HomeMy WebLinkAboutCity Council Packet 06-20-1994 Specialr
CITY COUNCIL STUDY SESSION
MONDAY, JUNE 20 1994
5:30 P.M.
Council Conference Room
I. Review of annual Comprehensive
Financial Report
1993 ANNUAL FINANCIAL REPORT DISCUSSION
JUNE 209 1994
1. CASH BALANCES VERSUS FUND BALANCES -What is the
difference?
2. INDIVIDUAL FUND PURPOSES, BALANCES AND RESERVES -What
is the money for?
3. FUND BALANCE ADEQUACY -Where is the City covered/where is the
City short?
4. PAY -AS YOU -GO PHILOSOPHY VERSUS RESERVE FUNDING -How
should we provide for the future?
5. INVESTMENT PHILOSOPHY -How should the money be invested?
6. DEBT MANAGEMENT -What is the City's current long-term debt
position relative to current interest rates and fund/cash balances?
INVEST94AS
Page 1
INVESTMENT SCHEDULE
16 -Jun -94
Investment
Maturity Purchase Investment Investment Investment Face Interest
Date Date Type Firm Amount Amount Rate
711194 6114194 Commercial Paper Dain Bosworth 1,497,025.00 1,500,000.00 4.270
7111194 7110191 FNMA Marquette 999,375.00 1,000,000.00 7.450
7115194 6116194 TVA Dain Bosworth 1,155,905.20 1,160,000.00 4.400
7126194 1127194 Commercial Paper First Bank 491,875.00 500,000.00 3.300
7128194 1211193 FNMA Dain Bosworth 977,626.94 1,000,000.00 3.480
811194 212194 Commercial Paper First Bank 1,229,375.00 1,250,000.00 3.400
8125194 8128191 FHLB Marquette 999,747.22 1,000,000.00 6.723
8125194 8126191 FHLB First Bank 1,000,000.00 1,000,000.00 3.700
8126194 1211193 Commercial Paper Dain Bosworth 974,688.89 1,000,000.00 3.400
9113194 6114194 Commercial Paper Dain Bosworth 11780,116.50 1,800,000.00 4.480
9126194 219194 FNMA Dain Bosworth 977,799.72 1,000,000.00 3.610
10110194 1012191 FNMA First Bank 989,892.00 1,200,000.00 6.520
10112194 1211193 FNMA Lehman 970,075.00 1,000,000.00
10115194 1012191 Rev Corp Norwest 996,628.60 1,210,000.00 6.500
10115194 1012191 Rev Corp Marquette 988,392.00 1,200,000.00 6.500
10120194 317194 FNMA Discount Dain Bosworth 487,883.89 500,000.00 4.000
11114194 317194 Commercial Paper Dain Bosworth 972,111.11 1,000,000.00 4.150
11130194 2112192 FHLB Shearson Lehmann 1,002,545.25 1,175,000.00 5.750
1112195 1131194 T -Bills Piper Jaffray 484,041.17 500,000.00 3.270
2125195 813193 FHLB Piper Jaffray 940,000.00 1,000,000.00 4.000
Page 1
INVEST94AS
Pago 2
INVESTMENT SCHEDULE
16 -Jun -94
Investment
Maturity Purchase Investment Investment Investment Face Interest
Date Date Type Firm Amount Amount Rate
6112195 611190 FNMA Piper Jaffray 1,137,968.06 1,000,000.00 9.000
11115195 7125191 T Receipts Piper Jaffray 1,301,803.13 1,815,625.00 7.875
2115196 8130191 T Receipts Dain Bosworth 2,026,047.68 2,820,000.00 7.571
2115196 5130191 T Receipts Dain Bosworth 288,225.03 415,250.00 7.900
311196 916191 FHLB Piper Jaffray 1,094,890.28 1,000,000.00 7.460
314196 314193 TVA Norwest 498,671.88 500,000.00 4.375
5115196 6117191 T Receipts Dain Bosworth 1,500,387.00 2,200,000.00 8.000
5124196 5116194 FHLB First Bank 1,500,000.00 1,500,000.00 6.100
