CR2014-058 Approve First Reading of Ordinance amending section 1200 of the City Code (2)May 6, 2014 �6 Council Report 2014-045
City Of 11opkiP
PUBLIC HEARING ON FIVE-YEAR STREET RECONSTRUCTIN PLAN &
RESOLUTION ADOPTING A STREET RECONSTRUCTION PLAN AND
AUTHORIZING THE ISSUANCE OF STREET RECONSTRUCTION
BONDSTHEREUNDER
Proposed Action
Approve Resolution 2014-022 adopting a street reconstruction Plan and authorizing the issuance of street
reconstruction bonds thereunder.
Overview
A Street Reconstruction and Overlay Plan (SROP) is a document designed to anticipate street reconstruction and
overlay expenditures and schedule them over a five-year period so that they may be purchased in the most efficient
and cost effective method possible. A SROP allows the matching of expenditures with anticipated income. As
potential expenditures are reviewed, the city considers the benefits, costs, alternatives and impact on operating
expenditures.
The street reconstruction and overlay planning process is as follows; the City Council authorizes the preparation of
the SROP, which was done at the April ls` council meeting. City staff was instructed to assemble the capital
expenditures to be undertaken within the next five years. The City Council then reviewed the expenditures
according to their priority, fiscal impact, and available funding. From this information, a preliminary street
reconstruction and overlay plan was prepared. A public hearing is then held to solicit input from citizens and other
governmental units. Changes, if any are made based on that input, and a final project list is established.
The City Council then prepares a plan based on the available funding sources. It has been determined that general
obligation bonding is necessary, therefore at the conclusion of the public hearing if there are no changes to the
SROP the council will authorize the issuance of street reconstruction bonds. City staff will work with Ehlers, its
financial advisors to prepare the bond documents. A pre -sale report on the expected bond sale is attached. We are
looking to size the bond at $1,940,000. Over the life of the SROP, once the funding, including proceeds from the
bond sales becomes available, the individual capital expenditures can be made.
Primary Issues to Consider
• Funding for 2014 street projects
Supporting Information
2014-2018 Five -Year Street Reconstruction Overlay Plan
• Resolution No. 2014-022
• Bond Pre -Sale Report
Christine M. Harkess, CPA, CGFM
Finance Director
Financial Impact: S 2 mill for 2014
Budgeted: Y/N N
Source: Bond Proceeds
Related Documents (CIP, ERP, etc.): CIP
Notes:
follows:
CITY OF HOPKINS, MINNESOTA
RESOLUTION NO. 2014-022
RESOLUTION ADOPTING A STREET RECONSTRUCTION
PLAN AND AUTHORIZING ISSUANCE OF STREET
RECONSTRUCTION BONDS THEREUNDER
BE IT RESOLVED by the City Council of the City of Hopkins, Minnesota (the "City"), as
Section 1. Background.
1.01. The City is authorized under Minnesota Statutes, Section 475.58, subdivision 3b (the
"Act"), to prepare a plan for street reconstruction in the City over the next five years that will be financed
under the Act, including a description of the proposed work and estimated costs, and to issue general
obligation bonds to finance the cost of street reconstruction activities described in the plan.
1.02. Before the issuance of any bonds under the Act, the City is required to hold a public
hearing on the plan and issuance of the bonds.
1.03. Pursuant to the Act, the City, in consultation with its City engineer, has caused
preparation of the "2014 through 2018 Five -Year Street Reconstruction Overlay Plan for the City of
Hopkins, Minnesota" (the "Plan"), which describes certain street reconstruction and overlay activities in
the City for the years 2014 through 2018. The reconstruction activities described in the Plan include, but
are not limited to, the West Park Road and 21s` Avenue street and utility improvement project, the Hobby
Acres and Trail and 13"' Avenue drainage project, and the reconstruction and overlay of certain portions
of Main Street in the City (collectively, the "Project").
1.04. The City has determined that it is in the best interests of the City to authorize the issuance
and sale of general obligation street reconstruction bonds pursuant to the Act in the maximum principal
amount of $8,000,000 (the "Bonds"). The purpose of the Bonds is to finance the costs of the Project as
described in the Plan.
1.05. On this date, the City Council held a public hearing on the Plan and the issuance of the
Bonds, after publication in the City's official newspaper of a notice of public hearing at least 10 days but
no more than 28 days before the date of the hearing.
Section 2. Plan Approved.
2.01. The City Council finds that the Plan will improve the City's street and utility systems,
which serves the interests of the City as a whole.
2.02. The Plan is approved in the form on file in City Hall.
Section 3. Bonds Authorized.
3.01. The City is authorized to issue the Bonds in a maximum principal amount of $8,000,000,
in order to finance the Project described in the Plan. City staff, its financial advisor, and its legal counsel
443316v l JAB HP 110-86
are authorized to take all actions needed to call for the sale of the Bonds, subject to the contingency
described in Section 3.02 hereof.
3.02. If a petition requesting a vote on the issuance of the Bonds, signed by voters equal to five
percent (5%) of the votes cast in the last municipal general election, is filed with the City Clerk within 30
days after the date of the public hearing, the City may issue the Bonds only after obtaining approval of a
majority of voters voting on the question at an election. The authorization to issue the Bonds is subject to
expiration of the 30 -day period without the City's receipt of a qualified petition under the Act, or if a
qualified petition is filed, upon the approving vote of a majority of the voters voting on the question of
issuance of the Bonds.
3.03. City staff are authorized and directed to take all other actions necessary to carry out the
intent of this resolution.
Adopted by the City Council of the City of Hopkins, Minnesota this 6th day of May, 2014.
