HomeMy WebLinkAboutItem 06.ds s
June 14, 2013 Item No.
RESOLUTION AUTHORIZING ISSUANCE AND SALE OF
$4,800,000 GENERAL OBLIGATION IMPROVEMENT
BONDS, SERIES 2013A
Proposed Action
Move to a rove the Resolution Authorizing Issuance and Sale of $4,800,000 General Obligation
Improvement Bonds Series 2013A.
Passage of this motion will result in the financing of Improvement Project 13 -02, which is the
reconstruction of streets.
Overview
The City Council, at its May 6, 2013 meeting approved the special assessments for the ,2013 street
reconstruction project. Contracts -for the improvements were approved by the City-:Council: at
the May 20 meeting.
The proposed bond issue will finance the project construction costs. The debt will. be repaid
with a combination of special assessments and property tax levies. Approximately :40 '0 . - of the
project is financed with .special assessments with the remaining 60% of improvement = costs
financed with property tax levies. The special assessments will be repaid over a 20 year period;
the property tax portion of the debt will be amortized over a 10 year period.
The bid opening for the bonds is at 10:00 a.m. on Monday July 15; results of the bid opening and
recommendations will be presented to the City Council at its regular meeting that same night.
Primary Issues to Consider
• Call provisions. Bonds maturing 2/1/2024 and thereafter are callable 2/1/2023 or
thereafter.
Sunnorting Information
• Springsted Recommendations for Issuance of Bonds
Dennis a er, Financ rector
Financial Impact: See attached Budgeted: Y Source: Taxes and Special Assessments
Related Documents (CIP, ERP, etc.):
Notes:
CITY OF LAKEVILLE
RESOLUTION
Date: June 17, 2013 Resolution No.
RESOLUTION AUTHORIZING ISSUANCE AND SALE OF
$4,800,000 GENERAL OBLIGATION IMPROVEMENT BONDS,
SERIES 2013A
BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota (the City), as
follows:
SECTION 1. PURPOSE It is hereby determined to be in the best interests of the City to issue its
General Obligation Improvement Bonds, Series 2013A, in the aggregate principal amount of
$4,800,000 (the Bonds), pursuant to Minnesota Statutes, Chapters 429 and 475, twf nance
various improvement projects in the City.
SECTION 2. TERMS OF PROPOSAL Springsted Incorporated, financial consultant to: the 'City,
has presented to this Council a form of Terms of Proposal for the Bonds which is attached hereto
and hereby approved and shall be placed on file by the Administrator. Each and all 'of the
provisions of the Terms of Proposal are hereby adopted as the terms and conditions of the Bonds'
and of the sale thereof. Springsted Incorporated is hereby authorized, pursuant to- Minnesota
Statutes, Section 475.60, Subdivision 2, paragraph (9), to solicit proposals for the Bonds.on behalf
of the City on a competitive basis without requirement of published notice.
SECTION 3. SALE MEETING This Council shall meet at the time and place shown in the
Terms of Proposal, for the purpose of considering proposals for the purchase of the Bonds and of
taking such action thereon as may be in the best interests of the City.
APPROVED AND ADOPTED this 17ffi day of June, 2013.
CITY OF LAKEVILLE,
Matt Little, Mayor
ATTEST:
Charlene Friedges, City Clerk
City of Lakeville, Minnesota
Recommendations for Issuance of Bonds
$4,800,000 General Obligation Improvement Bonds, Series 2013A
The City Council has under consideration the issuance of bonds to finance infrastructure improvement projects in
various areas of the City. This document provides information relative to the proposed issuance.
KEY EVENTS: The following summary schedule includes the timing of some of the key events that will
occur relative to the bond issuance.
June 17, 2013 City Council sets sale date and terms
Week of July 8, 2013 Rating conference is conducted and receipt of rating
July 15, 2013,10:30 AM Competitive bids are received
July 15, 2013, 7:00 PM City Council considers award of Bonds
Late August, 2013 (est.) Proceeds are received
RATING: An application will be made to Moody's Investors Service for a rating on the Bonds. The
City's general obligation debt is currently rated 'Aa1' by Moody's.
THE MARKET: Performance of the tax - exempt market is often measured by the Bond Buyer's Index ( "1361 ")
which measures the yield of high grade municipal bonds in the 20th year for general
obligation bonds (the BBI 20 Bond Index) and the 30th year for revenue bonds (the BBI 25
Bond Index). The following chart illustrates these two indices over the past five years.
