 �2-4+383-�3�+! � C X 4.802 C X 4.779 � fSSING 15 UNITS � � � ,. 0 0 o N rn --� .o 000 �+ �+ � r+ 000 � � � o c,�c o 0 o oo .-a.o� o •�-� 0�0 N M i� n o v � H ., .,.. --i o � � 'Q ro .0 +�i � H H N N � � �I � A � 4-I � H � ° ro c�i c�i ° � +°� ° +� A o .. � v ron, R'� ro tiw z a� �n r. a�o � rn � ��..+ W ^+ � I� O O O • N O� �O �-+ N � a0 Ql O CM UI y � R� O pa., ,� a�i w rn o 0 0 �n o' • .o �n � rn oo s� q � ro 'c� ro � a, 6 � q o .-� o 0 o co r� o � � c� a� -ti s rn � � o a a� N ., ., �z . .�. .. ., ., .. .. 3 H M � o o 'b •� D u� �z o 0 0 � �-+ o ri .o �n �o •ti n, w .0 H x a� • a o b �n o �n o � c�.� .� oo c� .0 � H cn. ^i h +� � s� a o. � �v o N �t M 'r1 .� � a`"i � �' a � U �L O �O ^ Q f�l 01 I� 1� • • ,.G 'ry • .C,' 'rl Ul N '^I F..� .-�, vr �n `-' 3 0 � � o � o +�i �uI .. U. � +� N O N U 'N � � � � � O y � ti H N �C � p� p .1 O� �O n .� O� O O N 'N 'H +1 W ^i TS +� r-I .7 O O �t t� N rn .t N �1 �o . fy �1.� Ul � N ^I N q iC y I� O O �t � • u1 M o0 M I� N U q N 'LS .0 O �1.� U1 cd 3 b rn I . . .. ., ., ., ., .. 4.� N O u1 N +� U +� N � p v p �+ O O O �o �O rn �n c� � ao �N ^i U b '� •� �+ a o 00 � � �c rn � �n •H � w -� � k � +� „"'� �N W O O O �O •-i M 'LS O ,H � � � � � � `�r`� ° ro � ro R' a�i � m a�i p � • � ,p N ^�1 � � � .. +i � c: �C O H 'U � � z � � � .. rtS •H � +a +i a v � A A � O O �O u'1 u'� �O M O �O �4.� � O O+ N +� � � o a �n o o c� r� N w c" o .o a ro o o ro a� o a �, ,i v �n � o o i ,-� oo v o0 00 0 .o r, � �c ro �' v �' axi o a�i � �,�r.� i� � N �'i � O O OI �O v1 �+D CT 1 N N O a1 � �. ^I U � a cd � a� o 00 0 � Mo . 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PAUL, MINNESOTA � These Bonds will be offered Tuesday, June 8, 1976. Bids will be opened at 12:00 Noon, Central Time, in the office of Roger A. Mattson, Director, Department of Finance and Management Services, 109 City Hall, Saint Paul, �Nlinnesota. Award will be at 3:00 P.M. Central Time of the same day. The offering will be upon the following terms: � DATED AND INTEREST PAYMENTS All Bonds will be dated July l, 1976 and will bear interest payable on each February 1, and August l, to maturity, commencing February 1, 1977. � TYPE AND PURPOSE All $onds will be general obligations of the Issuer for which its unlimited taxing powers will be pledged. The Bonds will be in bearer form with interest coupons attached and will be of the denomination of $5,000 each, unless other denominations � are requested by the Purchaser within 48 hours after the award. The proceeds of the Series indicated will be used to refund in advance of maturity all of the outstanding bonds of each of the City's following issues: Series Bonds Refunded Amount Outstanding � A Urban Renewal Bonds, Series 1975-L, Dated December l, 1975 $ 4,100,000 B General Obligation Downtown Development District No. 1 Bonds, Series 1975, Dated December 1, 1975 $ 4,6U0,000 � C General Obligation Water Pollution Abatement Bonds, Series 1975, Dated March l, 1975 $ 4,000,000 D Urban Renewal Bonds, Series 1974-K, Dated October 1, 1974 $ 6,000,000 � E Capital Improvement Bonds, Series 1969 C, Dated November 1, 1969 $ 1,600,000 and � General Obligation Capital Improvement Bonds, Series 1975, Dated March 1, 1975 $ 5,850,000 TOTAL $26,150,000 � • -z- APPENDIX III MATURITIES AND REDEMPTIqN � All Bonds will mature February l, in the years and amounts as follows: Series A $ 220,000 1979-83 $4,050,000 320,000 1984-88 220,000 1989-93 250,000 1994 � Series B $ 120,000 1979-80 $4,540,000 275,000 1981-84 280,000 1985-88 285,000 1989 330,000 1990-94 145,000 1995 � Series C $ 150,000 1979 $4,000,000 145,000 1980-87 195,000 1988 255,000 1989-90 280,000 1991 � 285,000 1992-93 295,000 1994 305,000 1995 280,000 1996 255,000 1997 • Series D $ 225,000 1978-82 $6,000,000 220,000 1983-87 ll0,000 1988-95 270,000 1996 275,000 1997 280,000 1998-99 330,000 2000-01 � 335,000 2002 315,000 2003 Series E $ 260,000 1977 $7,300,000 1,050,000 1978-80 650,000 1981-85 � 640,000 1986 All dates are inclusive. Series E Bonds will be without prior redemption. At the option of the City the Bonds of Series A-D, inclusive,maturing on or after February l, 1987, shall be • subject to redemption prior to maturity in inverse order of serial numbers on February 1, 1986, and any interest payment date thereafter, at a price of par and accrued interest. � � � -3- APPENDIX III PAYING AGENT � The First National Bank of Saint Paul, Minnesota or the Chase Manhattan Bank, N.A. , New York, New York, at the option of the holder, will be designated by the City as its paying agents. The City will pay the customary charges of these agents. CUSIP NUMBERS • If, within three working days after the award of the Bonds, the Purchaser in writ- ing requests that CUSIP identification numbers be printed on the Bonds and agrees to be responsible for the CUSIP Service Bureau charge for the assignment of said numbers, they will be.printed on the Bonds, but neither the failure to print such number on any Bond nor any error with respect thereto shall constitute cause for failure or refusal by the Purchaser to accept delivery of the Bonds. � DELIVERY It is anticipated that the Bonds will be delivered on or about July l, 1976 subject to the unqualified approving legal opinion of Briggs and Morgan, Professional Association of Saint Paul, Minnesota and delivery of customary closing papers, including a statement of non-litigation. Bond printing and the leg.al opinion will � be paid for by the City. Delivery will be at the place of the Purchaser's choice. Payment must be made in Federal, or equivalent, funds, to be immediately available on the day of delivery. The legal opinion will be printed on the Bonds. TYPE OF BID • Sealed bids for each Series for not less than par and accrued interest on the principal sum of the Series from the date of the Bonds to date of delivery must be filed with the undersigned prior to the time of sale, together with a certified or cashier's check in the amount of 1% of the amount of the principal, payable to the order of the Treasurer of the City of Saint Paul, to be retained as liqui- dated damages if the Bidder fails to comply with the accepted bid. The City will consider and award bids for each �eries separately and will not consider any bid �r that is dependent upon the award of more then one Series. RATES All rates must be in integral multiples of 5/100 or 1/8 of 1%. All Bonds of the same maturity must bear a single rate from the date of issue to maturity. The � rate specified for any maturity may not exceed the rate specified for any sub- sequent maturity. Additional coupons may not be used. No limitation is placed upon the number of rates which may be specified. The net effective average rate of the respective Series may not exceed the rates stated as follows: Series A 5.76% • Series B 5.74% Series C 5.87% - Series D 6.19% Series E 4.79% � � � -4- APPENDIX III AWARD � Award of each Series will be made on the basis of the lowest dollar interest cost determined by the deduction of any premium from the total interest on all Bonds from their date to their stated maturity as computed on the basis of the schedule of bond years in the Official Statement published for the offering. The City reserves the right to reject any and all bids, to waive informalities and to adjourn the sale. The award of any �eries will not depend upon the award of any �, other Series. Dated 25 May, 1976 BY ORDER OF THE CITY COUNCIL /s/ Roger A. Mattson, Director � Department of Finance and Management Services f.. • � ! • t. • • . EXHIBIT 1 GRAPH OF BOND BUYER'S INDEX AS OF THE FIRST THURSDAY OF EACH MONTH FOR THE YEARS SHOWN 8 �_---- � _ � � � _._ __ __._+ _... . , i '; � � � ' ' ; ; I ; � I , I ; � ! y.s-_-____ .._.:_ _ _ ; _ __._ . ___ __ _j____. _ .._ ___. � __ ..._. _._ .,7 . ___ . _ . _____. �Z� ; ; .� ; ; � � � ; . ; � ` : 7 �------- -- 1--------------f-----.__ .,. _ . __( ) ' __ .. __. _._.. (_..,_ __ 1 . ._ j � 5 2 • , � r �� } � t ` � ,, � I , ; �,� � �' . f � _ : � � � : � ; ._______ __._ __.___.____--_.__,___ _ .____ _._ �_..;_ __.,.._...r._____ �..�_._.�.._,___..-------___. � 6.5 _ _ ___ _�_..�. �___, , ; ! t 6 f3) ; � ; � � i � � . � 6 � ; .�_.._._.__.....__...�.��._.----- -_....�..��.____.__.�.«__.��_.�_,_*�.... _--___. _� , y , '� ; � i � ; , f � ; � i : i e � } � i t � � � � � i 5.5 -_ ` ' _._�____._._ ' ' ...____ ` - ---- - -- ----t ---------- - _ _ --...____-_ - --t-------- -t -t ' #----� ;� ' � ! � - i i ° � 4 (3) ; , , ; '� 3(3) 3 5 2 _. �.--�,.___.... ----- � __ $_ _____._� . . �..�.�_..,_. ` ....._ 5 _ . ._..._""._. .�_�.�_�.. � 1 � i �7 C I 4rJ� . � .. . � .. . . . . . ,_.� ._._..... ._.._......_....____ i —___". .__ .. ___1_�.._._... ... ..... ......_�._ _.,. ..__.......__ .1_._ . .'_._____- — ...__�._. ...1 , i972 1973 1974 1975 1976 ! CITY SALES AND RATE RECEIVED � 1 , 4.90 - 4,90 - 3,81 2, 4,84 �---- MAY 13� 1976. AND 3. 4.99 - 4.98 - 4.39 MAV 20, 1976 4, 5.42 - 5,42 - 4,78 5. 6,47 - 6,43 6. 6. 11 - 5.71 - 5.02 7, 6, 14 - 6,07 � � �� t�� SPRINGSTED INCORPORATED MUNICIPAL CONSULTANTS SUITE 813 OSBORN BUILDING •SAINT PAUL,MINNESOTA 55102 • (612) 227-8378 � 17 May 1976 • Mayor Lawrence D. Cohen Mr. David H. Hozza, Council President Members of the City Council St. Paul, Minnesota RE: Analysis of Advance Refunding Report II, Dated May 16, 1976 by � Piper, Jaffray & Hopwood Incorporated As your Consultant we have reviewed this report principally to: A. Determine the accuracy of the Report. � B. Evaluate the savings to the City. C. Evaluate benefits other than the savings which will inure to the City. � After conferences with Mr. Roger A. Mattson, Director of the Department of Finance of the City and his staff, and with the staff of Mr. Thomas J. Kelley, City Administrator, it was determined that there will be substantial benefit to the City if the present method of levying for debt service is changed. The current practice is that each year's levy provides for the payment of principal and interest of the City's long- O term obligations which comes due in the calendar year of collection. The result of this is that some payments accrue before sufficient tax receipts have been received. In the past this has not presented an un�aorkable problem because of balances in the debt sinking funds. However, it appears that this situation may not be expected to continue with the result that in the not too distant future it may become necessary to � make temporary loans, or transfers from other funds, with which to meet debt service as it becomes due prior to the receipt of tax collections. To illustrate the point we have prepared a graph of the cash floca for the Capital Improvement Bonds of March 1, 1975 as it now exists. (Appendix I.) � ` �. ' St. Paul, Minnesota 17 May 1976 s Page 2 To avoid this condition, which in our opinion is detrimental to the City's credi� rating, it is desirable that each levy provide for debt service coming due the second half of the year in which the tax is ` collected and for the debt service of the first half of the next calendar year. Currently, about one-half of each year's tax levy is received on or about July 15 and the other half on or about December 15. Thus, the collection of July 15 should provide for debt service coming due thereafter during the year of collection, (preferably only interest should be scheduled for payment dtiring this period) while the December 15 collection � should provide for the debt service coming due during the first half of the following year. This procedure would then assure the City of having sufficient tax monies on hand prior to its need to meet debt service requirements. Because of arbitrage regulations and their interpretation the 1969 and � 1975 Capital Improvement issues included in the Report are not eligible for advance refunding unless it is to restructure the debt service due dates to correlate with tax collections. We therefore met with Mr. Edmunds of Piper, Jaffray & Hopwood ("PJH") and asked him to revise the original Report, which was presented to the e Finance Gommittee on Wednesday, May 12, 1976, in order, to accomplish the restructuring of debt service to fit tax collections. At the same time we suggested to him that the maximum estimated savings of $37,000 for the 1975 Rehabilitation Loan Bonds having a remaining balance of $1,425,000, per the Piper, Jaffray & Aopwood report of April 20, 1976, is not sufficient to warrant inclusion of these bonds in the advance refunding. The � present Report was then developed to reflect these changes. Before leaving the matter of restructu"ring debt service for cash flow purposes we do wish to emphasize that it does not appear to us that, at least as of yet, � crisis is imminent if such restructuring is not under- taken forthwith. While we think it would be desirable to do so this � benefit should be evaluated as only one of the elements in your decision. We do believe, however, that if you proceed with advance refunding then this restructuring should be incorporated in the program. You should also be aware that restructuring of these issues will cure the problem only with respect to them and will not change the pattern of funding other outstanding obligations. Parenthetically, we suggest that future bonding � be structured to accomplish the pattern recommended here. � � � St. Paul, Minnesota 17 May 1976 Page 3 � Our analysis of the Report indicates .to us that with some modifications the savings to the City shown by it may be increased. Generally, this would be accomplished by postponing savings to the end of the program and increasing principal payments to offset earlier interest savings. To � illustrate: we re-programmed the 1975 Urban Renewal Bonds with the result that the savings to the City would be increased from $196,462 to $381,336. Our program is attached as Appendix II. Unfortunately, time has not permitted us to run similar programs for the other issues. Therefore, we suggest that it may be in the best interest of the City to ! ask Piper, Jaffray & Hopwood to further revise their program. At your direction we will work with them in doing so. Although we found some minor errors of computation, principally with respect to the securities proposed for the escrow accounts, we have found the mathematics of the Report to be correct. � To help you better understand terms used in the Report and herein, we have prepared the following glossary of terms: ADVANCE REFUNDING - Advance Refunding is the issuance of "new bonds" in an amout�t which will be sufficient, when invested in government ' securities and placed in an escrow account, to pay the principal - and interest when due of the bonds which are advance refunded (the "old bonds") . The reason for the advance refunding is that the existing obligations are not yet eligible by their terms for prior payment. • ACCRUED INTEREST - Accrued