6110196 6110191 FNMA First Bank 1,496,953.13 1,500,000.00 8.100
6110196 919191 FNMA Merrill Lynch 539,097.22 500,000.00 7.315
6110196 3131192 FNMA Shearson Lehmann 1,062,008.33 1,000,000.00 7.000
718196 7112193 FHLB Step•Up Piper Jaffray 1,000,666.67 1,000,000.00 5.100
7110196 5131191 FNMA Dain Bosworth 1,035,708.33 1,000,000.00 7.890
8112196 8121191 FNMA Piper Jaffray 2,067,661.11 2,000,000.00 7.630
9110196 8115191 FNMA Piper Jaffray 1,516,900.00 1,500,000.00 7.440
9110196 916191 FNMA Piper Jaffray 2,181,520.83 2,000,000.00 7.450
9110196 8128191 FNMA Marquette 1,011,859.72 1,000,000.00 7.495
91241961 4 211931 Farm Credit Norwest 1 501,427.22 500,000.00 3.670
Pago 2
INVEST94ALS
2119198 1017193 FHLB Floater
INVESTMENT SCHEDULE
2125193 FNMA Floater
1,000,000.00 7.260
3118198
16 -Jun -94
3123198 3123193 FHLB Floater
8110198 5115192 FNMA
Investment
Maturity Purchase Investment Investment Investment Face Interest
Date Date Type Firm Amount Amount Rate
10121196 5130191 FNMA Piper Jaffray 1,033,841.67 1,000,000.00 7.890
1111196 913193 FNMA Piper Jaffray 564,564.00 650,000.00 4.500
11115196 916191 T Receipts Piper Jaffray 1,379,184.54 2,023,125.00 7.520
3124197 3124193 FHLB Dain Bosworth 1,000,000.00 1,000,000.00 5.170
811197 813193 FNMA Piper Jaffrey 408,890.00 500,000.00 5.100
919197 3131192 FNMA Strips Piper Jaffrey 334,940.00 500,000.00 7.500
219198 6122193 FHLB Norwest 793,111.05 780,000.00 4.90 to call
No call - 6.
2119198 1017193 FHLB Floater
2125198 2125193 FNMA Floater
1,000,000.00 7.260
3118198 3118193 FNMA
3123198 3123193 FHLB Floater
8110198 5115192 FNMA
Piper Jaffray 1,005,600.00 1,000,000.00
Piper Jaffray 2,000,000.00 2,000,000.00
First Bank 1,000,000.00 5.400
Piper Jaffray 1,500,000.00 50% 10 yr
Norwest 536,600.69
5126/991 51261921 FHLB I Dain 1,000,000.00 1,000,000.00 7.260
3117/001 3117193 1 FHLB Floater Piper Jaffray 1,000,000.00 1,000,000.00 50% 10 Yr
Page 3
INVEST94AS
Page 4
INVESTMENT SCHEDULE
16 -Jun -94
Investment
Maturity Purchase Investment Investment Investment Face Interest
Date Date Type Firm Amount Amount Rate
3117100 3117193 FHLB Floater Norwest 500,000.00 500,000.00 50% 10 Yr
3129100 3129193 FHLB Floater Dain Bosworth 1,000,000.00 1,000,000.00 50% 10 Yr
2125101 4120192 FHLB Bonds Piper Jaffray 441,628.72 884,000.00 8.000
2125101 4129192 FHLB Bonds Piper Jaffray 257,988.06 522,000.00 8.150
10110101 212193 FNMA Piper Jaffray 804,000.00 8.040
10110101 213193 FNMA Piper Jaffray 804,000.00 8.040
2125102 3124192 FHLB Strips Piper Jaffray 335,896.54 749,000.00 8.250
5115102 612192 T Receipts Jaffray 1,017,070.80 2,220,000.00 8.000
7115102 5127192 Rev Corp Dain Bosworth 496,650.00 1,100,000.00 8.000
10115102 5127192 Rev Corp First Bank 999,952.20 2,265,000.00 8.030
1115103 5127192 Rev Corp Lehmann 999,862.90 2,305,000.00 8.010
5115103 612192 T Receipts Dain Bosworth 999,651.00 2,385,005.00 8.100
11115103 6129192 T Receipts Piper Jaffray 614,460.00 1,500,000.00 8.000