Eugene J. Maxwell, Mayor
ATTEST:
Deborah L. Sperling, Deputy City Clerk
443316v l JAB HP 110-86
2014 through 2018
Five -Year Street Reconstruction Overlay Plan for the
City of Hopkins, Minnesota
May 6, 2014
Prepared by:
Ehlers & Associates, Inc.
3060 Centre Pointe Drive
Roseville, MN 55113
" EHLERS
& ASSOCIATES 1IVC
Table of Contents
I. INTRODUCTION................................................................................ 3
II. PURPOSE.............................................................................................4
III. THE STREET RECONSTRUCTION AND OVERLAY PLANNING
PROCESS............................................................................................. 5
IV. PROJECT SUMMARY........................................................................6
V. FINANCING THE STREET RECONSTRUCTION AND OVERLAY
PLAN.................................................................................................... 7
PROJECT COSTS........................................................... APPENDIX A
PROPOSED SRP BOND ISSUES .................................. APPENDIX B
PRE -SALE SCHEDULE ................................................. APPENDIX C
Ehlers & Associates, Inc. Page 2
City of Hopkins
Five -Year Street Reconstruction and Overlay Plan
2014 through 2018
I. INTRODUCTION
In 2002, the Minnesota State Legislature passed into law a bill which
generally exempts city bonds issued under a street reconstruction program
from the referendum requirements usually required for bonding expenditures.
In 2013, the Legislature amended the law to allow bituminous overlays to be
included in the street reconstruction program.
Ehlers & Associates, Inc. Page 3
II. PURPOSE
Street reconstruction or bituminous overlay is a major expenditure of city
funds for the reconstruction or overlay of streets. Street reconstruction and
bituminous overlay may include utility replacement and relocation and other
incidental costs, turn lanes and other improvements having a substantial
public safety function, realignments, other modifications to intersect with state
and county roads, and the local share of state and county road projects.
Except in the case of turn lanes, safety improvements, realignments,
intersection modifications, and local share of state and county road projects,
street reconstruction does not include the portion of project costs allocable to
widening a street or adding curbs and gutters where none previously existed.
A Street Reconstruction and Overlay Plan (SROP) is a document designed to
anticipate street reconstruction and overlay expenditures and schedule them
over a five-year period so that they may be purchased in the most efficient and
cost effective method possible. A SROP allows the matching of expenditures
with anticipated income. As potential expenditures are reviewed, the city
considers the benefits, costs, alternatives and impact on operating
expenditures.
The City of Hopkins, Minnesota (the "City") believes the street reconstruction
and overlay process is an important element of responsible fiscal
management. Major capital expenditures can be anticipated and coordinated
so as to minimize potentially adverse financial impacts caused by the timing
and magnitude of capital outlays. This coordination of capital expenditures is
important to the City in achieving its goals of adequate physical assets and
sound fiscal management. In these financially difficult times good planning is
essential for the wise use of limited financial resources.
The Street Reconstruction and Overlay Plan is designed to be updated on an
annual basis. In this manner, it becomes an ongoing fiscal planning tool that
continually anticipates future capital expenditures and funding sources.
Ehlers & Associates, Inc. Page 4
III. THE STREET RECONSTRUCTION AND OVERLAY PLANNING
PROCESS
The street reconstruction and overlay planning process is as follows; the City
Council authorizes the preparation of the SROP. The City staff is instructed
to assemble the capital expenditures to be undertaken within the next five
years. The City Council then reviews the expenditures according to their
priority, fiscal impact, and available funding. From this information, a
preliminary street reconstruction and overlay plan is prepared. A public
hearing is held to solicit input from citizens and other governmental units.
Changes are made based on that input, and a final project list is established.
The City Council then prepares a plan based on the available funding sources.
If general obligation bonding is necessary, the City works with its financial
advisor to prepare a bond sale and repayment schedule. Over the life of the
SROP, once the funding, including proceeds from the bond sales becomes
available, the individual capital expenditures can be made.
In subsequent years, the process is repeated as expenditures are completed as
new needs arise. Street reconstruction planning looks five years into the
future.
For a city to use its authority to finance expenditures under Chapter 475.58,
Subdivision 3b, it must meet the requirements provided therein. Specifically,
the city council must approve the sale of street reconstruction bonds by a
unanimous vote of its membership present. In addition, it must hold a public
hearing for public input. Notice of such hearing must be published in the
official newspaper of the city at least 10, but not more than 28 days prior to
the date of the public hearing. The city council approves the SROP
unanimously following the public hearing.
Although a referendum is not required, a reverse referendum is allowable. If a
petition bearing the signatures of at least 5 percent of the votes cast in the last
general election requesting a vote on the issuance of bonds is received by the
municipal clerk within 30 days after the public hearing, a referendum vote on
the issuance of the bonds shall be called (if a vote is taken and the referendum
passes, the taxes would be levied on market value rather than tax capacity).
Ehlers & Associates, Inc. Page 5
IV. PROJECT SUMMARY
The expenditures to be undertaken with this Street Reconstruction and
Overlay Plan (SROP) are limited to those listed in Appendix A. All other
foreseeable capital expenditures within the City government will come
through other means. The following expenditures have been submitted for
inclusion in this SROP:
2014 Expenditures
• West Park Road and 21st Avenue street and utility improvement project
• Hobby Acres and Trail and 13th Avenue drainage
2015 Expenditures
• Mainstreet from 5th Avenue to Shady Oak Road
• Oakridge Road mill and overlay
2016 Expenditures
• No projects contemplated at this time
2017 Expenditures
• No projects contemplated at this time
2018 Expenditures
• No projects contemplated at this time
Ehlers & Associates, Inc. Page 6
V. FINANCING THE STREET RECONSTRUCTION PLAN
The total amount of requested expenditures under the Street Reconstruction
and Overlay Plan is approximately $7,712,000. If these expenditures are to be
funded, that amount of money is anticipated to be generated through the tax
levy and the sale of approximately $8,000,000 in bonds over the five-year
period.
