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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