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Final
<br />City of Ramsey, Minnesota
<br />G.O. Improvement Crossover Refunding Bonds, Series 2011B
<br />2005B
<br />Proof Of Bond Yield @ 2.0851035%
<br />Cumulative
<br />Date Cashflow PV Factor Present Value PV
<br />12/29/2011 1.0000000x - -
<br />06/15/2012 36,556.88 0.9904807x 36,208.89 36,208.89
<br />12/15/2012 33,918.75 0.9802610x 33,249.23 69,458.11
<br />06/15/2013 33,918.75 0.9701467x 32,906.16 102,364.28
<br />12/15/2013 33,918.75 0.9601368x 32,566.64 134,930.92
<br />06/15/2014 33,918.75 0.9502302x 32,230.62 167,161.54
<br />12/15/2014 33,918.75 0.9404257x 31,898.07 199,059.60
<br />06/15/2015 33,918.75 0.9307225x 31,568.94 230,628.54
<br />12/15/2015 288,918.75 0.9211193x 266,128.64 496,757.19
<br />06/15/2016 31,368.75 0.9116153x 28,596.23 525,353.42
<br />12/15/2016 291,368.75 0.9022093x 262,875.58 788,229.00
<br />06/15/2017 28,768.75 0.8929003x 25,687.63 813,916.63
<br />12/15/2017 293,768.75 0.8836874x 259,599.75 1,073,516.37
<br />06/15/2018 26,118.75 0.8745696x 22,842.66 1,096,359.04
<br />12/15/2018 296,118.75 0.8655458x 256,304.34 1,352,663.38
<br />06/15/2019 23,418.75 0.8566152x 20,060.86 1,372,724.24
<br />12/15/2019 298,418.75 0.8477766x 252,992.45 1,625,716.68
<br />06/15/2020 20,668.75 0.8390293x 17,341.69 1,643,058.37
<br />12/15/2020 300,668.75 0.8303723x 249,666.99 1,892,725.36
<br />06/15/2021 17,868.75 0.8218045x 14,684.62 1,907,409.98
<br />12/15/2021 302,868.75 0.8133252x 246,330.78 2,153,740.77
<br />06/15/2022 14,876.25 0.8049333x 11,974.39 2,165,715.16
<br />12/15/2022 304,876.25 0.7966281x 242,872.98 2,408,588.14
<br />06/15/2023 11,613.75 0.7884085x 9,156.38 2,417,744.52
<br />12/15/2023 306,613.75 0.7802738x 239,242.66 2,656,987.18
<br />06/15/2024 8,073.75 0.7722229x 6,234.73 2,663,221.92
<br />12/15/2024 313,073.75 0.7642552x 239,268.24 2,902,490.16
<br />06/15/2025 4,185.00 0.7563696x 3,165.41 2,905,655.56
<br />12/15/2025 314,185.00 0.7485655x 235,188.04 3,140,843.60
<br />Total $3,737,910.63 $3,140,843.60
<br />Derivation Of Target Amount
<br />Par Amount of Bonds
<br />Reoffering Premium or (Discount)
<br />Accrued Interest from 12/01/2011 to 12/29/2011
<br />Original Issue Proceeds
<br />05bref I SINGLE PURPOSE 112/ 5/2011 1 12:05 PM
<br />$3,090,000.00
<br />45,567.35
<br />5,276.25
<br />$3,140,843.60
<br />Northland Securities
<br />Public Finance
<br />Page 5
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