In the financing of the Street Reconstruction Plan, one statutory limitation
applies. Under Chapter 475, with few exceptions, cities cannot incur debt in
excess of 3% of the assessor's estimated market value for the city. In the City
the EMV is $1,462,274,500. Therefore, the total amount of outstanding debt
cannot exceed $43,868,235. As of April 14'h, 2014 the City had $7,865,000
subject to the legal debt limit.
Under the Street Reconstruction Plan, the City will secure $2,000,000 in
general obligation bonds in the year 2014 to finance the West Park Road and
21st Avenue street and utility improvement project, Hobby Acres and Trail
and 13th Avenue drainage. In the year 2015, general obligation bonds in the
amount of $6,000,000 will be secured for the Mainstreet project from 5th
Avenue to Shady Oak Road and Oakridge Road mill and overlay. Both
general obligation bond issues will be repaid over a 15 -year period. The par
amount of each issue is based on the amounts listed in Appendix A plus
estimated issuance costs. The proposed general obligation street
reconstruction bonds (including issuance costs) are shown in Appendix B.
Continuation of the Street Reconstruction and Overlay Plan
This Street Reconstruction and Overlay Plan should be reviewed annually by
the City Council using the process outlined in this Plan. It should review
proposed expenditures, make priority decisions, and seek funding for those
expenditures it deems necessary for the City. If deemed appropriate, the
Council should prepare an update to this Plan.
Ehlers & Associates, Inc. Page 7
APPENDIX A
PROJECT COSTS
(Capital Expenditures to be funded with Bond Proceeds)
The 2014 capital expenditure of approximately $1,912,000 is to finance the City's 2014 road
reconstruction projects and is to be funded with $2,000,000 in bond proceeds. These expenditures are
anticipated due to the need to reconstruct these roads and complete necessary utility replacement.
Sources & Uses
Dated 07/01/2014 1 Delivered 07/01/2014
Sources Of Funds
Par Amount of Bonds $2,000,000.00
Total Sources
Uses Of Funds
$2,000,000.00
Total Underwriter's Discount (1.200%) 24,000.00
.......�....
�..�.
Cos..................................................................................................
........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................�...3.g.,....0�00
.......... ...'....
DePosittoCaPitalized Interest.(CIF).Fund.........................................................................................260.706.3
...�...
P.o sit taProJect Fundtgttg�g3�......
Total Uses
Ehlers & Associates, Inc.
$2,000,000.00
The 2015 capital expenditure of approximately $5,800,000 is to finance the City's 2015 road
reconstruction projects and is to be funded with $6,000,000 in bond proceeds. These expenditures are
anticipated due to the need to reconstruct these roads and complete necessary utility replacement.
Sources & Uses
Dated 07/01/2015 1 Delivered 07/01/2015
Sources Of Funds
Par Amount of Bonds $6,000,000.00
Total Sources $6,000,000.00
Uses Of Funds
Total
DDCUnderwr.ite's Discot (1..000.
%) 60,..000.00
..... . u ........... o ssuan
.....................................
posit Capital In(CIF)Fun.
....... ... ........
ePosittoJ Fund79
..
Total Uses
Ehlers & Associates, Inc.
$6,000,000.00
Page 9
APPENDIX B
PROPOSED 2014 SROP BOND ISSUES
Debt Service Schedule
Total $2,000,000.00 - $463,450.63 $2,463,450.63 $2,586,623.16
Ehlers & Associates, Inc. Page 10
105%
Date
Principal
Coupon
Interest
Total P+I
Overlevy
Fiscal Total
07/01/2014
-
-
-
-
02/01/2015
26,070.63
26,070.63
27,374.16
27,374.16
08/01/2015
22,346.25
22,346.25
23,463.56
-
02/01/2016
120,000.00
0.750%
22,346.25
142,346.25
149,463.56
172,927.13
08/01/2016
-
-
21,896.25
21,896.25
22,991.06
-
02/01/2017
120,000.00
..............a..........................................................................................................................................................................................................................................................................
1.000%
21,896.25
141,896.25
148,991.06
171,982.13
08/01/2017
-
-
21,296.25
21,296.25
22,361.06
-
02/01/2018
120,000.00
1.300%
21,296.25
141,296.25
148,361.06
170,722.13
08/01/2018
-
-
20,516.25
20,516.25
21,542.06
-
02/01/2019
120,000.00
1.550%
20,516.25
140,516.25
147,542.06
169,084.13
08/01...............................................................
............
9,586.25
....................................................................................
19,586.25
..�..................................................................._..,
20,65.56
02/01/2020
125,000.00
1.800%
19,586.25
144,586.25
151,815.56
172,381.13
08/01/2020
-
-
18,461.25
18,461.25
19,384.31
-
02/01/2021
125,000.00
2.000%
18,461.25
143,461.25
150,634.31
170,018.63
08/01/2021
-
-
17,211.25
17,211.25
18,071.81
-
02/01/2022
130,000.00
a..........................................................................................................................................................................................................................................................................
2.100%
17,211.25
147,211.25
154,571.81
172,643.63
08/01/2022
-
15,846.25
15,846.25
16,638.56
-
02/01/2023
130,000.00
2.300%
15,846.25
145,846.25
153,138.56
169,777.13
08/01/2023
-
-
14,351.25
14,351.25
15,068.81
-
02/01/2024
135,000.00
2.450%
14,351.25
149,351.25
156,818.81
171,887.63
................................................................_................................................._.............................1.2..
