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Debt Issuance Services <br />City of Ramsey, MN <br />Results of Bond Sale — April 24, 2012 <br />$7,420,000 <br />General Obligation Tax Increment Bonds, Series 2012B <br />Purpose: To pay for certain qualified costs related to the construction of the COR <br />Apartments within Tax Increment District No. 14 ("TID No. 14") in the City. <br />Rating: Standard & Poor's "AA+" Stable Outlook <br />Number of Bids: 8 <br />Low Bidder: Northland Securities, Inc., Minneapolis, Minnesota <br />True Interest Cost: 2.4568% <br />Interest Savings from Low Bid High Bid <br />Lowest to Highest Bid: 2.4568% 2.8379% <br />Interest Savings <br />$228,479.17 <br />Summary of Results: Projected Results of Sale Difference <br />Principal Amount *: $7,420,000 $7,320,000 -$100,000 <br />Net Proceeds: $6, 825, 911 $6,825,738 -$172 <br />Discount Allowance: $74,200 $68,735 -$5,465 <br />True Interest Cost: 3.2052% 2.4469%-0.7583% <br />Capitalized Interest: $462,889 $385,579 -$77,311 <br />Cost of Issuance: $57,000 $41,238 -$15,762 <br />Coupon Rates: 1.75 - 3.60% 1.00 - 3.00% <br />Present Value Savings: <br />Savings Percentage: <br />Closing Date: June 5, 2012 <br />Council Action: <br />Resolution Accepting Proposal On Sale Of $7,420,000 Taxable <br />General Obligation Tax Increment Bonds, Series 2O12B, Providing For <br />Their Issuance, Pledging Tax Increments For The Security Thereof <br />And Authoring Execution Of A Pledge Agreement <br />Attachments: • Bid Tabulation <br />• Bond Resolution (Distributed in Council Packets) <br />* The size of the bond issue changed from the projected amount due to a reduction in bond proceeds needed, reduction <br />in underwriters' discount, and a decrease in costs of issuance. <br />elLEADERS IN PUBLIC FINANCE <br />vvww,eh ers-inc.ccm <br />FREERS <br />Minnesota <br />Offices also in Wisconsin and Illinois <br />phone 651-697-8500 3060 Centre Pointe Drive <br />fax 651-697-8555 Roseville, MN 55113-1122 <br />