HomeMy WebLinkAboutItem 06.f
CITY OF LAKEVILLE
RESOLUTION
Date: June 15, 2015 Resolution No. _______________________
RESOLUTION AUTHORIZING ISSUANCE AND SALE OF
$17,585,000 GENERAL OBLIGATION BONDS, SERIES 2015A
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 Bonds, Series 2015A, in the aggregate principal amount of $17,585,000
(the Bonds), pursuant to Minnesota Statutes, Section 162.18 and Chapters 429 and 475, to
finance various improvement and street reconstruction 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 15th day of June, 2015.
CITY OF LAKEVILLE,
By:
Matt Little, Mayor
ATTEST:
Charlene Friedges, City Clerk
________________________________
* Preliminary; subject to change.
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THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS
ISSUE ON ITS BEHALF. PROPOSALS WILL BE RECEIVED ON THE FOLLOWING BASIS:
TERMS OF PROPOSAL
$17,585,000* CITY OF LAKEVILLE, MINNESOTA GENERAL OBLIGATION BONDS, SERIES 2015A
(BOOK ENTRY ONLY)
Proposals for the Bonds will be received on Monday, July 20, 2015, until 10:00 A.M., Central Time, at
the offices of Springsted Incorporated, 380 Jackson Street, Suite 300, Saint Paul, Minnesota, after which
time proposals will be opened and tabulated. Consideration for award of the Bonds will be by the City
Council at 7:00 P.M., Central Time, of the same day.
SUBMISSION OF PROPOSALS
Springsted will assume no liability for the inability of the bidder to reach Springsted prior to the time of
sale specified above. All bidders are advised that each proposal shall be deemed to constitute a contract
between the bidder and the City to purchase the Bonds regardless of the manner in which the proposal is
submitted.
(a) Sealed Bidding. Proposals may be submitted in a sealed envelope or by fax (651) 223-3046 to
Springsted. Signed proposals, without final price or coupons, may be submitted to Springsted prior to the
time of sale. The bidder shall be responsible for submitting to Springsted the final proposal price and
coupons, by telephone (651) 223-3000 or fax (651) 223-3046 for inclusion in the submitted proposal.
OR
(b) Electronic Bidding. Notice is hereby given that electronic proposals will be received via PARITY®.
For purposes of the electronic bidding process, the time as maintained by PARITY® shall constitute the
official time with respect to all proposals submitted to PARITY®. Each bidder shall be solely responsible
for making necessary arrangements to access PARITY® for purposes of submitting its electronic proposal
in a timely manner and in compliance with the requirements of the Terms of proposal . Neither the City,
its agents nor PARITY® shall have any duty or obligation to undertake registration to bid for any
prospective bidder or to provide or ensure electronic access to any qualified prospective bidder, and
neither the City, its agents nor PARITY® shall be responsible for a bidder’s failure to register to bid or for
any failure in the proper operation of, or have any liability for any delays or interruptions of or any
damages caused by the services of PARITY®. The City is using the services of PARITY® solely as a
communication mechanism to conduct the electronic bidding for the Bonds, and PARITY® is not an agent
of the City.
If any provisions of this Terms of proposal conflict with information provided by PARITY®, this Terms
of proposal shall control. Further information about PARITY®, including any fee charged, may be
obtained from:
PARITY®, 1359 Broadway, 2nd Floor, New York, New York 10018
Customer Support: (212) 849-5000
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DETAILS OF THE BONDS
The Bonds will be dated as of the date of delivery and will bear interest payable on February 1 and
August 1 of each year, commencing February 1, 2016. Interest will be computed on the basis of a 360-
day year of twelve 30-day months.
The Bonds will matureFebruary 1 in the years and amounts* as follows:
2017 $760,000
2018 $765,000
2019 $765,000
2020 $785,000
2021 $785,000
2022 $800,000
2023 $815,000
2024 $830,000
2025 $845,000
2026 $860,000
2027 $830,000
2028 $850,000
2029 $880,000
2030 $905,000
2031 $930,000
2032 $960,000
2033 $1,000,000
2034 $1,035,000
2035 $1,070,000
2036 $1,115,000
* The City reserves the right, after proposals are opened and prior to award, to increase or reduce the principal
amount of the Bonds or the amount of any maturity in multiples of $5,000. In the event the amount of any
maturity is modified, the aggregate purchase price will be adjusted to result in the same gross spread per
$1,000 of Bonds as that of the original proposal. Gross spread is the differential between the price paid to the
City for the new issue and the prices at which the securities are initially offered to the investing public.
Proposals for the Bonds may contain a maturity schedule providing for a combination of serial bonds and
term bonds. All term bonds shall be subject to mandatory sinking fund redemption at a price of par plus
accrued interest to the date of redemption scheduled to conform to the maturity schedule set forth above.
In order to designate term bonds, the proposal must specify “Years of Term Maturities” in the spaces
provided on the proposal form.
BOOK ENTRY SYSTEM
The Bonds will be issued by means of a book entry system with no physical distribution of Bonds made
to the public. The Bonds will be issued in fully registered form and one Bond, representing the aggregate
principal amount of the Bonds maturing in each year, will be registered in the name of Cede & Co. as
nominee of The Depository Trust Company (“DTC”), New York, New York, which will act as securities
depository of the Bonds. Individual purchases of the Bonds may be made in the principal amount of
$5,000 or any multiple thereof of a single maturity through book entries made on the books and records of
DTC and its participants. Principal and interest are payable by the registrar to DTC or its nominee as
registered owner of the Bonds. Transfer of principal and interest payments to participants of DTC will be
the responsibility of DTC; transfer of principal and interest payments to beneficial owners by participants
will be the responsibility of such participants and other nominees of beneficial owners. The purchaser, as
a condition of delivery of the Bonds, will be required to deposit the Bonds with DTC.
REGISTRAR
The City will name the registrar which shall be subject to applicable SEC regulations. The City will pay
for the services of the registrar.
OPTIONAL REDEMPTION
The City may elect on February 1, 2025, and on any day thereafter, to prepay Bonds due on or after
February 1, 2026. Redemption may be in whole or in part and if in part at the option of the City and in
such manner as the City shall determine. If less than all Bonds of a maturity are called for redemption,
the City will notify DTC of the particular amount of such maturity to be prepaid. DTC will determine by
lot the amount of each participant's interest in such maturity to be redeemed and each participant will then
select by lot the beneficial ownership interests in such maturity to be redeemed. All prepayments shall be
at a price of par plus accrued interest.
SECURITY AND PURPOSE
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The Bonds will be general obligations of the City for which the City will pledge its full faith and credit
and power to levy direct general ad valorem taxes. In addition, the City will pledge special assessments
against benefited properties and Minnesota municipal state aid allotments. The proceeds will be used to
finance various street improvement projects.
BIDDING PARAMETERS
Proposals shall be for not less than $17,373,980 plus accrued interest, if any, on the total principal amount
of the Bonds. No proposal can be withdrawn or amended after the time set for receivin g proposals unless
the meeting of the City scheduled for award of the Bonds is adjourned, recessed, or continued to another
date without award of the Bonds having been made. Rates shall be in integral multiples of 1/100 or 1/8 of
1%. The initial price to the public for each maturity must be 98.0% or greater. Bonds of the same
maturity shall bear a single rate from the date of the Bonds to the date of maturity. No conditional
proposals will be accepted.
GOOD FAITH DEPOSIT
To have its proposal considered for award, the lowest bidder is required to submit a good faith deposit to
the City in the amount of $175,850 (the “Deposit”) no later than 1:00 P.M., Central Time on the day of
sale. The Deposit may be delivered as described herein in the form of either (i) a certified or cashier’s
check payable to the City; or (ii) a wire transfer. The lowest bidder shall be solely responsible for the
timely delivery of their Deposit whether by check or wire transfer. Neither the City nor
Springsted Incorporated have any liability for delays in the receipt of the Deposit. If the Deposit is not
received by the specified time, the City may, at its sole discretion, reject the proposal of the lowest bidder,
direct the second lowest bidder to submit a Deposit, and thereafter award the sale to such bidder.
Certified or Cashier’s Check. A Deposit made by certified or cashier’s check will be considered timely
delivered to the City if it is made payable to the City and delivered to Springsted Incorporated,
380 Jackson Street, Suite 300, St. Paul, Minnesota 55101 by the specified time.
Wire Transfer. A Deposit made by wire will be considered timely delivered to the City upon submission
of a federal wire reference number by the specified time. Wire transfer instructions will be available from
Springsted Incorporated following the receipt and tabulation of proposals. The successful bidder must
send an e-mail including the following information: (i) the federal reference number and time released;
(ii) the amount of the wire transfer; and (iii) the issue to which it applies.
Once an award has been made, the Deposit received from the lowest bidder (the “purchaser”) will be
retained by the City and no interest will accrue to the purchaser. The amount of the Deposit will be
deducted at settlement from the purchase price. In the event the purchaser fails to comply with the
accepted proposal, said amount will be retained by the City.