Interest, as the term implies, is that interest which is not yet due but has accrued from the last interest payment date. It is important to advance refunding because it is a consideration in the determination of the amount of cash which must be available for the purchase of securities of the escrow account. It is also necessary to the computation of , the amount of funds required to adequately fund the escrow account and it is an element in the determination of compliance with the arbitrage regulations. ARBITRAGE - For our purposes here arbitrage is the difference between the rate which the City pays for its refunding obligations, � and the rate at which it may invest the proceeds of the new bonds. The U.S. Treasury has promulgated regulations which are intended to restrict the gains which a municipality may have from the investment of the proceeds of its tax-exempt obligations in higher yielding securities on which the City pays no tax. S � � St. Paul, riinnesota 17 May 1976 Page 4 ` DOLLAR SAVINGS (UNADJUSTED) - The savings to the City as stated in the Report represent the number of fewer dollars that the City will pay if it proceeds �oith the advance refunding than if it does not. However, these savings do not take into account ` "present value" which is defined later. ESCROW ACCOUNT - Because the bonds which are advance refunded are not yet due it is necessary that the principal and interest thereof be guaranteed by depositing in an escrow account, administered b}� a corporate trustee, such �zr�our.t as when invested in government � securities �aill provide funds in a timely manner with which to pay the principal and interest of the refunded bonds. The investments of the escrow account are generally irrevocable. If any adjustments are made the benefits may not accrue to the City. � NET INTEREST COST - This is the traditional and simple method of computing the number of dollars of interest which will be paid during the life of an obligation without adjustment for time. It makes no allowance for the fact that there may be a penalty to the borrower for paying interest earlier rather than later. � PRESENT VALUE - This is the value of a present sum which, if compounded at a given rate of interest per period over a given number of periods will yield a stated future value. For example, a savings of $553 today invested at 6%, compounded semiannually for 10 years, is the equivalent of $1,000 saved 10 years from now. � TRUE INTEREST COST (TIC or CIC) - This method of computing interest cost takes into consideration the time when payments are made. Thusx the greater the ratio is of interest paid in early years as compared to later years the higher the true interest cost will be. � REQUIRED PROFIT - Because it is necessary to artificially price the securities of the escrow account in order to avoid arbitrage gains to the City, so called, "Required" or "Windfall" profits result. How these may be handled has previously been explained in our memorandum on the subject presented to the Finance � Committee at its meeting of May 12, 1976. (Appendix III) . In the Report PJH in some instances has offered more than one option. In preparing our following summary �ahere more than one option has been offered we have selected the one �ohich �ae recommend to the City. � � i s o00 �, �, M � � 0 0 o c� .--� o �o 00 000 or� c� � �o v � cl) O O O M �1 �t u'1 N � �O Q) 'Q � 1-� vl O �t 1 00 00 M � tr1 O -IJ U Ql .Q Rl N �C p .-� r� v � c+� r� �n � Zs v 2 � � � O � � � N N � � � � Q1 � U U � � O -u ro o � � � � � � W � y w N � N � � O M Z3 v� +� M� �I 1: N . � 'Zf Rf � � N 'M Ql 27 �1 r-i � � G °o 0 3 2s � � N � � � � co o -C � v •N � v�. s� � y..� � � . � . �. U �tl .p N RJ QI � RS . q t� O O O �'1 N .--i t� O M �--i t� 'ri .0 U � -C � �-i N W � O O O O o0 �.r1 t� �t M -� Ql N 'M • a.l '�i �l s .`u� � ° .-+ o 0 0 �zs oo �zs oo �n � .o � 3 O � � � a � � O •rl 'J CA � O O O O �t \ M �t N O O� UI N N 41 � � 'H � P. O 'b v1 0o t� �7 �t ��-+ •-� N M Ql tn �1 +� u1 � O �H � �d �+ -("+ O� �' N v O N �t '--� M �. O 4-1 S.1 U1 ^I 4-I �I N � a o � � • • � I� �1 v Q1 'rl � 4-I '�-i �{.1 N ~' � � "'� � v o �s" ro � v �'a, :� o M� �N Q1 � O ul T1 -u U � �1-1 ^I o\° -!J t1 '^I � � � 'H �-i �n U W 5 � � O O --+ c�'i oo co rn � N .-i 'b O N �S cn Q O O � i .-i � o o � rn � �o .fl �n .-� cv v • -� s-� -u p cd U] 1� O O �t •-{ N O O �7 O� M �N N � N R� � � N � � O O I �O �O ��t o0 .--+ u'1 I� � RS �l � E RS N Q1 n � � O O O O •-� M O O� I� � d.� t� 'ZS .R � a1 � � �N Fq O O O 1 •--i N M � � ~ 'C � � -{.i 'rl 'LS � � H �. t� •..� d-i -U � -{.� � Ql Q I �' .. �, -C � s-i U +�i N ti >C � � \ \ \ � W � ,� o 0 0 .a o� � �n .o �n � o a� A � ro �►-� � ^+ � �; p � �n o 0 o cv r� .t u� .-a cv e� U .R �u �u 3 � ^� m ^+ a }.i •r-I N W 1� O O O •--� 00 N �7 00 M O� UI RS O N ^I 'N ^i W ."'�- � 1.i � "d O� .. � .. . . . � ., � .. .. ,IJ �: � ^I �i � '"1 1.1 '.-i c� d ,., � � � � o00 �o �n � 0000 oorn a �+ � � s 3 -� 3 �j a c� � � o o �n �r, oo � i ao o a� ro a� �n ro � Qi .'3 rl cd P� 4a O O� v 1� N U � N •C N R�^I •M ^ A E-i W d � �t c�1 N ^I v � G� �I.� �~-1 N rn Q'i C!] H � . ry ��.1 O a�.1 N d� ��.1 ~ � ` r. 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'�Ct �+ cd H •� �1 •rl Y+ b� �r 'N � U O d.� � �O �n O a., � � � a � v �.+ o •� � row o � �r •� � v ao c� v� a� -� � �n •ti � s� o rn � s� cd OD W G c/� O N 'L7 Sy RS N �1 W Ti � N � QJ . G4 �'i •rl U] � R�-+ N C2� �1.� f.l� � N Q) � -C �N a U1 •rl •r� G' TJ bD w �N� S-+ Cf� N U1 'LS �C �/l �i-1 � TS U 'd O � G O � .0 •rl QI �C ZS � � � Q1 O 0� Ql � G � a � N •� �-I� �n � � s� � � 'H � U � s� � U O •� � u a� w u > a� ro�� t v� .Q a� a a-, � �C O 4-I '^I 'H .q • �, w a +� a, a �t � D m c� a 3 v w a, v ro a� .� � a a� a� �a x a� v� ,� +� x zs s� s� s� .c +� zs � s� �s x � x ��+ cn � a r-, v ro a, ro +� � cn v •� v e� 0o v cn v v b � cd v cv v s� F-, � N •ti v 'ts m y Ts p -d w +� 21 � a1 w a� G � G a Rt 1 N •�-I N •C � � •H � •�-I N w m � +-� +-� w � � o o +-� � � v1 .� tn +� v .0 N � -u �u � G u� •� a1 o cti cts •�I �J a •�-1 cd ,� cd N N � � 3 �n �u O .4 'O 4-� •� o ca �+ m � c� ca � a � a, +� � s� a, .c •� �c w o ro � s� a, a, a, � o °,�' � '� vb v + a .� ti �nH o � � �� a � �o s� � a, H w w a � � w �I NI Mt �I � i - I s SLTN�IARY OF PROPOSED ADVANCE REFUNDING FOR THE CITY OF ST. PAUL � PART II A. Issue: Urban Renewal Bonds of 1975. Remaining Principal: $4,100,000 a Net Effective Rate of Remaining Principal: 6.014% Final Maturity: December l, 1995 Payment Dates: Interest - June 1 & December 1 Principal - December 1 ! The Report offers the following two options for refunding these bonds . Option I: This option would require the issuance of $4.1 million of refunding bonds. It would produce a total savings of $169,679. Of this $54,379 � (32%) would be left as cash in hand (in the sinking fund) . If this $54,379 were invested at 5%, compounded semiannually to the end of the issue (February l, 1996) it would be worth $134,101. Subsequent levy reductions would range from $13,900 in 1976 to $400 in 1991 . The present value of the savings of this option would be $135,848.58 {Schedule 1) . `; Option II: This option would require the issuance of $100,000 less, or $4 million, of refunding bonds. It would produce a savings of $196,462.50 of which $119,150 (60.6%) would occur in the levy of 1977. Thereafter levy reductions would range from $12,900 in 1978 to $400 in 1991. The present S value of this option would be $150,665.25 (Schedule 2) . This option would require $29,337 in excess of tax receipts for the initial period (July 1, 1976 - February l, 1977) . Each of the options would change the present payment schedule of interest on June 1 and principal and interest on December 1, both dates being � prior to receipt of taxes, to interest on August 1 to be paid from the first one-half of tax collections of the same year and interest and principal on February 1 to be paid from the last one-half of tax collections of the previous year. We recommend selection of Option II because of the greater amount ot � savings and the higher present value of the earnings, The initial excess of debt service over the 1975 levy should be manageable and wouZd be recaptured in 2 years. However, if the City should rather forego the relatively small (except for the levy of 1977) annual tax decrease and instead accelerate principal � payments we believe that savings can be increased to $381,336 as demonstrated by Appendix II. This program would require the issuance of $4,030,OOQ; it would have a surplus of $7,176 in the first debt service period and would have a present value of $173,385.71 (Schedule 2a) . � � The total sum for which the City is now committed to pay for the Urban ` Renewal Bonds of 1975 is $6,890,300. Deduction of $196,462.50 of savings (Option II) from this will reduce the City`s effective cost to $6,693,837.50 - a 2.9% reduction. If the savings were increased to $381,336 this would be 5.5%. � � � L � • i � • � PVALUE 07: 22 05/17/76 MONDAY IO2 Schedule 1 Optian I INPUT PRICE OR ZERO? 0 URB - 1975 INPUT FILE NAME? STP � PRESENT VALUE AS OF 7/ 1/�976 AT A TIC OF 5 . 69�3% DATE PAYMENT FACTOR PRESENT VALUE A 2/ 1/1977 5�, 379 .00 0 . 9677575� 52, 625 .69 2/ 1/1g78 13, 900 .0o O .g148B485 12, 716 .90 2/ 1/1975 13, g0o . 00 0 .86490078 12,022 .12 2/ 1llg8o 12, 900.00 0 . �1764755 �.0,5�+7 .65 2/ 1/1Q81 11, 900 .00 0 . 77297597 9,198 . 41 2/ 1/198� l0, 9oo . oc c .73o7�+�99 7,Gs5 .12 r 2/ 1/1983 9,900 .00 0 . 69082127 6, 839 .13 2/ 1/1g84 9,lao .00 e . 653o7875 5,9�3 •02 2/ 1/1g85 7, 900. o0 0 . 617398�7 �, $77 .�+5 2/ 1/1986 6, 700.00 0 .58366716 3,910 . 57 2/ 1/1987 5, 500 .00 0 . 55177893 3, 03� .78 2/ 1/1g88 4, 300 .00 0 . 52163289 2,243 .02 ! 2/ 1/1989 3, 100 .00 o . U9313386 1, 528 .71 2/ 1/1990 2,500 . 00 0 . 46619185 1,165 .48 2/ 1/lggl 1, 800 . 00 o . 44a72179 793 •30 2/ 1/1992 1, 000 .00 0 . 41664328 416 .64 2/ 1/1993 4ao . 00 o .393s8o27 157 .55 2/ 1/199� o .o0 0 . 37236091 0 .00 � 2/ 1/1995 -200 .00 0 . 35201724 -70 .40 2/ 1/1996 -200.00 0 .33278504 -66.56 / / 169, 67g. 00 135, 8�$ •58 PROCESSING 1 UNITS • i ! � • RUN � � PVALUE 16: 41 05/15/76 SATURDAY IO2 Schedule 2 � Option II 1 , � INPUT PRICE OR ZERO? 0 URB - 1975 � INPUT FILE NAh;E? STP3 I � PRESE�lT VALUE AS OF 7/ I/1976 AT A TIC OF 5 .6980 DATE PAY_T1ENT FACTOR PRESENT VALUE • 2J 1/1977 -29,'337 . 50 0 .9677575$ -28,391.59 2/ 1/1978 19,150 .00 o. 914II8�85 17, 520 . 04 2/ 1/1979 119,150 .00 0 .86490078 103, 052 .93 2/ 1/1g80 12, 900. 00 0 .81764755 10, 5�7 •65 2/ z/1981 ll,go0 .0o 0 .77297597 9,198 .�1 2/ 1/1g82 lo, goo . o0 0 .73o7�E499 7� 965 .12 � � 2/ 1/19$3 9,900 . 00 0. 69082127 6, 839 .13 2/ 1/1984 g,l00 ,00 0 .65307875 5, 9�+3 .02 2/ 1/1985 7, 900.00 0 .61739827 4, 877 .�5 2/ 1/1986 6, 700. 00 0.58366716 3, 910.57 2/ 1/1987 5, 500. 00 0 .55177893 3, 03� .78 2/ 1/1988 4,300 .00 0 .52163289 2,243 .02 • 2/ 1/1989 3,100.00 0 .49313386 1, 528 .71 2/ 1/1990 2, 500 .00 0 .46619185 1,165.48 2/ 1/1991 1, 800 .00 0.44072179 793 •30 2/ 1/1992 1, 000 .00 0. 4166�+328 416.64 2/ 1/1993 400.00 0 .39388027 157 .55 2/ 1/1994 0 . 00 0 .37236091 0 .00 • 2/ 1/1995 -200 .00 0 .35201724 -70 .�+0 r 2/ 1/1996 -200.00 0 .332785a� -66 .56 ' ; � / / 196, 462 .50 150, 665 .25 � � PROCESSING 1 UNITS � ! � � i j � 4 } � �. � i i I � [ � � � � � � � � 'r f i � � � � Schedule 2a PVALUE 11: 01 05/15/76 SATURDAY IO2 S-I Option URB - 1975 INPUT PRICE OR ZERO? 0 INPUT FILE NAME? STP2 ! PRESENT VALUE AS OF 7/ 1/1976 AT A TIC OF 5 .7000 DATE PAYMENT FACTOR PRESENT VALUE � 2/ 1/1977 7, 176.00 0 .96774660 6,9�� .55 2/ 1/1g78 19, 620 .00 0 .91�85668 17, 9�9• �9 2/ 1/197g 9, 620 .00 o . 86U85733 8, 319 . 93 2/ 1/1980 9,145.00 0 . 81759a58 7, 476 .87 2/ lllg�l 8, 670 .00 0 . 77290708 6, 701 .10 2/ �/?982 8,iy5 . ao 0 . ,3�55566 5, 9�7 . 81 � 2/ 111983 7, 720 .00 o . 69G73284 5, 332 . 46 2/ 1/198� 7, �55 .00 0 .65298245 4, 867 -9$ 2/ 1/1985 6, 790 .00 0 . 61729523 �,191.�3 2/ 1/1986 6, 125 .00 0. 58355840 3,57� .30 2� 1/1987 5, 46o .ao 0. 55166538 3, 012 . 09 2/ 1/1988 4, 795 .00 0 .521515�1 2, 500 .67 � 2/ 1/1989 4,1�0.00 0 .49301320 2,0�1 .07 2/ 1/1990 4, 100.00 0 .46606872 l, a10 .88 2/ 1/1991 3, 975 .00 0 . 4405g683 1, 751•37 2/ 1/1992 3, 760.00 0 .41651704 1, 566 .10 2/ 1/1993 3, 755 .00 0 .39375328 1, 478 .54 � 2/ 1/lgg� 3, 960.00 0.37223361 1,474 .p5 � 2/ 1/1995 �4. 375.00 0 .35189006 15, 615 .12 2/ 1/1996 212, 500 .00 0 .33265833 70,689 .90 / / 381, 336.00 173,385 •71 PROCESSING 1 UNITS • � • ! • � B. Issue: Downtown Development District Bonds of 1975. � Remaining Principal: $4,600,000 Net Effective Rate of Remain�ng Principal: 5.99% Final Maturity: December l, 1995 Payment Dates: ` Interest - June 1 & December 1 , Principal - December 1 The Report offers the following three options for refunding these bonds: Option I: ` This option would require the issuance of $4.6 million of refunding bonds. It would produce a total savings of $207,617. Of this $70,403 (34%) would be left as cash in hand (in the sinking fund) . If this $70,403 were invested at 5%, compounded semiannually to the end of the issue (February 1, 1996) it would be worth $173,617. Subsequent levy reductions would range from $10,967.50 in 1976 to $300 in 1993. The � present value of the savings of this option would be $159,430.05 (Schedule 3) . Option II: This option would reduce the amount of principal of the refunding bonds � $130,000 to $4,470,000. Of the total savings of $248,016, $160,284 (65%) would occur by reason of the fact that the 1977 and 1978 levies could respectively be reduced $117,792.50 and $42,492.50. However, future reductions would be less than those of Option III. The present value of savings for this option would be $182,438 (Schedule 4) . � The initial debt service period of this option (July 1, 1976 - February 1, 1977) will require $34,423.12 more than tax receipts from the 1975 levy. Option III: � This option too would reduce the amount of principal to $4,470,000. It would produce savings of $387,925 but $138,125 (36%) would be postponed to the last year (1996) . Until then levies would be reduced from a high of $19,092.50 (1976 and 1977) to a low of $8,425 (1993) . The present value of the savings of Option III would be $191,251.60 (Schedule 5) . s The initial debt service period of this option (July l, 1976 - February 1, 1977) will require $33,664.79 more than the 1976 tax collections alloc�ted to the issue. Each of the options would change the present payment schedule of interest on June 1 and principal and interest on December l, both dates being S prior to receipt of taxes, to interest on August 1 to be paid from the first one-half of tax collections of the same year and interest and principal on February 1 to be paid from the last one-half of tax collections of the previous year. � � We recommend selection of Option III because of the substantial difference in total savings and the higher present value of the earnings. The initial excess of debt service over the 1975 tax levy should be manageable � and would be recaptured in 2 years. This issue though does have a problen that you may wish to seriously consider. The funding of these bonds is intended to be from tax increments which as of yet are unproven. If future developments should prove the original projections of the tax increments to be more or less than the � projections it may be advantageous tnen to restructure the maturities of the bonds. If the bonds are advance refunded now, that option �vill be foreclosed until such time as the refunded bonds have been paid in 1985. The total sum for which the City is now committed to pay for th:e Downtown Deve_lopment 13onds is $8,022,692,50. Deducting the $387 ,925.21 of savings � from this will reduce the City's eiiective cost to $7,634,767.50 - a 5% reduction. We have not had time to run a program which would use interest savings to accelerate principal payments. �,Te believe this would increase the savings substantially. M � � w � � � Schedule 3 � Option I DDD - 1975 INPUT PRICE OR ZERO? 0 INPUT FILE NAME? STP • PRESENT VALUE AS OF 7/ 1/1976 AT A TIC OF 5 .698a DATE PAYMENT FACTOR PRESENT VALUE 2/ 1/1977 70, �02 . 