BBI 25-bond (Revenue) and 20 -band (G.O.) Rates for 5 Years
Ending 61612013
g$ 15%
_
5 -0%
5.5%
a 5.0%
•�+� 4.5%
4.0%
3.5
CF O O - ' s O"'O � h`+ �,,� �`i �
r_m_ 6Bi 25 Bond
--150 21) eared
tatss prepamed Dy SX01,gs haafpo' 'a:ed
A
h
_..
S�v , A
NO
a.
M
*,� YY
POST ISSUANCE The issuance of these bonds will result in post- issuance compliance responsibilities. The
COMPLIANCE: responsibilities are in two primary areas: i) compliance with federal arbitrage requirements
and ii} compliance with secondary disclosure requirements.
Federal arbitrage requirements include a wide range of implications that have been taken
into account as your issue has been structured. Post - issuance compliance responsibilities
for your tax- exempt issue include both rebate and yield restriction provisions of the IRS
Code. In general terms the arbitrage requirements control the earnings on unexpended
bond proceeds, including investment earnings, moneys held for debt service payments
(which are considered to be proceeds under the IRS regulations), and/or reserves. The
arbitrage rules provide an exception from rebate provisions for gross proceeds that are
spent within an 18 -month period in accordance with certain spending criteria. The City
expects to meet the 18 -month spending exception and gross proceeds that meet the test
will qualify for an exception to rebate. Yield restriction provisions will apply to the debt
service fund and any project proceeds unspent after three years under certain conditions
and the funds should be monitored throughout the life of the Bonds.
Secondary disclosure requirements result from an SEC requirement that underwriters
provide ongoing disclosure information to investors. To meet this requirement, any
prospective underwriter will require the City to commit to providing the information needed
to comply under a continuing disclosure agreement.
Springsted currently provides arbitrage and continuing disclosure compliance services to
the City under separate contracts. Contract amendments adding this issue will be provided
to city staff.
SUPPLEMENTAL Supplementary information will be available to staff including detailed terms and conditions
INFORMATION AND of sale, comprehensive structuring schedules and information to assist in meeting post -
BOND RECORD: issuance compliance responsibilities.
Upon completion of the financing, a bond record will be provided that contains pertinent
documents and final debt service calculations for the transaction.
PURPOSE: The proceeds of the Bonds will be used to finance street and storm sewer improvements at
Valley Park, 204th Street and Clay's Acres.
AUTHORITY: The Bonds are being issued pursuant to Minnesota Statutes, Chapters 429 and 475.
SECURITY AND The Bonds will be general obligations of the City, secured by its full faith and credit and
SOURCE OF taxing power. The Bonds will be repaid from a combination of ad valorem property taxes
PAYMENT: and special assessments against benefited properties.
Assessments in the principal amount of $2,090,000 will be spread over a term of 20 years
with equal annual installments of principal with interest charged on the unpaid balance at a
rate of 3.26%. Assessments are expected to be filed on or about November 1, 2013 for
first collection in 2014. Interest on the assessments will commence as of January 1, 2014,
The City will need to levy for a portion of debt service. The City will make its first levy in
2013 for collection in 2014. Each year's collection of assessments and taxes will be used
to pay the interest to come due on August 1 and the principal and interest due the following
February 1.
Springsted Paget
STRUCTURING
At the direction of the City, the Bonds were structured by repayment source, with a portion
SUMMARY:
to be paid by tax levies and another portion to be paid primarily by special assessments.
The tax levy portion has been amortized over a term of 10 years with level annual debt
service payments. The assessed portion was amortized over a term of 20 years with
principal structured around the projected assessment revenue to provide for a level annual
levy requirement.
SCHEDULES
Schedules attached include a sources and uses of funds, estimated assessment income
ATTACHED:
and estimated debt service requirements, given the current interest environment.
RISKSISPECIAL
The outcome of this financing will rely on the market conditions at the time of the sale. Any
CONSIDERATIONS:
projections included herein are estimates based on current market conditions.
SALE TERMS AND Variability of Issue Size A specific provision in the sale terms permits modifications to the
MARKETING: issue size and/or maturity structure to customize the issue once the price and interest rates
are set on the day of sale.