AWARD
The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true interest cost
(TIC) basis calculated on the proposal prior to any adjustment made by the City. The City's computation
of the interest rate of each proposal, in accordance with customary practice, will be controlling.
The City will reserve the right to: (i) waive non-substantive informalities of any proposal or of matters
relating to the receipt of proposals and award of the Bonds, (ii) reject all proposals without cause, and
(iii) reject any proposal that the City determines to have failed to comply with the terms herein.
BOND INSURANCE AT PURCHASER'S OPTION
The City has not applied for or pre-approved a commitment for any policy of municipal bond insurance
with respect to the Bonds. If the Bonds qualify for municipal bond insurance and a bidder desires to
purchase a policy, such indication, the maturities to be insured, and the name of the desired insurer must
be set forth on the bidder’s proposal. The City specifically reserves the right to reject any bid specifying
municipal bond insurance, even though such bid may result in the lowest TIC to the City. Al l costs
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associated with the issuance and administration of such policy and associated ratings and expenses (other
than any independent rating requested by the City) shall be paid by the successful bidder. Failure of the
municipal bond insurer to issue the policy after the award of the Bonds shall not constitute cause for
failure or refusal by the successful bidder to accept delivery of the Bonds.
CUSIP NUMBERS
If the Bonds qualify for assignment of CUSIP numbers such numbers will be printed on the Bonds, but
neither the failure to print such numbers on any Bond nor any error with respect thereto will constitute
cause for failure or refusal by the purchaser to accept delivery of the Bonds. The CUSIP Service Bureau
charge for the assignment of CUSIP identification numbers shall be paid by the purchaser.
SETTLEMENT
On or about August 20, 2015, the Bonds will be delivered without cost to the purchaser through DTC in
New York, New York. Delivery will be subject to receipt by the purchaser of an approving le gal opinion
of Dorsey & Whitney LLP of Minneapolis, Minnesota, and of customary closing papers, including a no -
litigation certificate. On the date of settlement, payment for the Bonds shall be made in federal, or
equivalent, funds that shall be received at the offices of the City or its designee not later than 12:00 Noon,
Central Time. Unless compliance with the terms of payment for the Bonds has been made impossible by
action of the City, or its agents, the purchaser shall be liable to the City for any l oss suffered by the City
by reason of the purchaser's non-compliance with said terms for payment.
CONTINUING DISCLOSURE
In accordance with SEC Rule 15c2-12(b)(5), the City will undertake, pursuant to the resolution awarding
sale of the Bonds, to provide annual reports and notices of certain events. A description of this
undertaking is set forth in the Official Statement. The purchaser's obligation to purchase the Bonds will
be conditioned upon receiving evidence of this undertaking at or prior to delivery of the Bonds.
OFFICIAL STATEMENT
The City has authorized the preparation of a Preliminary Official Statement containing pertinent
information relative to the Bonds, and said Preliminary Official Statement will serve as a nearly final
Official Statement within the meaning of Rule 15c2-12 of the Securities and Exchange Commission. For
copies of the Preliminary Official Statement or for any additional information prior to sale, any
prospective purchaser is referred to the Municipal Advisor to the City, Springsted Incorporated,
380 Jackson Street, Suite 300, Saint Paul, Minnesota 55101, telephone (651) 223-3000.
A Final Official Statement (as that term is defined in Rule 15c2 -12) will be prepared, specifying the
maturity dates, principal amounts and interest rates of the Bonds, together with any other information
required by law. By awarding the Bonds to an underwriter or underwriting syndicate, the City agrees
that, no more than seven business days after the date of such award, it shall provide without cost to the
sole underwriter or to the senior managing underwriter of the syndicate (the “Underwriter” for purposes
of this paragraph) to which the Bonds are awarded up to 25 copies of the Final Official Statement. The
City designates the Underwriter of the syndicate to which the Bonds are awarded as its agent for purposes
of distributing copies of the Final Official Statement to each Participating Underwriter. Such Underwriter
agrees that if its proposal is accepted by the City, (i) it shall accept designation and (ii) it shall enter into a
contractual relationship with all Participating Underwriters of the Bonds for purposes of assuring the
receipt by each such Participating Underwriter of the Final Official Statement.
Dated June 15, 2015 BY ORDER OF THE CITY COUNCIL
/s/ Charlene Friedges
City Clerk
City of Lakeville, Minnesota
Recommendations for Issuance of Bonds
$17,585,000 General Obligation Bonds, Series 2015A
The City Council has under consideration the issuance of Bonds to finance street reconstruction and improvement
projects in the City. The Bonds have two primary components: City streets and Minnesota State-Aid Streets, each
with distinct financing programs. Both components are combined in the Bonds. 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 15, 2015 City Council sets sale date and terms
Week of July 6, 2015 Rating conference is conducted
July 20, 2015, 10:00 AM Competitive bids are received
July 20, 2015, 7:00 PM City Council considers award of bonds
On or about August 20, 2015 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 (“BBI”)
which measures the yield of high grade municipal bonds in the 20 th 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.
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POST ISSUANCE
COMPLIANCE:
The issuance of these bonds will result in post-issuance compliance responsibilities. The
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 this issue has been structured. Post-issuance compliance responsibilities
for tax-exempt issues 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. Under certain
circumstances any “excess earnings” will need to be paid to the IRS to maintain the tax-
exempt status of the Bonds. Any interest earnings on gross bond proceeds or debt service
funds should not be spent until it has been determined based on actual facts that they are
not “excess earnings” as defined by the IRS Code.
The arbitrage rules provide spend-down exceptions for proceeds that are spent within
either a 6-month, 18-month or 24-month period in accordance with certain spending
criteria. Proceeds that qualify for an exception will be exempt from rebate. These
exceptions are based on actual expenditures and not based on reasonable expectations,
and expenditures, including any investment proceeds will have to meet the spending
criteria to qualify for the exclusion. The City expects to me the 18-month spending
exception.
Regardless of whether the issue qualifies for an exemption from the rebate provisions,
yield restriction provisions will apply to the debt service fund under certain conditions and
any unspent bond proceeds remaining after three years. These 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 Council to commit to providing the information
needed to comply under a continuing disclosure agreement.
Springsted and the City will enter into an Agreement for Municipal Advisor Services, under
which Springsted will provide arbitrage and continuing disclosure compliance services for
the City.
SUPPLEMENTAL
INFORMATION AND
BOND RECORD:
Supplementary information will be available to staff including detailed terms and conditions
of sale, comprehensive structuring schedules and information to assist in meeting post-
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.
RISKS/SPECIAL
CONSIDERATIONS:
The outcome of this financing will rely on the market conditions at the time of the sale. Any
projections included herein are estimates based on current market conditions.
SALE TERMS AND
MARKETING:
Variability of Issue Size: A specific provision in the sale terms permits modifications to the
issue size and/or maturity structure to customize the issue once the price and interest rates
are set on the day of sale.
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Given the credit quality, issue size and term of the Bonds, it is possible that the issue will
price with a premium bid from the underwriter. Premium pricing occurs when coupon
interest rates exceed the actual market yield, thereby producing a “premium” or excess
amount above the par amount of the Bonds paid by the underwriter to the issuer. Receipt
of a premium bid is by no means certain and we therefore recommend that the Bonds be
offered assuming a discount bid. If a premium bid is received, the City’s intent is to reduce
the issue size so that total net proceeds equal the amount necessary to fund project costs
at the amounts anticipated in these Recommendations.
Prepayment Provisions: Bonds maturing on or after February 1, 2026 may be prepaid at a
price of par plus accrued interest on or after February 1, 2025.
Bank Qualification: The City is issuing more than $10 million in tax-exempt obligations in
the current calendar year; therefore the Bonds are not designated as bank qualified.
Good Faith Deposit: The lowest bidder will be required to provide a good faith deposit
within a specified time after receipt of proposals. The good faith deposit will be deducted
from the purchase price otherwise due at the time of closing. In the event the lowest
bidder fails to comply with the accepted bid proposal, the Issuer will retain the good faith
deposit.
SCHEDULES
ATTACHED:
We have attached schedules showing the following:
Detailed Sources and Uses of Funds
Assessment Income for the Street Improvement Portion of the Bonds
Net Debt Service for the issue in total and for each of the components of the
Bonds, given the current interest rate environment
Aggregate calendar year debt service for the City’s existing and new MSA debt
Street Improvement Portion
Description of Purpose
PURPOSE: Proceeds of the Street Improvement Portion of the Bonds, together with a City cash
contribution of $350,000 and estimated prepaid assessments of $246,187, will be used to
fund the City’s 2015 street reconstruction projects and street improvement projects for
Hamburg Avenue and Kensington Boulevard.
AUTHORITY: Statutory Authority: The Street Improvement Portion of the Bonds is being issued
pursuant to Minnesota Statutes, Chapters 475 and 429.
Statutory Requirements: Chapter 429 requires that a minimum of 20% of the projects
financed be assessed against benefited property owners. The City expects to assess
more than the 20% minimum through new assessments levied in 2015 for collection
beginning in 2016.
