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Preliminary
<br />City of Ramsey EDA, Minnesota
<br />G.O. Refunding Bonds, Series 2012 (Level DS to 2035)
<br />2005A (Assumes Old Reserve Earnings at 2.50%)
<br />Debt Service Comparison
<br />Scenario D
<br />Date Total P+I Net New D/S
<br />Old Net D/S
<br />Savings
<br />12/15/2012 1,011,256.44 1,009,969.89
<br />1,489,406.77
<br />479,436.88
<br />12/15/2013 1,011,905.00 1,011,905.00
<br />1,473,516.50
<br />461,611.50
<br />12/15/2014 1,009,465.00 1,009,465.00
<br />1,476,841.50
<br />467,376.50
<br />12/15/2015 1,011,110.00 1,011,110.00
<br />1,470,504.00
<br />459,394.00
<br />12/15/2016 1,011,805.00 1,011,805.00
<br />1,472,891.50
<br />461,086.50
<br />12/15/2017 1, 011, 535.00 1, 011, 535.00
<br />1,468, 579.00
<br />457, 044.00
<br />12/15/2018 1,009,972.50 1,009,972.50
<br />1,442,779.00
<br />432,806.50
<br />12/15/2019 1, 011, 782.50 1, 011, 782.50
<br />1,436, 341.50
<br />424, 559.00
<br />12/15/2020 1, 011, 862.50 1, 011, 862.50
<br />1,455, 941.50
<br />444, 079.00
<br />12/15/2021 1,010,487.50 1,010,487.50
<br />1,411,001.50
<br />400,514.00
<br />12/15/2022 1,012,617.50 1,012,617.50
<br />1,361,061.50
<br />348,444.00
<br />12/15/2023 1,013,105.00 1,013,105.00
<br />1,436,331.50
<br />423,226.50
<br />12/15/2024 1,012,235.00 1,012,235.00
<br />1,444,784.00
<br />432,549.00
<br />12/15/2025 1, 009, 962.50 1, 009, 962.50
<br />1, 455, 626.50
<br />445, 664.00
<br />12/15/2026 1, 011, 602.50 1, 011, 602.50
<br />1,493, 641.50
<br />482, 039.00
<br />12/15/2027 1, 011, 992.50 1, 011, 992.50
<br />(25,118.50)
<br />(1,037,111.00)
<br />12/15/2028 1,010,712.50 1,010,712.50
<br />-
<br />(1,010,712.50)
<br />12/15/2029 1, 013, 092.50 1, 013, 092.50
<br />-
<br />(1,013,092.50)
<br />12/15/2030 1, 013, 942.50 1, 013, 942.50
<br />-
<br />(1,013,942.50)
<br />12/15/2031 1, 012, 797.50 1, 012, 797.50
<br />-
<br />(1,012,797.50)
<br />12/15/2032 1,010,010.00 1,010,010.00
<br />-
<br />(1,010,010.00)
<br />12/15/2033 1, 010, 530.00 1, 010, 530.00
<br />-
<br />(1,010,530.00)
<br />12/15/2034 1,014,135.00 1,014,135.00
<br />-
<br />(1,014,135.00)
<br />12/15/2035 1, 010, 587.50 1, 010, 587.50
<br />-
<br />(1,010,587.50)
<br />Total $24,278,503.94 $24,277,217.39
<br />$21,764,129.27
<br />(2,513,088.12)
<br />PV Analysis Summary (Net to Net)
<br />Gross PV Debt Service Savings
<br />1,582,471.88
<br />Effects of changes in DSR investments
<br />(1,474,388.18)
<br />Net PV Cashflow Savings @ 2.799%(Bond Yield)
<br />108,083.70
<br />Contingency or Rounding Amount
<br />1,286.55
<br />Net Present Value Benefit
<br />$109,370.25
<br />Net PV Benefit / $19,272,471.88 PV Refunded Debt Service
<br />0.567%
<br />Net PV Benefit / $17,040,000 Refunded Principal...
<br />0.642%
<br />Net PV Benefit / $17,690,000 Refunding Principal..
<br />0.618%
<br />Refunding Bond Information
<br />Refunding Dated Date
<br />5/01/2012
<br />Refunding Delivery Date
<br />5/01/2012
<br />05ref 1000 New I SINGLE PURPOSE 12/ 7/2012 1 10:50 AM
<br />Northland Securities
<br />Public Finance
<br />Page 2
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