8115107 7114192 T Receipts Piper Jaffray 547,200.00 1,800,000.00 8.050
211108 7114192 FNMA Piper Jaffray 171,298.02 606,000.00 8.290
61,868,169.92 70,255,005.00
Page 4
S P R I N GSTE D 120 South Sixth Street
Suite 2507
PUBLIC FINANCE ADVISORS Minneapolis, MN 55402-1800
612) 333-9177
Fax: (612) 349-5230
Home Office
85 East Seventh Place 16655 West Bluemound Road
Suite 100 Suite 290
Saint Paul, MN 55101-2143 Brookfield, WI 53005-5935
612) 223-3000 414) 782-8222
Fax: (612) 223-3002 Fax: (414) 782-2904
6800 College Boulevard
Suite 600
Overland Park, KS 66211-1533
913) 345-8062
Fax: (913) 345-1770
1850 K Street NW
Suite 215
Washington, DC 20006-2200
202) 466-3344
June 16, 1994
Fax: (202) 223-1362
Mr. Dale Hahn, Finance Director
Plymouth City Hall
3400 Plymouth Boulevard
Plymouth, MN 55447-1482
Re: Review of City Debt
Dear Mr. Hahn:
We have completed a periodic review of the City's outstanding debt to identify refunding
opportunities, prepayment candidates, or the need for other management actions. Our work
has essentially updated the debt review completed for you on October 12, 1993, which leads to
the advance refunding of three issues in November of 1993.
Attached as Exhibit I is a summary of the City's outstanding debt issues. This document was
extracted from the City's most recent official disclosure document, dated November 4, 1993.
Each bond issue is coded to indicated its status as either:
1) An issue that was targeted by the October 1993 review as either matured, prepaid, or to
be prepaid in total or in part prior to February 1, 1994. (It is assumed that these actions
took place.)
2) An issue refunded by or included in the November 1993 refunding issue(s).
3) An issue reviewed as a refunding candidate.
Eight (8) issues were evaluated for refunding. Our refunding analysis assumed that interest
rates are at June 13, 1994 levels, that no cash is available to reduce the debt outstanding and
that normal issuance expenses are employed. The results are summarized below:
City of Plymouth, Minnesota
June 16, 1994
Page 2
Refunded
Bond Issue
G.O. Fire Station Bonds of 1987
G.O. Improvement Bonds of 1988
G.O. Improvement Bonds of 1989
G.O. Improvement Bonds,
Series 1991 A
G.O. Tax Increment Bonds,
Series 1986A
Taxable G.O. TIF Bonds,
Series 1986B
G.O. Tax Increment Bonds of 1988
Taxable G.O. Tax Increment
Bonds, Series 1990
Old Present
Interest Rates Refunded Amount Call Dates Value Savings
6.19% 450,000 2/1/95 7,638)
6.50 700,000 8/1/94 2,252)
5.90 300,000 8/1/94 429 )
5.86 1,020,000 2/1/98 9,014)
6.50 500,000 8/1/94 4,493)
7.60 200,000 8/1/94 3,751)
6.48 375,000 8/1/94 2,059)
8.90 775,000 2/1/96 6,795)
Differences in the Refunded Amounts shown above and those listed in Exhibit I result from
bond principal payments made since October 2, 1993, and the fact that several refundings are
structured using a crossover technique, where only those bonds maturing beyond the call date
are refunded.