SECURITY AND
SOURCE OF
PAYMENT:
The Street Improvement Portion of the Bonds will be general obligations of the City,
secured by its full faith and credit and taxing power. Special assessments and general
property taxes are pledged to the repayment of the Street Improvement Portion of the
Bonds. The City further expects to use Water Fund operating revenues to reduce the debt
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service levy. Assessments are being levied in 2015 in the amounts and terms shown in
the table below:
Project Assessed
Amount
Interest
Rate Term First Year
Payment
Street Reconstruction $178,161 4.50% 29 Years 2016
Street Reconstruction $2,640,026 4.00% 20 Years 2016
Hamburg Avenue $167,197 4.80% 10 Years 2016
Kensington Boulevard $120,754 4.80% 20 Years 2016
Total $3,106,139
Assessments will be spread over their respective terms with equal payments of principal.
Interest, will becharged on the unpaid balance at the rates listed above.
Each year’s collection of assessments, taxes and Water Fund revenues will be used to pay
the interest to come due on August 1 in the year of collection and the principal and interest
due the following February 1. Capitalized interest will be funded from the principal amount
of the Street Improvement Portion of the Bonds in amounts sufficient to pay the interest
due on February 1, 2016 for all components of that portion except the Water Fund. The
City will make it’s first levy for the Street Improvement Portion of the Bonds in 2015 for
collection beginning in 2016.
The City intends to use Water Fund operating revenues to repay $3,770,000 of principal of
the Street Improvement Portion of the Bonds plus interest thereon over a term of 20 years.
STRUCTURING
SUMMARY:
In consultation with the City, the components of the Street Improvement Portion of the
Bonds were structured separately as to source of payment for ease of administration. With
the exception of the Hamburg Avenue components, the assessed, levy and Water Fund
pieces of each project were structured over terms of 20 years. The Hamburg Avenue
assessed and levy components were amortized over ten years to match the assessment
revenue.
State Aid Portion
Description of Issue
PURPOSE: The State Aid Portion of the Bonds will be used to fund two projects: (i) the CSAH
50/CSAH 60 (185th Street) roundabout and expansion and (ii) Ipava Ave. traffic signals at
175th Street and 165th Street.
AUTHORITY: Statutory Authority: The State Aid Portion of the Bonds is being issued pursuant to
Minnesota Statutes, Chapters 475 and 462.
Statutory Requirements: Pursuant to Minnesota Statues, Chapter 162, the City may issue
MSA bonds if the combined average calendar year debt service of the new bonds and any
existing MSA obligations does not exceed 90% of the City’s last annual allotment fo r
construction. The City’s 2015 construction allotment from the state was $2,329,817 and
90% of that amount is $2,096,835. The City has $3,165,000 of outstanding MSA
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obligations and the average calendar year debt service on the new bonds and existing
bonds is approximately $505,331. Therefore, the issuance of the MSA Bonds meets the
statutory requirement.
SECURITY AND
SOURCE OF
PAYMENT:
The State Aid Portion of the Bonds will be a general obligation of the City, secured by its
full faith and credit and taxing power and will repaid with annual State-aid allotments from
the Minnesota Department of Transportation.
The City will use State-aid allotments received in 2015 to make the February 1, 2016
interest payment on the State Aid Portion of the Bonds. Thereafter, each year’s collection
of State-aid allotments will be used to pay the interest to come due on August 1 in the year
of collection and the principal and interest due the following February 1.
STRUCTURING
SUMMARY:
In consultation with the City, the State Aid Portion of the Bonds was structured over a term
of 20 years with level annual debt service.
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$17,585,000
City of Lakeville, Minnesota
General Obligation Bonds
Series 2015A - Issue Summary
Total Issue Sources And Uses
Dated 08/20/2015 | Delivered 08/20/2015
Street Improvement Portion State Aid Portion
Assessed
Street
Reconstructio
n
Assessed15-
05 Hamburg
Ave.
Assessed 15-
04
Kensington
Blvd.
Levy Street
Reconstructio
n
Levy 15-05
Hamburg
Ave.
Levy 15-04
Kensington
Bvld.
Water
Operating MSA Issue Summary
Sources Of Funds
Par Amount of Bonds.....................................................................................................................................................................................$2,925,000.00 $175,000.00 $120,000.00 $4,570,000.00 $285,000.00 $725,000.00 $3,770,000.00 $5,015,000.00 $17,585,000.00
Planned Issuer Equity contribution......................................................................................................................................................................---350,000.00 ----350,000.00
Prepaid Assessments.....................................................................................................................................................................................246,186.64 -------246,186.64
Total Sources...........................................................................................................................................................................................$3,171,186.64 $175,000.00 $120,000.00 $4,920,000.00 $285,000.00 $725,000.00 $3,770,000.00 $5,015,000.00 $18,181,186.64
Uses Of Funds
Primary Purpose Fund....................................................................................................................................................................................3,077,331.00 167,197.00 120,754.00 4,772,134.00 275,309.00 700,772.00 3,703,780.00 4,926,276.00 17,743,553.00
Total Underwriter's Discount (1.200%)..................................................................................................................................................................35,100.00 2,100.00 1,440.00 54,840.00 3,420.00 8,700.00 45,240.00 60,180.00 211,020.00
Deposit to Capitalized Interest (CIF) Fund..............................................................................................................................................................39,663.02 1,798.95 1,513.85 65,948.51 2,887.94 10,426.99 --122,239.26
Costs of Issuance.......................................................................................................................................................................................17,321.28 1,036.31 710.61 27,062.67 1,687.71 4,293.31 22,325.23 29,697.88 104,135.00
Rounding Amount.........................................................................................................................................................................................1,771.34 2,867.74 (4,418.46)14.82 1,695.35 807.70 (1,345.23)(1,153.88)239.38
Total Uses..............................................................................................................................................................................................$3,171,186.64 $175,000.00 $120,000.00 $4,920,000.00 $285,000.00 $725,000.00 $3,770,000.00 $5,015,000.00 $18,181,186.64
2015A GO Bonds | Issue Summary | 6/ 8/2015 | 1:23 PM
Page 7
$3,106,139
City of Lakeville, Minnesota
General Obligation Bonds
Series 2015A - Assessments - Total
Aggregate Assessment Income by Project
DATE Street
Reconstruction -
29 Year
Street
Reconstruction -
20 Year
Hamburg Ave.Kensington
Blvd.