Prepayment Provisions: Bonds maturing on or after February 1, 2023 may be prepaid at a
price of par plus accrued interest on or after February 1, 2022.
Bank Qualification: The City does not expect to issue more than $10 million in tax - exempt
obligations that count against the $10 million limit for this calendar year; therefore, the
Bonds are designated as bank qualified.
Springstld Page
$4,800,000
City of Lakeville, Minnesota
General Obligation Improvement Bonds
Series 2013A
Total Issue Sources And Uses
Dated 08/15/2013 1 Delivered 08/15/2013
Assessea
Portion
Sources OF Funds
3,760,970.00
Par Amount of Bonds. .................................................
$2.090,000.00
Total Sources ............................ ...............................
$2,090,000.00
Uses Of Funds
57,600.00
Primary Purpose Fund .................. ...............................
1,633,798.00
Engineering .................................. ...............................
255.435.00
Other Project Costs ...................... ...............................
153,346.00
Total Underwriter's Discount (1.200°0 .....................
25,080.00
Costs of Iss uance ........................ ...............................
21.444.27
Rounding Amount ........................ ...............................
896.73
Total Uses .................................. ............................... $2,090,000.00
20BA 00hp-- -tBond I L.... 3--y 161512 013 1 3:33 Pfd
I ax Levy Issue
Portion Summary
$2,710,000.00 $4,800,000.00
$2,710,000.00 $4,800,000.00
2,127,172.00
3,760,970.00
332,571.00
588,006.00
188,769.00
342,115.00
32,520.00
57,600.00
27,805.73
49,250.00
1,162.27
2,059.00
$2,710,000.00 $4,800,000.00
Springsted
Page 4
$4,800,000
City of Lakeville, Minnesota
General Obligation Improvement Bonds
Series 2013A
Aggregate Debt Service
DATE
2013A GO
Improvement
Bonds
Assessed
Portion
2013A GO
Improvement
Bonds Tax
Levy Portion
TOTAL
0210112015
165,895.30
304,470.80
470,366.10
02101/2016
183,094.00
303,044.50
466,138.50
02101/2017
162,369.50
301,406.50
463,776.00
02/01/2018
156,127.50
303,598.50
459,726.00
02/01/2019
154,686.50
305,127.00
459,813.50
02/01/2020
152,959.50
300,888.00
453,847.50
02/01/2021
145,957.50
300,974.00
446,931.50
02/01/2022
143,784.00
305,281.50
449,065.50
02/01/2023
141,453.00
303,954.50
445,407.50
02/01/2024
138,996.00
302,168.50
441,164.50
02/01/2025
136,444.50
136,444.50
02101!2026
133,777.50
133,777.50
02/01/2027
125,995.00
-
125,995.00
02/01/2028
123,155.00
123,155.00
02/01/2029
120,165.00
120,165.00
02/01/2030
117,035.00
117,035.00
02/01/2031
113,815.00
113,815.00
02/01/2032
110,525.00
=
110,525.00
02/01/2033
107,125.00
-
107,125.00
02/01/2034
108,675.00
108,675.00
Total
$2,722,034.80
$3,030,913.80
$5,752,948.60
Par Amounts Of Selected Issues
2013AGO lrrp- Assessed fbrtion ....................................................................................... ............................... 2,090,000.00
2013A GO hp-Tax Levy Fbrt ion .... ............................... 2,710,000.00
TOTAL................................................................................................................................ ............................... 4,800,000.00
Aggregate 1 61512073 1333 PM
j k
Page 5
$4,800,000
City of Lakeville, Minnesota
General Obligation Improvement Bonds
Series 2013A
NET DEBT SERVICE SCHEDULE
Date
Principal
Coupon
Interest
Total P+I
Net New D1S
105% of Total
Assessment
Income
Levy
Required
02101/2014
AverageLif e ................................................................................................................................................. ...............................
-
AverageCoupon ........................................................................................................................................... ...............................
2.4338888%
NetInterest Cost ( NIC) ................................................................................................................................... ...............................
2.5810027%
TrueInterest Cost ( TIC) ................................................................................................................................. ...............................