....69
........................................
...7.50
�.............................................
�.3.................................................................
_.,
02/01/2025
135,000.00
2.550%
12,697.50
147,697.50
155,082.38
168,414.75
08/01/2025
-
-
10,976.25
10,976.25
11,525.06
-
02/01/2026
140,000.00
2.700%
10,976.25
150,976.25
158,525.06
170,050.13
08/01/2026
-
-
9,086.25
9,086.25
9,540.56
-
02/01/2027
...............................................a.............................................................................................................................................................................................................................................................................
145,000.00
2.800%
9,086.25
154,086.25
161,790.56
171,331.13
08/01/2027
-
-
7,056.25
7,056.25
7,409.06
-
02/01/2028
150,000.00
2.950%
7,056.25
157,056.25
164,909.06
172,318.13
08/01/2028
-
-
4,843.75
4,843.75
5,085.94
-
02/01/2029
150,000.00
3.100%
4,843.75
154,843.75
162,585.94
167,671.88
................................................................_................................................._...........................................
2,518.75
...........................................................................................�
2,518.75
..644.................................................................._..,
02/01/2030
155,000.00
3.250%
2,518.75
157,518.75
165,394.69
168,039.38
Total $2,000,000.00 - $463,450.63 $2,463,450.63 $2,586,623.16
Ehlers & Associates, Inc. Page 10
PROPOSED 2015 SROP BOND ISSUES
Debt Service Schedule
Total $6,000,000.00 - $1,540,782.29 $7,540,782.29 $7,917,821.40
Ehlers & Associates, Inc. Page 11
105%
Date
Principal
Coupon
Interest
Total P+I
Overlevy
Fiscal Total
07/01/2015
-
-
-
-
02/01/2016
87,367.29
87,367.29
91,735.65
91,735.65
08/01/2016
-
-
74,886.25
74,886.25
78,630.56
-
02/01/2017
350,000.00
1.000%
74,886.25
424,886.25
446,130.56
524,761.13
08/01/2017
-
-
73,136.25
73,136.25
76,793.06
-
02/01/2018
350,000.00
..................a...........................................................................................................................................................................................................................................................................................
1.250%
73,136.25
423,136.25
444,293.06
521,086.13
08/01/2018
-
-
70,948.75
70,948.75
74,496.19
-
02/01/2019
355,000.00
1.550%
70,948.75
425,948.75
447,246.19
521,742.38
08/01/2019
-
-
68,197.50
68,197.50
71,607.38
-
02/01/2020
360,000.00
1.800%
68,197.50
428,197.50
449,607.38
521,214.75
08/01/20...................................................................._................................................_..................................�4...�
� ........................................4..............................................
57.50
,957.50
�....3..............................................................._...
02/01/2021
365,000.00
2.050%
64,957.50
429,957.50
451,455.38
519,660.75
08/01/2021
-
-
61,216.25
61,216.25
64,277.06
-
02/01/2022
375,000.00
2.250%
61,216.25
436,216.25
458,027.06
522,304.13
08/01/2022
-
-
56,997.50
56,997.50
59,847.38
-
02/01/2023
385,000.00
..................a...........................................................................................................................................................................................................................................................................................
2.350%
56,997.50
441,997.50
464,097.38
523,944.75
08/01/2023
-
-
52,473.75
52,473.75
55,097.44
-
02/01/2024
390,000.00
2.550%
52,473.75
442,473.75
464,597.44
519,694.88
08/01/2024
-
-
47,501.25
47,501.25
49,876.31
-
02/01/2025
400,000.00
2.700%
47,501.25
447,501.25
469,876.31
519,752.63
08/01/20......................................................................_................................................_..................................42.......�..�.
...................................4.........
.25
..................................4.4..206...3..............................................................._...
2,101.25
02/01/2026
415,000.00
2.800%
42,101.25
457,101.25
479,956.31
524,162.63
08/01/2026
-
-
36,291.25
36,291.25
38,105.81
-
02/01/2027
425,000.00
2.950%
36,291.25
461,291.25
484,355.81
522,461.63
08/01/2027
-
-
30,022.50
30,022.50
31,523.63
-
02/01/2028
435,000.00
..................a...........................................................................................................................................................................................................................................................................................
3.050%
30,022.50
465,022.50
488,273.63
519,797.25
08/01/2028
-
-
23,388.75
23,388.75
24,558.19
-
02/01/2029
450,000.00
3.200%
23,388.75
473,388.75
497,058.19
521,616.38
08/01/2029
-
-
16,188.75
16,188.75
16,998.19
-
02/01/2030
465,000.00
3.350%
16,188.75
481,188.75
505,248.19
522,246.38
08/01/20.3.............................................._................................._..............................400.00................................
..............................8..820..0.........................................�_..�
8,400.00
02/01/2031
480,000.00
3.500%
8,400.00
488,400.00
512,820.00
521,640.00
Total $6,000,000.00 - $1,540,782.29 $7,540,782.29 $7,917,821.40
Ehlers & Associates, Inc. Page 11
APPENDIX C
Pre -Sale Schedule dated April 1, 2014
5 -Year City Street Reconstruction Plan Bond Issuance
City of Hopkins, Minnesota
The City Council must take the following actions before Bonds can be issued:
• City Council directs preparation of a 5 -Year Street Reconstruction Plan.
• City Council conducts a Public Hearing on issuance of Bonds and Street Reconstruction Plan.
• City Council approves Bonds and Street Reconstruction Plan by unanimous vote.