63 0 .96775758 68,132 .68 � 2/ 1/1978 10, 967 . 50 0 . 91488�185 10, 034 .00 2/ 1/1979 10, g67 . 5o 0 .86490078 g,485 .80 2/ 1/1980 10, 917 . 50 0 .81764755 8, 926 . 67 2/ 1/1981 10, 867 .50 0 .77297597 8, 400 .32 2/ 1/1g82 10, 740 .00 0 .7307�+499 7, 848 .20 2/ 1/1983 10, 612 . 50 0 .6g082127 7,331 .3�? � 2/ 1/1984 10, 485 .00 0 .65307875 6, 847 .53 2/ 1/1985 10,357• 50 0 .61739827 6,39� .70 2/ 1/1986 9,975 .00 0 . 58366716 5,822 .08 2/ 1/1987 9, 337 . 50 0 . 55177893 5,152 .24 2/ 1/1988 8, 317 . 50 0 . 5216328g 4,338 .68 2/ 1/1989 7, 170 . 00 0 .49313386 3, 535 .77 r 2/ 1/1990 6, 000.00 0 .46619185 2, 797 .15 2/ 1/199�. 4, 500 . 00 0 .44072179 1, 983 .25 2/ 1/1992 3, 000 .00 0.41664328 1,249•93 2/ 1/1993 1, 800. 00 0 .39388027 7o8 .g8 2/ 1/lgg4 900.00 0 . 37236091 335 .12 2/ 1/1995 3C�o .0o 0 .35201724 105 .61 � 2/ 1/1996 0. 00 0 .33278504 � o .00 / / 207, 617.63 159, 430 .05 PROCESSING 1 UNITS • � � • • • Schedule 4 � Option II DDD - 1975 PVALUE 07 : 3� 05/17/76 h10NDAY IO2 INPUT PRICE OR ZERO? 0 INPUT FILE NAME? STP • PRESENT VALUE AS OF 7/ 1/1976 AT A TIC OF 5 .6980 DATE PAYMENT FACTOR PRESENT VALUE • 2/ 1/1977 -34, 423 .12 0 .9677575� -33,313 .2� 2/ 1/1g78 17, 792 .50 0 . 91�+88�85 16, 278 .09 2/ 1/1979 117, 792 .50 0 . 86490078 101, 878 . 83 ?_/ 1/1980 �+2, u92 . 50 0 . 8176�755 3�,7�3 • 89 � 2f 1/19�1 10, 867 . 50 0 . ;`1297�97 8, �00 .32 2/ 1/1982 10, 740 .00 0 .7307�+499 7, 8�8 .20 2/ 1/1g83 10, 612 .50 0 .69082127 7,331.3�+ 2/ 1/1984 lo, 485 .o0 0 .65307�75 6, 8�+7 .53 2/ 1/1g85 10, 357 . 5o O . E1739827 6,394 .70 2! 1/1986 9, 975 . 00 0 .58366716 5, 822 .08 � 2/ 1/1987 9,337 . 50 0 . 55177893 5,152 .24 2/ 1/1988 8, 317 . 50 0 . 52163289 �+,338 .68 2/ 1/1989 7. 170 .00 0 . �+9313386 3, 535 •77 2/ 1/1990 6, 000 .00 0 .46619185 2,797 .15 2/ 1/1991 t�, 5oo .00 0. 44072179 1, 983 •25 2/ 1/1992 3, 000 .00 0 . �41664328 1,2�9 • 93 � 2/ 1/1993 1, 800.00 0 .?9388027 7o8 .g8 2/ 1/1g94 900 .00 0 .37236091 335 .12 2/ 1/1995 300 .00 0 .35201724 105 .61 2/ 1/lgg6 0 .00 0 . 33278504 0 .00 / / 248, 016 . 88 182, 438 . �+7 � PROCESSING 1 UNITS ! • � • i � � PVALUE 16 : 39 05/15/76 SATURDAY IO2 Schedule 5 � I Option III INPU7 PRICE OR ZERO? 0 DDD - 1975 INPUT FILE NAME? STP2 , � • � PRESENT VALUE AS OF 7/ 1/1976 AT A TIC OF 5 .6980 � DATE PAYMENT FACTOR PRESERT VALUE 2/ 1/1977 -33, 664 .79 0 •9677575$ -32, 579 •36 � 2/ 1/1978 19, 092 . 50 0 .91488485 17, 467 .4� 2/ 1/1979 19,092 . 50 0 .86490078 16, 513 .12 2/ 1/1g80 1g, 042 .50 0 .8176�755 15, 570 .05 2/ 1/1981 18, 992 .50 0 .77297597 14, 680 .75 ; 2/ 1/198� 18, 865 . 00 0 .73o744g9 13, 785•50 �� 2/ 1/1g83 18, 737 . 50 0 .69082127 12, g�;4 .26 � � 2/ 1/1984 18, 610 .00 0. 65307875 12,153 .80 2/ 1/1985 18, 482 .50 0 .61739827 11, 411 .06 2/ 1/1986 18,100.00 0.58366716 lo,56�+ .38 � 2/ 1/1987 17, 462 .50 0 .55177893 9, 635 .44 2/ 1/1g88 16, 4�42 .50 0. 5216328g 8, 576 .95 2/ 1/1989 15,295 .00 0. 49313386 7,5�2 .48 • 2/ 1/1990 14,125 .00 0.46619185 6,584 .96 2/ 1/1991 12,625.00 0 .4�+072179 5,564 .11 2/ 1/1992 11,125.00 0.41664328 4, 635 .1E 2/ 1/1993 9,925 .00 0 .39388027 3, 909.26 � ' 2/ 1/199b g,025.00 0 .37236091 3,360 .56 i 2/ 1/1995 8, �25.00 0 .3520172�+ 2, 965 .75 • � 2/ 1/1996 138, 125 .00 0 .3327850�+ �+5, 965 .93 , / / 387, 925.21 191,251 .60 PROCESSING 1 UNITS � � � • �« I � t � � '. i � , � ! • C. Issue: �dater Pollution Abatement Bonds of 1975. � Remaining Principal: $4,000,000 Net Effective Rate of Remaining Principalt � 6.126% Final riaturity: March l, 2005 Payment Dates: Interest - February 1 & March 1 Principal riarch 1 �! � The Report shows a savings of $788,455 by the issuance of $3,950,000 af refunding bonds. This is a substantial savings. It is primarily accomplished though by accelerating principal payments. While it would require less of a levy in 1976 ($13,515) and in 1977 ($74,455) , for a period of 17 years it would require a larger levy which at the peak � would be $136,920 for the levy of 1989. The savings principally would occur because the final maturity would be advanced to 1997 instead of the present 2005 by ballooning the late maturities of the present schedule. Advancement of maturities can of course usually be expected to reduce interest costs. Whi1e the increased levies that would be required may in the future be smoothed out this would cause the maturities of future � issues to be postponed with a greater interest cost for those issues which may really result in only a trade-off. The initial debt service for this refunding issue (July 1, 1976 - February 1, 1977) would exceed t� revenues by $92,523 which would be $4,205 more than the savings of the next 3 years. � The present value of the savings is a minus $8,816 (Schedule 6) . This is because the savings is accomplished only by shortening the issue. We assume that at the time this issue was initially programmed there was a reason for its 30 year term. Otherwise substantially the same savings could have been accomplished then by shortening the term. Therefore, a unless it is now thought that the original term was too long this does not seem to be justification for including this issue in the refunding program because of the artificiality of its savings. (In our opinion there is merit in considering shortening the issue - on today's market 30 year issues are very expensive) . As we have noted in Part I of this Summary it appears marginal at this time whether the issue is marketable � at a rate which will pass the "Minnesota Test". If the issue is refunded there will be a distinct advantage to restructuring its payment dates. As now constituted the largest annual payment, of both principal and interest, comes due on March 1 in advance of even the first one-half of taxes. The proposed restructuring would change this � pattern in the same manner as for the other issues proposed to be advance refunded. In terms of the City's present debt service commitment for these bonds of $7,916,610 a reduction of $788,455 would be nearly a 10% reduction. • � Schedule 6 WPB - 1975 � PVALUE 10 : ��3 05/15/76 SATURDAY IO2 INPUT PRICE OR ZERO? 0 INPUT FILE NAME? STP • PRESENT VALUE AS OF 7/ 1/1976 AT A TIC OF 5 .8'j0% DATE PAYMENT FACTOR PRESENT VALUE 2/ 1/1977 -92, 522 :00 0 .96681�+35 -89, 451.60 • 2/ 1/1978 13, 515 . 00 0 .91246654 12,331 .99 2/ 1/1979 7�+, �+55 .00 0 . 86117380 6�,1�8 .70 2/ 1Ii98o 347.50 0 .81276�+40 282 .44 2/ 1/1981 -15 .00 0 .76707625 -11. 51 2/ 1/1g82 -377 . 50 0 . 7239563II -273 .29 � 2/ 1/1g83 -74o .oa o .6832bo41 -505 .61 2/ 1/1g8�1 -1,102. 50 0 . 6�1485211 -710 .95 2/ 1/1g85 -1, 247 .50 0 .60860285 -759 •23 2/ 1/1g86 -1, 392 .50 0 .57�39129 -799. 8� 2/ 1/1g87 -20, 957 .50 0. 54210287 -11, 361.12 2/ 1/1988 -69, 9�2 . 50 0. 511629�►9 -35,784 .65 � 2/ 1/1g89 -126,177 . 50 0.48286912 -60,927 .22 2/ 1/1990 -11g,2�0 .00 G .455725�6 -54,340 .70 2/ 1/1991 -136, 920 .00 0 .43010764 -58,89a.3� 2/ 1/1992 -113, 500.00 0.40592988 -46, 073 .04 2/ 1/1993 -105,227 . 50 0 .38311123 -40,313 . 84 2/ 1/1994 -106, 740 .00 0 . 36157529 -38, 59� •55 � 2/ 1/1995 -97, 737 . 50 0 .34124996 -33,352 .g2 2/ 1/1996 -63, 205 .00 0 .32206718 -20,356 .26 2/ 1/1997 -55, 005 .00 0. 30396273 -16,71g . 47 2/ 1/1998 233, �27 .50 0 .28687599 66, 964 .'�5 2/ 1/1999 224, 062 . 50 0 . 27074975 60, 664 .87 2/ 1/2000 214, 687 .50 0 .25553001 5�, 859.10 � 2/ 1/2001 215, 000 .00 0.2�116583 51, 85�.65 � 2/ 1/2002 205, 000.00 0.2276og11 46,659•87 2/ 1/2003 195, 000.00 0 .21481446 41, 888 .82 2/ 1/2004 185, 000.00 0 .20273903 37, 506.72 2/ 1/2005 175, 000. 00 0 .19134241 33. 484 .g2 2/ 1/2006 165,000 .0o a .18o586�+2 2g,796 .76 � / / 788, �+45 .50 -8,81b.55 PROCESSING 2 UNITS • • • • D. Issue: Urban Renewal Bonds of 1974. Remaining Princi.pal: $6,000,000 e Net Effective Rate of Remaining Principal: 6.441% Final riaturity: October l, 2004 Payment Dates: Interest - April 1 & October 1 Principal - October 1 � The Report shows a saving of $114,068, the bulk of which occurs in the early part of the program. The greatest single saving is $25,375 for the levy of 1976; this reduces annually to $750 for the last levy of 2003. The maturity schedule is the same as it presently is , except for dating. The new issue would be in the sur� of $6 million. � The initial debt service period (July l, 1976 - February 1, 1977) would exceed over tax receipts by $103,080 which would not be recaptured for 4 years. The present value of the savings would be $38,069 (Schedule 7) . Apparently it was necessary in programming the proposed refunding issue � to use "discount" coupons in the last two years (the maturities of 2004 and 2005 are computed at a rate of 6.25% which is less than the rates for the years 1996 - 2003) . Discount coupons usually increase the true interest cost and generally are to be avoided if possible. The rate of 6,193% used by Piper, Jaffray & Hopwood would be just short � of the Minnesota Test. However, it is possible that some restructuring of maturities to accelerate principal payments by the use of interest savings might make this issue marketable. The City's present commitment for this issue is $12,297,525. A saving of $114,068 would be a 0.9% reduction. � Presently both the April 1 payment of interest and the October 1 principal and interest payment occur before taxes intended for their payment are collected. The due dates of the proposed refunding would change this in the same manner as is proposed for the other issues of the refunding program. � • � � � rt � Schedule 7 URB - 1974 i PVALUE 16: �3 05/7-5/76 SATURDAY IO2 ' INPUT PRICE OR ZERO? 0 � INPUT FILE NANE? STP i PRESENT VALUE AS OF 7/ 1/1976 AT A TIC OF 6 .130% r � DATE PAYMENT FACTOR PRESENT VALUE { 2/ 1/1977 -113, 081.25 0 .96539177 -109,167 .71 8/ 1/1977 0 .00 0 .93668245 0 .00 2/ 1/1978 25, 375 .00 0 .908826g1 23, 061.4$ i 8/ 1/1978 0. 00 0 . 88179g74 0 .00 • 2/ l/1979 23, �75 .o0 0 .85557633 20, 08�+ .65 8/ 1/1979 - o .00 0 .83013276 0 .00 ! 2/ 1/1g80 21; 575.00 0 . 80544585 17,377 .49 8/ 1/lg8o o . 00 0 .78149308 0.00 2/ 1/1g81 19,675 .00 0 .75825264 14,918 .62 � 8/ 1/1981 0. 00 0 .73570333 0 .00 � 2/ 1/1g82 17, 775.00 0 .71382�+61 12, 688 .23 8/ 1/1982 0 .00 0 . 69259652 0 .00 2/ 1I1983 15, 875 .00 0 .67199973 10, 668 .oa 8/ 1/1983 0.00 0. 65201546 0 .00 2/ 1/1g84 14, 275 .00 0 .6326254g 9, 030. 73 t 8/ 1/1984 0 .00 0 .61381214 0. 00 • 2/ I/1g85 12,675.00 0 . 59555828 7, 5�8 .70 t 81 1/1985 0 .00 0.57784726 0.00 2/ 1/1g86 11,075 .00 0 .56066295 6,209.3� 8/ 171986 0 .00 0.54398966 0.00 � 2/ 1/1987 9, �75 .00 0.52781222 5, 001.02 � 8/ 1/1g87 0.00 0 .51211587 0.00 2/ 1/1988 7, 875.00 0.49688630 3,912 -98 { 8/ 1/1g88 0 .00 0. 48210964 � ^^ �� • • E. Issue: Capital Improvement Bonds of 1969 and 1975. � Remaining Principal: $5,850,000 (1975) 1,600,000 (1969) $7,450,000 Net Effective Rate of Remaining Princi,pal 5.04% (1975} � 5.80% (1969) Final �Iaturity: �farch 1, 1985 (1975) tiovember 1, 1979 (1969) Payment Dates: Interest - September 1 & March 1 (1975) May 1 � November 1, (1969) Principal - riarch 1 (1975) � November 1 (1969) The Report proposes that these issues be combined into one refunding issue (all of the other issues would be separate) and offers two options, each of which would issue $7,280,000 of bonds which is $170,000 less than is now outstanding. Each would also restructure the payments in � the same manner as is proposed for the other issues of the program. Currently the payments for each issue are in advance of receipt of taxes intended for their payment. The March 1 payment of principal and interest for the 1975 issue is especially difficult and is a potential cause for temporary borrowings or transfers. � � Option I: This option would actually cost $3,887.50 more than now is the case. But it would not require any support for its initial period (July 1, 1976-February 1, 1977) . In fact there would be a saving of $44,495 during that period. There would also be savings in the next three years � but these would be dissipated by additional cost for the remainder of the term. The present value of the savings of this issue would be $14,550.51 (Schedule 8) . Optian II: � This option would generate a savings of $71,879.16 the principal portion of which would be in the levy of 1984. However, it would require $114,618.34 during its first period (July 1, 1976-February l, 1977) in addition to taxes. For this reason we recommend that if this issue is refunded Option I be selected. � The present value of the savings ot Option II would be $19,689.72 (Schedule 9) . The savings of Option II would be a reduction of .8%. There may also be a problem in meetino the Minnesota Test with this issue depending in part upon a legal interpretation yet to be determined. � � � RUN ` • Schedule 8 " PVALUE 16: 4�4 05/15/76 SATURDAY IO2 Option I CIB's of 1969-1975 INPUT PRICE OR ZERO? 0 < INPUT FILE NAME? STP� � • � � PRESENT VALUE AS OF 7/ 1/1976 AT A TIC OF �4 .7600 IDATE - PAYMENT FACTOR PRESENT VAL.UE I • � 2/ 1/1977 ' 44, �95 .00 0.9729317a �3, 2go .6o 2/ 1>1978 21, 070. 00 0 .92822253 19,557 •65 ' 2/ 1/1979 10, 645 .00 0 . 88556787 9,�26 .87 2/ 1{lg8o 220 .00 0 .84�87333 185 •$7 � 2/ 1/1981 -10, 205. 00 0 .8060488? —8,225 •73 2! 1/19&2 -1�4, �30 .00 0 . 769008�3 -1I, 096 .79 � • 2/ 1/1983 -15, 730 .00 0 .73367015 -11, 540 .63 2� 1/1g84 -17, 355.00 0 .69995577 -12,1�+7 .73 2/ 1/1g85 -16, 380 .00 0. 66779068 -10, 938 .�1 2/ 1/1986 -6, 217 .50 0.63710366 -3, 961.19 / / -3, 887 .50 14,550 .51 ! PROCESSING 1 UNITS • � • � � i i � + i F � � ' i l � � i • � � t+ � t 1 Schedule 9 • Option II CIB' s of 1969-1975 PVALUE 07 : 42 05/17/76 MONDAY IO2 I�1PUT PRICE OR ZERO? 0 � INPUT FILE NAME? STP PRESENT VALUE AS OF 7/ 1/1975 AT A TIC OF �k .760o � DATE PAYM,ENT FACTOR PP.ESENT VALUE 2/ 1/1a77 -11�4, 618 .3�4 0 . 