At current market interest rates, none of the refunding candidates generate positive savings,
and none are recommended for refunding action at this time. However, several of the issues
do carry interest rates at or above 6.50%, and are callable in August of this year. Many of
these issues only have one or two years remaining until final maturity. Given investment
interest rates at or below the interest rates on these bond issues, they may represent a good
candidate for the investment of City reserves. If this alternative is to be acted upon, however, it
will be necessary for the Council to pass a resolution providing for the calling of these bonds
prior to July 1, 1994. This will satisfy the required 30 days' notice of the intent to call the bonds
on August 1, 1994.
As an extension of this analysis, we wish to extend once again our offer to staff and your
elected officials to conduct a short seminar on "Bond Basics for Elected Officials." Developed
in cooperation with the League of Minnesota Cities, the seminar provides a general overview of
the bond issuance process and principal participants, which can be followed by a more specific
discussion of the City of Plymouth's debt status. Typically, the exercise takes 45 minutes to
one hour to complete.
We are available to respond to any questions you may have regarding this analysis and to
schedule a convenient time with you for the Bond Basics Seminar.
Very truly yours,
David P. Drown
Vice President
rlw
Saint Paul Office
cc: Mr. David N. MacGillivray
Enclosures
EXHIBIT i
OFFICIAL STATEMENT DATED NOVEMBER 4, 1993
Ratings: Requested from Moody'sNEWISSUESInvestorsService
In the opinion of Mackall, Crounse & Moore, Bond Counsel, on the basis of laws in effect on the date of issuance of the Series 1993A Bonds and the
Series 19938 Bonds, the interest on the Series 1993A Bonds and the Series 19938 Bonds is not includable in the gross income of the recipient for
federal income tax purposes or in taxable net income of individuals, estates and trusts for Minnesota income tax purposes, but is includable in taxable
income of corporations and financial institutions for purposes of the Minnesota franchise tax. (See 'Tax Exemption' herein.) The Series 1993C Bondsaresubjecttotaxation.
City of Plymouth, Minnesota
4,555,000*
General Obligation Water Revenue Refunding Bonds, Series 1993A
the 'Series 1993A Bonds')
2,275,000*
General Obligation Improvement Refunding Bonds, Series 1993B
the 'Series 1993B Bonds')
895,000
Taxable General Obligation Tax Increment Refunding Bonds, Series 1993C
the'Series 1993C Bonds')
collectively referred to as the 'Bonds' or the 'Issues')
Global Book Entry)
Dated Date: December 1, 1993 Interest Due: Each February 1 and August 1,
The Series 1993A Bonds will mature February 1 as follows:
commencing August 1, 1994
1996 $720,000 1998 $810,000 2000 $825,000 2002 $310,000
1997 $780,000 1999 $815,000 2001 $295,000
The Series 1993B Bonds will mature February 1 as follows:
1996 $485,000 1998 $325,000 2000 $240,000 2002 $225,000
1997 $470,000 1999 $295,000 2001 $235,000
The Series 1993C Bonds will mature February 1 as follows:
1995 $160,000 1996 $210,000 1997 $230,000 1998 $295,000
Common to All Issues
The Bonds will not be subject to payment in advance of their respective maturity dates.
A separate proposal for not less than the amounts shown below must be submitted for each Issue, along with a good
faith deposit in the form of a certified or cashier's check or a Financial Surety Bond, payable to the order of the City.
Proposals shall specify rates in integral multiples of 5/100 of 1/8 of 1%. Rates must be in ascending order. Award of the
Bonds will be on the basis of True Interest Cost (TIC).
Minimum Bid Good Faith Deposit
The Series 1993A Bonds $4,523,115 $45,550
The Series 1993B Bonds $2,259,075 $22,750
The Series 1993C Bonds $ 889,630 $ 8,950
The Series 1993A and Series 1993B Bonds will be bank -qualified tax-exempt obligations pursuant to Section 265(b)(3) of
the Internal Revenue Code of 1986, as amended, and will not be subject to the alternative minimum tax for individuals.
The Bonds will be issued as fully registered Bonds without coupons and, when issued, will be registered in the name of
Cede & Co., as nominee of The Depository Trust Company ('DTC'). DTC will act as securities depository of the Bonds.