The table below lists the steps in the issuing process:
April 1, 2014
City Council adopts Resolution calling for Public Hearing on issuance of Bonds and on Street
Reconstruction Plan.
April 3, 2014
Close date to get Notice of Public Hearing on issuance of Bonds and on Street Reconstruction Plan to
official newspaper for publication.
April 11, 2014
Publish Notice of Public Hearing on issuance of Bonds and on Street Reconstruction Plan (publication no
more than 28 days and no less than 10 days prior to hearing date).
May 6, 2014
City Council holds Public Hearing on Bonds and on Street Reconstruction Plan and adopts Resolution
giving preliminary approval for their issuance and approving Street Reconstruction Plan by unanimous
vote of its membership present.
May 6, 2014
City Council provides for sale of Bonds.
June 6, 2014
Reverse referendum period ends (within 30 days of the public hearing).
June 17, 2014
City Council accepts offer for Bonds and adopts Resolution -Approving sale of Bonds.
July 1, 2014
Tentative closing/receipt of funds.
Net Debt Limit
Assessor's Estimated Market Value 1,462,274,500
Multiply by 3% 0.03
Statutory Debt Limit 43,868,235
Less: Debt Paid Solely from Taxes -7,865,000
Unused Debt Limit 36,003,235
Ehlers & Associates, Inc. Page 12
ITFROM
Ef
LEADIERS IIN PUBLIC FINANCE
*7#V =, I PM
Stacie Kvilvang
Senior Financial Advisor/Di rector
m
Jason Aarsvold
IM
Shelly Eldridge
Executive
Proposed Issue: $1,940,000 General Obligation, Series 2014A
Purposes: The proposed issue includes financing for the 2014 road reconstruction
projects
Improvement .Portion of the ands: It is the intent of the City to levy
approximately $160,392 in special assessments against benefitting property
owners in 2014 for collection in years 2015 through 2029, at 2% above the
True Interest Cost (TIC) of the Bonds. The City anticipates receiving
approximately $38,404 (24%) in prepayments on the special assessments from
the project this year.
The improvement portion of the Bonds has been reduced by the
aforementioned prepayment amounts. In addition, the City will be utilizing
$89,000 in funds from the church for their portion of the project, and $36,000
in sanitary sewer funds. Remaining debt service will be paid.from utility funds
and a tax levy, which will not be required for collection until 2015. We have
assumed capitalized interest through the February 1, 2015 payment in order to
offset any immediate levy requirement. Attached to this report is a schedule of
annual debt service costs and the specific revenues available in each fiscal year
to pay the debt.
In addition, the City has entered into a lease agreement with the Church for
their portion of the project. The total cost was $124,000, of which they
prepaid $89,000 (as noted above). The remaining $35,000 will be paid over a
5-year period at 3.87% interest.
Street 1jeconstruuclio Portion of theBonds: Debt service on this portion of
the Bonds will be paid with utility funds and a tax levy, which will not be
required for collection until 2015. We have assumed capitalized interest
through the February 1, 2015 payment in order to offset any immediate levy
requirement. Attached to this report is a schedule of annual debt service costs
and the specific revenues available in each fiscal year to pay the debt.
Authority: The Bonds are being issued pursuant to Minnesota Statutes, Chapter 429,
475.58 and 475.
The Bonds will be general obligations of the City for which its full faith, credit
and taxing powers are pledged. For the improvement portion of the Bonds, the
City is assessing 20% of the costs to benefitting property owners.
The Street Reconstruction portion of the Bonds are restricted by theamount of
net debt the City can issue. The City cannot issue debt in excess of 3% of the
assessor's estimated market value for the city. In the City the ENIV is
$1,462,274,500. Therefore, the total amount of outstanding debt cannot
exceed $43,868,235. As of April 14, 2014 the City had $7,865,000 subject to
the legal debt limit (approximately $36 million in capacity available).
Presale Report May 6, 2014
City of Hopkins, Minnesota Page 1
Term/Call Feature:
The Bonds are being issued for a 16 year term. Principal on the Bonds will be
due on February I in the years 2016 through 2030. Interest is payable every
six months beginning February 1, 2015.
The Bonds maturing oaa and after February 1, 2023 will be .subject to
prepayment at the discretion of the City on February 1, 2022 or any date
thereafter.
Bank Qualification:
Because the City is issuing less than $10,000,000 in the calendar year, the City
will be able to designate the Bonds as "bank qualified" obligations. Bank
qualified status broadens the market for the Bonds, which can result in lower
interest rates.
Rating:
Based upon a rating surveillance completed on the City's outstanding debt by
Standard & Poor's in January 2014, the City's outstanding debt was rated
" @iA/ +". The City will request a new rating for the Bonds.
If the winning; bidder on the Bonds elects to purchase bond insurance, the
rating for the issue may be higher than the City's bond rating in the event that
the bond rating of the insurer is higher than that of the City.
Method of Sale/Placement:
In order to obtain the lowest interest cost to the City, we will solicit
competitive bids for purchase of the Bonds from local banks in your area and
regional underwriters.
We have included an allowance for discount bidding; equal to 1.2% of the
principal amount of the issue. The discount is treated as an interest item and
provides the underwriter with all or a portion of their compensation in the
transaction.
If the Bonds are purchased at a price greater than the minimum bid amount
(maximum discount), the unused allowance may be used to lower your
borrowing; amount.
Premium ids; The current generational low in interest rates has caused
concerns amongst investors as to the impacts to the value of existing bonds in
the case interest rates generally increase in the future. When interest rates rise,
the value of existing bonds generally falls. In order to mitigate the decline in
value of existing bonds, many investors are demanding "premium" pricing
structures. A premium is achieved when the coupon for any maturity exceeds
the yield, resulting in a price greater than the face value.
