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Preliminary
<br />City of Ramsey EDA, Minnesota
<br />G.O. Refunding Bonds, Series 2012 (Level DS to 2031)
<br />2005A (Assumes Old Reserve Earnings at 2.50%)
<br />Debt Service Comparison
<br />Scenario B
<br />Date Total P+I Net New D/S
<br />Old Net D/S
<br />Savings
<br />12/15/2012 1,121,114.89 1,119, 828.34
<br />1,489,406.77
<br />369, 578.43
<br />12/15/2013 1,120,065.00 1,120,065.00
<br />1,473,516.50
<br />353,451.50
<br />12/15/2014 1,121,965.00 1,121,965.00
<br />1,476,841.50
<br />354,876.50
<br />12/15/2015 1,117,675.00 1,117,675.00
<br />1,470,504.00
<br />352,829.00
<br />12/15/2016 1,117,215.00 1,117,215.00
<br />1,472,891.50
<br />355,676.50
<br />12/15/2017 1,120,542.50 1,120,542.50
<br />1,468,579.00
<br />348,036.50
<br />12/15/2018 1,117,195.00 1,117,195.00
<br />1,442,779.00
<br />325,584.00
<br />12/15/2019 1,121, 795.00 1,121, 795.00
<br />1,436, 341.50
<br />314, 546.50
<br />12/15/2020 1,119,162.50 1,119,162.50
<br />1,455,941.50
<br />336,779.00
<br />12/15/2021 1,119,725.00 1,119,725.00
<br />1,411,001.50
<br />291,276.50
<br />12/15/2022 1,118, 345.00 1,118, 345.00
<br />1, 361, 061.50
<br />242, 716.50
<br />12/15/2023 1,119, 962.50 1,119, 962.50
<br />1,436, 331.50
<br />316, 369.00
<br />12/15/2024 1,119, 837.50 1,119, 837.50
<br />1,444, 784.00
<br />324, 946.50
<br />12/15/2025 1,117, 910.00 1,117, 910.00
<br />1, 455, 626.50
<br />337, 716.50
<br />12/15/2026 1,119, 577.50 1,119, 577.50
<br />1,493, 641.50
<br />374, 064.00
<br />12/15/2027 1,119, 667.50 1,119, 667.50
<br />(25,118.50)
<br />(1,144, 786.00 )
<br />12/15/2028 1,117,647.50 1,117,647.50
<br />-
<br />(1,117,647.50)
<br />12/15/2029 1,118, 937.50 1,118, 937.50
<br />-
<br />(1,118, 937.50 )
<br />12/15/2030 1,118, 337.50 1,118, 337.50
<br />-
<br />(1,118, 337.50 )
<br />12/15/2031 1,120,262.50 1,120,262.50
<br />-
<br />(1,120,262.50)
<br />Total $22, 386, 939.89 $22, 385, 653.34
<br />$21,764,129.27
<br />(621, 524.07)
<br />PV Analysis Summary (Net to Net)
<br />Gross PV Debt Service Savings
<br />2,081,843.02
<br />Effects of changes in DSR investments
<br />(1,541,517.49)
<br />Net PV Cashflow Savings @ 2.452%(Bond Yield)
<br />540,325.53
<br />Contingency or Rounding Amount
<br />1,286.55
<br />Net Present Value Benefit
<br />$541,612.08
<br />Net PV Benefit / $19,771,843.02 PV Refunded Debt Service
<br />2.739%
<br />Net PV Benefit / $17,040,000 Refunded Principal...
<br />3.178%
<br />Net PV Benefit / $17,690,000 Refunding Principal..
<br />3.062%
<br />Refunding Bond Information
<br />Refunding Dated Date
<br />5/01/2012
<br />Refunding Delivery Date
<br />5/01/2012
<br />05ref 1200 I SINGLE PURPOSE 12/ 7/2012 1 10:49 AM
<br />Northland Securities
<br />Public Finance
<br />Page 2
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