Individual purchases may be made in book entry form only, in the principal amount of $5,000 and integral multiples
thereof. Investors will not receive certificates representing their interest in the Bonds purchased. (See 'Book Entry Only
System' herein.)
R
Subject to adjustment, see Terms of Proposal.
PROPOSALS RECEIVED: November 17, 1993 (Wednesday) at 11:00 A.M., Central Time
AWARD: November 17, 1993 (Wednesday) at 3:00 P.M., Central Time
Further information may be obtained from SPRINGSTEDSPRINGSTEDIncorporated, Financial Advisor to the Issuer, 85 East
Seventh Place, Suite 100, Saint Paul, Minnesota 55101
PUBLIC FINANCE ADVISORS (612) 223-3000.
General Obligation Debt Supported by Taxes*
Date Original
of Issue Amount
1) 9-01-80 385,000
3) 6-16-87 1,700,000
Total
850,000
These issues are subject to the statutory debt limit.
Principal
Final Outstanding
Purpose Maturity As of 10-2-93
Storm Sewer 3-01-1996 105,000
Fire Protection 2-01.1997 850,000
These issues are subject to the statutory debt limit.
a) The City issued $7,755,000 Tax Increment Revenue Refunding Bonds (Carlson Center Project) in
1992 to refund the $7,000,000 General Obligation Tax Increment Bonds of 1984, dated April 1, 1984.
These bonds are not general obligations of the City. The principal and interest payments are payable
solely from the tax increments derived from the project and contributions from the project owner.
They are secured by a guaranty agreement from Carlson Companies and a surety bond from the St.
Paul Insurance Company.
b) The 1995 through 1998 maturities are being refunded by the Series 1993C Bonds.
I
General Obligation Debt Supported by Taxes and/or Special Assessments
Principal
Date Original Final OutstandingofIssueAmountPurposeMaturityAsof10-2-93
1) 9-01-66 4,900,000 Public Improvements 8-01-1996 360,000
1) 11-01-66 1,310,000 Public Improvements 11-01-1996 320,000
1) 9-01-67 220,000 Public Improvements 9-01-1997 40,000
1) 2-01-69 1,057,000 Public Improvements 2-01-1999 210,0001) 12-01-78 6,800,000 Public Improvements 3-01-1995 700,000
1) 6-01-86 4,725,000 Public Improvements 3-01-1996 1,375,0003) 8-16-88 3,950,000 Public Improvements 2-01-1995 1,525,000
3) 11-01-89 715,000 Public Improvements 2-01-1996 450,000
2) 12-16-90 5,000,000 Public Improvements 2-01-1995 1,400,000' 3) 9-01-91 4,900,000 Public Improvements 2-01-2002 4,700,000
2) 12-01-93 2,275,000 Public Improvements (this Issue) 2-01-2002 2,275,000
Total 13,355,000
The 1996 through 2002 maturities are being refunded by the Series 1993B Bonds.
General Obligation Debt Supported by Tax Increments(a)
Principal
Date Original Final OutstandingofIssueAmountPurposeMaturityAsof10-2-93
3) 8-01-86 2,175,000 Tax Increment 2-01-1995 925,000
3) 11-01-86 825,000 Taxable Tax Increment 2-01-1995 350,0003) 8-16-88 1,025,000 Tax Increment 2-01-1996 550,0002) 11-01-88 1,050,000 Taxable Tax Increment 2-01-1994 100,000(b) 3)
2)
4-16-90 1,350,000 Taxable Tax Increment 2-01-1999 1,350,000
12-01-93 895,000 Taxable Tax Increment (this Issue) 2-01-1998 895,000
Total 4,170,000
a) The City issued $7,755,000 Tax Increment Revenue Refunding Bonds (Carlson Center Project) in
1992 to refund the $7,000,000 General Obligation Tax Increment Bonds of 1984, dated April 1, 1984.