TOTAL
12/31/2016 14,160.76 237,602.37 24,745.16 11,833.89 288,342.18
12/31/2017 13,884.30 232,322.32 23,942.62 11,544.08 281,693.32
12/31/2018 13,607.84 227,042.26 23,140.06 11,254.28 275,044.44
12/31/2019 13,331.38 221,762.22 22,337.52 10,964.46 268,395.58
12/31/2020 13,054.92 216,482.15 21,534.98 10,674.66 261,746.71
12/31/2021 12,778.48 211,202.09 20,732.42 10,384.84 255,097.83
12/31/2022 12,502.02 205,922.05 19,929.88 10,095.04 248,448.99
12/31/2023 12,225.55 200,641.99 19,127.34 9,805.22 241,800.10
12/31/2024 11,949.09 195,361.93 18,324.80 9,515.42 235,151.24
12/31/2025 11,672.63 190,081.89 17,522.24 9,225.60 228,502.36
12/31/2026 11,396.17 184,801.83 -8,935.80 205,133.80
12/31/2027 11,119.71 179,521.79 -8,645.98 199,287.48
12/31/2028 10,843.25 174,241.73 -8,356.18 193,441.16
12/31/2029 10,566.81 168,961.67 -8,066.36 187,594.84
12/31/2030 10,290.35 163,681.63 -7,776.56 181,748.54
12/31/2031 10,013.89 158,401.57 -7,486.74 175,902.20
12/31/2032 9,737.43 153,121.51 -7,196.94 170,055.88
12/31/2033 9,460.97 147,841.47 -6,907.12 164,209.56
12/31/2034 9,184.51 142,561.41 -6,617.32 158,363.24
12/31/2035 8,908.07 137,281.37 -6,327.50 152,516.94
12/31/2036 8,631.61 ---8,631.61
12/31/2037 8,355.15 ---8,355.15
12/31/2038 8,078.69 ---8,078.69
12/31/2039 7,802.23 ---7,802.23
12/31/2040 7,525.77 ---7,525.77
12/31/2041 7,249.31 ---7,249.31
12/31/2042 6,972.87 ---6,972.87
12/31/2043 6,696.41 ---6,696.41
12/31/2044 6,419.95 ---6,419.95
Total $298,420.12 $3,748,837.25 $211,337.02 $181,613.99 $4,440,208.38
Par Amounts Of Selected Issues
-Street Reconstruction - 29 Ye..........................................................................................................................................................................178,161.28
-Street Reconstruction - 20 Ye..........................................................................................................................................................................2,640,026.24
2015A GO Improve-Hamburg Ave............................................................................................................................................................................167,197.00
2015A GO Imp-Kensington Blvd............................................................................................................................................................................120,754.00
TOTAL...................................................................................................................................................................................................3,106,138.52
Aggregate | 6/ 8/2015 | 1:24 PM
Page 8
$178,161
City of Lakeville, Minnesota
General Obligation Bonds
Series 2015A - Assessments - Street Reconstruction - 29 Year
ASSESSMENT INCOME
Date Principal Coupon Interest Total P+I
12/31/2016 6,143.50 4.500%8,017.26 14,160.76
12/31/2017 6,143.50 4.500%7,740.80 13,884.30
12/31/2018 6,143.50 4.500%7,464.34 13,607.84
12/31/2019 6,143.50 4.500%7,187.88 13,331.38
12/31/2020 6,143.50 4.500%6,911.42 13,054.92
12/31/2021 6,143.50 4.500%6,634.98 12,778.48
12/31/2022 6,143.50 4.500%6,358.52 12,502.02
12/31/2023 6,143.49 4.500%6,082.06 12,225.55
12/31/2024 6,143.49 4.500%5,805.60 11,949.09
12/31/2025 6,143.49 4.500%5,529.14 11,672.63
12/31/2026 6,143.49 4.500%5,252.68 11,396.17
12/31/2027 6,143.49 4.500%4,976.22 11,119.71
12/31/2028 6,143.49 4.500%4,699.76 10,843.25
12/31/2029 6,143.49 4.500%4,423.32 10,566.81
12/31/2030 6,143.49 4.500%4,146.86 10,290.35
12/31/2031 6,143.49 4.500%3,870.40 10,013.89
12/31/2032 6,143.49 4.500%3,593.94 9,737.43
12/31/2033 6,143.49 4.500%3,317.48 9,460.97
12/31/2034 6,143.49 4.500%3,041.02 9,184.51
12/31/2035 6,143.49 4.500%2,764.58 8,908.07
12/31/2036 6,143.49 4.500%2,488.12 8,631.61
12/31/2037 6,143.49 4.500%2,211.66 8,355.15
12/31/2038 6,143.49 4.500%1,935.20 8,078.69
12/31/2039 6,143.49 4.500%1,658.74 7,802.23
12/31/2040 6,143.49 4.500%1,382.28 7,525.77
12/31/2041 6,143.49 4.500%1,105.82 7,249.31
12/31/2042 6,143.49 4.500%829.38 6,972.87
12/31/2043 6,143.49 4.500%552.92 6,696.41
12/31/2044 6,143.49 4.500%276.46 6,419.95
Total $178,161.28 -$120,258.84 $298,420.12
SIGNIFICANT DATES
Filing Date.............................................................................................................................................................................................1/01/2016
First Payment Date......................................................................................................................................................................................12/31/2016
2015A GO Improvement Bond | Street Reconstruction - 2 | 6/ 8/2015 | 1:24 PM
Page 9
$2,640,026
City of Lakeville, Minnesota
General Obligation Bonds
Series 2015A - Assessments - Street Reconstruction - 20 Year
ASSESSMENT INCOME
Date Principal Coupon Interest Total P+I
12/31/2016 132,001.32 4.000%105,601.05 237,602.37
12/31/2017 132,001.32 4.000%100,321.00 232,322.32
12/31/2018 132,001.32 4.000%95,040.94 227,042.26
12/31/2019 132,001.32 4.000%89,760.90 221,762.22
12/31/2020 132,001.31 4.000%84,480.84 216,482.15
12/31/2021 132,001.31 4.000%79,200.78 211,202.09
12/31/2022 132,001.31 4.000%73,920.74 205,922.05
12/31/2023 132,001.31 4.000%68,640.68 200,641.99
12/31/2024 132,001.31 4.000%63,360.62 195,361.93
12/31/2025 132,001.31 4.000%58,080.58 190,081.89
12/31/2026 132,001.31 4.000%52,800.52 184,801.83
12/31/2027 132,001.31 4.000%47,520.48 179,521.79
12/31/2028 132,001.31 4.000%42,240.42 174,241.73
12/31/2029 132,001.31 4.000%36,960.36 168,961.67
12/31/2030 132,001.31 4.000%31,680.32 163,681.63
12/31/2031 132,001.31 4.000%26,400.26 158,401.57
12/31/2032 132,001.31 4.000%21,120.20 153,121.51
12/31/2033 132,001.31 4.000%15,840.16 147,841.47
12/31/2034 132,001.31 4.000%10,560.10 142,561.41
12/31/2035 132,001.31 4.000%5,280.06 137,281.37
Total $2,640,026.24 -$1,108,811.01 $3,748,837.25
SIGNIFICANT DATES
Filing Date.............................................................................................................................................................................................1/01/2016
First Payment Date......................................................................................................................................................................................12/31/2016
2015A GO Improvement Bond | Street Reconstruction - 2 | 6/ 8/2015 | 1:24 PM
Page 10
$167,197
City of Lakeville, Minnesota
General Obligation Bonds
Series 2015A - Assessments - Hamburg Ave.
ASSESSMENT INCOME
Date Principal Coupon Interest Total P+I
12/31/2016 16,719.70 4.800%8,025.46 24,745.16
12/31/2017 16,719.70 4.800%7,222.92 23,942.62
12/31/2018 16,719.70 4.800%6,420.36 23,140.06
12/31/2019 16,719.70 4.800%5,617.82 22,337.52
12/31/2020 16,719.70 4.800%4,815.28 21,534.98
12/31/2021 16,719.70 4.800%4,012.72 20,732.42
12/31/2022 16,719.70 4.800%3,210.18 19,929.88
12/31/2023 16,719.70 4.800%2,407.64 19,127.34
12/31/2024 16,719.70 4.800%1,605.10 18,324.80
12/31/2025 16,719.70 4.800%802.54 17,522.24
Total $167,197.00 -$44,140.02 $211,337.02
SIGNIFICANT DATES
Filing Date.............................................................................................................................................................................................1/01/2016
First Payment Date......................................................................................................................................................................................12/31/2016
2015A GO Improvement Bond | Hamburg Ave. | 6/ 8/2015 | 1:24 PM
Page 11
$120,754
City of Lakeville, Minnesota
General Obligation Bonds
Series 2015A - Assessments - Kensington Blvd.
ASSESSMENT INCOME
Date Principal Coupon Interest Total P+I
12/31/2016 6,037.70 4.800%5,796.19 11,833.89
12/31/2017 6,037.70 4.800%5,506.38 11,544.08
12/31/2018 6,037.70 4.800%5,216.58 11,254.28
12/31/2019 6,037.70 4.800%4,926.76 10,964.46
12/31/2020 6,037.70 4.800%4,636.96 10,674.66
12/31/2021 6,037.70 4.800%4,347.14 10,384.84
12/31/2022 6,037.70 4.800%4,057.34 10,095.04
12/31/2023 6,037.70 4.800%3,767.52 9,805.22
12/31/2024 6,037.70 4.800%3,477.72 9,515.42
12/31/2025 6,037.70 4.800%3,187.90 9,225.60
12/31/2026 6,037.70 4.800%2,898.10 8,935.80
12/31/2027 6,037.70 4.800%2,608.28 8,645.98
12/31/2028 6,037.70 4.800%2,318.48 8,356.18
12/31/2029 6,037.70 4.800%2,028.66 8,066.36
12/31/2030 6,037.70 4.800%1,738.86 7,776.56
12/31/2031 6,037.70 4.800%1,449.04 7,486.74
12/31/2032 6,037.70 4.800%1,159.24 7,196.94
12/31/2033 6,037.70 4.800%869.42 6,907.12
12/31/2034 6,037.70 4.800%579.62 6,617.32
12/31/2035 6,037.70 4.800%289.80 6,327.50
Total $120,754.00 -$60,859.99 $181,613.99
SIGNIFICANT DATES
Filing Date.............................................................................................................................................................................................1/01/2016
First Payment Date......................................................................................................................................................................................12/31/2016
2015A GO Improvement Bond | Kensington Blvd. | 6/ 8/2015 | 1:24 PM
Page 12
$17,585,000
City of Lakeville, Minnesota
General Obligation Bonds
Series 2015A - Issue Summary
NET DEBT SERVICE SCHEDULE
Date Principal Coupon Interest Total P+I CIF Net New D/S 105% of Total Assessment
Income
MSA Revenue Levy Required Water Fund
Revenue
Net Levy
Required
02/01/2016 --249,078.19 249,078.19 (122,239.26)126,838.93 133,180.88 -76,030.24 57,150.64 57,150.64 -
02/01/2017 760,000.00 1.100%556,945.00 1,316,945.00 -1,316,945.00 1,382,792.25 288,342.18 374,755.50 719,694.57 280,040.25 439,654.32
02/01/2018 765,000.00 1.500%548,585.00 1,313,585.00 -1,313,585.00 1,379,264.25 281,693.32 372,503.25 725,067.68 283,615.50 441,452.18
02/01/2019 765,000.00 1.750%537,110.00 1,302,110.00 -1,302,110.00 1,367,215.50 275,044.44 374,682.00 717,489.06 281,253.00 436,236.06
02/01/2020 785,000.00 1.950%523,722.50 1,308,722.50 -1,308,722.50 1,374,158.63 268,395.58 376,257.00 729,506.05 283,746.75 445,759.30
02/01/2021 785,000.00 2.250%508,415.00 1,293,415.00 -1,293,415.00 1,358,085.75 261,746.71 377,309.63 719,029.42 280,573.13 438,456.29
02/01/2022 800,000.00 2.400%490,752.50 1,290,752.50 -1,290,752.50 1,355,290.13 255,097.83 372,348.38 727,843.92 282,161.25 445,682.67
