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City of Ramsey, Minnesota <br />November 3, 1989 <br /> <br />$235,000 Taxable General Obligation Tax Increment Bonds, Series 1989C <br /> <br />Proceeds of this bond issue will fund private costs associated with the Rum River Terrace <br />project in Tax Increment Financing District No. 1 and for the Anoka/Ramsey Sports Center <br />project supported from Tax Increment Financing District No. 4. The composition of this bond <br />issue is as follows: <br /> <br />TIF #1 TIF #4 <br />Rum River Terrace Sports Center Total <br /> <br />Construction $115,639 $72,000 $187,639 <br />Engineering 12,720 7,560 20,280 <br />Staking and Inspection 7,115 3,996 11,111 <br />Administration* 5,782 3,600 9,382 <br />Costs of Issuance and <br /> Miscellaneous 1,859 1,674 3,533 <br /> <br />Subtotal $143,115 $88,830 $231,945 <br />Bond Discount 1,885 1,1 70 3,055 <br /> <br />Total Bond Issue $145,000 $90,000 $235,000 <br /> <br />* Includes some costs of issuance. <br /> <br />Appendix V is the cash flow of the bond issue using taxable interest rates. Again, the 5% <br />overlevy requirement is shown in Column 7. Columns 8 and 9 represent the projected <br />incremental income from the two districts and Columns 11 and 12 show the combined <br />surplus generated from the projects. Appendices VI and VII show each of the projects <br />individually as to how they are supported and the amount of surplus generated by each. <br /> <br />Development District No. I - Summary <br /> <br />Appendix VIII attempts to demonstrate the cash flow of the entire development district with its <br />existing obligations and income plus the new issues that have been added. The <br />accompanying notes to this schedule are essential for understanding the cash flow. We <br />have also included the supporting schedules to provide a background for how the cash flow <br />works. As can be seen from this appendix, a substantial surplus will accrue to the <br />Development District if no other expenditures are made and if all of the income continues to <br />be received as projected. <br /> <br />Appendices IX, X, XI and-Xli provide the basis for the income that is shown in Columns 3 <br />through 6 of Appendix VIII. <br /> <br />Common to All Issues <br /> <br />All three issues are general obligations of the City and therefore an application must be <br />made to Moody's to review all three issues. A single rating will be assigned which will apply <br />to each. <br /> <br />Page 3 <br /> <br /> <br />