97293170 -11I,515 . fi2 2/ 1/1978 29,390.00 0 . 02822253 27,280 .46 2/ 1/1979 18, �65 .00 0 . 88556787 16, 79� •79 2/ 1/1�80 8, 5�to . 0o C . ��B?3?3 7,215 .22 � 2/ 1/1981 -1, 805 .00 0 . 80004883 -1,51q .40 2� 1/1982 -6,110 .00 0 . 76900843 -4,6g8 .64 2/ 1/lg$; -7, 410 . 00 0 .73367015 -5,436 .50 2/ 1/1g84 -9, 035 .00 0 .69°95577 -6,324 .10 2/ 1/1g85 -8, 060 . 00 0. 66779068 -5, 382 .39 2/ 1/1986 162,102 . 50 0 . 63710366 103,276 .10 • / / 71, 879.16 19,659.72 PROCESSING 1 UNITS � . • • • • • • INITIAL PERIOD EXCESSES AND FUTURE TAX LEVIES � Changing the dating W�ii in some instances cause the initial (July 1, 1976 - February l, 1977) requirement for principal and interest to exceed the 1976 tax receipts allocated for debt service. This could be as much as $224,111 depending upon whether all of the issues are included in the program. Such amourit would need to be provided from existing • sinking fund balances or from other sources. By reason of subsequent reduced levies a major portion would be "recaptured". For each issue the Report has compared the levy requirements of the refunding issue with those which will be made if there is no refunding. � REQUIRED PROFIT Our projections of the required profit substantially concur with those of the Report. The precise amount will of course vary with market � conditions at the time and cannot be determined exactly until the transaction is closed. The method of handling the required profit in our opinion is most properly a policy decision. � BIDDING CONDITIONS It is also our recommendation that separate bids be taken for each offering. While we think that there may be some advantage in attracting larger bidders by requiring that all offers must be for all or none of the issues we think that this is more than offset by the fact that � because of current market conditions some of the issues may not be marketable in which case an all or none requirement could mean that there could be no salvage of those issues which can be sold. By permitting separate bids for each issue the door is open to smaller bidders who may be able to make an offer or offers for one or more but not all the bonds. � SEPARATE ACCOUNT AND INDEMNITY AGREEMENT Because it is possible, but we think improbable, that arbitrage regulations � may be changed in such a manner as would make it possible for the savings to the City to be increased we suggest that a separate account be established in which the estimated amount of such additional possible savings would be retained for a reasonable time. We also recommend that Piper, Jaffray & Hopwood be asked to enter into � an agreement by which they will indemnify the City and its agents from any law suits and losses which may occur by reason of the refunding. However, the use and extent of such a separate account and indemnity agreement should be reasonably related to the amount of Required Profit taken by Piper, Jaffray & Hopwood. � • CONCLUS IO;I • If the entire program as proposed in the Report (using the Options we have recommended) were to be successfully undertaken the City's saving of $1,483,023 would be accomplished by the issuance of $26, 150,000. This saving would be a 3.3% reduction of the City's total present commitment of $44,235,302. The savings however would be increased to $2,217,226 if � the value of delayed payments is added thus effecting a reduction of 5.0%. In making your decision we suggest that these two points should be considered: � 1. There is a "market" for bonds of the St. Paul Community, that is, there are investors who may normalZy be expected to be interested in buying St. Paul obligations. This is demonstrated in part by the continuity of the bidding syndicates who bid for these bonds. Probably no one knows what the capacity is of this market to absorb St. Paul issues but it is reasonable � to expect that there is a limit at some point. In the case of refunding even though the City's debt is not technically increased the fact is that the market will hold nearly double the sum that it now holds of the bonds refunded. 2. The statutes permitting advance refunding in Minnesota prohibit � advance refunding advance refunding bonds until the refunded bonds have been retired. Market conditions too should be considered. The current tax-exempt market is not as favorable as it was when consideration of advance refunding was first given. On April 15th the Bond Buyer's Index, a � nationally recognized index of the tax-exempt market, was 6.54%. Last Thursday, May 13 the Index was 6.83%, its highest point since March 18, 1976 when it was 6.92%. If this upward trend continues, and even if the market stays at its present level, it is marginal whether or not some of the proposed issues of this refunding program can be marketed so as to meet the "Minnesota Test" requirement that there must be at least a � quarter of a percent difference between the net effective rate of the refunding bonds and the rate carried by the bonds being refunded. Whether this is a good or bad time versus the future is the largest unknown. Our opinion is that the near future at least will see higher rates but how much and for how long doesn't show in our crystal ball. � This report should be read in connection caith the PJH Report of May 16, 1976. Statements herein of the amount of savings, rates, earnings, etc. while sometimes stated positively without qualification should be understood to be only estimates. � � � � Due to the fact that we were not able to receive the Report until mid- afternoon, Friday, May 14, 1976, we were not able to analyze it as fully as would have been desireable. More unfortunately, we were not able to discuss areas of our report which may differ in interpretation from the PJH report with either the City Administration or PJH. Therefore, we present this as a preliminary report which may need to be modified in � the light of information of which we are not now aware or which we may have misunderstood. Prepared By: SPRINGSTED INCORPORATED � 17 May 1976 __ , yj; �r�� Osmon R. 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UI U cCj � � � � �J 'd r-1 �ri tn �1 cn a) S-� • .-� 7-+ q cd 7-+ .0 ct3 ^ cp �, .a N � � •� .� � m � � � O N � u� +� O •r-I � '-� � � ai v •� �+ v s� v � au 0 0 0 0 0 0 0 0 0 0 0 0 0 '� � Q1 � '� '�' '� °�' � �' °� °1 'ti o 0 0 0 0 0 0 ° o 0 0 0 ^ o o �'' `� � � '�' ~ �' '� •'� •'� � a � r� �O u'1 �' Cl N •---� .-i N c'�1 �' �1'� I� CO . � + -}. �- -� -{- -}- -�- I I 1 I I � I I u ,� � � � O O O � APPENDIX II • ADDITIONAL OPTION FOR CITY OF ST. PAUL, MINNESOTA $4,030,000 REFUNDING OF $4, 100,000 URBAN RENEWAL BONDS of DECEMBER 1, 1975 Dated: 7-1-76 � Mature: 2-1 Current Principal Interest Total Levies Surplus 1975/1977 $ $ 130, 334 $ 130,334 $243,050 $ 7, 176�� 1976/1978 223,430 223,430 243,050 19,620 1977/1979 210,000 223,430 433,430 443,050 9,620 1978/1980 210,000 212,405 422,405 431,550 9, 145 1979/1981 210,000 201,380 411,380 420,050 8,670 1980/1982 210,000 190, 355 400,355 408,550 8, 195 1981/1983 210,000 179,330 389,330 397,050 7,720 � 1982/1984 310,000 168,095 478,095 485,550 7,455 1983/1985 310,000 151,510 461,510 468,300 6,790 1984/1986 310,000 134,925 444,925 451,050 6, 125 1985/1987 310,000 118,340 428,340 433,800 5,460 1986/1988 310,000 101, 755 411,755 416,550 4,795 1987/1989 210,000 84,860 294,860 299,000 4, 140 � 1988/1990 210,000 73, 100 283, 100 287,200 4, 100 1989/1991 210,000 61,025 271,025 275,000 3,975 1990/1992 210,000 48, 740 258,740 262,500 3,760 1991/1993 210,000 36,245 246,245 250,000 3,755 1992/1994 210,000 23,540 233,540 237,500 3,960 1993/1995 170,000 10,625 180,625 225,000 44,375 � 1994/1996 212,500 212,500 $4,030,000 $2, 373,424 $6,403,424 $381,336 Bond Years: 41, 159.30 Average Maturity: 10.21 � NIC 5. 76% %�After reduction of required cash investment of $105,540. � � � � APPENDIX III � SPRINGSTED INCORPORATED MUNICIPAL CONSULTANTS SUITE 813 OSBORN BUILDING • SAINT PAUL,MINNESOTA 55102 • (612) 227-8318 � 12 May 1976 Council President David H. Hozza riembers of the City Council � City of Saint Paul MEMORANDUM RE: Advance Refunding Required Profit Advance refunding produces what is known as "Required" or "WindfalZ" � profit. This is due to the limitation of the amount by which the yield of the escrow account may exceed the rate of the refunding bonds pursuant to arbitrage regulations. The result is that in order to place securities in the escrow account which will have a sufficient dollar yield to meet the debt service requirements of the refunded bonds without violation of the arbitrage yield limitations, it is necessary � to use artificial pricing for the escrow securities. This artificial pricing produces the so-called Required Profit. For example: Suppose that the refunding (new) bonds carry a rate of 5% and that the refunded (old) bonds are 5.50%. Then suppose that it is possible to bu� a government security which has a coupon rate of 5.50% � (which wiil be necessary in order to meet the debt service of the refunded bonds) and is selling at par (100). Because the arbitrage regulations require that the effective yield of the government security can only be 5-1/8% it is necessary that a price of more than par be paid for the security since the effective yield is computed on the purchase price. Thus, the price which the City may pay for the security may be � 102 even though the security is selling at par on the market. It is this difference which produces the required profit. The distribution of the required profit may be done in any one of the following ways or combinations thereof: � � � � City of Saint Pau1 12 rlay 1976 � Page 2 1. The entire amount may be allo�aed to the Principal or Principals handling the transaction and purchasing and reselling the securities of the escrow account. � � 2. The required profit may ia effect be given to the government by purchasing special obligations fro� the U.S. Treasury. This is called "Going to the Treasury Windo�o". 3. The amount of the required pro�it allocoed a principal or � principals may be restricted to a specific sum with the balance going to the U.S. Treasury. 4. The required profit may be distributed to an organization such as a charity. � The last option in our opinion is not a very viable one. First, it seems to us it presents extremely difficult poZitical problems involved in choosing the beneficiary. Secondly, and more importantly, attendant upon this procedure is the danger that I�LS may construe the transaction as �a pass—through to the City. � Basic to the consideration of the handling of required profit is_that none of it may in any manner be permitted to:�come back to the City, directly or indirectly. No matter what option is elected it is the usual practice that a sufficient • amount of required profit is produced to provide for issuance costs. Dated 12 riay 1976 Prepared by SPRINGSTED Incorporated � � • A�`Z=r'_../ Osmon R. Springsted /''� � � � �6��'c�� . CITY OF ST. PAUL Ramsey County, Minnesota Advance Refunding Report II , � Piper,Jaffray&Hopwood .- �� INCORPORATED Fstablished 1895•�Lfember New York Stock Exchange,/nc. r�y 16, 1976 City Council City of St. Paul Ramsey County St. Paul, Minnesota Upon analysis of the City's debt structure and cash flow it has been determined that re-structure of the refunding bonds is ad- visable. The essence of the re-structure suggests extending the principal and interest payments of the refunding bonds into the next year versus the existing pattern. The payment dates have also been moved to February 1 and August 1 for principal and interest, respectively. This re-structure has the effect of reducing the estimated savings inherent in the refunding, but creates a much more desirable cash flow pattern for current and future years. This indicates that future bond issues mi.ght also be structured in this manner. The enclosed material, therefore, reflects the re-structuring of our May 12 report with revised savings estimates. Market conditions for both municipal and federal securities markets have also been updated. In preparing this report we have valued the input of the City's administrative, financial and legal staffs, and the professional cooperation of your financial consultants and bond attorneys. Very truly yours, • PIPER, JAFFRAY & HOPWOOD INCORPORATED sy �� =�rzc.e--�=�� E. A. Edmunds, Vice President ,-. ,-, .. .. ., .. � ln A W N r� � � � v v � G� i.� ri fl�i O rt fD 'b 'C7 O' rt �r,' �' (/� � N• w c� t� � w n rt rt � rt rr � rt w w o w - r-� r � �-d E � n o � m rr H H � f-' � �-'• � � tD f-� C N O .�. M � G rt C N � ' O O F-+ h+• N I-� C C O I� � � � � � uv, !! �B V � ",3 � V� (D . rr rr � rt o� v �c v� v �n trs � r ln o+ � t� � O � �- rn o0 0 o rn � rt o v� o v� o 0 0 o m c 0 0 0 0 0 0 0 �* � A� rr O O O O O O O � O O O O O O O A. O O O O O O O N• n � C r � � � .� � v N v oo O� t7 y � f9 0 ;d N �1 W N �O O OC Q' rt �C W 00 N �O r N �C tY A7 ll� 11� N V O� N O F-+ C C/� C=7 W O� 11� Ui O� O� W (D V] O O V N h-� �O O � C] N Q tn ln O N O C i� F+ !-i Ui O O O O ln O l'� ''d O O O O O O O t9 H H O . z � w tn � V Fr V 00 lJt V C� C Cl7 � A fA G7 N V W �O �o O r-� o"' f'� O � oo r., " oo � �o n n z W 11� N t� .L� Ut � O G v V7 �' VI �I O� ln N C� 1� N f1 tY � O V N i--� oo tn ri �. � ln O ln lr l,n O O C Cr7 w � O O O O O O O n C 0 0 0 0 0 0 0 �o z d � d �- �• � �- � � � � � � � rr � r+ r� r-� �+ r-� rr G W � � � � � � � rt i-� V O� O O �O �O !-+� . l0 l!