These bonds are not general obligations of the City. The principal and interest payments are payable
solely from the tax increments derived from the project and contributions from the project owner.
They are secured by a guaranty agreement from Carlson Companies and a surety bond from the St.
Paul Insurance Company.
b) The 1995 through 1998 maturities are being refunded by the Series 1993C Bonds.
I
General Obligation Debt Supported by Revenues
Annual Calendar Year Debt Service Payments Including These Issues and
Excluding The Refunded Bonds
G.O. Debt Supported
Principal
Debt Supported
Date Original Final Outstanding
of Issue Amount Purpose Maturity As of 10-2-93
1) 12-01-78 1,450,000 Water and Sewer Revenue 3-01-1995 125,000
1) 9-01-80 375,000 Water Revenue 3-01-1996 105,000
1) 6-01-86 1,650,000 Water and Sewer Revenue 3-01-1996 825,000
2) 6-16-87 3,300,000 Water Revenue 2-01-1995 425,000(x)
2) 11-01-89 4,285,000 Water Revenue 2-01-1995 775,000(b)
2) 12-01-93 4,555,000 Water Revenue Refunding (this Issue) 2-01-2002 4,555.000
Total
2002
6,810,000
Total
x) The 1996 through 2002 maturities are being refunded by the Series 1993A Bonds.
13,355,000 $15,225,263
b) The 1996 through 2000 maturities are being refunded by the Series 1993A Bonds.
Annual Calendar Year Debt Service Payments Including These Issues and
Excluding The Refunded Bonds
a) Includes the Series 1993B Bonds at an estimated average annual interest rate of 3.839'x.
10-
G.O. Debt Supported
G.O. Debt Supported by Taxes and/or
by Taxes Special Assessments(x)
Principal Principal
Year Principal Interest Principal & Interest
1993 (at 10-2) Paid) Paid) 80,000 $ 87,200
1994 235,000 287,520 3,850,000 4,554,064
1995 235,000 272,987 3,220,000 3,667,653
1996 260,000 282,325 2,045,000 2,297,448
1997 225,000 232,031 1,295,000 1,464,517
1998 815,000 934,513
1999 700,000 783,313
2000 610,000 660,980
2001 375,000 401,672
2002 365,000 373,903
Total 955,000 1,074,863 13,355,000 $15,225,263
a) Includes the Series 1993B Bonds at an estimated average annual interest rate of 3.839'x.
10-
City of Plymouth, Minnesota
G.O. Refunding Bonds, Series 1994
Full Crossover Advance Refunding of
G.O. Fire Protection Bonds of 1987
Even Annual Savings Structure
Issuer Funds Required: $0.00
Date of Bonds: 07/01/94
Delivery Date: 07/01/94
Refunded Call Date: 02/01/95
1 st Callable Date: 02/01/96
City of Plymouth, Minnesota
G.O. Refunding Bonds, Series 1994
Current Refunding Summary
Partial Current Refunding of
G.O. Improvement Bonds of 1988
Even Annual Savings Structure
Refunding Bond Rating: Aa
Refunding Delivery Date Sources / Uses
Sources of Funds on: 07/01/94
Refunding Principal:
Accrued Interest:
Total Sources of Funds:
Uses of Funds on:
Discount @ $7.00
Acc. Int. & Unused Disc:
Refunding Expenses:
Investment to Call Date:
Total Uses of Funds:
710,000.00
710,000.00 1
07/01/94
4,970.00
7,000.00
698,030.00
710,000.00
Prepared: 06/13/94
By SPRINGSTED Incorporated
Date of Bonds: 07/01/94
Delivery Date: 07/01/94
Refunded Call: 08/01/94
