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Preliminary
<br />City of Ramsey EDA, Minnesota
<br />G.O. Refunding Bonds, Series 2010 - Extended Term / 2040
<br />2005A
<br />Debt Service Comparison
<br />Date Total P +I
<br />Net New D/S
<br />Old Net D/S
<br />Savings
<br />12/15/2010 1,051,381.15
<br />1,050,706.16
<br />1,459,492.87
<br />408,786.71
<br />12/15/2011 1,054,597.50
<br />1,054,597.50
<br />1,439,277.70
<br />384,680.20
<br />12/15/2012 1,052,370.00
<br />1,052,370.00
<br />1,444,277.70
<br />391,907.70
<br />12/15/2013 1,054,130.00
<br />1,054,130.00
<br />1,442,877.70
<br />388,747.70
<br />12/15/2014 1,054,620.00
<br />1,054,620.00
<br />1,446,202.70
<br />391,582.70
<br />12/15/2015 1,053,810.00
<br />1,053,810.00
<br />1,439,865.20
<br />386,055.20
<br />12/15/2016 1,051,250.00
<br />1,051,250.00
<br />1,442,252.70
<br />391,002.70
<br />12/15/2017 1,051,900.00
<br />1,051,900.00
<br />1,437,940.20
<br />386,040.20
<br />12/15/2018 1,051,025.00
<br />1,051,025.00
<br />1,412,140.20
<br />361,115.20
<br />12/15/2019 1,053,787.50
<br />1,053,787.50
<br />1,405,702.70
<br />351,915.20
<br />12/15/2020 1,050,447.50
<br />1,050,447.50
<br />1,425,302.70
<br />374,855.20
<br />12/15/2021 1,051,347.50
<br />1,051,347.50
<br />1,380,362.70
<br />329,015.20
<br />12/15/2022 1,051,312.50
<br />1,051,312.50
<br />1,330,422.70
<br />279,110.20
<br />12/15/2023 1,055,312.50
<br />1,055,312.50
<br />1,405,692.70
<br />350,380.20
<br />12/15/2024 1,053,152.50
<br />1,053,152.50
<br />1,414,145.20
<br />360,992.70
<br />12/15/2025 1,054,962.50
<br />1,054,962.50
<br />1,424,987.70
<br />370,025.20
<br />12/15/2026 1,050,537.50
<br />1,050,537.50
<br />1,463,002.70
<br />412,465.20
<br />12/15/2027 1,055,017.50
<br />1,055,017.50
<br />(55,757.30)
<br />(1,110,774.80)
<br />12/15/2028 1,053,002.50
<br />1,053,002.50
<br />-
<br />(1,053,002.50)
<br />12/15/2029 1,054,632.50
<br />1,054,632.50
<br />-
<br />(1,054,632.50)
<br />12/15/2030 1,054,672.50
<br />1,054,672.50
<br />-
<br />(1,054,672.50)
<br />12/15/2031 1,053,072.50
<br />1,053,072.50
<br />-
<br />(1,053,072.50)
<br />12/15/2032 1,050,127.50
<br />1,050,127.50
<br />-
<br />(1,050,127.50)
<br />12/15/2033 1,050,455.00
<br />1,050,455.00
<br />-
<br />(1,050,455.00)
<br />12/15/2034 1,054,165.00
<br />1,054,165.00
<br />-
<br />(1,054,165.00)
<br />12/15/2035 1,050,625.00
<br />1,050,625.00
<br />-
<br />(1,050,625.00)
<br />12/15/2036 1,055,390.00
<br />1,055,390.00
<br />-
<br />(1,055,390.00)
<br />12/15/2037 1,052,990.00
<br />1,052,990.00
<br />-
<br />(1,052,990.00)
<br />12/15/2038 1,054,050.00
<br />1,054,050.00
<br />-
<br />(1,054,050.00)
<br />12/15/2039 1,052,887.50
<br />1,052,887.50
<br />-
<br />(1,052,887.50)
<br />12/15/2040 1,054,945.00
<br />1,054,945.00
<br />-
<br />(1,054,945.00)
<br />Total $32,641,976.15
<br />$32,641,301.16
<br />$24,158,188.77
<br />(8,483,112.39)
<br />PV Analysis Summary (Net to Net)
<br />Gross PV Debt Service Savings
<br />366,663.99
<br />Effects of changes in DSR investments
<br />(1,644,783.57)
<br />Net PV Cashflow Savings @ 3.915 %(Bond Yield)
<br />(1,278,119.58)
<br />Contingency or Rounding Amount
<br />674.99
<br />Net Present Value Loss
<br />$(1,277,444.59)
<br />Net PV Loss / $19,411,663.99 PV Refunded Debt Service
<br />(6.581 %)
<br />Net PV Loss / $18,500,000 Refunded Principal...
<br />(6.905 %)
<br />Net PV Loss / $19,045,000 Refunding Principal..
<br />(6.708 %)
<br />Refunding Bond Information
<br />Refunding Dated Date
<br />6/01/2010
<br />Refunding Delivery Date
<br />6/01/2010
<br />05ref 2040 1 SINGLE PURPOSE 1 2/23/2010 1 9:46 AM
<br />Northland Securities
<br />Public Finance
<br />Page 3
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