� � l,l� lJ� U� rT r z z � � � � � � c� c� �c .o �o � � w ao w o0 0� w � 1� �n tn ln rt �-+ � \ \ \ C � � r-� r--� rt O O O O A � � O Q � v� u� o� rn v� rn (z o H \ ` 0o O t� r �O O C� Cn O A l� N �D i--• o\° v� � c. u� u� u� r • • • • r• N t11 �I r 00 v V � t,n V7 l0 �D V � O� F'• \ o\° n 1 ESTIMATED SAVINGS BY ISSUE _ Year-end 2-1 *URB 75 *DDD 75 WPA 75 URB 74 **CIB 75/69 � 1977 (54,379) (70,402) 92,522 113,081 (44,495) 1978 (13,900) (10,967) (13,515) (25,375) (21,070) 1979 (13,900) (10,967) (74,455) (23,475) (10,645) 1980 (12,900) (10,917) 347 (21,575) ( 220) 1981 (11,900) (10,867) 15 (19,675) 10,205 1982 (10,900) (I0,740) 377 (17,775) 14,430 1983 ( 9,900) (10,612) 740 (15,875) 15,730 1984 ( 9,100) (10,485) 1,100 (14,275) 17,355 1�85 ( 7,900) (10,357) 1,247 (12,675) 16,380 1986 ( 6,700) ( 9,975) 1,393 (11,075) 6,217 1987 ( 5,500) ( 9,337) 20,957 ( 9,475) 1988 ( 4,300) ( 8,317) 69,942 ( 7,875) 1989 ( 3,100) ( 7,170) 126,177 ( 6,600) � 1990 ( 2,500) ( 6,000) 119,240 ( 5,550) 1991 ( 1,800) ( 4,500) 136,920 ( 4,725) 1992 ( 1,000) ( 3,000) 113,500 ( 4,050) 1993 ( 400) ( 1,800) 105,227 ( 3,525) 1994 - ( 900) 106,740 ( 3,150) 1995 200 ( 300) 97,738 ( 2,775) 1996 200 - 63,205 ( 2,550) 1997 55,005 ( 2,425) ` 1998 (233,437) ( 2,050) 1999 (224,063) ( 1,925) 2000 (214,687) ( 1,800) 2001 (215,000) ( 1,650) 2002 (205,000) ( 1,500) 2003 (195,000) ( 1,500) 2004 (185,000) ( 1,500) 2005 (175,000) ( 750) 2006 (165,000) TOTALS (169,679) (207,617) (788,455) (114,069) 3,888 *Assumes retention of acc. int. to max. permissable **Assumes use of all acc. int. to 7-1-76 and invested at maximum yield in escrow Combined Totals (1,275,932) Add: Value of Delayed Payments ( 598,812) Total Estimated Value ($1,874,744) 2 _ ALTERNATIVES Year-End , 2-1 *URB 75 � *DDD 75 *CIB 75/69 1977 29,337 34,423 114,618 _ 1978 (19,150) (17,793) ( 29,390) 1979 (119,150) (117,792) ( 18,965) 1980 ( 12,900) (42,493) ( 8,540) 1981 ( 11,900) (10,867) 1,885 1982 ( 10,900) (10,740) 6,110 1983 ( 9,900) (10,612) 7,410 1984 ( 9,100) (10,485) 9,035 1985 ( 7,900) (10,357) 8,060 1986 ( 6,700) ( 9,975) (162,102) 1987 ( 5,500) ( 9,337) 1988 ( 4,300) ( 8,317) 1989 ( 3,100) ( 7,170) 1990 ( 2,500) ( 6,000) 1991 ( 1,800) ( 4,500) 1992 ( 1,000) ( 3,000) 1993 ( 400) ( 1,800) 1994 - ( 900) 1995 200 ( 300) 1996 200 - 196 462) (248,017) ( 71,879) *Assumes use of all acc int to 7/1/76 and invested at max. yld. in escrow 3 "TJ "d N N N N N N i--� r �--� r--� r r-� r-� r� r-� r� r-� r+ r-+ r-� r-� �--� i--� �-• � i--� r r-� r-� �ay r� G ri O O O O O O �O �O �O �D �O �O �O �O �O �O �O �o �D �O �O �D �o �O �O �O �O �O �O N fD � (D O O O O O O �O �D �O �O �O �O �O �O �O �D 00 00 00 00 00 00 00 0o Co 00 �I v v O' W G (A U'� l� W N r-� O �O 0� V O� ln 1� W N r� O �O 00 V O� lJi l� W N r� O �O 00 V i"t i"t �"t fD C - tD p G tTJ rt n � c a w c w !-+ p� � p G I-+ OC � fD G � � r-� t/� A A O� � -C!? C�' N N N N N N N N W W W W W N N N N N x1 � � W lJ7 h-+ �—` �-' �--' �-' �-' h� r-� �-' N N N N N �-+ �--� �-' r-' � O� O� O� O� O� Q� O� O� O� O� ln lJi lf� lJi l!� � O� Q� O� Q� �I O� C� C� G� O� O� O� � O O O O O Q� O� O� O� O� ln tn v u� rr rno� a� a� a� rnrnc� 0000OC� rna� o� o� � v v � v " � � o 0 0 0 0 � � v � � � � � rn � � � l� �O W W W W W W W N N N N N N N N N i--� �--' C7 �7 " C7 O 00 00 N N N N N N N 00 V V V V V V V �l O O C ,.�. �I W ln ln ln lJ� ln ln Ut r � O� O� Q� O� O� O� � 00 00 v W O O O O O O O C� N N N N N N N N W W �i �iy ln � "d � W O O O O O O O O� ln ln ln ln ln l!� ln ln W W � ;C� O w ' OOOOOOO � OOOOOOOOw W � C7 n � � ^,.� C�f 00 � nCH � �O O� O� O� O� O� O� ln ln ln ln W W W W W W W W l� � 1� l� l� L� � � l� � C C"� H C W �O 11� ln lJ'� ln l.n ln i� l� l� l� N N N N N N N N W W W W W W W W W W W H ,'D � CO �D O O O O O O t-� r r r+ ln Cn ln ln lJ� lJ� lJ'� U'i W W W W W W W W W W C17 CJ� � � �c o000000� c� a� rn00000000wwwwwwwwww � r� rr� w �c o 0 0 0 0 o rn c� rn rn o 0 o c o 0 0 o w w w w w w w w w w � � � o r 0 00 0 0 0 0 0 0 � � v � o 0 0 0 0 0 0 o w w w w w w w w w w cy � r o� C O tri 7y ('� tn <n tn [=J 9 C� W � H rz-i H � o�o wwwwwwwww c� a ° C o ao 00 00 00 00 00 00 00 0o r-� cn r� t� z iv U, � ta rr1 tn �O O� � � � � � � v � � O C'' H O �D N N N N N N N N N N V �'ly ,9 [s1 � �O �O �O �O �O �O �O �O �D U'i i-C C V lJ� • N 00 W r+ � � t-� r i-+ rr r � 1 O C17 vv � vvvv � � � Ky � � ,.�� z V H vs v> � H � w rn rn o� o� � c� � m H H 1� O tn v+ tn ln Gd H � O O O O O H 0� O O O O O O� trJ • �O c!� � O O O O O W O O O O O � r �tl� 00 U� i!f O �o r-� r-� � � � A l� l� ln l!� 1� "'d H O� Oo O� � O� O� O� O� ln ln ln O 00 00 0o do 00 00 00.0 O �O �D �O V V � N N �O O� ri O � � � � � � � � � � � � � � � � � � �� N rt �c o� u� u� �nv� u� v, r � � aoo� o� rno� a� a� r.x� w000 �c �c .00000v� �n �n w rn � 000000 � �-- � wrnrno� o� rno• wrn � � �, � .c �c �o � � o• o ro � _ �O N O O O O O O O� O� O� W T Q� O� O� O� C� Wn� ln v'i U� v� r� � r-� N N N O � R O� ln O O O O O O O� O� O� W O� O� O� O� 6� � Wu� 0o O O O O� O� O� ln ln tn O C� ln OOOOOO � � � I� �t � � vv � 1-�O W 000 vv � 0000 C A� r - G (D 4 ALTERIVATIVE CALCULATION r PRESENT VALL'E OF INVESTED FUNDS @ 6%% URB/DDD 75 $8,700,000 @ 6z% for 2 months = $ 94,250.00 URB 74 $6,000,000 @ 6�% for 4 months = 130,000.00 CIB 75 $5,850,000 @ 6�% for 11 mor.ths = 348,562.50 CIB 69 $1,600,000 @ 6�% for 3 mor.ths = 26,000.00 Present Value of Invested Func�s $598,812.50 5 ln � W N � H C~J CJ �W � � � a � � t" rn V V v r• C7 cn �G tn � ln f�i C _ a V lJ� � r _ �F tis x� x� a+ w w iv v 9 � M N O v O N r't fv ct r+, c� r� iv �c �o � .o �r+ o' x O �"i �'i 'C 01 V V W t0 l0 f7 � p � 'q f� I Oo w O N W Oo ri G � tw'* h !�A l� ln N h++ V �O W � �C 1�+� W cf A O rt tn w � n � w a' h,� � �v k m � '�7 �, fOi V+ tC � 'Ci rt W W O � G F-+ w rt e-r u� W O C f� O ff �t �C W K CL O f� A �1 � rh � r7 � C� O iA rr � � ri � � � 't7 r'► N L1. t1t W W N U� CrJ 'T' H W f� W O N O V O V 5S �-h � f'f r'S W fA N t0 �D V �O Vt � rr �o p n A � G r't I—� O� V V W �O �O ty �"l. H F't W r'► O 00 W O N W Vt fA C=S f� tA a" fA � lJ� N �+ �! �C f� t7 • � n G rS ''d t7 � t�i n tn tn H t~i� G. rr �U v rr r+ r-� �v [� tn t�7 cr� rt O rG! � r ln 0o O � N� \ H O O 'ti 'Ci r � l� Go .L� v �t (7 c/� 0 o w o0 0o rn �o �c w w � w � �n r o� v, rn � oo n� e r � m n� uni o• n a � W F� 7d cn m � � {n n a� uy x C O � H trf "r� W tn H C7 O t� � N N �C ln �D l� tU � y �t w A V 00 1� 00 �D V w � (� ., v v �'t W tJi N N l� .4� r � 0 o m v� � �- v� � o� n ro �-h tn O t0 v l,n O r If '.'C W C O R CA (t �TJ p' Uf • [/> H A I�+� r-� tA H fA V W .� N O� C!� t-� � rr r W tn W �O ln rt N w � w �a � �» w w w o �c v� �* � a o �o o �--� �- v� n � n a� o rn � rn �o r� r� n H � o v W p rt'tJ rn >C • W w r . rt �tn W N N W r .P W F-' V� N lJ� i--� O� 00 A� O� � CO C17 �O � i--� W N OD �D l� lA Vt `,7 l� ln i--� l� N O f"� l� �o ►-+ O i� r-� f� i/? i!> p r N ln 0� W W f� 00 N h+ i� i--� r+ r DC t3• o�° n - �O �O N � W r+ ri l0 W V l--� V N W V N V �--� N i-+ 1-� � � ln r-� W O� 00 ln O � W N 1� l� 00 O �t 7.. . A N �O O� O � W O t�r l� N W N ln OD r'1 �I V l� �O N �--� P� r't A 6 PROPOSED REFUNDING ISSUE - ST PAUI UR& 75 IMTEREST COMFUTED FFOM 7/ 1/1976 ' YR ENDING PAYMENT INTEFEST INTEREST SEMI-ANNUAL EXISTING INCREASE 2/ 1 DATES PFINCIPAL RATES COST TOTAL TOTAL dEBT TOTAL (DECkEASE) 1977 i -B�'+if4'9-i!r• 19095.83 19095.83 ��(aj779.Od� ��I�� 0 2/ 1/1977 114575.00 114575.00 133670.83 101270.83 3?400.00 1978 0 8/ 1/1977 114575.00 114575.00 � 2/ 1/1978 11457�.00 114575.00 229150.00 243050.00 ( 13900.00) 1979 S 8/ 1/1978 114575.00 114,°i75.00 ' � 2/ 1/1979 200000 5.250 114575.00 314575.00 429150.00 443050.00 t 13900.00) 3980 � 8/ 1/1979 109325.00 109325.00 � 2/ 1/1980 200000 5.250 109325.00 309325.00 418630.00 431550.00 ( 12900.00) 1981 � B/ 1/1980 104075.00 104075.00 S 2/ 1/1981 200000 5.250 104075.00 304075.00 40B150.00 420050.00 ( 11400.00) 1982 i 8/ 1/1981 98825.00 98825.00 � 2/ 1/1982 200000 5.250 98825.00 298825.00 397650.00 408550.00 ( 10900.00) 1983 i 8/ 1/1982 93575.00 93575.00 � 2/ 1/1983 200000 5.350 93575.00 293575.00 387150.00 397050.00 < 9900.00) 1984 i 8/ 1/1993 88225.00 B8225.00 I 2/ 1/1994 300000 5.350 88?.25.00 388225.00 476450.00 485550.00 ( 9100.00) 1983 S 8/ 1/1984 80200.00 80200.00 f 2/ 1/1985 300000 5.350 B0200.00 380200.00 460400.00 468300.00 < 7900.00> 1986 � 8/ 1/1985 72175.00 72175.00 i 2/ 1/1986 300000 5.350 72175.00 372175.00 444350.00 451050.00 ( 6700.00) 1987 � 8/ 1/19Q6 64150.00 64150.00 i �/ 1/1987 300000 ;,.350 64150.00 3641:,0.00 428300.00 433800.00 ( 5500.00) 1988 0 8/ 1/1987 56125.00 56125.00 : 2/ 1/1988 300000 5.430 �6125.00 356125.00 412250.00 416530.00 < 4300.00) 1989 S 8/ 1/1988 47950.00 47950.00 i 2/ 1/1989 200000 5.600 47950.00 247950.00 295900.00 299000.00 ( 3100.00) 1990 S 8/ 1/1989 42350.00 42350.00 i 2/ 1/1990 200000 5.750 42350.00 242350.00 284700.00 287200.00 ( 2500.00) 1991 { 8/ 1/1990 36600.00 36600.00 i 2/ 1/1941 200000 5.850 36600.00 236600.00 273?.00.00 275000.00 ( 1B00.00) 1992 ; 8/ 1/1991 30750.00 30750.00 � 2/ 1/1992 200000 5.950 307,Q,0.00 230750.00 261500.00 262500.00 ( 1000.00) 1993 t 8/ 1/1992 24800.00 24800:00 1 2/ 1/1993 200000 6.050 24800.00 224800.00 249600.00 250000.00 t 400.00) 1994 i 8/ 1/1993 18750.00 18750.00 � 2/ 1/1994 200000 6.150 18750.00 2287;,0.00 237500.00 237g00.00 0.00 1995 i B/ 1/1994 12600.00 12500.00 � .'i/ 1/1995 200000 6.250 12600.00 21�600.00 225200.00 22�000.00 200.00 1996 t 8/ 1/1995 6350.00 6350.00 ' 1 2/ 1/1996 200000 6.350 6350.00 20d350.00 212700.00 212500.00 200.00 4100000 2.�ifi5620.83 6665620.83 6665620.83 67A8520.83 ( 82900.00> +f3G77 .o0 l69G?9Tcn NIC � 5.7A1 CIC X 5.700 . . � FROFOSED REFUNDING ISSUE ST FAUL URB 75 INTEREST COMF'UTED FROM 7/ 1/1976 YR ENDING PAYMENT INTEFEST INTEFEST SEMI-ANNUA� EXISTING INCfiEASE � 2/ 1 DATES PRINCIPAL RATES COST TOTAL TOTAL DERT TOTAL (DECREASE) 1977 � -�:--'::�� 18658.33 18658.33 � 2/ 1/1977 111950.00 111950.00 130608.33 101270.83 29337.50 1978 � 8/ 1/1977 111950.00 111950.00 � 2/ 1/1978 111950.00 1119�0.00 2�3900.00 243050.00 ( 19150.00) 1979 � 8/ 1/197B 111950.00 111950.00 � 2/ 1/1979 100000 5..''.50 111950.00 211950.00 323400.00 443050.00 < 119180.00> 1980 ; 8/ 1/1979 109325.D0 109325.00 . 2/ 1/1980 200000 5.250 109325.00 309325.00 418650.00 431550.00 ( 12900.00) 1981 � 8/ 1/1980 104075.00 104075.00 i 2/ 1/1981 200000 5.250 304075.00 304075.00 408150.00 420050.00 f 11900.00) 1982 � 8/ 1/1981 98825.00 988�5.00 i 2/ 1/1982 200000 5.�50 9H825.00 29882:,.00 397650.00 408�50.00 ( 10900.00) 1983 t 8/ 1/1982 ' 93S7S.00 93575.00 � 2/ 1/1983 200000 5.350 93575.00 293575.00 387150.00 397050.00 ( 9900.00) 19B4 i 8/ 1/1983 88225.00 88225.00 i 2/ 1/1984 300000 5.350 88225.00 388225.00 4764.4i0.00 485550.00 ( 9100.00> ' 1985 1 B/ 1/1984 80200.00 B0200.00 I 2/ 1/19d5 300000 5.350 80200.00 380200.00 460400.00 468300.00 ( 7900.00) 1986 ; 9/ 1/1985 72175.00 72175.00 , � 2/ 1/1986 300000 5.350 7217�.00 372175.00 444350.00 451050.00 ( 6700.00) 19�87 7 8/ 1/1986 64150.00 64150.00 � 2/ 1/1987 300000 5.350 64150.00 3641:r0.00 428300.00 433800.00 ( 5.i00.00) 1988 � 8/ 1/1997 56125.00 56125.00 � 2/ 1/1988 300000 5.450 561?.5.00 356125.00 412250.00 416550.00 ( 4300.00) 1989 � B/ 1/1988 • 47950.00 47450.00 � 2/ 1/1989 200000 5.600 47950.00 247950.00 295900.00 299000.00 ( 3100.00> 1990 � 8/ 1/1989 ♦2330.00 42350.00 � 2/ 1/1990 200000 5'.750 42350.00 242350.00 284700.00 287200.00 ( 2500.00) 1991 � 8/ 1/1990 36600.00 3b600.00 � 2/ 1/1991 200000 5.830 36600.00 236600.00 273200.00 275000.00 ( 1800.00) 1992 7 8/ 1/1991 30750.00 30750.00 I 2/ 1/1992 200000 5.950 30�:,0.00 230750.00 261500.00 262500.00 ( 1000.00) 1993 S B/ 1/1492 2480Q.00 24800.00 1 2/ 1/1993 200000 b.OSO 24800.00 224800.00 249600.00 250000.00 ( 400.00) 1994 ; 8/ 1/1993 18750.00 18750.00 S 2/ 1/1994 200000 6.150 1H750.00 218750.00 237,;00.00 237500.00 0.00 1995 � 8/ i/1994 12600.00 12600.00 , 2/ 1/1995 200000 6.250 12600.00 21e600.00 225200.00 225000.00 200.00 1996 � B/ 1/1995 6350.00 6350.00 , 2/ 1/1996 200000 6.350 6350.00 2063:,0.00 21?700.00 212500.00 200.00 4000000 2552058.33 6552058.33 655.''.058.33 6748520.83 ( 196462.50) NIC X 5.744 CIC X 5.703 . 8 ST PAUL UFR 75 AS OF 12/ 1/1975 INTEREST COMFUTED FOR 6 MONTHS 12/ 1/1975 ISSUE YR ENDING FAYMENT INTEFEST INTE�EST SEMI-ANNUAL TOTAL 12/30 DATES PRINCIF'AL RATES COST UEBT SERVICE DEBT SEFVICE � 1976 � b/ 1/1976 121525.00 1215t5.00 S 12/ 1/1976 121525.00 121525.00 243050.00 1977 0 6/ 1/1977 121�25.00 121525.00 t 12/ 1/1977 12152�.00 1�1525.00 243050.00 1978 � 6/ 1/1978 121525.00 121525.00 i 12/ 1/1978 200000 5.750 121525.00 3215�5.00 443050.00 1979 � b/ 1/1979 115775.00 115775.00 1 12/ 1/1979 200p00 5.750 115775.00 31�775.00 431550.00 1980 i 6/ 1/1980 110025.00 110025.00 i 12/ 1/1980 �00000 5.7�0 110025.00 310025.00 4200�0.00 1981 � 6/ 1/1981. 104275.00 104�75.00 .i 12/ 1/1981 200000 5.750 104�75.00 304275.00 408550.00 1982 � 6/ 1/1982 98525.00 98525.00 t 12/ 1/1962 200000 5.750 98525.00 2985<5.00 397050.00 1983 i 6/ 1/1983 92775.00 92775.00 � i 12/ 1/1983 300000 5.750 92775.00 392775.00 4855�0.00 1984 � 6/ 1/1984 84150.00 84150.00 � 12/ 1/1984 300000 5.750 84150.00 384150.00 468300.00 1985 � 6/ 1/1985 7JS�J�00 75525.00 � 12/ 1/1985 300000 5.750 755�5.00 37�525.00 451050.00 1986 � 6/ 1/1986 66900.00 66900.00 � i�/ 1/1986 300000 5.750 66900.00 366900.00 433800.00 1987 i b/ 1/1987 58275.00 58275.00 t 12/ 1/1987 300000 5.850 58�75.00 358275.00 416550.00 1988 � 6/ 1/1988 49500.00 49500.00 � 12/ 1/1989 200000 5.900 49500.00 249500.00 299000.00 1989 � 6/ 1/1989 43600.00 43600.00 i 12/ 1/1989 200000 6.100 43600.00 243600.00 287200.00 1990 � b/ 1/1990 37500.00 37�00.00 I 12/ 1/1990 200000 6.250 37500.00 237500.00 27�000.00 1991 � 6/ 1/1991 31250.00 31250.00 � 12/ 1/1991 200000 6.250 31250.00 231250.00 262500.00 1992 S 6/ 1/199� 25000.00 25000.00 � 12/ 1/1992 200000 6.�50 25000.00 225000.00 2�0000.00 1993 � 6/ 1/1993 18750.00 187�0.00 - 0 12/ 1/1993 200000 6.250 18750.00 218750.00 237500.00 1994 � 6/ 1/1994 1�500.00 12500.00 ; 12/ 1/1994 200000 6.250_ 12500.00 212�00.00 225000.00 1995 � 6/ 1/1995 6250.00 6250.00 i 12/ 1/1995 200000 6.250 6250.00 206250.00 212500.00 TOTALS 4100000 2790300.00 6890300.00 6890300.00 NIC % 6.014 CIC � ' S.990 g _�_...._--�-.- ._.�:�.,..�.r,.:.�....,.�,�.-....,,:��...�......�..,......-.�..�-..�.,......�,�..,�. �..,.,._.�....._:_ :,._. .,.�,,.;_....._.� . ST FAUL UFiF� 75 AS OF 1�'/ 1/1975 : ��TEfiEST COMF'UTELi FOR 6 MOhTHS 12/ 1/1975 IS�UE YR F�lUI�lG F'FIYMENT INTEf�EST IHTEREST SEi�I-A�lNUAL 70T�L 1�/30 UATES F�INCIF'AL f:ATES C057 LtEBT SERVICE TiEL�T SERVICE 197G � 6/ 1/1976 1�iJ�J.00 12IJZJ�00 � 12/ 1/1976 1?15��,00 121J�J.00 2Q34�0.00 1977 � 6/ 1/1977 12�.J�J�00 121J�J�00 � � 12/ 1/1977 1215��.00 1�152�.00 2430�0.00 i �97$ i E1� 1�19�� .i�J��J��O 1�iJ�J�� 12/ 1/197� 20004Q �.750 1�152�.00 321�25.00 443050.OQ s 1 1979 � 6/ 1/1979 115775.40 11�775.00 t i �.i/ 1/1979 i�� J�7J� �.SJ71J�0� .�. j.J77J��0 431550�� i 1980 � 6/ 1/1980 11Q0�5.OQ i100�S.00 S 12/ i/1980 200400 5.750 110425.04 �10425.00 420Q�O.QO 1981 S- 6/ 1/15'81 104275.00 104�7S.4U 0 121 1/1981 �OQ000 5.7�0 10427�.00 304275.Op 4Q�JJO.Op 19Q� � 6/ 1/198� S��JMJ.00 9$J�J�Oq i i �.�� 1/198� ��00 .CJ�7J0 9�J�J�00 i9$J�J�� .��70J��0� 1983 � 6/ 1/1983 9277�.00 9277�.00 � S 1�/ 1/1983 300000 5.750 92775.00 39�775.00 4SJJJO.00 1984 � b/ 1/1�84 8Q150.00 84150.Ob � 12/ 1/1984 300000 5.750 84150.04 384150.00 46830p.00 19�J i t5� 1�198J 7JJ�J��O 7JJ�J�Q� i �.�� 1/1985 c�.JdO��Q rJ' �7J� 7JJ�J�nn �J7JJL.�.J�QO 1�c.tSJ�.OJO�0� i f ; 'TOTALS 4i00040 20912�0.00 6191�.�,0.00 cS191�50.40 1�I� ;G 6.014 � CIC % 5.990 " • 10 i -R-�.. ST FAUL U�R 75 Efi��_�IS$U6SE�E�I_LAIE_ID__ZLQiLZb ' DISBUFSEME�T CASH L�LLAR F'RICE P�ESE�T VALUE ____LAIE____ LISBUBSE�E�I ��64flL_YIELD _��__ZLQILZ6_ 12/O1/76 243r050.00 97.6809 237r413.41 6/01/77 121r525.00 94.9802 . 115+424.7� 12/01/77 iZIfJ�J�00 92.3492 112,�27.36 6/01/78 I�ilJ7J�00 89.7911 109.118.57 12/01/78 3�ir�25.00 87.3038 �80r703.�3 6/01/79 11�,775.00 84.8854 98+276.05 I2/01/79 31�s775.00 82.5340 260r6�1.70 6/Oi/80 110+02�.00 80.2477 88r�92.57 12/01/80 310s025.00 78.0�48 241,896.4U b/01/81 104.275.00 75.8635 79r106.62 12/01/81 304r275.00 73.7620 224.439.