02/01/2023 815,000.00 2.550%471,552.50 1,286,552.50 -1,286,552.50 1,350,880.13 248,448.99 377,556.38 724,874.76 283,379.25 441,495.51
02/01/2024 830,000.00 2.700%450,770.00 1,280,770.00 -1,280,770.00 1,344,808.50 241,800.10 376,915.88 726,092.53 284,211.38 441,881.15
02/01/2025 845,000.00 2.850%428,360.00 1,273,360.00 -1,273,360.00 1,337,028.00 235,151.24 375,787.13 726,089.64 279,391.88 446,697.76
02/01/2026 860,000.00 3.200%404,277.50 1,264,277.50 -1,264,277.50 1,327,491.38 228,502.36 374,154.38 724,834.64 279,554.63 445,280.02
02/01/2027 830,000.00 3.500%376,757.50 1,206,757.50 -1,206,757.50 1,267,095.38 205,133.80 376,758.38 685,203.20 284,174.63 401,028.58
02/01/2028 850,000.00 3.650%347,707.50 1,197,707.50 -1,197,707.50 1,257,592.88 199,287.48 373,004.63 685,300.77 282,625.88 402,674.90
02/01/2029 880,000.00 3.750%316,682.50 1,196,682.50 -1,196,682.50 1,256,516.63 193,441.16 373,923.38 689,152.09 280,594.13 408,557.97
02/01/2030 905,000.00 3.850%283,682.50 1,188,682.50 -1,188,682.50 1,248,116.63 187,594.84 374,185.88 686,335.91 283,416.00 402,919.91
02/01/2031 930,000.00 3.900%248,840.00 1,178,840.00 -1,178,840.00 1,237,782.00 181,748.54 373,771.13 682,262.34 280,378.88 401,883.46
02/01/2032 960,000.00 4.000%212,570.00 1,172,570.00 -1,172,570.00 1,231,198.50 175,902.20 372,805.13 682,491.18 282,279.38 400,211.80
02/01/2033 1,000,000.00 4.050%174,170.00 1,174,170.00 -1,174,170.00 1,232,878.50 170,055.88 376,375.13 686,447.50 283,539.38 402,908.12
02/01/2034 1,035,000.00 4.100%133,670.00 1,168,670.00 -1,168,670.00 1,227,103.50 164,209.56 373,905.00 688,988.94 279,008.63 409,980.32
02/01/2035 1,070,000.00 4.150%91,235.00 1,161,235.00 -1,161,235.00 1,219,296.75 158,363.24 376,094.25 684,839.26 279,391.88 405,447.39
02/01/2036 1,115,000.00 4.200%46,830.00 1,161,830.00 -1,161,830.00 1,219,921.50 152,516.94 377,464.50 689,940.06 284,466.00 405,474.06
02/01/2037 -------8,631.61 -(8,631.61)-(8,631.61)
02/01/2038 -------8,355.15 -(8,355.15)-(8,355.15)
02/01/2039 -------8,078.69 -(8,078.69)-(8,078.69)
02/01/2040 -------7,802.23 -(7,802.23)-(7,802.23)
02/01/2041 -------7,525.77 -(7,525.77)-(7,525.77)
02/01/2042 -------7,249.31 -(7,249.31)-(7,249.31)
02/01/2043 -------6,972.87 -(6,972.87)-(6,972.87)
02/01/2044 -------6,696.41 -(6,696.41)-(6,696.41)
02/01/2045 -------6,419.95 -(6,419.95)-(6,419.95)
Total $17,585,000.00 -$7,401,713.19 $24,986,713.19 (122,239.26)$24,864,473.93 $26,107,697.63 $4,440,208.38 $7,576,587.11 $14,090,902.13 $5,694,952.39 $8,395,949.75
Dated...................................................................................................................................................................................................8/20/2015
Delivery Date...........................................................................................................................................................................................8/20/2015
First Coupon Date.......................................................................................................................................................................................2/01/2016
Yield Statistics
Bond Year Dollars.......................................................................................................................................................................................$203,874.40
Average Life............................................................................................................................................................................................11.594 Years
Average Coupon..........................................................................................................................................................................................3.6305260%
Net Interest Cost (NIC).................................................................................................................................................................................3.7340309%
True Interest Cost (TIC)................................................................................................................................................................................3.7092236%
Bond Yield for Arbitrage Purposes.......................................................................................................................................................................3.5769479%
All Inclusive Cost (AIC)................................................................................................................................................................................3.7753529%
IRS Form 8038
Net Interest Cost.......................................................................................................................................................................................3.6305260%
Weighted Average Maturity...............................................................................................................................................................................11.594 Years
2015A GO Bonds | Issue Summary | 6/ 8/2015 | 1:23 PM
Page 13
$2,925,000
City of Lakeville, Minnesota
General Obligation Bonds
Series 2015A - Assessed Street Reconstruction
NET DEBT SERVICE SCHEDULE
Date Principal Coupon Interest Total P+I CIF Net New D/S 105% of Total Assessment Levy Required
02/01/2016 --39,663.02 39,663.02 (39,663.02)----
02/01/2017 160,000.00 1.100%88,687.50 248,687.50 -248,687.50 261,121.88 251,763.13 9,358.75
02/01/2018 160,000.00 1.500%86,927.50 246,927.50 -246,927.50 259,273.88 246,206.62 13,067.26
02/01/2019 155,000.00 1.750%84,527.50 239,527.50 -239,527.50 251,503.88 240,650.10 10,853.78
02/01/2020 155,000.00 1.950%81,815.00 236,815.00 -236,815.00 248,655.75 235,093.60 13,562.15
02/01/2021 150,000.00 2.250%78,792.50 228,792.50 -228,792.50 240,232.13 229,537.07 10,695.06
02/01/2022 150,000.00 2.400%75,417.50 225,417.50 -225,417.50 236,688.38 223,980.57 12,707.81
02/01/2023 145,000.00 2.550%71,817.50 216,817.50 -216,817.50 227,658.38 218,424.07 9,234.31
02/01/2024 145,000.00 2.700%68,120.00 213,120.00 -213,120.00 223,776.00 212,867.54 10,908.46
02/01/2025 145,000.00 2.850%64,205.00 209,205.00 -209,205.00 219,665.25 207,311.02 12,354.23
02/01/2026 145,000.00 3.200%60,072.50 205,072.50 -205,072.50 215,326.13 201,754.52 13,571.61
02/01/2027 140,000.00 3.500%55,432.50 195,432.50 -195,432.50 205,204.13 196,198.00 9,006.13
02/01/2028 140,000.00 3.650%50,532.50 190,532.50 -190,532.50 200,059.13 190,641.50 9,417.63
02/01/2029 140,000.00 3.750%45,422.50 185,422.50 -185,422.50 194,693.63 185,084.98 9,608.64
02/01/2030 140,000.00 3.850%40,172.50 180,172.50 -180,172.50 189,181.13 179,528.48 9,652.64
02/01/2031 140,000.00 3.900%34,782.50 174,782.50 -174,782.50 183,521.63 173,971.98 9,549.64
02/01/2032 140,000.00 4.000%29,322.50 169,322.50 -169,322.50 177,788.63 168,415.46 9,373.17
02/01/2033 140,000.00 4.050%23,722.50 163,722.50 -163,722.50 171,908.63 162,858.94 9,049.69
02/01/2034 145,000.00 4.100%18,052.50 163,052.50 -163,052.50 171,205.13 157,302.44 13,902.69
02/01/2035 145,000.00 4.150%12,107.50 157,107.50 -157,107.50 164,962.88 151,745.92 13,216.96
02/01/2036 145,000.00 4.200%6,090.00 151,090.00 -151,090.00 158,644.50 146,189.44 12,455.06
02/01/2037 -------8,631.61 (8,631.61)
02/01/2038 -------8,355.15 (8,355.15)
02/01/2039 -------8,078.69 (8,078.69)
02/01/2040 -------7,802.23 (7,802.23)
02/01/2041 -------7,525.77 (7,525.77)
02/01/2042 -------7,249.31 (7,249.31)
02/01/2043 -------6,972.87 (6,972.87)
02/01/2044 -------6,696.41 (6,696.41)
02/01/2045 -------6,419.95 (6,419.95)
Total $2,925,000.00 -$1,115,683.02 $4,040,683.02 (39,663.02)$4,001,020.00 $4,201,071.00 $4,047,257.37 $153,813.63
Dated...................................................................................................................................................................................................8/20/2015
Delivery Date...........................................................................................................................................................................................8/20/2015
First Coupon Date.......................................................................................................................................................................................2/01/2016
Yield Statistics
Bond Year Dollars.......................................................................................................................................................................................$31,438.13
Average Life............................................................................................................................................................................................10.748 Years
Average Coupon..........................................................................................................................................................................................3.5488218%
Net Interest Cost (NIC).................................................................................................................................................................................3.6604696%
True Interest Cost (TIC)................................................................................................................................................................................3.6311186%
Bond Yield for Arbitrage Purposes.......................................................................................................................................................................3.5769479%
All Inclusive Cost (AIC)................................................................................................................................................................................3.7012798%
IRS Form 8038
Net Interest Cost.......................................................................................................................................................................................3.5488218%
Weighted Average Maturity...............................................................................................................................................................................10.748 Years
2015A GO Bonds | Assessed Street Reconstru | 6/ 8/2015 | 1:23 PM
Page 14
$175,000
City of Lakeville, Minnesota
General Obligation Bonds
Series 2015A - Assessed15-05 Hamburg Ave.
