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<br />City of Ramsey, Minnesota <br />General ObligationW ater Revenue Bonds Series 2009 <br />Tax-Exempt vs Build America Bonds (direct pay) <br /> <br /> Tax Exempt BAB's <br />Project Amount 3,057,000 3,057,000 <br />Financing Costs 73,533 73,270 <br />Rounding 4,468 600 <br />Less Equity Contribution (Exces~ of 2% COI) (10,870) <br />Total Par Amount $ 3,135,000 $ 3,120,000 <br />A verage Interest Rate 3.41% 4.91% , <br />Net Effective Rate 3.41% /3i9j;J <br />Total Interest 1,225,300 1,750,908 <br />Total IRS Payments (612,818) <br />Net Interest $ 1,225,300 $ 1,138,090 <br />Total Principal & Interest 4,360,300 4,870,908 <br />Total Net Principal & Interest 4,360,300 4,258,090 <br /> <br />Principal & Interest Cost Difference <br />Adjust for Equity Requirement <br />Net Rounding <br />. Net Build America Bond Benefit <br /> <br />$ <br /> <br />$ <br /> <br />102,210 <br />(10,870) <br />(3,868) <br /> <br /> <br />\ <br /> <br />Northland Securities, Inc <br />Public Finance <br /> <br />Page 1 <br />