�� 6/01/8t 98r52�.00 71.7187 70r660.a6 12/01/62 298�525.00 69.73�0 208ri67.58 6/01/83 � 92.775.00 67.8004 62r901.83 12/01/83 392�775.00 65.9223 258.92b.25 6/01/84 84r150.00 64.0962 53r936.94 12/01/84 384r150.00 ' 62.3207 239r404.84 6/01/85 75r525.00 60.5943 ' 45r763.87 12/01/85 1,031+467.86 58.9158 607r697.78 �AJOR PORTION 4r647r192.86 FRESENT VALUE ON 7/01/76 3r394r980.03 MINOR F'ORTION 7.950% YIELD 12/01/85 1r544.057.14 47.9923 741.029.00 TOTAL DISNUFSEMENT 6r191r250.00 COST OF MINOR FORTION 741�029.00 70TAL COST OF INVESTMENTS TO MUNICIPALITY 4r136r779.00 LESS ACCRUED INTEREST ON QUTSTANDING RONDS TO DELIVEFY DATE 141r779.00 LESS CASH CONTkIRUTION 0.00 AMOUN7 OF REFUNLING ISSUE 3r995.000.00 : .j�;'r�D 11 a r r -a -i a a � N � m m o o �-+ a O tIi tA —i —i F+ Z L r+ r t+ r i-+ r � r � r t U7 C tA tf) D D �J O O N Q� N 0� N Q� FJ O� FJ Q� FJ C� FJ Q� hJ 0� �J O� N I ►S� z r r \ � 7T \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ t+C —I C7 D O O O O O O O O O O O O O O O O O O O O ��1 D C? C7 ►� r ?t TJ ►+ F+ r r r i-+ F+ r+ F+ r f+ r r F+ !+ r ti r ►+ H U7 o cnc� o ►-+ � o o � � � � � � � � � � � � � � � � � � � • mm '*1 2 T (A Uf W T T p 00 pp p� p� pp (p pp pp p� p� p� V V V V V V V I 3 C -i +Jr? N -1 -I N UT A 1s W W N FJ � r O O �0 `� 00 07 V V 0� I f*1 _ 7T c� t*i C ►-� H 1 z m o � o � o o i -i -n z � u� z z c � ►�+ m z � z ►-� a a �+ -+ z m . ►-� ar m c z z c � m -i c� -i m u� M (A � M O -i � u� z m � o z C Z —i O� r+ 1a r � k7 � (n (1� '� ° v v O r W V r W W �J W r+ W r+ W r W r r r FJ N � O r � `0 V V � 00 �0 �p .p �p O O r r f+ t+ FJ N N PJ A G! !A N � � V1 �0 CR .A A hJ PJ 0] 00 1s A O O VI C� ►+ i-+ ►+ r W C C1 -1 -i � N O r a �q ►+ t-+ V V C4 C9 PJ h� O O V V CA C� i.n cn O U)tA '� a c cn cn � o. r•� cn crt .i � r� r� v � r� r•� � � r•� r� ra r� c� m x a z z o o� w m c+� o o cn ce cn cn cn cn cn cn cn cn c.� cn c� Ln o t� c M n o � cn cno oa o0 00 00 00 00 00 00 0 ¢ � z � o � •o •ao 00 00 00 00 00 00 00 00 o t-a c c� � a � aa r � o �-+ V U1 U1 � O m N !�I -a -� m a z o -.� a � v c r�`i o� ' � H ,a � o,ro c z a cn c c.n a o� a o• a� o• � � � � � m ao m m �o ,a ,o w r r� m o v o rn m o r� � ca � �o � w cn � o r� .a � � r.� a .i oo a t ao � • � . . . . . . . . . . . . . . . . . . . � �0 O �0 Cn W O �G p V V V W O N U! tQ W V W �0 p. 1��H �] �G -C Z r �8 FJ �0 tJ O W r Q� Q. FJ � L! 4I',. O �G .A 0� Cn K'r? tn � � O � �"� Cn la O O� N O tJ W FJ W � V A CR W r �[i O O H i7 CG a 37 W R1 0� W V PJ W la O V O U1 0� V O � 0� r N tJ `4 � ('n G7 -+ -+ r � m o � o emm z ,.. � � m V (� �` H . f C� � H i � m �, A � W D 77 I + v v 2'R1 H �= f+ r Q. A .A Q. pJ N FJ PJ N N PJ �-+ �+ r hJ i N O -� a cn cn v � � ,a .s w c� cn o� o� r� .� .p m o� �c m o �-• N w i m � �v; o cn u� o o r.i � cn �o w m r� ao o A ,o ,r m o m o ,a r.� r� � N z i � .� v � v + v .� v v + � v v � .� v v + v v v �-� ►J .v. o 0 0 0 0 ►.• m v .A ,o ,o ,o ►�.�o, a ►� m rJ a r� v � r� � .� o � �, o 0 0 0 o v ,a o• o w r•� o o. o� w o ,o �o F� � o .- r� r� ►-• ►-•c r� 0 00 0 0 o cn ww s,o• Q, ,j vQ �oo• Prs µ a w � v � w �ar ��. . . . . . . . . . . . . . . . . . . . . . . . . . N r n �,: o 0 0 0 0 0 00 0. m � .o � � �a r� o• .a G� •� o � cn w v d o�c r.r 0 0 0 0 0 o co W � �� ,,� �a « F� o � o cn w � a r� �.• � m c. N .� - �J � F� - �.t It t a4 � � � � 12 ., PROPOSED FEF'UNPING ISSUE ST F'AUL DI�G 7:, INTEREST COMFUTEL FROM 7/ 1/1976 YR EkUING FAYMENT INTEREST INTEFtEST SEHI-ANNUAL EXISTING INCfiEASE 2/ 1 PATES FFINCIFAL FATES COST TOTAL TOTAL UEBT TOTAL (PECFtEASE) 1977 � �� 21487.08 21487�OB �/O�iS09.D0� .Suip S 2/ 1/1977 128922.50 1?8922.50 150409.58 112005.21 38404.37 1978 i 8/ 1/1977 128922.50 128922.50 , 2/ 1/1978 128922.50 1?.8922.50 257845.00 268812.50 ( 10967.50) 1979 � 8/ 1/1978 228922.50 12892.^..50 � 2/ 1/1979 100000 5.250 128922.:,0 228922•:,0 357845.00 368812.50 ( 10967.50) 1980 7 8/ 1/1979 126297.50 126297.50 , 2/ 1/1980 100000 J��JO 126297.50 226297.50 352595.00 363512.50 ( 10917.�0) 1981 � 8/ 1/1980 123672.50 123672.50 � 2/ 1/1981 255000 5.=50 123672.50 378672.50 5023h5,00 513212.50 ( 10667.50) 1982 1 8/ 1/1981 116476.75 116978.75 � :/ 1/1982 ZSJOOO J�Z50 116978.75 371978.75 488957.50 499697.50 ( 307A0.00) 1983 I 8/ 1/1982 110285.00 110285.00 � </ 1/19II3 25:;000 5.250 110285.00 365285.00 475570.00 486182.50 ( 10612.50> 19B4 i 8/ 1/1983 103591.25 103591.25 i 2/ 1/1984 255000 �.350 103591.25 358591.25 462182.50 4�2667.50 < 10483.00) 1988 7 8/ 1/1984 96770.00 96770.00 , 2/ 1/1985 255000 5.350 96770.00 351770.00 448540.00 45B897.S0 ( 19357.50) 1986 i 8/ 1/1985 89948.75 89948.75 i 2/ 1/1986 255000 5.350 89948.75 34A948.75 � 434897.50 444872.50 ( 9975.00) 1987 � 8/ 1/1986 83127.50 83127.50 � 2/ 1/1987 25:,000 5.350 83127.50 338127.50 421255.00 430892.50 ( 9337.50) 1988 � 8/ 1/1987 76306.25 76306.25 � 2/ i/1988 255000 5.350 76306.25 331306.25 407612.50 415930.00 ( 8317.50) 1989 � 8/ 1/1988 69485.00 6948:,.00 I 2/ 1/1989 �60000 5.450 69465.00 329485.00 39B970.00 406140.00 ( 7170.00) 1990 ; 8/ 1/1989 62400.00 624A0.00 , 2/ 1/1990 300000 5.600 62400.00 362400.00 424800.00 430800.00 C 6000.00) 1991 i 8/ 1/1990 54000.00 54000.00 , 2/ 1/1991 300000 5.750 54000.00 354000.00 408000.00 412500.00 ( 4500.00> 1992 � 8/ 1/1991 45375.00 45375.00 � 2/ 1/1992 300000 5.850 4J.�SJJ�00 345375.00 390750.00 3937;,0.00 ( 3000.00) 1993 7 8/ 1/1992 36600.00 36600.00 � :/ 1/1993 300000 J�9JO 36600.00 336600.00 373�00.00 375000.00 C 1800.00) 1994 f B/ 1/1993 27675.00 2767;,.00 � 2/ 3/1994 300000 6.050 27675.00 3^7675.00 355350.00 356250.00 ( 900.00) 1995 S 8/ 1/1994 18600.00 18600.00 � 2/ 1/1995 . 300000 6.150 18600.00 318640.00 337200.00 337800.00 ( 300.00) ' 1996 � 8/ 1/1995 9375.00 9375.00 � 2/ 1/1996 300000 6.2�0 9375.00 30937:,.00 313750.00 -• 318750.00 0.00 - 4600000 3167074.58 7767074.58 7767074.58 7865885.21 ( 98810.63) ( f 08,�7•00 , ,;�07 Gl7.co� NIC :G 5.737 CIC X 5.701 13 _ PFOPOSED FEFUNDIt�G ISSUE ST FAUI LiDD 75 INTEkEST COMPUTED FFOM 7/ 1/1976 YF ENDING FAYMENT INTEFEST INTEREST 3EMI-ANNUA� EXISTING INCREASE 2/ i DATES FRINCIPAL FATES COST TOTAL TOTAL DEHT TOTA� tUECREASE) 1977 S -^�-:�^�,+� 20918.33 20918.33 � 2/ 1/1977 125510.00 125810.00 146428.33 112005.21 34423.12 1978 � 8/ 1/1977 12:,510.00 125510.00 � 2/ 1/1978 12�510.00 L�JJ1O.00 2510�0.40 268812.50 ( 17792.50) 1979 7 8/ if1978 12SS10.00 1.25510.00 � 2/ 1/1979 125510�00 125510.00 251020.00 368812.50 < 117792.50) 1980 � 8/ 1/1979 123510.00 12BS10.00 � 2/ 1/1980 70000 5.?.�0 1.^.;,510.00 195510.00 321020.00 363512.50 ( 42492.:;0) 1981 t 8/ 1/1980 123672.50 123672.50 . 2/ 1/1981 255000 5.2:,0 1?3672.;,0 378672.50 50�345.00 5132f2.50 ( 10867.50) 1982 � B/ 1/1981 116978.75 116978.75 � 2/ 1/1982 255000 5.250 116978.75 371978.75 488957.50 499697.50 ( 10740.00) 1983 : 8/ 1/198� 110285.00 110285.00 i 2/ !/1983 255000 J��JO 110285.00 365�85.00 475570.00 486182.50 < 10612.50) 1984 � 8/ 1/1983 103;,91.25 103591.25 .. i 2/ 1/1984 255000 5.350 103591.25 358591.25 462182.50 472667.50 < 10485.00) 1985 � B/ 1/1984 96770.00 96770.00 ; 2/ 1/1965 255000 5.350 96770:00 351770.00 448540.00 458897.50 ( 10357.50) 1986 7 8/ 1/1985 899A8.75 89948.75 � 2/ 1/1986 �55000 � 5.350 89948.75 344948.75 A34697.50 444872.50 ( 9975.00) 1987 � 8/ 1/1986 83127.50 83127.50 � 2/ 1/1987 25g000 5.350 83127.50 33812�.50 421255.00 430592.50 ( 9337.50> 1988 � 8/ 1/1987 76306.25 76306.25 . 2/ 1/1988 255000 5.3.°i0 76306.25 331306.25 407b12.50 415930.00 ( 8317.50) 1989 � 8/ 1/19B8 69485.00 69485.00 t 2/ 1/1989 260000 5.450 , 69485.00 32948:R.00 398970.00 406140.00 ( 7170.00) 1990 � 8/ 1/1989 62400.00 62400.00 � 2/ 1/1990 300000 5.600 62400.00 352400.00 q24800.00 430800.00 ( 6000.00) 1991 � 8/ 1/1990 Sq000.00 54000.00 i 2/ 1/1991 300000 3.750 54000.00 354000.00 qOB000.00 412500.00 ( 4500.00) 1992 ; 8/ 1/1991 • 45375.00 45375.00 f 2/ 1/1992 300000 5.850 45375.00 34537�.00 390750.00 3937;,0.00 ( 3000.00> 1993 � 8/ 1/1992 36600.00 36600.00 � 2/ 1/1993 300000 5.950 36600.p0 336600.00 373200.00 375000.00 ( 1800.00) 1994 i 8/ 1/1993 27675.00 27675.00 S 2/ i/1994 300000 6.050 27675.00 327675.00 355350.00 356250.00 ( 900.00) 1995 � 8/ 1/1994 18600.00 18600.00 � 2/ 1/1995 300000 6.150 18600.00 318600.00 337200.00 337500.00 ( 300.00) - 1996 � 8/ 1/1995 9375.00 9375.00 � 2/ 1/1996 300000 6.250 937:,.00 30937:,.00 318750.00 318750.00 0.00 _ 4470000 3147868.33 7617868.33 7617668.33 7865885.21 ( 248016.88> NIC X 5.740 CIC �C 5.705 14 PROPOSED FEFUNDING I55UE ST FAUL DDD 75 INTEREST COMPUTEP FROM 7/ 1/1976 YR ENDING PAYMENT INTFFEST INTEREST SEMI-AMNUAL EXISTING INCREASE � 2/ 1 DATES PRINCIPAL RATES COST TOTAL TOTAL DEBT TOTA� (�ECFEASE) 1977 � 8/ 1/1976 20610.00 20810.00 � 2/ 1/1977 124660.00 124860.00 145670.00 112005.21 33664.79 1978 � 8/ 1/1977 124860.00 1�4860.00 � 2/ 1/1978 124860.00 124860.00 249720.00 268812.50 ( 19092.50) 1979 7 8/ 1/1978 124860.00 1i4860.00 i 2/ 1/1979 100000 5.250 12A860.00 224860.00 349720.00 368812.50 ( 19092.50) 1980 � 8/ 1/1979 122235.00 122235.00 7 2/ 1/1980 100000 5.250 122235.00 222235.00 344470.00 363512.50 ( 19042.80> 1981 i 8/ 1/1980 119610.00 119610.00 t 2/ 1/1981 255000 5.250 119610.00 374610.00 494220.00 513212.�0 ( 18992.50> 1982 i 8/ 1/1981 112916.25 112916.25 S 2/ 1/1982 255000 5.250 112916.�5 367916.25 480832.50 499697.50 t 18865.00) 1983 � 8/ 1/1982 � . 106222.50 106222.50 2/ 1/1983 255000 5.250 106222.50 361222.50 467445.00 486182.50 ( 18737.50> 198A i 8/ 1/1983 99528.75 9952B.75 t 2/ 1/1984 2�5000 5.350 99528.75 354528.75 45405�.50 472667.50 C 18610.00) 1983 � 8/ 1/1984 92707.50 92707.50 � 2/ 1/1985 255000 5.350 92707.50 347707.50 440415.00 458897.50 t 18482.�0) 1986 � 8/ 1/1985 85686.25 85886.2� � 2/ 1/1986 255000 5.380 85886.25 340886.45 426772.80 444872.50 ( 18100.00) t . 1987 ; 8/ 1/1986 79065.00 79065.00 . 2/ 1/1987 255000 5.350 79065.00 334065.00 413130.00 430592.50 ( 17462.507 1988 � 6/ 1/2987 72243.75 72?43.75 � 2/ 1/1988 255000 5.350 72243.75 327243.75 399487.50 415930.00 ( 36442.50) 1989 t 8/ 1/1988 6542<.50 6542�.50 � 2/ 1/1909 �^.60000 5.450 65422.50 325422.50 390@AS.00 406140.00 ( 15295.00) 1990 i B/ 1/1989 58337.50 58337.50 S 2/ 1/1990 300000 5.600 58337.50 358337.50 416675.00 430800.00 ( 14125.00) 1991 0 B/ 1/1990 49937.:,0 49937.50 � 2! 1/1991 300000 5.750 49937.50 349937.50 3998�3.00 412500.00 ( 1262°.00> ' 1992 ; 8/ 1/1991 41312.50 41312.50 I 2/ 1/1992 300000 5.8:,0 41312.56 341312.50 38�625.00 393750.00 ( 11125.00) 1993 � 8/ 1/1992 32537.:�0 32537.,e,0 � 2/ 1/1993 300000 5.950 32537.50 332537.50 365075.00 375000.00 ( 9925.00) 1994 � 8/ 1/1993 23612.50 23612.50 � �/ 1/1994 300000 6.050 2361�.50 323612.80 347225.00 356250.00 ( 9025.00) 1995 ; 8/ i/1994 14.;37.50 14.;37.50 � 2/ 1/1995 300000 b.1.i0 14537.�0 314537.50 329075.00 337500.00 ( 842;,.00> 1996 � 8/ 1/1995 5312.50 5312.:,0 _ � 2/ 1/1996 170000 6.250 5312.50 175312.50 180625.00 3187:,0.00 ( 138125.00) 4470000 3007960.00 7477960.00 7477960.00 786;,885.21 ( 3B7925.21> kIC X 5.712 CIC ;C 5.679 15 ST FAUL DDL 75 AS OF 12/ 1/1975 It�TEf,EST COMFUTEU FOR 6 t10NTHS 12/ 1/1975 ISSUE YR ENAING F'AYMENT IMTEREST INTEkEST SEMI-ANNUAL TOTAL 12/30 DATES PftINCIFAL FATES COST UEBT SEFVICE I1EBT SERVICE - 1976 � b/ 1/1976 � 134406.25 134406.25 t 12/ 1/1976 134406.25 134406.25 , 268812.50 1977 � 6/ 1/1977 134406.25 134406.25 t 12/ i/1977 134406.25 134406.25 268812.50 1978 t b/ 1/1978 134406.25 134406.25 i 12/ i/1978 100000 5.300 134446.25 234406.2.`i 368812.50 1979 � 6/ 1/1979 131756.25 131756.25 0 12/ 1/1979 100000 5.300 131756.25 231756.2.�, 36351?.50 1980 t 61 1/1980 129106.25 129106.�5 0 12/ 1/1980 255000 5.300 1i9106.25 38A106.25 513�12.50 1981 � 6/ 1/1981 122348.75 12�348.75 � � 12/ 1/1981 255000 5.300 122348.75 377348.75 499697.50 1982 � 6/ 1/1982 115591.25 115�91.25 � i SZ/ 1/1982 255000 5.300 115591.25 370591.25 486182.50 - 1983 � 6/ 1/1983 l08833.75 108833.75 • i 12/ 1/1483 255000 5.400 106833.75 363833.75 472667.50 � 1984 � b/ 1/1984 � 301948.75 101948.75 i 1�/ 1/1984 <55000 5.500 101948.75 356948.75 A58897.50 1985 ; b/ 1/1985 94936.25 94936.25 3 12/ 1/1985 255000 5.600 94936.25 349936.25 444872.,c,0 1986 � 6/ 1/1986 87796.25 87796.25 0 12/ 1/1986 255000 5.750 87796.25 342796.25 43059�.50 1987 l b/ 1/1987 8046g.00 8046.°i.00 � 12/ 1/1987 255000 5.800 80465.00 335465.00 415930.00 1988 � 6/ 1/1988 73070.00 73074.04 i 12/ 1/1988 260000 5.900 73070.00 333070.00 406140.00 1989 � 6/ 1/1984 65400.00 65400.00 : 12/ 1/1989 300000 6.100 65400.00 36�400.00 430B00.00 1990 � 6/ 1/1990 56250.00 56250.00 t 12/ 1/1990 300000 6.250 562�0.00 35625d.00 412500.00 1991 0 6/ 1/i991 46875.00 46875.00 7 12/ 1/1991 300000 6.�50 46875.00 346875.00 393750.00 1992 � 6/ 1/1992 37500.00 37500.00 � 12/ 1/1992 300000 6.250 37500.00 337500.00 375000.00 1993 0 6/ 1/1993 28125.00 281i5.00 - S 12/ 1/1993 300000 6.250 28125.00 3281�5.00 356250.00 1994 � 6/ 1/1994 18750.00 18750.00 � 12/ 1/1994 300000 6.250 18750.00 318750.00 337500.00 1995 � 6/ 1/1995 9375.00 9375.00 � ! 12/ 1/1995 300000 6.250 9375.00 309375.00 318750.00 TOTALS 4600000 34�2692.50 8022692.50 802269�.50 NIC X 5.992 16 CIC � 5�9JJ 5T F'AUL I�UIi 7� T AS OF 1�/ 1/197� �-INTE�;EST CO�iF'UTETi FpF: 6 ?�0�lTHS :� 12I 1I197J IJSUE . YFt ENDI�lG {='AYt�ENT Ii�TEREST I�lTEfiEST SEMI-Ai��lUAL TOTF�L 12/30 L�ATES F'�,INCIF'AL RATES COST L+EBT SEf,VICE I�EB7 SERVICE 1976 0 6/ 1/1976 13440b.�� 134Q06.25 t 12/ 1/1976 134�O�i.�S 134406.�� 68812.50 1977 f bf 1/1977 13440b.25 13Q4Q6.�� 1�/ 1/1977 134406.25 134406.�� 68812.50 � 1978 � 6/ 1/1978 134446.�� 1344Q6.�5 ' � � 1�/ 1/1978 100000 5.300 134406.�5 234406.2� 36881�.�0 � � � i979 0 6/ 1/1979 i31756.�� 131756.�5 � 0 1�/ 1/1979 100000 5+300 131756.25 �31756.25 363512.50 i960 � 6/ 1/1980 1�910f►.25 1�9106.:.'S � 12/ 1/1980 '?55000 .°,.300 1�9106.�� 3ti4106.25 513212.54 ; � f981 ! fi/ 1/1981 12�348.75 12�3�8.75 � 12/ 1/�9£ii :.'55004 5.300 ii 2348.7�; 377348.75 499697.50 1982 0 6/ 1/198� 115�91 .25 115591 .�5 � < � 1�/ 1/198.�c. �JJOOO 5.300 11��91 .�� 370�91 .?� 48618�.�0 � 1983 � 6/ 1/1983 108833.75 108833.?5 � � 12/ 1/1983 cJJOOO 5.400 10�ia33.75 363833.75 47�6b7.�0 1984 � 6/ 1/1984 101948.7� 101948.75 � 12/ 1/1984 �55000 5.500 101948.75 356948.75 458897.�0 1985 � 6/ 1/198; 94936.�5 9�i936.�5 � 12/ 1/1985 3i25000 S.bQO 94936.25 3219936.�5 3314872.�0 TOTALS 4Q00000 2415480.00 741�480.00 7Q1�480.OU NIC % 5.992 �. CIC % 5.955 . 17 � � r � -� � � i a a mm o o ►� a � ''' O tfl L� -I -I r Z C., r r r r r r f+ ►�+ r+ r I N C UI N D D N O O N 0� N T PJ 0� PJ O� N 0� tJ 0� PJ 0� hJ 0� N Q� �1 � � - Z f" � \ � 7] \ \ \ \ \ \ \ \ \ \ \\ \\ \ \ \ \ \ C C � t7 D O 00 00 00 00 00 00 00 00 00 O � 7J D f� C7 � r '�7 �? r r r r r r r+ r F+ r+ �r r o-+ }+ r r ►-� r H N o cnc-� o �, � o o � � � � � � � � � � � � � � � � � � � mm '�i S 7T t1I UI W 77 77 0� GD � 0� 00 N 00 00 00 OD W 0� V�! V V V V V I 3 C -I rS? Cfl -1 -i U1 UI � A� W W N PJ �-• r O O �O�J � W V V �` 1 Z - � c� m c �-+ ►-� m oc+ o � o o � -i � z -n �n z z c -+ .