The amount of the premium varies, but it is not uncommon to see premiums
for new issues in the range of 2,00% to 10.00% of the face amount of the
issue. This means that an issuer with a $2,000,000 offering may receive bids
that result in proceeds of $2,040,000 to $2,200,000.
For this issue of Bonds we have been directed to use the premium to reduce
......... �,._ —�_ �..
the size of the issue. The adjustments may slightly change the true interest
. ..... . ....... . .... a. .....
Presale Report May 6, 2014
City of Hopkins, Minnesota Rage 2
cast of the original bid either a
� p or r down.
Presale Report May 6, 2014
City of Hopkins, Minnesota Page 3
You have the choice to limit the amount of premium in the bid
specifications. This may result in fewer bids, but it may also eliminate large
adjustments on the day of sale and other uncertainties.
Review of Existing Debt:
We have reviewed all outstanding indebtedness for the City and find that there
are refunding opportunities for this fall. CO debt that will be a candidate for a
current refunding this fall is the 2007A bonds. In addition, the 2007 and 2008
TIF revenue bonds will be candidates for current refundings as well. We will
continue to discuss these options with the City staff' on how and when to
proceed this fall.
We will continue to monitor the market and the call dates for the City's
outstanding debt and will alert you to any future refunding opportunities.
Continuing Disclosure:Because
the City has more than $10,000,000 in outstanding debt (including
this issue) and this issue is over $1.,000,000, the City will be agreeing to
provide certain updated Annual Financial. Information and its Audited
Financial Statement annually as well as providing notices of the occurrence of
certain "material events" to the Municipal Securities Rulemaking Board (the
"MSRB"), as required by rules of the Securities and Exchange Commission
(SEC). The City is already obligated to provide such reports for its existing
bonds, and has contracted with Ehlers to prepare and file the reports.
�www� ............... .--------
ArbitrageMonitoring: .
Because the Bonds are tax-exempt securities /tax credit securities, the City
must ensure compliance with certain Internal Revenue Service (IRS) rules
throughout the life of the issue. These rules apply to all gross proceeds of the
issue, including initial bond proceeds and investment earnings in construction,
escrow, debt service, and any reserve funds. How issuers spend bond
proceeds and hove they track interest earnings on funds (arbitrage/yield
restriction compliance) are common subjects of IRS inquiries. Your specific
responsibilities will be detailed in the Tax Certificate prepared by your Bond
Attorney and provided at closing. You have retained Ehlers to assist you with
compliance with these rules.
Risk Factors:
Special Assessments: We have assumed $38,404 in pre -paid special
assessments and that the remaining assessments are levied as projected. If the
City receives a significant amount of pre -paid assessments above what was
anticipated or does not levy the assessments, it may need to increase the levy
portion of the debt service to make up for lower interest earnings than the
expected assessment interest rate.
Presale Report May 6, 2014
City of Hopkins, Minnesota Page 3
.- =25 = IT -To WA
Send Public Hearing Notice to Newspaper
.......... . . ..... . . . . . . . . . . . ........... . ...... . . . ....... . ............................ -------- -- .............................. . . . . . . . . . . . . . . . . . .....
(651) 697-8506
April 3, 2014
. . . ...... . ...................
Date of Publication of Public Hearing Notice
-1-111. 1 .............. . . . . ............ ..... ... ..... --------------------
Disclosure Coordinator: Jen Chapman
April 11, 2014
Public Hearing on Street Reconstruction Plan
(651) 697-8523
May 6, 2014
City Council Calls for Sale of Bonds
..........
May 6, 2014
- — --------------
30-Day Reverse Referendum Period Ends
11111-1111111- ..................
..............
June 6, 2014
.... . . ........................................................................ ............ ............... . ................
Distribute Official Statement:
Week of May 26, 2014
--- . .. ........................................... ......
---- — ------ ---------
Conference with Rating Agency:
-- — - - - — -----
. . . . . . . . . . . ...........................
Week of June 9, 2014
City Council Meeting to Award Sale of the Bonds;
June 17, 2014
. . ................. ..................................................... .. . . . . ..... ........ .....
Estimated Closing Date:
........... .....
.......... - .......
July 1, 2014
-------- . . . ............... ..........
Attachments
Sources and Uses of Funds
Proposed Debt Service Schedule
Resolution Authorizing Ehlers to Proceed With Bond Sale
all
Financial Advisors', Stacie Kvilvang
(651) 697-8506
Jason Aarsvold
(651) 697-8512
Disclosure Coordinator: Jen Chapman
(651) 697-8566
Bond Sale Coordinator: Alicia Baldwin
(651) 697-8523
Financial Analyst: Alicia Gage
(651) 697-8551
The Official Statement for this financing will be mailed to the City Council at their home address or e-mailed for
review prior to the sale date.
Presale Report May 6, 2014
City of Hopkins, Minnesota Page 4
City of Hopkins, Minnesot.a
$1,940,000 General Obligation Improvement Bonds, Series 2014A
Issue Summary
Assumes Current Market BQ AA Rates plus 25bps
111
Is =.- 411YAWK11 Else - - — I I .
