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~itv of ~'a~z~l.Sey, ~innesafa <br />~bS~I,OQt3 <br />~ener~,~ C'3blig~~.i~n Sf~~t~~ ~~d I~~~~~~ P~x~~s <br />~~res 2~1G~. <br />Financing Overview: <br />The Bonds will be issued pursuant to Minnesota statutes Chapter 475 and Chapter 162.18 to <br />provide funding for a portion of the Sunfish Lake Boulevard project. The net financing <br />requirement is $850,000 inclusive of all financing costs. A detailed illustration of the sources and <br />uses of funds is presented below. <br />Sources & Uses <br />Dated 11/01/2009 ~ Delivered 11/01/2009 <br />Sources Of Funds <br />Par Amount of Bonds $850,000.00 <br />Total Sources <br />Uses Of Funds <br />Costs of Issuance 37,020.00 <br />Deposit to Project Construction Fund 812,857.00 <br />Rounding Amount 123.00 <br />Total Uses <br />The estimated service structure is shown as Exhibit A. The total principal and interest structure <br />assumes an average coupon of 2.399% and is structured for a term of ten years. We understand <br />the City will use municipal state aid allotments received semi-annually in May and September of <br />each year to meet the scheduled April and October debt service payments. The first debt <br />payment is scheduled for Apri11, 2010. <br />_.~._..__.~_ .,~ .._~- ~ ~.~.-.~~n~ „ <br />Page 2 <br />NOR`I'HLAND SECURITIES <br />