NET DEBT SERVICE SCHEDULE
Date Principal Coupon Interest Total P+I CIF Net New D/S 105% of Total Assessment Levy
Required
02/01/2016 --1,798.95 1,798.95 (1,798.95)----
02/01/2017 15,000.00 1.100%4,022.50 19,022.50 -19,022.50 19,973.63 24,745.16 (4,771.54)
02/01/2018 15,000.00 1.500%3,857.50 18,857.50 -18,857.50 19,800.38 23,942.62 (4,142.25)
02/01/2019 15,000.00 1.750%3,632.50 18,632.50 -18,632.50 19,564.13 23,140.06 (3,575.94)
02/01/2020 15,000.00 1.950%3,370.00 18,370.00 -18,370.00 19,288.50 22,337.52 (3,049.02)
02/01/2021 15,000.00 2.250%3,077.50 18,077.50 -18,077.50 18,981.38 21,534.98 (2,553.61)
02/01/2022 20,000.00 2.400%2,740.00 22,740.00 -22,740.00 23,877.00 20,732.42 3,144.58
02/01/2023 20,000.00 2.550%2,260.00 22,260.00 -22,260.00 23,373.00 19,929.88 3,443.12
02/01/2024 20,000.00 2.700%1,750.00 21,750.00 -21,750.00 22,837.50 19,127.34 3,710.16
02/01/2025 20,000.00 2.850%1,210.00 21,210.00 -21,210.00 22,270.50 18,324.80 3,945.70
02/01/2026 20,000.00 3.200%640.00 20,640.00 -20,640.00 21,672.00 17,522.24 4,149.76
Total $175,000.00 -$28,358.95 $203,358.95 (1,798.95)$201,560.00 $211,638.00 $211,337.02 $300.98
Dated...................................................................................................................................................................................................8/20/2015
Delivery Date...........................................................................................................................................................................................8/20/2015
First Coupon Date.......................................................................................................................................................................................2/01/2016
Yield Statistics
Bond Year Dollars.......................................................................................................................................................................................$1,103.26
Average Life............................................................................................................................................................................................6.304 Years
Average Coupon..........................................................................................................................................................................................2.5704594%
Net Interest Cost (NIC).................................................................................................................................................................................2.7608037%
True Interest Cost (TIC)................................................................................................................................................................................2.7671729%
Bond Yield for Arbitrage Purposes.......................................................................................................................................................................3.5769479%
All Inclusive Cost (AIC)................................................................................................................................................................................2.8725919%
IRS Form 8038
Net Interest Cost.......................................................................................................................................................................................2.5704594%
Weighted Average Maturity...............................................................................................................................................................................6.304 Years
2015A GO Bonds | Assessed15-05 Hamburg Ave | 6/ 8/2015 | 1:23 PM
Page 15
$120,000
City of Lakeville, Minnesota
General Obligation Bonds
Series 2015A - Assessed 15-04 Kensington Blvd.
NET DEBT SERVICE SCHEDULE
Date Principal Coupon Interest Total P+I CIF Net New D/S 105% of Total Assessment Levy
Required
02/01/2016 --1,513.85 1,513.85 (1,513.85)----
02/01/2017 10,000.00 1.100%3,385.00 13,385.00 -13,385.00 14,054.25 11,833.89 2,220.36
02/01/2018 10,000.00 1.500%3,275.00 13,275.00 -13,275.00 13,938.75 11,544.08 2,394.67
02/01/2019 10,000.00 1.750%3,125.00 13,125.00 -13,125.00 13,781.25 11,254.28 2,526.97
02/01/2020 10,000.00 1.950%2,950.00 12,950.00 -12,950.00 13,597.50 10,964.46 2,633.04
02/01/2021 5,000.00 2.250%2,755.00 7,755.00 -7,755.00 8,142.75 10,674.66 (2,531.91)
02/01/2022 5,000.00 2.400%2,642.50 7,642.50 -7,642.50 8,024.63 10,384.84 (2,360.22)
02/01/2023 5,000.00 2.550%2,522.50 7,522.50 -7,522.50 7,898.63 10,095.04 (2,196.42)
02/01/2024 5,000.00 2.700%2,395.00 7,395.00 -7,395.00 7,764.75 9,805.22 (2,040.47)
02/01/2025 5,000.00 2.850%2,260.00 7,260.00 -7,260.00 7,623.00 9,515.42 (1,892.42)
02/01/2026 5,000.00 3.200%2,117.50 7,117.50 -7,117.50 7,473.38 9,225.60 (1,752.23)
02/01/2027 5,000.00 3.500%1,957.50 6,957.50 -6,957.50 7,305.38 8,935.80 (1,630.43)
02/01/2028 5,000.00 3.650%1,782.50 6,782.50 -6,782.50 7,121.63 8,645.98 (1,524.36)
02/01/2029 5,000.00 3.750%1,600.00 6,600.00 -6,600.00 6,930.00 8,356.18 (1,426.18)
02/01/2030 5,000.00 3.850%1,412.50 6,412.50 -6,412.50 6,733.13 8,066.36 (1,333.24)
02/01/2031 5,000.00 3.900%1,220.00 6,220.00 -6,220.00 6,531.00 7,776.56 (1,245.56)
02/01/2032 5,000.00 4.000%1,025.00 6,025.00 -6,025.00 6,326.25 7,486.74 (1,160.49)
02/01/2033 5,000.00 4.050%825.00 5,825.00 -5,825.00 6,116.25 7,196.94 (1,080.69)
02/01/2034 5,000.00 4.100%622.50 5,622.50 -5,622.50 5,903.63 6,907.12 (1,003.50)
02/01/2035 5,000.00 4.150%417.50 5,417.50 -5,417.50 5,688.38 6,617.32 (928.95)
02/01/2036 5,000.00 4.200%210.00 5,210.00 -5,210.00 5,470.50 6,327.50 (857.00)
Total $120,000.00 -$40,013.85 $160,013.85 (1,513.85)$158,500.00 $166,425.00 $181,613.99 (15,188.99)
Dated...................................................................................................................................................................................................8/20/2015
Delivery Date...........................................................................................................................................................................................8/20/2015
First Coupon Date.......................................................................................................................................................................................2/01/2016
Yield Statistics
Bond Year Dollars.......................................................................................................................................................................................$1,153.67
Average Life............................................................................................................................................................................................9.614 Years
Average Coupon..........................................................................................................................................................................................3.4684065%
Net Interest Cost (NIC).................................................................................................................................................................................3.5932259%
True Interest Cost (TIC)................................................................................................................................................................................3.5550631%
Bond Yield for Arbitrage Purposes.......................................................................................................................................................................3.5769479%
All Inclusive Cost (AIC)................................................................................................................................................................................3.6323078%
IRS Form 8038
Net Interest Cost.......................................................................................................................................................................................3.4684065%
Weighted Average Maturity...............................................................................................................................................................................9.614 Years
2015A GO Bonds | Assessed 15-04 Kensington | 6/ 8/2015 | 1:23 PM
Page 16
$4,570,000
City of Lakeville, Minnesota
General Obligation Bonds
Series 2015A - Levy Street Reconstruction
NET DEBT SERVICE SCHEDULE
Date Principal Coupon Interest Total P+I CIF Net New D/S 105% Overlevy
02/01/2016 --65,948.51 65,948.51 (65,948.51)--
02/01/2017 180,000.00 1.100%147,462.50 327,462.50 -327,462.50 343,835.63
02/01/2018 180,000.00 1.500%145,482.50 325,482.50 -325,482.50 341,756.63
02/01/2019 180,000.00 1.750%142,782.50 322,782.50 -322,782.50 338,921.63
02/01/2020 185,000.00 1.950%139,632.50 324,632.50 -324,632.50 340,864.13
02/01/2021 190,000.00 2.250%136,025.00 326,025.00 -326,025.00 342,326.25
02/01/2022 195,000.00 2.400%131,750.00 326,750.00 -326,750.00 343,087.50
02/01/2023 200,000.00 2.550%127,070.00 327,070.00 -327,070.00 343,423.50
02/01/2024 205,000.00 2.700%121,970.00 326,970.00 -326,970.00 343,318.50
02/01/2025 210,000.00 2.850%116,435.00 326,435.00 -326,435.00 342,756.75
02/01/2026 215,000.00 3.200%110,450.00 325,450.00 -325,450.00 341,722.50
02/01/2027 220,000.00 3.500%103,570.00 323,570.00 -323,570.00 339,748.50
02/01/2028 230,000.00 3.650%95,870.00 325,870.00 -325,870.00 342,163.50
02/01/2029 240,000.00 3.750%87,475.00 327,475.00 -327,475.00 343,848.75
02/01/2030 245,000.00 3.850%78,475.00 323,475.00 -323,475.00 339,648.75
02/01/2031 255,000.00 3.900%69,042.50 324,042.50 -324,042.50 340,244.63
02/01/2032 265,000.00 4.000%59,097.50 324,097.50 -324,097.50 340,302.38
02/01/2033 275,000.00 4.050%48,497.50 323,497.50 -323,497.50 339,672.38
02/01/2034 290,000.00 4.100%37,360.00 327,360.00 -327,360.00 343,728.00
02/01/2035 300,000.00 4.150%25,470.00 325,470.00 -325,470.00 341,743.50
02/01/2036 310,000.00 4.200%13,020.00 323,020.00 -323,020.00 339,171.00
Total $4,570,000.00 -$2,002,886.01 $6,572,886.01 (65,948.51)$6,506,937.50 $6,832,284.38
SIGNIFICANT DATES
Dated Date..............................................................................................................................................................................................8/20/2015
Delivery Date...........................................................................................................................................................................................8/20/2015