1st Callable: 02/01/95
Refunded Bond Call Date Sources / Uses
Sources of Funds on: 08/01/94
Invest. Proceeds Mature:
Inv. Earnings @ 3.50%:
Funds from Issuer:
Total Sources of Funds:
Uses of Funds on:
Refunded Principal:
Refunded Call Premium:
Excess Proceeds:
Total Uses of Funds:
698,030.00
2,035.92
700,065.92
08/01/94
700,000.00
65.92
700,065.92
City of Plymouth, Minnesota
G.O. Refunding Bonds, Series 1994
Current Refunding Summary
Partial Current Refunding of
G.O. Improvement Bonds of 1989
Even Annual Savings Structure
Refunding Bond Rating: Aa
Refunding Delivery Date Sources / Uses
Sources of Funds on: 07/01/94
Refunding Principal:
Accrued Interest:
Total Sources of Funds:
Uses of Funds on:
Discount @ $7.00
Acc. Int. & Unused Disc:
Refunding Expenses:
Investment to Call Date:
Total Uses of Funds:
305,000.00
305,000.00 1
07/01/94
2,135.00
3,625.00
299,240.00
305,000.00
Refunded / Refunding Bond Comparison
As of: Refunded Refunding
07/01/94 Statistics Statistics
Principal: 300,000 305,000
Interest: 19,175 13,379
Bond Yrs: 325 333
Avg. Mat: 1.083 1.092
NIC: 5.90% 4.66%
Prepared: 06/13/94
By SPRINGSTED Incorporated
Date of Bonds: 07/01/94
Delivery Date: 07/01/94
Refunded Call: 08/01/94
1 st Callable: 02/01/95
Refunded Bond Call Date Sources / Uses
Sources of Funds on: 08/01/94
Invest. Proceeds Mature: 299,240.00
Inv. Earnings @ 3.50%: 872.78
Funds from Issuer:
112.78
Total Sources of Funds: 300,112.78
Uses of Funds on:
Refunded Principal:
Refunded Call Premium:
Excess Proceeds:
Total Uses of Funds:
08101/94
300,000.00
112.78
300,112.78
Total Net Savings/Present Value Savings
Future Savings: 678.54)
Less Funds From Issuer:
Plus Accr. Int. to D/S Fund:
Plus Exc. Proc. to D/S Fund: 112.78
Total Net Savings: 565.76)
Present Value Sav @ 4.0190 : 429.14)
As % of R.V. Refunded Int.: 2.52%
City of Plymouth, Minnesota
G.O. Refunding Bonds, Series 1994
Full Crossover Advance Refunding of
G.O. Improvement Bonds, Series 1991A
Even Annual Savings Structure
Issuer Funds Required: $0.00
Date of Bonds: 07/01/94
Refunding
Delivery Date: 07/01/94
1,050,000
Refunded Call Date: 02/01/98
5,917.50
1 st Callable Date: 02/01/99
5.636
Comparison: Refunded Refunding
Principal: 1,020,000 1,050,000
Bond Years: 5,745.00 5,917.50
Avg. Maturity: 5.632 5.636
NIC: 5.859% 4.998%
Total Net Savings:. (12,433.17)
Present Value Savings: (9,014.69)
As O/a of P.V. Ref. Int.: 9.3510
As % of P.V. Ref. D/S.: -1.03%
Prepared: 06/13/94
By SPRINGSTED Incorporated
City of Plymouth, Minnesota
G.O. Refunding Bonds, Series 1994
Current Refunding Summary
Partial Current Refunding of
G.O. Tax Increment Bonds, Series 1986A
Even Annual Savings Structure
Refunding Bond Rating: Aa
Refunding Delivery Date Sources / Uses
Sources of Funds on: 07/01/94
Refunding Principal:
Accrued Interest:
Total Sources of Funds
Uses of Funds on:
Discount @ $6.00
Acc. Int. & Unused Disc:
Refunding Expenses:
Investment to Call Date:
Total Uses of Funds:
510,000.00
510,000.00 1
07/01/94
3,060.00
8,375.00
498,565.00
510,000.00
Refunded / Refunding Bond Comparison