Street
Improvement Reconstruction Issue
Portion Portion Summary
Par Arnount of'Bonds
$7115,000 00
$1,940,000.00
Prepaid Assessinents
38,404.00
38,404,00
Sa.nitary Sewer F: unds
36,000.00
36,000 00
OusWe Fundng
89,000 00
8%o0a612
Total Sources
$908,404.00
$1,195,000.00 $2,103,404.00
Ntal Undenwiter'sDiscount (1,200%)
8,94000
W,34(WO
23,28000
Costs of Issuance
16,128,87
25,87113
42,000A
Deposit to CapAafiied lnterest (CIF) Fund
9,521,46
15,6 � 5 83
25,137,29
Deposit to Project Consb ueUon Furid
871,000,00
1,140,22S6
",111,225,0
Rounding Airnount
2,81367
(1,051,96)
11,76171
Total Uses
$908,404.00
$2,103,404.00
Sefies 20144 GO knp IBoinds I Vssue Suffmmaiiy 9 51212014 1 1238 RM
E 1--11 E RIS
LEADIERS II IN ILIRLIC n UIAINC,11
City of Hopkins, Minnesota
$1,940,000 General Obligation Improvement Bonds, Series 2014A
Issue Summary
Assumes Current Market BQ AA Rates plus 25bps
FIMIPWIMM�1=6 �
Date
Principal
Coupon
Interest
Total P+1
CIF Net New D/S
105% of Total
. ....... . . .
. Fiscal Total
07/0 � /20 41
02/01/2015
25,13729
25,1;3"7.219
(25,137,29)
08/0112015
21,546 25
21,506,2.5
21,.`506.25
22,623.56
02./01/200 6
120,000 00
0,750%
2ll,54625
1.4 �,546.25
14^ ,5�6 25
148,623.56
ll711 247 1,3
08/01/2016
-
21_,096.25
2 1,09625
2 1,096 25
22.151.06
02/01/2017
120,00000
1000%
2109625
10V,096,25
101,096.25
1081,15'106
70,302,13
0 8/0 120 7
-
-
20,496,25
20,49625
20,496.25
21,521,06
02/01/2018
120,000 00
1.300%
20,49625
140,496,25
140,496.25
1.47,52t 06
169,042,13
08/01/2018
-
19,716-25
1%7" 6,25
19,"716,2.5
20,702,06
02/01/2019
125,000,00
1550%
19,716.2.5
144,716,25
144,71625
V51,952.06
172,654 13
08/0 t/2019
-
18,74750
181,,"0"7,50
18,747.50
19,684,88
02/01/2020
M,000 00
1,800%
18,747,50
103,747.50
143,74T50
150,934 88
170,619,75
08/0112020
-
17,62250
17,62250
1 7,622 50
181,`503 63
02/01/202.1
M,000 00
2,000%
17,62150
137,622.50
137,62250
144,503.63
63,007.25
08/01/2021
-
16,422.50
16,422 50
d6,422 50
17,2413.63
02/01/2022
120,000.00
2. fl 00%
1 6,422,50
36,422,50
136,422,50
143,243.63
M,4187,25
08/W/2022
15J62,50
1.5,162..`10
15,16w2..50
15,920.63
02/0➢/2023
125,000,00
2.300%
15,16x2,.50
100,162,.50
100J62.50
147,P0.63
163,091.25
08/01/202.3
13;71.5.00
1,3.72:5,00
13,725,00
14,011,21r
02/01/2024
12..5,000.00
2450%
13,725,00
138,725,00
138,72`5,00
10`x,661.25
160,072,50
08/01/2024
11,193,"75
12,193,75
12,193.75
12,803.44
02/01/2025
130,000,00
2,550%
12,193'75
142,193.75
142,193."75
109,303.044
162,106.88
08101/2025
10,53625
W,536 25
W,536 25
11,06106
02/01/2026
135,000,00
2.700%
10,536,25
4 5,536 25
145,536,25
152,8 1 3 06
163,876.1::3
081/0112.026
8,71375
81,71'3.°7.5
8,71"1.7r
9,14904
02101/202'7
135,00000
2,800%
81;713.75 3,75
143,7 13,75
143,713.75
1150,899,44
16n0,0448881
08/01/2027
6,823,75
6,823,75
6,823.75
7,164,94
-
02/11/2028
105,000.00
2.950%
6,82375
151,823,75
151,823,75
1."19,410.94
166,57989
08/01/2028
4,68500
4,685,00
4,685.00
4,919,25
02/01/2029
W5,000 00
3.100°%
4,685,00
149,685 00
149,685 00
1:;7,169.25
162,088.50
08/M/2029
2,437,50
2,437,50
2,437.50
2,559,38
02/01!2030
150,000,00
3.250%
2,437.50
152,437,50
152,43750
160,05938
162,61835
Total
$1,940,000.00
$444,987.29
$2,384,987.29
(25,137.29) $2,359,850,00
. ..........
$2,477,842,50
Significant Dates ..... . . . . ..........