First Coupon Date.......................................................................................................................................................................................2/01/2016
Yield Statistics
Bond Year Dollars.......................................................................................................................................................................................$54,653.81
Average Life............................................................................................................................................................................................11.959 Years
Average Coupon..........................................................................................................................................................................................3.6646780%
Net Interest Cost (NIC).................................................................................................................................................................................3.7650187%
True Interest Cost (TIC)................................................................................................................................................................................3.7428696%
Bond Yield for Arbitrage Purposes.......................................................................................................................................................................3.5769479%
All Inclusive Cost (AIC)................................................................................................................................................................................3.8074300%
IRS Form 8038
Net Interest Cost.......................................................................................................................................................................................3.6646780%
Weighted Average Maturity...............................................................................................................................................................................11.959 Years
2015A GO Bonds | Levy Street Reconstructio | 6/ 8/2015 | 1:23 PM
Page 17
$285,000
City of Lakeville, Minnesota
General Obligation Bonds
Series 2015A - Levy 15-05 Hamburg Ave.
NET DEBT SERVICE SCHEDULE
Date Principal Coupon Interest Total P+I CIF Net New D/S 105%
Overlevy
02/01/2016 --2,887.94 2,887.94 (2,887.94)--
02/01/2017 25,000.00 1.100%6,457.50 31,457.50 -31,457.50 33,030.38
02/01/2018 25,000.00 1.500%6,182.50 31,182.50 -31,182.50 32,741.63
02/01/2019 25,000.00 1.750%5,807.50 30,807.50 -30,807.50 32,347.88
02/01/2020 30,000.00 1.950%5,370.00 35,370.00 -35,370.00 37,138.50
02/01/2021 30,000.00 2.250%4,785.00 34,785.00 -34,785.00 36,524.25
02/01/2022 30,000.00 2.400%4,110.00 34,110.00 -34,110.00 35,815.50
02/01/2023 30,000.00 2.550%3,390.00 33,390.00 -33,390.00 35,059.50
02/01/2024 30,000.00 2.700%2,625.00 32,625.00 -32,625.00 34,256.25
02/01/2025 30,000.00 2.850%1,815.00 31,815.00 -31,815.00 33,405.75
02/01/2026 30,000.00 3.200%960.00 30,960.00 -30,960.00 32,508.00
Total $285,000.00 -$44,390.44 $329,390.44 (2,887.94)$326,502.50 $342,827.63
SIGNIFICANT DATES
Dated Date..............................................................................................................................................................................................8/20/2015
Delivery Date...........................................................................................................................................................................................8/20/2015
First Coupon Date.......................................................................................................................................................................................2/01/2016
Yield Statistics
Bond Year Dollars.......................................................................................................................................................................................$1,747.46
Average Life............................................................................................................................................................................................6.131 Years
Average Coupon..........................................................................................................................................................................................2.5402860%
Net Interest Cost (NIC).................................................................................................................................................................................2.7359989%
True Interest Cost (TIC)................................................................................................................................................................................2.7419127%
Bond Yield for Arbitrage Purposes.......................................................................................................................................................................3.5769479%
All Inclusive Cost (AIC)................................................................................................................................................................................2.8499556%
IRS Form 8038
Net Interest Cost.......................................................................................................................................................................................2.5402860%
Weighted Average Maturity...............................................................................................................................................................................6.131 Years
2015A GO Bonds | Levy 15-05 Hamburg Ave. | 6/ 8/2015 | 1:23 PM
Page 18
$725,000
City of Lakeville, Minnesota
General Obligation Bonds
Series 2015A - Levy 15-04 Kensington Bvld.
NET DEBT SERVICE SCHEDULE
Date Principal Coupon Interest Total P+I CIF Net New D/S 105% Overlevy
02/01/2016 --10,426.99 10,426.99 (10,426.99)--
02/01/2017 30,000.00 1.100%23,315.00 53,315.00 -53,315.00 55,980.75
02/01/2018 30,000.00 1.500%22,985.00 52,985.00 -52,985.00 55,634.25
02/01/2019 30,000.00 1.750%22,535.00 52,535.00 -52,535.00 55,161.75
02/01/2020 30,000.00 1.950%22,010.00 52,010.00 -52,010.00 54,610.50
02/01/2021 30,000.00 2.250%21,425.00 51,425.00 -51,425.00 53,996.25
02/01/2022 30,000.00 2.400%20,750.00 50,750.00 -50,750.00 53,287.50
02/01/2023 30,000.00 2.550%20,030.00 50,030.00 -50,030.00 52,531.50
02/01/2024 30,000.00 2.700%19,265.00 49,265.00 -49,265.00 51,728.25
02/01/2025 35,000.00 2.850%18,455.00 53,455.00 -53,455.00 56,127.75
02/01/2026 35,000.00 3.200%17,457.50 52,457.50 -52,457.50 55,080.38
02/01/2027 35,000.00 3.500%16,337.50 51,337.50 -51,337.50 53,904.38
02/01/2028 35,000.00 3.650%15,112.50 50,112.50 -50,112.50 52,618.13
02/01/2029 40,000.00 3.750%13,835.00 53,835.00 -53,835.00 56,526.75
02/01/2030 40,000.00 3.850%12,335.00 52,335.00 -52,335.00 54,951.75
02/01/2031 40,000.00 3.900%10,795.00 50,795.00 -50,795.00 53,334.75
02/01/2032 40,000.00 4.000%9,235.00 49,235.00 -49,235.00 51,696.75
02/01/2033 45,000.00 4.050%7,635.00 52,635.00 -52,635.00 55,266.75
02/01/2034 45,000.00 4.100%5,812.50 50,812.50 -50,812.50 53,353.13
02/01/2035 45,000.00 4.150%3,967.50 48,967.50 -48,967.50 51,415.88
02/01/2036 50,000.00 4.200%2,100.00 52,100.00 -52,100.00 54,705.00
Total $725,000.00 -$315,819.49 $1,040,819.49 (10,426.99)$1,030,392.50 $1,081,912.13
SIGNIFICANT DATES
Dated Date..............................................................................................................................................................................................8/20/2015
Delivery Date...........................................................................................................................................................................................8/20/2015
First Coupon Date.......................................................................................................................................................................................2/01/2016
Yield Statistics
Bond Year Dollars.......................................................................................................................................................................................$8,624.24
Average Life............................................................................................................................................................................................11.895 Years
Average Coupon..........................................................................................................................................................................................3.6619996%
Net Interest Cost (NIC).................................................................................................................................................................................3.7628781%
True Interest Cost (TIC)................................................................................................................................................................................3.7405178%
Bond Yield for Arbitrage Purposes.......................................................................................................................................................................3.5769479%
All Inclusive Cost (AIC)................................................................................................................................................................................3.8053840%
IRS Form 8038
Net Interest Cost.......................................................................................................................................................................................3.6619996%
Weighted Average Maturity...............................................................................................................................................................................11.895 Years
2015A GO Bonds | Levy 15-04 Kensington Bvl | 6/ 8/2015 | 1:23 PM
Page 19
$3,770,000
City of Lakeville, Minnesota
General Obligation Bonds
Series 2015A - Water Operating
NET DEBT SERVICE SCHEDULE
Date Principal Coupon Interest Total P+I Net New D/S 105% Overlevy
02/01/2016 --54,429.18 54,429.18 54,429.18 57,150.64
02/01/2017 145,000.00 1.100%121,705.00 266,705.00 266,705.00 280,040.25
02/01/2018 150,000.00 1.500%120,110.00 270,110.00 270,110.00 283,615.50