-+ m � H -zi z m . +-. x+ m c z z c �s m -+ c� -i m cr� tr N -I t-� O -i � . u� z m C Z � V r C9 F► C7 H m C � O UT A 0+ W r W r W t+ W r W r FJ r N r ►-• f+ FJ fA C -� � W V 07 �0 VI O T O V r V PJ W hJ C►�tsl W W W W Q' � N -i O C�1 V V N .A 0� �-'� W CG O UI V N ls �0 r+r � .A A d 0� C t7 -i (j� � v � � v v v v v v � v � � + v v v v v + � P7 D -� 3 A V V r � �0 �0 � 00 C� C� W W r r V V la A 1a A Oa N tA � D C � A W �0 W .A .A W W �0 �0 d � O O CJt Cll O O O O t+ Rl 2 D Z Z O UT A O Q� � CO W W r f+ � 0� Q- 0� tT�0� Q� Q� 0� 0� N m �'C' a C� O V hJ Vt N �I V V V N hJ V V N PJ PJ PJ N hJ PJ FJ U1 fZ � � ' O r �0 A UI N UI C� UI C� UI N fJi C9 tti CA Ui U! C� Ui UI O H � D � aa r � o ti-+ cn z -� -� _+ -c c� s� us o m N UJ -i -i m a z o -i � o vi � � ;� � o� r o c z A cn c cn o, o� c� o, o, o* v v v � o� m ao ao ao �a ,a ,o w r es m o � o m o� o r� .A c�s v �o ,�-• w cn m o ►.�.p •r �a n� � •� � �� a3 � • x . . . . . . . . . . . . . . . . . . -< •o o ,a cn w o ,o m � � v_� o rU cn m w � w �o a � >-+ '0 �O -C Z r �0 N �Q F3 O W r 0� Q� N ls W 00 O �0 � 0� OD K �3 N t! O N ►� C� A O 0'� Rl O N � PJ W A V a C�1 W �'' `C O Q H '��• D 7D W RI OD W V FJ W A O V O CJI GO V O A W F+ FJ N `G � �� m o a o ° n'm z F,. C� � m V � � H I C � ' H � .D � W � tZ R1 H 0� 0� V V � �0 N PJ N N N ►+ +-�r R7 ►+ r►+ N I N O � O A A W W O �0 C�1 F.1 0� W V L9 0� V �G `� O �Q►�` O N tJ FJ O� I R11 O OD � � � OD r V hJ C11 �0 W OD N N h1 �0 W r s+ a O A V N N Z I � � v � v v v v � � v r � + � v � � � � � � v v v � I� -I N �� o 0 0 0 o e, o �rt A w ao � � •o w m a o� r�ao o, o, *• a c� p � 0 0 0 0 o w v r� cn � a m r� o w µ �o o v.> � ao r.� cn v � c r� � O 00 O O O O ?� N Nt11 V �0 00 �O V GDA Vr C71 Ja W `� N � �� °\ O O O O O O 0� d �0 OD N U1 V OD N 07 �0 ►�' n7 0�� A V O W A D� C N T O O O O O O 0� r �0 d 0� N W LR N � �0 CR � m O OD OD �0 0� UI i R1 D� . ` � � �� V O � 1) � � 1$ ST PAUL DDLi75 EBU�S_LISIIUBSE�SEt�I_I]AIE_I�__ZLQiLZ6 � AISRURSEMENT CASH LiOLLpR F'f�ICE PRESENT VALUE ____DAIE____ DISSL165EMENI 5.638�_YIELD _��!__2LQ1LZ6_ 12/O1/76 , 268r812.50 97.6809 262r578.45 6/01/77 134.406.25 94.9802 127r659.35 12/01/77 134r406.�5 92.3492 124�123.09 6/01/78 134r406.25 89.7911 120.6D4.78 12/01/78 234r406.25 87.3038 20Ar645.48 6/01/79 131r756.25 84.8854 111r8A1.S0 12/01/79 231 r 7.`i6.2.�i 82.5340 191�277.68 6/01/80 129+106.25 80.2477 103r604.84 12/01/80 384�106.25 78.0?48 299.698.15 6/Oif81 12�r348.75 75.8b35 92r817.99 12/01/$1 377,34$.75 73.7620 278r339.89 6/01/8� 115�591.2.`, 71.7187 82.900.55 12/01/82 370.591.25 69.73i0 258r424.85 6/01/83 108r833.75 67.8004 73:789.73 12/01/83 363r833.75 65.9223 239r847.52 6/01/84 101r948.75 64.0962 65,345.26 12/01/84 356.948.75 62.3�07 222r452•84 6/01/8� 94.936.�5 60.5943 57r.�i25.99 12/01/85 1r496.104.55 58.9158 881r442.31 MAJOR F'ORTION 5t291t648�30 PRESE1�tT VALUE ON 7/O1/76 3�798�996�56 1iINOR PORTION 7.950Y. YIELD 12/01/85 1r723r831.70 47.9923 827r307.00 TOTAL DISBURSEt�SEAlT 7r015r480.00 COST OF MINOF PO�iTION 827r307.00 TOTAL COST OF INVE5Tt�fENTS TO 1•iUi�lICIPALITY 4rfi26r807.00 LESS ACC�,UEIi INTEREST OH OUTSTANDI�lG BONIIS TO IiELIVERY DATE 156.807.00 _ LESS CASH CONTRIRUTION 0.00 AMOUNT OF REFUNDING ISSUE 4,470.000.00 :r :.-� �y°�' �'_ . � ;�J � � 4?.-J 19 5T F'AUL UF:I�s 7�/J�DD7jf UELIVERY Uf�TE2 7/ 1/76 ESCRUW CASH CA5H T1ATE F�ECEIF'T5 DISIiURS�i�ENTS Et(�LANCE 3�37.7� � 12/ 1/76 ;09788.�.�, 2430�0.00 274�78.00 12/ 1/76 0.00 26881?.50 1463.:i0 � b/ 1/77 _ 309279.�0 121525.00 1�39218.00 _ 6/ 1/77 0.00 134406.�J J�Bj.1 .75 __ - 12/ 1/77 309279.50 1�iJ��-.J�00 �4�56b.�� 12/ 1/77 0.00 134406.25 108160.OQ b/ 1/78 3U9279.�0 121�2.�,.00 295914.�4 6/ 1/78 0.4A 134406.�� 161�48.'�S 1�/ 1/78 399�79.50 3215�5.00 � 239�b�.75 12/ 1/78 � 0.40 234406.2� 4$�6.50 b/ 1/79 3051�34.50 115775.00 194�6b.04 b/ 1/79 O.OU 131756.�5 b�S49.75 �.2/ 1/79 A8�184.�0 3�J�7J�04 231919.�5 ' 12/ 1/79 Q.00 �31756.25 163.00 6/ 1/90 ?.97849.r4 1104�5.00 187987.�0 6/ �./$0 O.OQ 1i9106.25 58881 .25 � 12/ 1/�30 6�78�9.50 3100�5.00 3£3670�.75 �.2/ 1/80 0.00 38410b.t� 2599.�Q b/ 1/$1 � 2�3�e574.50 10427.�i.00 1a�999.00 6/ 1/�31 0.00 124348.75 60b50.25 �.�/ 1l81 6��b74.�0 304275.00 381QQ9.7� 12/ 1/81 Q.00 37734£3.75 3701 .00 6/ �./82 2b9969.50 9�3525.00 17514�.c4 �� ,�� Q��O 115591 •�J J9J�J'4��J 12/ �./82 6�?969.�0 �98��5.p0 37899�3.7; 12/ 1/8� 0.00 370591 .2i 8407.�0 6/ I/83 2�7M67.50 9277�.00 172900.00 E►/ 1/83 Q.00 108£333.75 64066.�5 12/ 1/83 b97Mb7.50 392775.00 36a��8.7� 12/ 1/83 4.00 363833.75 472�.00 b/ 1/8A 2A10Q�.50 84150.00 161617.�0 6/ 1/84 O.QO 101948.75 �96b8.7� " 12/ 1/84 69104�.50 384150.00 366;b'1 .25 1�/ 1/84 0.00 3569�8.7� 9612.aU bI 1ISJ i��1JJ�OO 7�JJiJ�OO j.J7�a��JO 6/ 1/85 O.QO 94y36.�5 6�306.�'S 12/ 1/85 �7331��.p0 �575:r25.00 3219936.?� �.�/ 1/85 0.04 3�19936.25 0.00 1:3:_'03192.�'� 13?06730.00 20 r+ ►+ r r� f+r r+ r F+ r r i-+ rr r r-+ F+ F+r r r tJ N � Q� tJ hJ C� O� N hJ O� 0� N FJ 0� T tJ tJ 0�Q� N N 0� 0� FJ N O� O� PJ N Q�Q� tJ N 0� O� N N �� a a t-+� r f+ r F+ r+►+ rrrr rrrr ►+ rr�+ i-+rr+ ►+ f..►+ r �+ r ►+ rr r►+ rr r ►-� -i � � � � � � �� m mcaa� ao maoaoco aoaomao maocow maomoo mo� aoao vv � � � � � �t �.� vv .i � cncncnw b .AAA wwww r�r� r� t•� � � �►-� o000 �o�o �o �o oomao� v� vv o• o• � N _ V V N iJ N PJ N FJ PJ N N N N N N N N N PJ N A W hJ PJ F� FJ N hJ FJ FJ PJ PJ N N N N N FJ N N �-` - �0 W W W W W W W W W W W W W W W W W W W ►+ � �O r F+ F+ r �+ r �.• r r r ►+ r f+ f+ r r+ r f+ r \ '*1 • C� � C4 C+1 (JI [!1 C� C� fJi C� C� UI UI N C� CR Ui C� UI VI C� N 2 r C' C� C� UI N C11 C!i Cn tJl N UI C� Uf N UI UI U1 LJ� VI C9 L� C� 1"O �-' • • \ ►�DO O O O O O O O O O O O O O O O O O O O O O OD ' O O O O O O O O O O O O O O O O O O O O UI .: V a U! 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N " N � O r O N O � � "rl• � p H p.r 0� r (7 N`� v . \ �OC4 N V V CO 0� � 21 m o To � o o � a �iiii � = zi � o � iiisr - � -i mc u2 cr� cr� c� � c�rrrrarr � r �n cn c� rrrrx D 3 "� (y � -i T OG x+ GO W Cp 47 D UD C N -1 rS? �z+R? ►�+ *JD r �-+ o o c c m � �+ az z o ° ti � w o ' � az � � c� �-+ m � a cn ,oaovw� m �-+ � �, o- z cn,oaovm � .ivao a �-+ . . • • • • � cri m cn c -a o • s� rn o� �►� v a, w m c� � � -� � c.►�• .- .i o. w w ,o� a � cn o c� c� c�o u� om � o cno �acncnovcno -+ � o00000 -i ccr� �-. -nc� 000000cnoom � .e �� : �� z -t c� o �� : � .t .e� c� -i --i c� c --i o -� •• C rr � rrr+ r r � ►+ r+rrrr+ --F r+f+ rro-+ Or �Ot+ D r+ rrrr0 \\ \ \ \ \ \ \\ [7 -� �z+ \ \\ \ \ \ r� r� r•� r� rs r.�r hJ D G Q �3 N PJ 1J h3 ' F+V U� t�UI O N O GQ -1 7] Z �-+ V Q� UI C8 O • �� m�., � � �� t+ 1 I VV V p0� 0� �0�� -�i + V VV GO �p W 1 V UI V V I V A 00 �G O r FJ W A UI -C a 0� N`0 O �`t�� N I �0 N �O �0 1 W c� •� •�•a •a•�•a O I Q� W Q. 0� I V �O . f1 W I Q� 0• p. 0• I W W V � ►+ rr rr �0 n� a i � o, � v i vo ao c 000ao� o r•� � o� o• o• o• i o• o �o a m o cn w �-+ A• r� m i rn w cn o w i cn o w cn s � . • • • o• • • � • • 1 • O �+ r W W WAAUIO Or ►+NN , Q� �O 1 CR W C!f O 'UI I N O O �0^0 LO A A .a A U1 i-` C �+ 0� N FJ C7 A �D � `� `0 �0 O �0 1 �0 O O U1 O O O O � O O O Z Z N UI N � � N m � r r r+r r� r r (�t 00000 �O �U00 'O ff1 ' OC9 Wr � VODOrSJ -i ♦ ♦ ►y v OF+ OF+GRO� Q�CRO n t'1 Q�NONOFJhI00R1 D NUI ONO NG�00 = � O V Ut � �p r rWW W1a�N O T ��003 � G1 W WUiQ� � U1 UI? t!1 W G7 �0 W hJ N O PJ r 0� 3a CO W V �0 tJ►-` C� ,o r��- or�owc�cnoo � A t�+1'J O VI O Gl O O O N -i .. w mcn0000000 V V O O O O O O O O W r r p�tJ 1s W O A z V • V 03VAQ-�O �Oh�v70� -i\ Q� tJ V W A C� �0 Q�N V R1 UI 0�0] UI �0 0� V FJ G1 W 7]�-' . m� LR N�0 r W �p [!1 0•N Ctt N V �0 V.A r N 00 r .a Q�Q� -1 C� Q� C!t h? CR r�+ hTWWr � r p� p. >p� rNQ�V 2 w o•p �-- ,o w �o cn ao,o t+ . cn w o� r.� o,o� w o�a.� � o� oc� cnoowor�om hJ 00000 V OCl10 � N _ N A AJ r r r PJ N�' W r � rCRT��O�G �-+ Q� W�0 �ONOD OOWNZC7 Q� 0�V �0 �0 CD f+�O W -t O ?� V O �+ �t-� r W C�r f�1 C � W PJ►+ C*J O.A LR O O-�A 7]�7 mo W UICOVOOVO�OfAZ �0 00 C� 00 VOVO -i 22 ruur•u��t u �;ri u�n�rr�u t�,�,in :>f F'�illl_ Ut:M :4 . . INTEkESI COMF'UiEI� F'i:l7M 7/ 1/1976 ' YR ENL�ING F'AYMENT INT[Cfik>T INTERE;;f SCM1-ANNUAL EIiISTING INCFEASE 2/ 1 UATES F�RINCIFAL RA�ES L'OST TOT�I TOTpL DEL+t 1'DTAI (fiECREA:;E> f. 1977 � �.+`-'�,;�.- 29055.�5 =4ti56.'?� � 2/ 1/1977 179137.�0 179137.50 20&993 JS 9591�.50 1130Q1.25 1970 : 0/ 1/1977 179137.:;0 179137.�0 � 2/ 1/1978 200000 5.3�0 179137.50 37Y137.;;0 558275.00 583650.00 ( 2�375.00) 1979 i 8/ 1/19�8 f73787.50 173787.50 � 2/ 1/1979 200000 5.350 173787.50 373787.50 J4�J7J�00 571050.00 ( 23475.00) 1980 � 8/ 1/1979 168437.50 168A37.50 t 2/ 1/1980 200000 5.350 168437.50 360437.50 J36H7J�00 558450.00 ( 2SJ7J�00) 2981 � 8/ 1/1960 163087.50 163007.;,0 i 2/ 1/1981 200000 5.350 163087.50 3b3087.50 J�bS7J�00 545850.00 ( 19675.00> 1982 � 8/ 1/1981 157737.50 357737.50 � 2/ 1/198� 200000 5.3�0 1:,7737.50 357737.50 515475.00 533250.00 < l777:,.00) 1983 � 6/ 1/3982 1523@7.50 152387.50 i 2/ 1/1983 200000 5.500 152387.50 352387.50 504775..00 520650.00 ( 15875.00) 1984 7 B/ 1/19B3 146887.50 14b887.50 � 2/ 1/1904 :00000 S.S00 146887.50 346887.50 49377:,.00 506050.00 ( 14275.00) 1985 S 8/ 1/1984 141387.50 141387.50 � 2/ 1/1985 200000 5.500 141387.�0 341387.:,0 482775.00 495450.00 ( 12675.00) 1986 � B/ 3/1985 13�887.50 1358B7.50 S 2/ 1/1986 200000 S.S00 135887.50 33�887.50 4�1775.00 4B2850.00 f 11075.00) 1987 f 8/ 1/1986 130387.:,0 130387.50 S 2/ 1/1987 200000 5.500 130387.50 330387.50 460775.00 470250.00 ( 9475.00) 1988 : B/ 1/1967 1248B7.50 124887.50 '� t 2/ 1/l988 150000 5.430 124887.50 274887.50 399775.00 407650.00 ( 7875.00) J 1989 � B/ 1/1988 120800.00 120800.00 - ! 2/ 1/1989 150000 5.600 120800.00 270800.00 391600.00 398200.00 ( 6600.00> 1990 t 8/ 1/1989 116600.00 116600.00 S 2/ 1/1990 150000 5.750 116600.00 �56600.00 383200.00 388750.00 < �550.00) j . 1991 ! B/ 1/1990 112<87.50 112287.50 i, ! 2/ 1/1991 1�0000 5.850 312287.50 262287.50 374575.00 379300.00 ( 4725.00) 1992 f 8/ 1/1991 107900.00 307900.00 I 2/ 1/1992 150000 8.950 307900.00 257900.00 365800.00 369B50.00 ( 4050.00) 1993 7 8/ 1/1992 103437.50 103437.50 I 2/ 1/1993 150000 6.050 103437.50 253437.50 356875.00 360400.00 ( 3525.00> 1994 � 8/ 1/1993 98900.00 98900.00 � 2/ 1/1994 150000 6.150 98900.00 248900.00 347800.00 350950.00 ( 3150.00> 1995 7 8/ 1/l994 94287.50 94287.50 � 2/ 1/1995 iS0000 6.230 94287.50 244287.50 338575.00 341350.00 ( 2775.00) 1996 : B/ 1/1993 89600.00 89600.00 'i . 2/ 3/1996 230000 6.350 89600.00 339600.00 429200.00 431750.00 � iJJO.00) • 1497 � 8/ 1/1996 81662.50 81662.�0 � 2/ 1/1997 250000 6.350 81662.50 331662.50 413325.00 415750.00 < 2425.00> 1998 i 8/ 1/1997 �3725.00 73725.00 i 2/ 1/1998 2:,0000 6.450 73725.00 323725.00 397450.00 399�00.00 ( 20�0.00) 1999 7 B/ 1/1998 6:.662.50 6�662.50. � 2/ 1/1999 250000 6.w50 65662.50 315662.50 381325.00 383250.00 < 1925.00) 2000 : 8/ 1/1999 57600.00 57600.00 i 2/ 1/2000 300000 6.450 57600.00 3�7600.00 41:ri00.00 417000.00 ( 1800.00) 2001 � 8/ 1/2000 4�925.00 479?5.00 . 2/ 1/2001 300000 6.450 4�92�.00 347925.00 395850.00 397500.00 < 1650.00) i 2002 : B/ 1/2001 38250.00 38250.00 1 2/ 1/2002 300000 6.500 38250.00 338250.00 376500.00 378000.00 ( 1500.00) Z003 i 9I SIZOO2 CBJOO�OO ZBJOO�OO � 2/ 1/2003 300000 6.500 28500.00 328�00.00 357000.00 358500.00 ( 1500.00) 2004 � 8/ 1/2003 18750.00 18750.00 � 2/ 1/2004 300000 6.250 18750.00 318750.00 337500.00 339000.00 < 1500.00) 200:, 1 8/ 1/2004 9375.00 9375.00 � 2/ 1/2005 300000 6.250 937�.00 309375�00 318750.00 319500.00 ( 750.00) � 6000000 6087543.75 12087543.75 12087�43.75 1^201612.50 ( 114068.7;,) • 30 i Ni(: Y, 6.193 � cTC x >,�.�a STPA'.IL '.!�1i! 74 � A5 JI' o/ 1/1'�7�, 1NiER� '�I' COMPUT�J �Jit u NJ!d�Mti 10/ 1/1974 Ii'�UL' YR cP1JI IG PAYMl:i7T IIJTL�2� 5T I�1TEF:i 5i Si:M[-�!'J;1U�11. T01'AL 12/30 VAT•�5 Prti�JCIPAL R,\TES CO;T UEHT SLftVIIL J::I3T SICRJIC'� 1`�76 \ 10/ 1/t�)7c; 1'�LB25.00 1`)1825.0�� ly1tS25.OJ 197i \ 4/ 1/1'7"7/ 1��1825.0�1 15�t+525.0U \ 10/ 1/1��71 20�.1p! i 6,30U 191825.0�! 391H25.OJ SJ3G50.OJ 197A \ 4/ 1/1��YtS 1ti552'�.00 lri:i.�2'i.0'i \ 10/ 1/197fi 200i1_i� 4.30�� 105';25.OJ 385�2:5.0�1 5710;i0.U? 197a \ 4/ 1/1?7•� 17')2�S.Ou 17?2.'5.0�� \ 30/ 1/197`� 20JJ,�J u.30i1 17��2.'S.0�7 3792%5.0.� 5t�0450.01 1980 \ 4/ 1/19F10 1729'5.00 172925.0�1 \ 10/ 1/1�80 20u.11; 6.30'1 172925.00 372�'�5.00 54:;8:i0.0� 19t31 \ 4/ 1/19t11 16�;,•25.On 1G., �25.00 \ 10/ 1/1981 200'1'f+ f�.30U 16�.��25.00 3i,;,�25.OJ 533250.0! 1982 \ 4/ 1/1?�2 160325.00 1u0325.OJ \ 10/ 1/1982 200J)J 6.300 Iu0325.OJ 300�25.OJ 520650.Q) 1983 \ 4/ 1/1903 154025.00 15402.�i.0U \ 10/ 1/19H3 2000;? 6.300 154025.OJ 354025.OU 508050.0'J 1984 \ �f/ 1/19tS4 147725.00 147725.0� , \ 10/ 1/1Jt34 20d�u1 G.300 147725.00 347/25.00 4954'i0.0) 1985 \ 4/ 1/19f15 141<<25.OU 141a25.0i \ 10/ 1/19+15 200i�l� 6.300 141425.00 341�F25.00 <<82t150.OJ 1986 \ 4/ 1/1986 135125.00 135125.00 \ 10/ 1/1986 20000J 6.30J 135125.00 335125.OJ 470250.OJ 1987 \ 4/ 1/19Ff7 12Fi:%25.00 12Elf'25.00 \ 10/ 1/1907 15000J 6.300 12&525.00 27t3.:25.00 407650.07 19Bt1 \ 4/ 1/193'3 124100.OJ 12410�.00 \ 10/ 1/1989 1500�� 6.300 124100.OJ 27410J.0) 39820J.0) 1487 \ 4/ 1/1989 119375.00 119375.00 \ 1�/ 1/19N�� iSO�)? b.30? 1�4375.00 2G937S.00 3fi'rS75Q.n'? 1990 \ 4/ 1/19:+0 114650.OJ 114650.0� \ 10/ 1/19i0 1500U0 6.300 114650.OJ 264G50.00 379300.J� 19y1 \ 4/ 1/19)1 109`)25.00 109':?25.00 ;;' \ 10/ 1/19')1 150000 6.300 109��25.OJ 259)2.ri.00 369850.OJ � =� 19�2 \ 4/ 1/19�72 105200.OJ 10520�.JJ ' \ 10/ 1/19"2 15000;� 6.300 10520"�.0� 255200.0:� 36040"!.�) 1993 \ 4/ 1/19'�3 10U�175.00 100475.00 t \ 10/ 1/1993 1500U0 6.40U 10�475.00 250475.0; 350950.OJ 19`�4 \ 4/ 1f19'�4 9567:i.00 95675.00 \ 10/ 1/19�)4 150900 6.400 95675.00 245675.00 341350.0) 19d5 \ 4/ 1/19'?5 90fi75.0:� 90875.00 \ 10/ 1/19•?5 2500�.ti 6.ROJ 90f375.OJ 340f375.00 431750.U1 19?6 \ 4/ 1/19�6 82375.OD 02+175.00 \ 10/ 1/19'?G 2500,� 6.500 92+375.OU 3.S2B7;i.00 415760.00 19`17 \ 4/ 1/19'�7 74750.00 7R750.0'! \ 10/ 1/19��7 250an� 6.500 74750.O�1 324750.0� 39�a50�.J� . 199ES � 4/ 1/19'Jc3 6G+�25.00 6�;�,25.00 \ 10/ 1/19`.�A 2500J� 6.500 6i,,25.OD 31u�.25.00 383250.U'� 199+ \ 4/ 1/19•.�� Sf350p.JJ 5N50;..7u \ 10/ 1/19•?� 300)�� G.50U 58'�OO.J i 35jSi:0��.1u 4170 i�.0 , 20�i 1 \ 4/ 1/20J � 4Ef750.0:� 48750.OV \ 10/ 1/20�: 300)77 G.500 4tS750.0'� 34t;750.0^ 39750J.0,) 20�1 \ 4/ 1/20.�1 390i) �.7� 3�Oi �.��) \ 30/ 1/29i1 30Ui)! u.500 3907'�.J� 3590i :.J � 37800 �.) � • 20��2 \ 4/ 1/200'l. 29250.0�� 29250.0� \ 10/ I/20i2 30•�v7'� G.50'1 2�_`iO.JJ 329'L:iO.Ot 35050��.7, 20'l3 \ 4/ 1/20".3 1A50�.).a.i 1950�..i l \ 30/ 1/20�3 30;1��) ' G.50! 1�ti0��.,� 31950 �.; 3 i90 � ..1� 20�4 \ u/ 1/20 ,:� n750.i7� ��750.') � \ t0/ 1/20,�� 30'.>>r� G.50� n750.,: � 3097bU.:�: Slv.`i0 �. � TOTALS GOO.I i ' . G2��7'i:'.`�.0'; 1:' '975G`,.0� 1.? '`�75_';.0.' 31 ri:c + �..;i .. � . �.. � � � STPAU� URB 74 AS OF 6/ 1/197u � � ItJTER�:ST CO��I�UTEU FOR 6 MOr•JTHS a 10/ 1/1974 ISSUE - YR Er�DIr1G PAY��ErJT INTEREST IrJTER�ST SEMI-AN'JUAL TOTAL � 12/30 DATES F'RI�JCI(�AL RATES COST DEE3T SERVICE DE[3T SERVIC� _ 1976 \ 10/ 1/1976 191a25.00 191a25.00 191£325.0�3 1y71 � 4/ 2/1977 191825.00 191F�25.00 \ 10/ 1/1977 200U�J 6.300 191825.00 391F325.00 5E33650.0�� 197Ei \ 4/ 1/1978 1E3552�.00 18552�.00 \ 10/ 1/1978 2000�,� 6.300 185525.00 �85:�25. OJ 571050.UJ 1979 \ 4/ 1/1979 1792�?5.00 179225. 