As of: Refunded Refunding
07/01/94 Statistics Statistics
Principal: 500,000 510,000
Interest: 18,958 10,859
Bond Yrs: 292 298
Avg. Mat: 0.583 0.583
NIC: 6.50% 4.68%
Prepared: 06/13/94
By SPRINGSTED Incorporated
Date of Bonds: 07/01/94
Delivery Date: 07/01/94
Refunded Call: 08/01/94
1 st Callable: 02/01/95
Refunded Bond Call Date Sources / Use:
Sources of Funds on: 08/01/94
Invest. Proceeds Mature:
Inv. Earnings @ 3.50%
Funds from Issuer:
Total Sources of Funds:
Uses of Funds on:
Refunded Principal:
Refunded Call Premium:
Excess Proceeds:
Total Uses of Funds:
498,565.00
1,454.15
500,019.15
08/01/94
500,000.00
19.15
500,019.15
Total Net Savings/Present Value Savings
Future Savings: 4,608.75)
Less Funds From Issuer:
Plus Accr. Int. to D/S Fund:
Plus Exc. Proc. to D/S Fund: 19.15
Total Net Savings: 4,589.60)
Present Value Sav @ 3.64%: 4,493.52)
As % of P.V. Refunded Int.: 28.24%
City of Plymouth, Minnesota
TAXABLE G.O. Ref. Bonds, Series 1994
Current Refunding Summary
Partial Current Refunding of
TAXABLE G.O, Tax Increment Bonds of 1986B
Even Annual Savings Structure
Refunding Bond Rating: Aa
Refunding Delivery Date Sources / Uses
Sources of Funds on: 07/01/94
Refunding Principal:
Accrued Interest:
Total Sources of Funds
Uses of Funds on:
Discount @ $6.00
Acc. Int. & Unused Disc:
Refunding Expenses:
Investment to Call Date:
Total Uses of Funds:
205,000.00
205,000.00 1
07/01/94
1,230.00
4,250.00
199,520.00
205,000.00
Refunded / Refunding Bond Comparison
As of: Refunded Refunding
07/01/94 Statistics Statistics
Principal: 200,000 205,000
Interest: 8,867 6,577
Bond Yrs: 117 120
Avg. Mat: 0.583 0.583
NIC: 7.60% 6.53%
Prepared: 06/13/94
By SPRINGSTED Incorporated
Date of Bonds: 07/01/94
Delivery Date: 07/01/94
Refunded Call: 08/01/94
1 st Callable: 02101/95
Refunded Bond Call Date Sources / Uses
Sources of Funds on: 08/01/94
Invest. Proceeds Mature: 199,520.00
Inv. Earnings @ 3.50%: 581.93
Funds from Issuer:
101.93
Total Sources of Funds: 200,101.93
Uses of Funds on: 08/01/94
Refunded Principal: 200,000.00
Refunded Call Premium:
Excess Proceeds: 101.93
Total Uses of Funds: 200,101.93
Total Net Savings/Present Value Savings
Future Savings: 3,977.08)
Less Funds From Issuer:
Plus Accr. Int. to D/S Fund:
Plus Exc. Proc. to D/S Fund: 101.93
Total Net Savings: 3,875.15)
Present Value Sav @ 5.49%: 3,751.52)
As % of P.V. Refunded Int.: 50.95%
City of Plymouth, Minnesota
Taxable G.O. Ref. Bonds, Series 1994
Full Crossover Advance Refunding of
Taxable G.O. Tax Inc. Bonds, Ser. 1990
Even Annual Savings Structure
Issuer Funds Required: $0.00
Date of Bonds: 07/01/94
Refunding
Delivery Date: 07/01/94
815,000
Refunded Call Date: 02/01/96
2,940.42
1st Callable Date: 02/01/97
3.608
Comparison: Refunded Refunding
Principal: 775,000 815,000
Bond Years: 2,802.08 2,940.42
Avg. Maturity: 3.616 3.608
NIC: 8.900% 6.786%
Total Net Savings:(9,427.84):
Present Value Savings: (6,795.11)
As % of P.V. Ref. Int. -5.89
As % of P.V. Ref, D/S.: 0.93
Prepared: 06/13/94
By SPRINGSTED Incorporated