2.5558060%
02/01/2015
335,000.00
0.450%
135,366.10
470,366.10
470,366.10
493,884.41
172,425.00
321,459.41
02/01/2016
375,000.00
0.630%
91,138.50
466,138.50
466,138.50
489,445.43
169,028.76
320,416.67
02/01/2017
375,000.00
1.080%
88,776.00
463,776.00
463,776.00
486,964.80
165,632.50
321,332.30
02/01/2018
375,000.00
1.310%
84,726.00
459,726.00
459,726.00
482,712.30
162,236.26
320,476.04
02/01/2019
380,000.00
1.570%
79,813.50
459,843.50
459,813.50
482,804.18
158,840.00
323,964.18
02/01/2020
380,000.00
1.820%
73,847.50
453,847.50
453,847.50
476,539.88
155,443.76
321,096.12
02/01/2021
380,000.00
2. 070%
66, 931.50
446 ,931.50
446,931.50
469,278.08
152,047.50
317,230.58
02/01/2022
390,000.00
2.220%
59,065.50
449,065.50
449,065.50
471,518.78
148,651.26
322,867.52
02101!2023
395,000.00
2.340%
50,407.50
445,407.50
445,407.50
467,677.88
145,255.00
322,422.88
02/01/2024
400,000.00
2.430%
41,164.50
441,164.50
441,164.50
463,222.73
141,858.76
321,363.97
02/01/2025
105,000.00
2.540%
31,444.50
136,444.50
136,444.50
143,266.73
138,462.50
4,804.23
02/01/2026
105,000.00
2.650%
28,777.50
133,777.50
133,777.50
140,466.38
135,066.26
5,400.12
02101!2027
100,000.00
2.840%
25,995.00
125,995.00
125,995.00
132,294.75
131,670.00
624.75
02/01/2028
100,000.00
2.990%
23,155.00
123,155.00
123,155.00
129,312.75
128,273.76
1,038.99
02/01/2029
100,000.00
3.130%
20,165.00
120,165.00
120,165.00
126,173.25
124,877.50
1,295.75
02/01/2030
100,000.00
3.220%
17,035.00
117,035.00
117,035.00
122,886.75
121,481.26
1,405.49
02/01/2031
100,000.00
3.290%
13,815.00
113,815.00
113,815.00
119,505.75
118,085.00
1,420.75
02/01/2032
100,000.00
3.400%
10,525.00
110,525.00
110,525.00
116,051.25
114,688.76
1,362.49
02/01/2033
100,000.00
3.450%
7,125.00
107,125.00
107,125.00
112,481.25
111,292.50
1,188.75
02/01/2034
105,000.00
3.500%
3,676.00
108,675.00
108,675.00
114,108.75
107,896.26
6,212.49
Total
$4,800,000.00
-
$952,948.60
$5,752,948.60
$5,752,948.60
$6,040,596.03
$2,803,212.60 $3,237,383.43
Dated............................................................................................................................................................. ...............................
8/15/2013
DeliveryDate. ....................... ...................................................................................................................................................
8/1512013
FirstCoupon Date .................................................................................................................... ............................... ......................
810 1 1201 4
Yield Statistics
BondYear Dollars ......................................................................................................................................... ...............................
$39,153.33
AverageLif e ................................................................................................................................................. ...............................
8.157 Years
AverageCoupon ........................................................................................................................................... ...............................
2.4338888%
NetInterest Cost ( NIC) ................................................................................................................................... ...............................
2.5810027%
TrueInterest Cost ( TIC) ................................................................................................................................. ...............................
2.5558060%
BondYield for Arbitrage Purposes... ...........................................................................................................................................
2.3891961%
AllInclusive Cost ( AIC) .................................................................................................................................. ...............................
2.7006539%
IRS Form 8038
NetInterest Cost ............................................................................................................................................ ...............................
2.4338888%
WeightedAverage P& turity ........................................................................................................................... ...............................
