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Preliminary
<br />CityRamsey of EDA Minnesota
<br />G.O. Refunding Bonds, Series 2012 (Level Savings)
<br />2005A (Assumes Old Reserve Earnings at 2.50%)
<br />Debt Service Comparison
<br />Scenario A
<br />Date Total P+I Net New D/S
<br />Old Net D/S
<br />Savings
<br />12/15/2012 1,383,054.44 1,378,950.39
<br />1,489,406.77
<br />110,456.38
<br />12/15/2013 1,382,050.00 1,382,050.00
<br />1,473,516.50
<br />91,466.50
<br />12/15/2014 1,387,590.00 1,387,590.00
<br />1,476,841.50
<br />89,251.50
<br />12/15/2015 1,381,402.50 1,381,402.50
<br />1,470,504.00
<br />89,101.50
<br />12/15/2016 1,383,527.50 1,383,527.50
<br />1,472,891.50
<br />89,364.00
<br />12/15/2017 1,378,880.00 1,378,880.00
<br />1,468,579.00
<br />89,699.00
<br />12/15/2018 1,351,910.00 1,351,910.00
<br />1,442,779.00
<br />90,869.00
<br />12/15/2019 1,342,285.00 1,342,285.00
<br />1,436,341.50
<br />94,056.50
<br />12/15/2020 1,364,770.00 1,364,770.00
<br />1,455,941.50
<br />91,171.50
<br />12/15/2021 1,319,295.00 1,319,295.00
<br />1,411,001.50
<br />91,706.50
<br />12/15/2022 1,271,967.50 1,271,967.50
<br />1,361,061.50
<br />89,094.00
<br />12/15/2023 1,342,887.50 1,342,887.50
<br />1,436,331.50
<br />93,444.00
<br />12/15/2024 1, 354, 942.50 1, 354, 942.50
<br />1,444, 784.00
<br />89, 841.50
<br />12/15/2025 1,364,195.00 1,364,195.00
<br />1,455,626.50
<br />91,431.50
<br />12/15/2026 1,401,172.50 1,401,172.50
<br />1,493,641.50
<br />92,469.00
<br />12/15/2027 - -
<br />(25,118.50)
<br />(25,118.50)
<br />Total $20,409,929.44 $20,405,825.39
<br />$21,764,129.27
<br />$1,358,303.88
<br />PV Analysis Summary (Net to Net)
<br />Gross PV Debt Service Savings
<br />2,834,582.44
<br />Effects of changes in DSR investments
<br />(1,642,442.24)
<br />Net PV Cashflow Savings @ 1.962%(Bond Yield)
<br />1,192,140.19
<br />Contingency or Rounding Amount
<br />4,104.05
<br />Net Present Value Benefit
<br />$1,196,244.24
<br />Net PV Benefit / $20,509,582.44 PV Refunded Debt Service
<br />5.833%
<br />Net PV Benefit / $17,040,000 Refunded Principal...
<br />7.020%
<br />Net PV Benefit / $17,675,000 Refunding Principal..
<br />6.768%
<br />Refunding Bond Information
<br />Refunding Dated Date
<br />5/01/2012
<br />Refunding Delivery Date
<br />5/01/2012
<br />05ref I SINGLE PURPOSE 12/ 7/2012 1 10:45 AM
<br />Northland Securities
<br />Public Finance
<br />Page 2
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