02/01/2019 150,000.00 1.750%117,860.00 267,860.00 267,860.00 281,253.00
02/01/2020 155,000.00 1.950%115,235.00 270,235.00 270,235.00 283,746.75
02/01/2021 155,000.00 2.250%112,212.50 267,212.50 267,212.50 280,573.13
02/01/2022 160,000.00 2.400%108,725.00 268,725.00 268,725.00 282,161.25
02/01/2023 165,000.00 2.550%104,885.00 269,885.00 269,885.00 283,379.25
02/01/2024 170,000.00 2.700%100,677.50 270,677.50 270,677.50 284,211.38
02/01/2025 170,000.00 2.850%96,087.50 266,087.50 266,087.50 279,391.88
02/01/2026 175,000.00 3.200%91,242.50 266,242.50 266,242.50 279,554.63
02/01/2027 185,000.00 3.500%85,642.50 270,642.50 270,642.50 284,174.63
02/01/2028 190,000.00 3.650%79,167.50 269,167.50 269,167.50 282,625.88
02/01/2029 195,000.00 3.750%72,232.50 267,232.50 267,232.50 280,594.13
02/01/2030 205,000.00 3.850%64,920.00 269,920.00 269,920.00 283,416.00
02/01/2031 210,000.00 3.900%57,027.50 267,027.50 267,027.50 280,378.88
02/01/2032 220,000.00 4.000%48,837.50 268,837.50 268,837.50 282,279.38
02/01/2033 230,000.00 4.050%40,037.50 270,037.50 270,037.50 283,539.38
02/01/2034 235,000.00 4.100%30,722.50 265,722.50 265,722.50 279,008.63
02/01/2035 245,000.00 4.150%21,087.50 266,087.50 266,087.50 279,391.88
02/01/2036 260,000.00 4.200%10,920.00 270,920.00 270,920.00 284,466.00
Total $3,770,000.00 -$1,653,764.18 $5,423,764.18 $5,423,764.18 $5,694,952.39
SIGNIFICANT DATES
Dated Date..............................................................................................................................................................................................8/20/2015
Delivery Date...........................................................................................................................................................................................8/20/2015
First Coupon Date.......................................................................................................................................................................................2/01/2016
Yield Statistics
Bond Year Dollars.......................................................................................................................................................................................$45,116.03
Average Life............................................................................................................................................................................................11.967 Years
Average Coupon..........................................................................................................................................................................................3.6655802%
Net Interest Cost (NIC).................................................................................................................................................................................3.7658550%
True Interest Cost (TIC)................................................................................................................................................................................3.7437120%
Bond Yield for Arbitrage Purposes.......................................................................................................................................................................3.5769479%
All Inclusive Cost (AIC)................................................................................................................................................................................3.8082403%
IRS Form 8038
Net Interest Cost.......................................................................................................................................................................................3.6655802%
Weighted Average Maturity...............................................................................................................................................................................11.967 Years
2015A GO Bonds | Water Operating | 6/ 8/2015 | 1:23 PM
Page 20
$5,015,000
City of Lakeville, Minnesota
General Obligation Bonds
Series 2015A - MSA
NET DEBT SERVICE SCHEDULE
Date Principal Coupon Interest Total P+I Net New D/S 105% Overlevy
02/01/2016 --72,409.75 72,409.75 72,409.75 76,030.24
02/01/2017 195,000.00 1.100%161,910.00 356,910.00 356,910.00 374,755.50
02/01/2018 195,000.00 1.500%159,765.00 354,765.00 354,765.00 372,503.25
02/01/2019 200,000.00 1.750%156,840.00 356,840.00 356,840.00 374,682.00
02/01/2020 205,000.00 1.950%153,340.00 358,340.00 358,340.00 376,257.00
02/01/2021 210,000.00 2.250%149,342.50 359,342.50 359,342.50 377,309.63
02/01/2022 210,000.00 2.400%144,617.50 354,617.50 354,617.50 372,348.38
02/01/2023 220,000.00 2.550%139,577.50 359,577.50 359,577.50 377,556.38
02/01/2024 225,000.00 2.700%133,967.50 358,967.50 358,967.50 376,915.88
02/01/2025 230,000.00 2.850%127,892.50 357,892.50 357,892.50 375,787.13
02/01/2026 235,000.00 3.200%121,337.50 356,337.50 356,337.50 374,154.38
02/01/2027 245,000.00 3.500%113,817.50 358,817.50 358,817.50 376,758.38
02/01/2028 250,000.00 3.650%105,242.50 355,242.50 355,242.50 373,004.63
02/01/2029 260,000.00 3.750%96,117.50 356,117.50 356,117.50 373,923.38
02/01/2030 270,000.00 3.850%86,367.50 356,367.50 356,367.50 374,185.88
02/01/2031 280,000.00 3.900%75,972.50 355,972.50 355,972.50 373,771.13
02/01/2032 290,000.00 4.000%65,052.50 355,052.50 355,052.50 372,805.13
02/01/2033 305,000.00 4.050%53,452.50 358,452.50 358,452.50 376,375.13
02/01/2034 315,000.00 4.100%41,100.00 356,100.00 356,100.00 373,905.00
02/01/2035 330,000.00 4.150%28,185.00 358,185.00 358,185.00 376,094.25
02/01/2036 345,000.00 4.200%14,490.00 359,490.00 359,490.00 377,464.50
Total $5,015,000.00 -$2,200,797.25 $7,215,797.25 $7,215,797.25 $7,576,587.11
SIGNIFICANT DATES
Dated Date..............................................................................................................................................................................................8/20/2015
Delivery Date...........................................................................................................................................................................................8/20/2015
First Coupon Date.......................................................................................................................................................................................2/01/2016
Yield Statistics
Bond Year Dollars.......................................................................................................................................................................................$60,037.82
Average Life............................................................................................................................................................................................11.972 Years
Average Coupon..........................................................................................................................................................................................3.6656848%
Net Interest Cost (NIC).................................................................................................................................................................................3.7659217%
True Interest Cost (TIC)................................................................................................................................................................................3.7437540%
Bond Yield for Arbitrage Purposes.......................................................................................................................................................................3.5769479%
All Inclusive Cost (AIC)................................................................................................................................................................................3.8082625%
IRS Form 8038
Net Interest Cost.......................................................................................................................................................................................3.6656848%
Weighted Average Maturity...............................................................................................................................................................................11.972 Years
2015A GO Bonds | MSA | 6/ 8/2015 | 1:23 PM
Page 21
$5,015,000
City of Lakeville, Minnesota
General Obligation Bonds
Series 2015A - MSA
Aggregate Calendar Year MSA Debt Service
Calendar
Year
2007G GO State-
aid Street
2010A GO State-
aid Street Ref
2011B GO Ref
Bonds (01C,
2015A GO
Bonds - MSA
TOTAL
2016 447,700.00 318,025.00 77,332.50 153,364.75 996,422.25
2017 451,100.00 314,700.00 81,426.25 355,837.50 1,203,063.75
2018 448,800.00 311,225.00 80,301.25 353,302.50 1,193,628.75
2019 -317,075.00 78,988.75 355,090.00 751,153.75
2020 -311,100.00 77,526.25 356,341.25 744,967.50
2021 --80,860.00 356,980.00 437,840.00
2022 ---352,097.50 352,097.50
2023 ---356,772.50 356,772.50
2024 ---355,930.00 355,930.00
2025 ---354,615.00 354,615.00
2026 ---352,577.50 352,577.50
2027 ---354,530.00 354,530.00
2028 ---350,680.00 350,680.00
2029 ---351,242.50 351,242.50
2030 ---351,170.00 351,170.00
2031 ---350,512.50 350,512.50
2032 ---349,252.50 349,252.50
2033 ---352,276.25 352,276.25
2034 ---349,642.50 349,642.50
2035 ---351,337.50 351,337.50
2036 ---352,245.00 352,245.00
-$1,347,600.00 $1,572,125.00 $476,435.00 $7,215,797.25 $10,611,957.25
Average debt service 505,331.30
Par Amounts Of Selected Issues
2007G GO State-Aid Street Bond..........................................................................................................................................................................1,270,000.00
2010A GO State-Aid Street Ref...........................................................................................................................................................................1,445,000.00
2011B G-Series 2011 Ref 2001C...........................................................................................................................................................................450,000.00
Outstanding Bonds Subtotal 3,165,000.00
2015A GO Bonds -MSA...........................................................................................................................................................................5,015,000.00
TOTAL...................................................................................................................................................................................................8,180,000.00
Aggregate | 6/ 8/2015 | 2:54 PM