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Preliminary
<br />City of Ramsey EDA, Minnesota
<br />G.O. Refunding Bonds, Series 2012 (Ascending Debt Service)
<br />2005A (Assumes Old Reserve Earnings at 2.50%)
<br />Debt Service Comparison
<br />Scenario C
<br />Date Total P+I Net New D/S
<br />Old Net D/S
<br />Savings
<br />12/15/2012 997,740.00 996,453.45
<br />1,489,406.77
<br />492,953.32
<br />12/15/2013 1,016,037.50 1,016,037.50
<br />1,473,516.50
<br />457,479.00
<br />12/15/2014 1,038,397.50 1,038,397.50
<br />1,476,841.50
<br />438,444.00
<br />12/15/2015 1,059,630.00 1,059,630.00
<br />1,470,504.00
<br />410,874.00
<br />12/15/2016 1, 079, 660.00 1, 079, 660.00
<br />1, 472, 891.50
<br />393, 231.50
<br />12/15/2017 1,098,412.50 1,098,412.50
<br />1,468,579.00
<br />370,166.50
<br />12/15/2018 1,115,432.50 1,115,432.50
<br />1,442,779.00
<br />327,346.50
<br />12/15/2019 1,135,227.50 1,135,227.50
<br />1,436,341.50
<br />301,114.00
<br />12/15/2020 1,157, 595.00 1,157, 595.00
<br />1,455, 941.50
<br />298, 346.50
<br />12/15/2021 1,172,720.00 1,172,720.00
<br />1,411,001.50
<br />238,281.50
<br />12/15/2022 1,170, 560.00 1,170, 560.00
<br />1, 361, 061.50
<br />190, 501.50
<br />12/15/2023 1,171, 317.50 1,171, 317.50
<br />1,436, 331.50
<br />265, 014.00
<br />12/15/2024 1,170,272.50 1,170,272.50
<br />1,444,784.00
<br />274,511.50
<br />12/15/2025 1,172,365.00 1,172,365.00
<br />1,455,626.50
<br />283,261.50
<br />12/15/2026 1,172,885.00 1,172,885.00
<br />1,493,641.50
<br />320,756.50
<br />12/15/2027 1,171, 782.50 1,171, 782.50
<br />(25,118.50)
<br />(1,196, 901.00 )
<br />12/15/2028 1,168, 502.50 1,168, 502.50
<br />-
<br />(1,168, 502.50 )
<br />12/15/2029 1,168,487.50 1,168,487.50
<br />-
<br />(1,168,487.50)
<br />12/15/2030 1,171, 537.50 1,171, 537.50
<br />-
<br />(1,171, 537.50 )
<br />12/15/2031 1,171, 887.50 1,171, 887.50
<br />-
<br />(1,171, 887.50 )
<br />Total $22,580,450.00 $22,579,163.45
<br />$21,764,129.27
<br />(815,034.18)
<br />PV Analysis Summary (Net to Net)
<br />Gross PV Debt Service Savings
<br />2,048,617.05
<br />Effects of changes in DSR investments
<br />(1,537,020.85)
<br />Net PV Cashflow Savings @ 2.474%(Bond Yield)
<br />511,596.20
<br />Contingency or Rounding Amount
<br />1,286.55
<br />Net Present Value Benefit
<br />$512,882.75
<br />Net PV Benefit / $19,738,617.05 PV Refunded Debt Service
<br />2.598%
<br />Net PV Benefit / $17,040,000 Refunded Principal...
<br />3.010%
<br />Net PV Benefit / $17,690,000 Refunding Principal..
<br />2.899%
<br />Refunding Bond Information
<br />Refunding Dated Date
<br />5/01/2012
<br />Refunding Delivery Date
<br />5/01/2012
<br />05ref 1000 I SINGLE PURPOSE 12/ 7/2012 1 10:47 AM
<br />Northland Securities
<br />Public Finance
<br />Page 2
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