00 • \ 10/ 1/1979 200uJ,� 6.300 1792?_5. 0,� 3792?5.00 558450.0,� 1980 \ 4/ 1/19f30 1729?_5.00 172925.00 \ 10/ 1/1980 20000J 6.30� 172925. 00 372925.00 5458:�0.00 19�31 \ 4/ 1/19t31 16�u25.00 1bvu25.00 � \ 10/ 1/1981 2000�J 6.300 16tif�25.00 36G��25.00 53:5250.0� , y 1982 \ 4/ 1/19E32 160325,.OJ 160325.00 \ 10/ 1/19F32 20000:) 6.300 160325.OJ 360325.0� 520G50.��! 1.983 \ 4/ . 1/19a3 15►+025..00 154025.OU \ 10/ 1/1983 2000�0 6.300 154025.00 354025.OJ 50n050.0;! 1.9Ei4 \ 4/ 1/19F34 147725.00 147725.OD x \ 10/ 1/19F34 46f,v000 6.300 147725.00 4813725.00 4961450. 0� T'pTALS 606�00�� 290E32?5. 00 8974225.00 F397�E225.OU NIC � 6.441 eT-� � 6.428 � 32 ST PAUL 74 E60tl_LIS�U65EtlE�I_LAIE_IA__ZLQiL26 DISBURSEMENT CASH UOLLAR FkICE FRESENT VALUE ____LAIE____ IIISBU6SE�E�I 6.13Q'L_YIELL _0�__2LQiL26_ 10/01/76 191r825.00 98.4906 188r929.65 4/Oi/77 191s$25.04 95.572b 183.332.05 10/01/77 391r825.00 92.7304 363r340.76 4/0!/78 iSSfJLJ�00 89.97�7 166r921.86 10/01/78 385.5�5.00 87.2970 336r551.95 4/01/79 179r2i�.00 84.7010 1�1r805.30 10/01/79 379r�25.00 82.1821 311r655.01 � 4/01/80 172r9�5.00 79.73$1 137r887.13 10/01/80 372,925.00 77.3668 288r520.21 4/01/81 166r625.00 75.0660 125.078.80 10/01/8i 366r625.00 72.8337 267r026.5� 4/01/82 160r325.00 70.6677 113r298.03 10/01/8t 360s325.00 68.5662 247r061.06 4/01/83 154�025.00 66.5�71 102r468.39 10/01/83 354r025,00 64.5487 228r518.�3 � 4/O1/84 147,725.00 62.6291 9�.518.86 10/01/84 2r935r308.58 ' 60.7666 ir783r687.79 MAJOF RORTION 7s095r808.58 PRESENT VALUE ON 7/O1/76 5r088r601.90 . MINOR FORTION 7.860X YIELD � 10/01/84 is878r416.42 . 52.9389 994�412.50 TOTAL DISBUFSEMENT 8r974.22�.00 COST OF MIhOk POkTION 994r412.50 TOT�L COST pF INVESTMENTS TO MUNICIRALITY 6r085r91�.50 LESS ACCRUED INTEREST ON UUTSTANDING FONDS TO DELIVERY DATE 95r912.50 LESS CASH CONTKIRUTION 0.00 AMOUNT OF REFUNUING ISSUE 5r990r000.00 ;;�'�:7 i o!, ?D 33 i � a 1 • � ST PAUL 74 DEI.IVERY DA7E: 7/ 1/76 ESCROW CASH CASH DATE RECEIPTS DISBURSEMENTS BALANCE � 132080,.00 I • 10/ 1/76 214945.00 191825.00 155200.00 4/ 1/77 214945,.00 191825..00 178320�.00 ; 10! 1/77 214945.00 391825.00 1440.00 � y 4/ 1/78 214945�.00 185525..00 30860�.00 � 10/ 1/78 364945.00 385525.00 10280.00 4/ 1/79 209582.50 179225�.00 40637..50 10/ 1/79 339582.50 379225.00 995.00 4/ 1/60 204512.50 172925.00 32582.50 � 10/ 1/80 344512.50 372925.00 4170.00 4/ 1/81 198387.50 166625,.00 35932..50 1�/ 1/81 3383�i7.50 366625.00 7695.00 4/ 1/82 191597.50 160325.00 38967.50 10/ 1/82 321597.50 360325.00 240.00 4/ 1/83 187177..50 154025,.00 33392,.50 10/ 1/83 327177.50 354025.00 6545.00 4/ 1/84 1E32452..50 147725.00 41272.50 10/ 1/84 4772452.54 4813725.00 0.00 � 8842145.00 8974225.00 34 N ►-• � i-+ � ►-� �.. r N �. o � o .� o � o .� o � o .� o � o � o �; � \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ p ' � ►r r � � � N � ►-� r ►� r N r i-► r r-� D �� ; � - \ \ \ \ \ \ \ \ \ \ \ � \ \ \ \ \ (�T) �. . 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Q. r r �(V O O W W C�i CR V V 0� V Z C'� .A? W W tJ PJ V V r r .p� N N t4 C8 �0 ^fl � V f'}-i G'1 0?GS 0�OD W 00 r r UI Crt 0�O� 00 D] �0�0 O O O W O tr1 � OO OO OO V�1 NU! VV OO NhJ UIC4 NA N7J T1 ►+ 00 00 00 G�C4 00 NU1 00 U1V1 00 0 �-+ �UT O �I 00 00 00 00 00 00 00 00 00 O V --I '�7 N O -�UI m � � ►-� r t- m a� ,o a o� o, v v � �..• �-• �-.►• r�►� vi 3 c� N �0►� V N �O A r 0� PJ V .A�0 0�r OD W O UI P FJ -1 H �-(r� W N N �O�O p. Q. r r V�! O O W W LR tii V V CT V O 1 �'1 � d� W W N FJ V V r r+ .p.p N FJ V!Ut �0 �0 3+ V -�D fl C C� �Q7 OJ G1 0� � r r N UI 0•0• p7 pp �0�0• O O O W D Z ►-�z A 00 00 00 VV tJiC� VV 00 WPJ UIVI C� .A C'Z t�pr� C M ►�` O O O O O O Ui L�1 O O C�LJI O O 47 CR O O O ++ D V Z V 00 00 00 00 00 00 00 00 00 O V f" CRQ • �N ��fI � r r r �O UI V V V !D � PJ W W tA • (ti N O O A V O W � V PJ D� �0 --I W A f70 PJ W �s ►� p. r C)1 is O t?� �0 V N Ja W �0 C!1 ►+ 00 ►+ -i cn o, o� cr w • � w o• oo ►- w a ss o 0 o cn o cn o cn o �o r . ►�' O O . O p O O O O O F+ V O O O O Q O O O O V W ►+ r r m�7 �0 0� V V V V p� N GI W 1a 4tT X �0 Q+ O W 0� �0 W Q) A �0 V -l�-+ cn v o w o, co o cn o ca ,o rn tR O V Crt O hJ O r r N N .,.�-{ W 0� O N N O UI O UI O N O H W N O CR N O O O O O O -1 Z W CJf O O O O O O O O a1 r� - W O O O O O O O O O W .. .. .. .. .. �"'' r .. r N ►+ r�r� �-' N OD �O V O� r � OD �0 � R1 Z OD r O O 1s �+ 00 C� �0 W 0� f�(� V O 0� W f+ r � .A a �0 r 3!7J �o ►v o c� o o c� o cn o m m m F- cn o 0 0 0 0 0 0 o w c�r�uDr o� o 0 0 0 0 0 0 0 0 � mm . � �- .. .. .. .. � 38 � ST PAUL CIB 75 AS OF 6/ 1/1976 I�JTEREST COMPUTED F�OR 6 MONTHS 3/ 1/1975 ISSUE YR ENDING F�AYME(JT INTEREST INTEREST SEMI-ANtJUAL TOTAL 12i30 DATES PRZrJeiF�AL RATES COST DEDT SERViCE DEBT SERViCE 1976 \ 9/ 1/1976 145762.50 145762.50 145762.50 1977 \ 3/ 1/1977 6500��) 4.900 145762.50 795762..50 \ �/ 1l1�377 129£i37.50 129837.50 92560U.00 1978 \ 3/ 1/197a 6500�� 4.900 129837.50 779837.50 \ 9/ 1/197F3 113912.50 113912.50 893750.00 1979 \ �/ 1/1979 650000 4.900 113912.50 763912.50 . \ 9/ 1/1979 97987.50 97987.50 � 861900.0� � 1.980 � 3/ 1/19E30 65000� 4.900 97�)87�.50 7479a7�.50 ; \ 9/ I/1980 82062.50 82062.50 830U50. 0°J � S9t31 � 3/ 1/19a1 65000t� 4.900 82062.50 732062.50 � 9/ 1/1981 66137.50 6G137.50 798200.O;1 1982 \ 3/ 1/19F32 6500�� 5.OQ0 66137.50 716137�.50 � \ 9/ 1/19f32 498E37.50 49�3r37.50 766025.00 1983 \ 3/ 1/19F33 65000� 5.000 49II�;7..50 • 699a�37,.50 � \ 9/ 1/19n3 336.a7.50 336a7.50 733525.0� 19a4 � 3/ 1/19f34 65000�3 5.100 3�6.37�.50 6836:i7,.50 \ 9/ 1/19E34 17062.50 17062.50 700700.00 1985 \ 3/ 1/1985 65000J 5.250 17062.50 667062.50 6670G2.50 TO:TALS 5E350000 1472575.00 7322575.00 7322575.00 NIC � 5.040 C:IC 9b 5.035 R � . 39 ST RAUL CIP 75 E6��_LISSUBSEtlE�I_LAIE_IO__ZL�1L26 DISBURSEMENT CASH �OLLAR FRICE PFESEN7 VALUE ____LAIE____ IIISEUBSE�E�I 9.2bQ6_YIELL _0�__ZLQiLZ6_ 9/01/76 145.76�.50 99.2129 144,615.22 3/01/77 795+762.50 96.9125 771r193.40 9/01/77 129r837.�0 � 94.6596 122r903.67 3/01/78 779r837.50 92.4591 721r030.60 9/01/78 113r912.50 90.3097 102r874.05 3/01/79 763r912.50 88.2103 673r849.5u � 9/01/79 97.987.50 86.1597 84.425.74 3/01/BO 747r987.50 84.1568 629.A8�.15 9/O1/80 82r06�.�0 82.2004 67r455.71 3/01/81 732.062.50 80.�895 587,769.43 .9/01/81 � 66r137.50 78.4230 �ir867.04 3/01/82 716r137.50 76.6000 548r561.09 9/O1/82 ' 49r887.50 74.8193 37r325.46 3/01/83 385,428.18 73.0800 2BIr670.78 MAJOR FOFTIQN 5r606,71�.68 FRESEN7 VALUE ON 7/O1/76 4r825r023.90 MINOR FORTION 7.700X YIELU 3/01/83 314rA59.32 60.4292 190r025.17 9/41/83 33r637.50 58.1889 19.573.29 3/01/84 683,637.�0 56.03i7 383r053.58 9/01/84 17r062.50 53.9544 9r�05.98 3/O1/85 667r062.50 51.9542 346�566.98 TOTAL DISBURSEMENT 7r3�ZfJ7J�00 COST OF MINOR POkTION 948,425.00 TOTAL COST OF INVESTMENTS TO MUNICIF'ALITY 5r777r17�.00 LESS ACCRUEU INTEREST ON OUTSTANI�ING �ONI�S TO UELIVERY DATE 97s175.40 � LESS CASH CONTRI�UTION 0.00 AMOU�7 OF REFUNDING ISSUE 5,b80.000.00 .. _ '"'' n� :�. . . : ;.,, . 40 ST PAUL CIB 75 DE�IVERY OATE: 7/ 1/76 ESCRO�� CASM CASH DATE RECEIPTS DISBURSEMENTS aA�ANCE 5863.00 9/ 1/76 159985.50 145762.50 2008b.00 3/ 1l77 777890.50 795762�.50 2214..00 9/ 1/77 184948.00 129837.50 5732�.50 3/ 1/78 724948�.00 779837,.50 24�5,.00 9/ 1/78 165373.00 113912.50 53895.50 3/ 1/79 715373..00 763912,.50 5356�.00 9/ 1/79 141585.50 97987.50 48954.00 3/ 1/80 701585..50 74�987�.50 2552�.00 9/ 1/80 119885.50 82062.50 . 40375.00 - , 3/ 1/81 6998g5,.50 732062..50 819£3..00 9/ 1/81 97f345.50 66137.50 39906.00 3/ 1/82 677845,.50 716137,.50 1614,.00 g/ 1/g2 72833.00 49887.50 245�9.50 3/ 1/t33 680£�33�.00 699aa7�.50 5505.00 9/ 1/83 47905.00 �3637.50 19772.5Q 3/ 1/84 667905,.00 683637�.50 4040.00 9/ 1/84 25042.50 17062.50 12020.00 3/ 1/85 ' 655042.50 667062.50 0.00 7316712.00 7322575.00 41 w ��c,+ �o c,+ �ca �o a �n c,+ �n w �o c,+ �o c,+ � -�'-� �. � � �� v D � r a+ r-► r r r r ►r r ►-� ►r r r ►-�N r r r -1 D \ \ \ � \ \ \ \\ \ \ \ \ \ \ \ \ \ fri C 0� W W N W W Q� 0�0� W W �1�1 �l .1 �1 �1 J f"" UI F F W W N N 1�+F+ O O �p �p pi p� �I J O� fl N r � o � J - (JI UI NN NN NN NN NN NN NN NN (11 CJI CJI Ui CJl Ut Ui Vl UI U7 Ul UI UI U1 UI UI Ul Ui Ul �O J �I O 00 00 00 00 O O 00 00 00 �T1• � N F � � � � � F F � F � � F F � � � rZ�OQ� N N NN NN NN NN NN NN NN NN o3CJiC.+ • � • ' • �• � • • � • • - • • � • • • �• ' • �• - • '• � \ D O O ' V1 (JI Vi Ul Ul Vl UI CJI Ul Ul (T1 Ui (J1 Ut Ul Ul LJl (J1 CA O O � O O o O O O O O O O O O O O o O F aR O m � � NN NN NN NN NN NN NN r ar. N N N N N N NN N N N N N N N N f+ �1 < �D m W 07 W W W� C1J 03 � W W Q� ,'� W \ �l• RI W � 0� � 0� 0� �� O� 0� ;7� 0� O� � O� O� N 2(,i� � v N NN NN NN N N NN NN NN CTif"�IN -C • • ' . a ' . . . . • . • '. . • . � \O�(T O Ui U1 CA CJ1 CJt Ut CJI UI CJ� CJ� Ut U1 U1(J1 Ut CJt �1 � O O 00 . 00 00 O O 00 O O O O (�1 aQ D . � m � o� .. tJ1 W NN NN NN NN NN NN N Q� N � � .F�C � � � F � t .� � F r O� �I ' � �D �O �D ��0 �D �D �O�0 �0 �0 �O �0 �D \ Z'1• � � �G N NN NN N N NN N N N N N N f N�+ N OD W W O�W O3 0� W(D W W � � 0� O 07 O O �-+ • ' � • � • �� ' • i � • • �� - • �• • �• � • � � O � \ ' O� O 00 00 O O 00 O O O O O p� �J O O 00� 00 O O 00 00 00 O W aQ Q+ O� O� - � o NN NN NN NN NN N � Ui Ui CJI U1 (Ji (JI CT Ul Ul Ul VI (J� N OD . r o 00 0 0 00 00 00 0 � �1• c7� r ►�+a+ �-+ r r r ►-� r r r � y =p�� 0 N NN N N NN NN NN N (Jif"I�i� • ' , • ' • '� ' • • • �� • '� • '• • ' � [fl(j�O 0 Ul UI UI UI Ul (.Jl Cl�- Ui Ui U1 Ut Ul ;,U O O O O O O O O O O O O O N � . � � O o N N N N N N N N N 0 N N N NN NN NN N N �I � O O O 00 00 00 O \ TI• ' � F F � � F F � � � � N20�V1 0 0 00 00 00 00 o cnroo� _ . • . • . . . . . . . . . �W o 0 0 0 00 00 00 00 • o � 0 0 0 0 0 0 0 0 0 0 o r ?R J ()1 W W N N N N N N N W F+ 1+Y+ 1�+ F+ h+ r.+ !-� N -J Q` 'J �I�l �l �/ d �I J \ 'ri• O O O O O O o O o N =�!UI 0 0 00 00 00 o cnrcnrn • ' . . . . . � . �. . • \ u�oo 0 0 00 00 00 o ca 0 0 00 00 00 0 o tR P � N Crr 4+ W W W W N W N � � � W Q� CJ N 2�Ut � �! �I J �I �I �! O� f'CJ�(T: • � • � • �• � • �• � • ' \ W O O �� U1 (Ji UI (JI (Jl Ui v � 0 O O O O O O �p � O� � �' (7� r r f+ w �O �O �D �0 N J � Ul Vt UI Ul \�1• . � CJI CJ1 tJl U1 d f CJ1� � � • ' • '� • ' \W O O �' O O O O �.1 � O O O O W 2R O� � �'' �D N � N N N W � �O �O \ �l• . � ' F F N 2 O(It � . N_ N N(-Ut�1 � • • \�O O � O O J 2R 42 ` � . . ENTER RRICESS FNMA 7.950X 9/10/84? 100.5 . FHLH 7.375X il/25/83? 98.625 FLB 8.200X 1/20/83? 103 FHL$ 8.62�X 2/25/82? 104.5 FHLB 7.600� 2/25/81? 100.5 FHLB 7.750% 2/25/SO? 101.63_2� FHLB 8.650y �/26/79? 103.875 FHLB 7.250X 2/27/78? 141 FHLB 8.050X 2/25/77? 101.75 COST TO DISTRICT: bONL.ACCRUED INTERESTrCASH? O.OrO 5/13/76 � MATURITY 7/ 1/76 COURON ISSUE RATE DATE AMOUNT FRICE COST INTEFEST BOND YEAFS IhTERES7 FNMA 7.950X 9/10l84 630 100.500 633150.00 15379.36 5160.75 410279.62 FHLB 7.375% il/2�/83 620 98.625 611475.00 4597.35 4588.00 338365.00 FLB 8.SOOX 1l�0/83 608 103.000 626240.00 22311.25 3984.09 32669�.�9 • FHLB 8.625X 2/25/82 580 104.500 606100.00 17412.02 3i77.00 282641.�5 FHLB 7.600% 2/2�/81 580 100.500 582900.00 15342.76 2697.00 204972.00 FH�B 7.750� 2/25/80 560 101.625 569100.00 15106.08 2044.00 158410.00 FHLb B.650� e/26/79 550 103.875 571312.�0 16427.83 14�9.03 1<6205.50 FHLR 7.250% 2/27/7B 540 101.000 545400.00 .13410.50 894.00 64815.00 FHLB 8.050X �/25/77 570 101.750 579975.00 15971.02 370.50 29825.25 5238000 �32565�.50 135958.17 24474.37 194��09.32 PAR VA�UE OF GOVT 52380b0.00 ACCRUED IN7 OF GOVT 135958.17 COST OF GUVT 5373958.17 COST TO DISTRICT 0.00 DISCOUNT 5373958.17 COUPON INTEFEST 1942209.3� PkEMiUri/LI5COUNT 5373958.17 � TOTAL IhTEREST 7316167.46 NER 298.93 � � 43 ST PAUL CIB 69 AS OF 6/ 1/1976 INTEREST COMPUTEO �OR 6 MONTHS � � 11/ 1/1969 ISSUE YR ENDING PAYMENT INTEREST INTEREST SEMI-ANtlUAL. TOTAL 12/30 DATES PRINCIPA� RATES e05T DEBT SERVICE DEBT SERVICE 1976 \ 11/ 1/1976 400000 5.800 46400.00 446400.00 446400.00 1977 \ 5/ 1/1977. 34800.00 34800.00 � 11/ 1/1977 400000 5.800 34800.00 434800.00 469600.00 1978 \ 5/ 1/1978 23200,.00 23200,.00 \ 11/ 1/1978 400000 5.800 23200.00 423200.00 446400.00 1979 \ 5/ 1/1979 11600�.00 11600..00 _ . • \ 11/ 1/1979 400000 5.800 11600.00 411600.00 423200.00 TOTALS 1600000 185600.00 1785600.00 1785600.00 �, '�- -- , NIC % 5�.800 ' CIC � 5.800 44 . ST PAUL CIF69 EB��i_I]ISBU65E�lE�II_LAIE_I�__2LQ1LZ6 DISBURSEhift�T CASH DOLLAR F'F.ICE F'RESETdT VAI.UE ____DBIE____ IIZSFiUBSEME�lI 4.Z6QL_YIELII _Ot�__ZLQiLZb_ 11/O1/76 446r400.00 98.4381 439�427.75 5/01/77 34.800.00 96.1�56 33.462.16 il/01/7� 434.800.00 93.9203 408r365.65 5/01/78 23�200.00 91.7370 21+?.82.98 11/01/78 423r200.00 89.6044 379r2.OS.89 5/01/79 11r600.00 87.5214 10ri52.48 . ii/01/79 79+257.82 85.4868 67�7�4.99 MAJOR FORTION 1.453.257.82 F�.ESENT VALUE ON 7/01/76 1r359r651.90 . MINOR FORTION 7.090% YIELP � 11/01/79 332r342.18 79.2755 263r466.00 TOTAL IIISRURSEhiENT 1r78.r,r600.00 COST OF i'iINqh� FORTIOA! 263r46b.00 T07AL COST OF IHVESTMEhTS TO MUNICIF'ALITY 1,623r466.00 LESS ACC�UED INTEREST ON OU7STAi+lDING E�ONLIS TO UELIVERY DATE 15r466.00 LESS CASH COi�lTRIBUTION 8r000.04 AMOUNT OF REFUNDING ISSUE 1,600.000.00 , . , --, ;) \ 7 J ' • 45 - ST PAUL CIB69 DELIVERY DATE: 7/ 1/76 ESCROW CASH CASH DATE RECEIPTS DISBURSEMENTS BALANCE 1017..75 11/ 1/76 445713y25 446400.00 3�1.00 5/ 1/77 40637.25 34800�.00 6168..25 � il/ 1/77 42E3637.25 434800.00 5.50 5/ 1/78 27833�.25 � 23200.00 463E3..75 il/ 1/78 418Ei33.25 423200.00 272.00 5/ 1/79 13464..00 11600�.00 2136�.00 11/ 1/79 409464.00 411600.00 0.00 1784582.25 1785600.00 46 . ST PAU� CIB69 DELIVERY DATE: 7/ 1/76 396 391 388 391 , 6.$00 � 7.350 96 6.600 % 7.200 SK FLB FLB FLB FLB DATE 10l23/79 10/19/78 10/20/77 10/20/76 11/ 1/76 13464.00 14369.25 12804.00 405076.00 5/ 1/77 13464�.00 14369.25 12804,.00 11/ 1/77 13464.00 14369.25 400804.00 5/ 1/78 13464,00 14369�.25 11/ 1/78 13464.00 405369.25 5/ 1/79 13464..00 11/ 1/79 409464.00 t 490248.00 462846.25 426412.00 405076. 00 , 47 E�TEF FFICESS e FLR 6.800� 10/23/79? 99.125 • FLR 7.350X 10/19/78? 101.�� • FLB 6.600% 10/20/77? 100.1�� FLB 7.200% 10/20/76? 100.87� COST TO LISTRICT: BONDrACCRUEL INTERESTsCASH? Os0.0 5/13/76 • MATURITY 7/ 1/76 COUPON ISSUE RATE UATE AMOU�T PRICE COST IMTEFEST $OND YEARS INTEREST FLB 6.800% 10/23/79 396 99.12� 392535.00 5076.59 1311.20 89161.60 rLB 7.350� 10/19/78 391 101.2�0 395887.50 5732.00 899.30 66098.55 FLB 6.600% 10/20/77 388 300.125 388485.00 5037.64 505.48 33361.53 FLB 7.200"/. 1U/20/76 391 100.875 394421.25 5538.10 118.39 85�3.80 � 1566000 1571328.75 21384.3� �834.36 147145.48 FAR VALUE OF �OVT 1566000.00 ACCRUED INT OF GOVT 21384.32 COST OF GOVT 1587384.32 "COST TO UISTRICT 0.00 DISCOUNT � 1587384.32 COUF'ON INTEkEST 197145.45 FREMIUM/LISCOUNT 1587384.32 TOTAL INTEFEST 1784529.81 NE� 629.61 ' 48