8.157 Years
20BA GO hnium —en: Bond Ilssue Summary l 613120B 3.33 PM
Page 6
$2,090,000
City of Lakeville, Minnesota
General Obligation Improvement Bonds, Series 2013A
2013 Projects
ASSESSMENT INCOME
Data
Principal
Coupon
Interest
Total P +I
12/31/2014
104,500.00
3.250%
67,925.00
172,425.00
12131!2015
104,500.00
3.250%
64,528.76
169,028.76
12139!2016
104,500.00
3.250%
61,132.50
165,632.50
12/39/2017
104,500.00
3.250%
57,736.26
162,236.26
12/31/2018
104,500.00
3.250%
54,340.00
158,840.00
12131/2019
104,500.00
3.250%
50,943.76
155,443.76
12/31/2020
104,500.00
3.250%
47,547.50
152,047.50
12!3112021
104,500.00
3.250%
44,151.26
148,651.26
12131/2022
104,500.00
3.250%
40,755.00
145,255.00
12/31/2023
104,500.00
3.250%
37,358.76
141,858.76
12/31/2024
104,500.00
3.250%
33,962.50
138,462.50
12/31/2025
104,500.00
3.250%
30,566.26
135,066.26
12/31/2026
104,500.00
3.250%
27,170.00
131,670.00
12/31/2027
104,500.00
3.250%
23,773.76
128,273.76
12/31/2028
904,500.00
3.250%
20,377.50
124,877.50
12/31/2029
104,500.00
3.250%
16,981.26
121,481.26
12/31/2030
104,500.00
3.250%
13,585.00
118,085.00
12/31/2031
104,500.00
3.250%
10,188.76
114,688.76
12/31/2032
104,500.00
3.250%
6,792.50
111,292.50
12/31/2033
104,500.00
3.250%
3,396.26
107,896.26
Total
$2,090,000.00
-
$713,212.60
$2,803,212.60
SIGNIFICANT DATES
Fling Date ............................................................................................................................. ............................... 1/01/2014
FirstPayment Data .............................................................................................................. ............................... 12/31/2014
2 ODA Asaer —.1. I SLVGLEPURPOSB i 615.7013 i 3:29PM
Springsted Page
$2,090,000
City of Lakeville, Minnesota
General Obligation Improvement Bonds
Series 2013A- Assessed Portion
NET DEBT SERVICE SCHEDULE
Date
Principal
Coupon
Interest
Total P +1
Net New =
105 %of Total
Assessment
Levy
Required
02101/2014
-
-
-
02101/2015
95,000.00
0.450%
70,895.30
165,895.30
165,895.30
174,190.07
172,425.00
1,765.07
02/01/2016
115,000.00
0.630%
48,094.00
163,094.00
163,094.00
171,248.70
169,028.76
2,219.94
02!0112017
115,000.00
1.080%
47,369.50
162,369.50
162,369.50
170,487.98
165,632.50
4,855.48
02/01/2018
110,000.00
1.310%
46,127.50
156,127.50
156,127.50
163,933.88
162,236.26
1,697.61
02/01/2019
110,000.00
1.570%
44,686.50
154,686.50
154,686.50
162,420.83
158,840.00
3,580.83
02/01/2020
110,000.00
1.820%
42,959.50
152,959.50
152,959.50
160,607.48
155,443.76
5,163.72
02/01/2021
105,000.00
2.070%
40,957.50
145,957.50
145,957.50
153,255.38
152,047.50
1,207.88
02/01/2022
105,000.00
2.220%
38,784.00
143,784.00
143,784.00
150,97120
148,651.26
2,321.94
02/01/2023
105,000.00
2.340%
36,453.00
141,453.00
141,453.00
148,525.65
145,255.00
3,270.65
02/01/2024
105,000.00
2.430%
33,996.00
138,996.00
138,996.00
145,945.80
141,858.76
4,087.04
02/01/2025
105,000.00
2.540%
31,444.50
136,444.50
136,444.50
143,266.73
138,462.50
4,804.23
02/01/2026
105,000.00
2.650%
28,777.50
133,777.50
133,777.50
140,466.38
135,066.26
5,400.11
02/01/2027
100,000.00
2,840%
25,995.00
125,995.00
125,995.00
132,294.75
131,670.00
624.75
02/01/2028
100,000.00
2.990%
23,155.00
123,155.00
123,155.00
129,312.75
128,273.76
1
02/01/2029
100,000.00
3.130%
20,165.00
120,165.00
120,165.00
126,173.25
124,877.50
1,295.75
02/01/2030
100,000.00
3.220%
17,035.00
117,035.00
117,035.00
122,886.75
121,481.26
1,405.49
02/01/2031
100,000.00
3.290%
13,815.00
113,815.00
113,615.00
119,505.75
118,085.00
1,420.75
02/01/2032
100,000.00
3.400%
10,525.00
110,525.00
110,525.00
116,051.25
114,688.76
1,362.49
02/01/2033
100,000.00
3.450%
7,125.00
107,125.00
107,125.00
112,481.25
111,292.50
1,188.75
02/01/2034
105,000.00
3.500%
3,675.00
108,675.00
108,675.00
114,108.75
107,896.26
6,212.49
Total
$2,090,000.00
-
$632,034.80
$2,722,034.80
$2,722,034.80
$2,858,136.54
$2,803,212.60
$54,923.94
Dated— ................................................................................... ..................................................................................................... 81152013
DeliveryDate ........................................................................................................................... ............................... ...................... 8 /15/2013
FirstCoupon Date .................................................................................................................... ............................... ...................... 810112014
Yield Statistics
BondYear Dol lars .................................................................................................................... ............................... ..................... $22.568.72
AverageLife ................................................................................................................................................. ............................... 10.798 Years
AverageCoupon ........................................................................................................................................... ............................... 2.8004900%
NetInterest Cost ( NIC) ................................................................................................................................... ............................... 2.9116172%
TrueInterest Cost ( TIC) ................................................................................................................................. ............................... 2.8879676%
Bond Yield for Arbitrage Purposes ............................................................................................................... ............................... 2.3891961%
AllInclusive Cost (AC) .................................................................................................................................. ............................... 3.0036340%
IRS Form 8038
NetInterest Cost .................................. ...............................
Weighted Average Maturity ................. ...............................
...................................................... ............................... 2.8004900%
...................................................... ............................... 10.798 Years
2013A G03gprovemeni Bond I Assessed Portion 1 6/3/7013 I3.33PM
Springsted Page
$2,710,000
City of Lakeville, Minnesota
General Obligation Irnprovement Bonds
Series 2013A - Tax Leery Portion
DEBT SERVICE SCHEDULE
Data
Principal
Coupon
Interest
Total P +I
105% Le
02/01/2014
-
-
02/01/2015
240,000.00
0.450%
64,470.80
304,470.80
319,694.34
02/01/2016
260,000.00
0.630%
43,044.50
303,044.50
318,196.73
02/01/2017
260,000.00
1.080%
41,406.50
301,406.50
316,476.83
02/01/2018
265,000.00
1.310%
38,598.50
303,598.50
318,778.43
02/01/2019
270,000.00
1.570%
35,127.00
305,127.00
320,383.35
02/01/2020
270,000.00
1.820%
30,888.00
300,888.00
315,932.40
02/01/2021
275,000.00
2.070%
25,974.00
300,974.00
316,022.70
02/01/2022
285,000.00
2.220%
20,281.50
305,281.50
320,545.58
02/01/2023
290,000.00
2.340%
13,954.50
303,954.50
319,152.23
02/01/2024
295,000.00
2.430%
7,168.50
302,168.50
317,278.93
Total
$2,710,000.00
-
$320,913.80
$3,030,913.80
$3,182,459.49
SIGNIFICANT DATES
Dated........................................................... ...............................
DeliveryDate ............................................... ...............................
First Coupon Date ........................................ ...............................
Yield Statistics
Bond Year Dollars ....................................... ...............................
AverageLif e ............................................... ...............................
AverageCoupon ......................................... ...............................
Net Interest Cost (NC) ................................. ...............................
True Interest Cost ( TIC) ............................... ...............................
Bond Yield for Arbitrage Purposes ............. ...............................
All Inclusive Cost ( AIC) ................................ ...............................
IRS Form 8038
NetInterest Cost... ......................................................................
Weighted Average Maturity ......................... ...............................
Interest rates are estimates. Changes in rates may
cause significant alterations to this schedule.
The actual underwriter's discount bid may also vary.
2013A G03np.owwnt Bond I Tax L- yP-tkn 1613129B 13 :33 PM
........................................ ............................... 8/15/2013
........................................ ............................... 8115/2013
................................ ..... ....1.— ........................ 8/01/2014
..................................... ............................... $16,584.61
.................................... ............................... 6.120 Years
..................................... ............................... 1.9350095%
................................. ... ... .........I ... I.............. 2.1310949%
..................................... ............................... 2.1332316%
..................................... ............................... 2.3891961%
.............................................................. I.... 2.3169006%
.......................... ............................... 1.9350095%
.......................... ............................... 6.120 Years
.5nringsted Page