Dated
Fu st (.2oupon Date
Yield Statistics
Bond Year Doflars
Average I.Ate
Average Coupon
Net t nterest Cost (NIC)
True lnmix eM Cost (11C)
Bond Yidd for Ar Wrage Puilpms
AH Inctusive Cost (AIC)
Seidee 20MA GO Imp Bondz V Issue Summary � 51212014 � Q38 PIMA
LEADERS 114 PUMAC HNAINCE
7/01 /2014
2/01/2015
$17,231,67
8,882 Years
2.58323810¢%1
I'M481 1%
2.7114443%
2,5560287%
2.9985114%
A
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City of Hopkins, Minnesota
$745,000 General Obligation Improvement Bonds, Series 2014A
Improvement Portion
Assumes Current Market BQ AA Rates plus 25bps
'Slqr�fficant Dates
Dated
Frst Coupon Date
Yield Statistics
Bond Year D(fflars
ki'moge �A'e
d%vCmg'c cmpm
Net Interest Cost (NIC)
Tnx Interest Cost (TIC)
Bond YieW for ArbWagc Pu rposcs
AH InOusuvv. Cost (AK )
Sehes2N4AG0knjpBov)ds I IrnpvoveimrnVPoirfion 0 5/212014 � 112x38 FIM
I ILERS
LRJA,Wi IN NNfl l" NANCL
7/01/2014
2/91/1015
$6,49458
8,718 Years
25688940%,
23065471%
16997133%
25560287%
2.99168314%
Net New
105% of
Date
P
D/S
Total
Fiscal Total
07/01/2014
02/01/2015
9,521.46
9,521 46 (9,52146)
08/01/2015
8,16125
8, 61.25 -
8,161,25
5,5693)
02/01/2016
50,000 00
0750%
8,161,25
58,161 25
58,16125
61,06931
69,638.63
08/01/2016
-
7,973.'75
7,97375
7,973.75
8,37244
02101120 7
50,000.00
1000%
7,973,75
57,973 '75
57,973 75
60,87244
69,24488
05/01/2017
7,72375
"7,72'3.75
7,'423.75
8,109,94
02/01/2018
50,000,00
1,300%
'7,723,75
57,72375
57,72375
60,609,94
68,719,88
08/01/2018
7,39575
7,398.75
7398,75
7,76869
02/01/2019
50,000,00
1,550%
7,395.75
57,39875
57,398.75
60,268,69
68,037.38
0810112,019
7,0111,2:.5
701 125
7,011 25
7,361,81
02/01/1020
50,000,00
1800%
7,01125
57,01125
57011,25
59,8M 81
67,223,63
08/01/1020
6,561.25
6,56125
6,56125
6,88931
02/01/2021
45,000.00
2,000%
6,561.25
51,561 25
51,56125
54,13931
61,028,63
08/01/2021
6,111 25
6,111.25
6,111,25
6,416,81
02/01/2022
45000,00
2,100%
6,11'1.25
51,1 1125
51,111.25
53,666,81
60,083,63
08/01/2022
-5,638
75
5,63875
5,638, 75
5,92069
02/01/2023
45,00000
25300%
5,638,75
50,63875
50,638,75
53,1'89.69
59,091.38
08/01/2023
5,121.25
5,121,25
5,12125
5,.377_.31
-
02../91/2024
45,(9)0,00
24150%5,'121.25
S), 1'21.25
50,12125
52,62731
58,004.63
08/01/2024
4,570,00
4,570 00
4,57000
4,79850
02/011'2025
50,000.00
2550%
4,570M
54,57000
54,57000
57,298,50
62,097 00
08/01/2025
-
3,932.50
3,932,50
3,932.50
4,129,13
02/01/2026
50'009.0)
2700%
3,932,50
53,932 50
53,93250
56,629,13
60,75825
08/01/2026
3,257.50
3,257 50
3,25750
3,420,39
-
02/01/202.,B
50,000,00
2,800%
3,257,50
53,25750
53,257.50
55,920,38
59,34075
08/01/2027
-
2,557,50
2,557 50
2,557.50
2,685 38
02/01/2028
55,000.00
2950%
2,557,50
51',55/.50
57,557.50
69,4,'3535
63,129.75
08/01/2028
1,746,25
1,74625
1,746,25
1,833.56
02101/2029
35,000,00
:3100%
1,746.25
56,74625
56,74625
59,583,56
61,417 13
08()112029
893.75
893,75
893.75
938,44
02/01/2030
55,00000
3250%
893.75
55,89335
55,893.75
58,68844
59,626M
Total
$745,000.00
-
$166,838.96
$911,838.96 (9,521.46)
$902,317.50
$947,433.38
'Slqr�fficant Dates
Dated
Frst Coupon Date
Yield Statistics
Bond Year D(fflars
ki'moge �A'e
d%vCmg'c cmpm
Net Interest Cost (NIC)
Tnx Interest Cost (TIC)
Bond YieW for ArbWagc Pu rposcs
AH InOusuvv. Cost (AK )
Sehes2N4AG0knjpBov)ds I IrnpvoveimrnVPoirfion 0 5/212014 � 112x38 FIM
I ILERS
LRJA,Wi IN NNfl l" NANCL
7/01/2014
2/91/1015
$6,49458
8,718 Years
25688940%,
23065471%
16997133%
25560287%
2.99168314%
Improvement Portion
Assumes Current Market BQ AA Rates plus 25bps
Debt Service Schedule
§1�1
Dated
7/01/2114
Nt Ccue�on Date
2/04(201.`4
Yield Statistics
Net New
105% of
A,..p,, Li&
11186
Aveya4,,c Cuiqe�n
2 %U940%
Date
Principal
Coupon
Interest
Total P+l
CIF
DIS
Total
Assessments
Water
Storm.maSewer Levy/(Surplus)
02/0 120 It
9,52146
'P,'5214r,
(9,52146)
02/01/2016
50,000 (10
!1.751
K1,322 50,
66,322'.50
66,32250
61,63K63
11^3,348.76
114,557 .01
6,020 CXP
29, W 81
02/01/20117
90,110 .102
I ON%
1',5„94750
6,,947'rO
62.,94"2.50
69,244 83
119,34876
114'9152 (W
6,4X200(4
29,92412
02/01/2WH
50,100.11
1.3101%
15,447 50
rvtijl f 50
65,44750
68,719 89
1'9,548 76
114,952 oo
6,020 00
m,399 12
02/0112.0111)
51,001.071
1..550%,
4,V97 50
64,797'-°i1
64,TP7 T0
6x8,037.326
119,_g48.75
H,9.52.01
6,02000
27,71663
02/01/2020
50,00000
11 800%
114,022 50
e4,022 5m
64,02250
67,223 63
fl9,348 75
H,952 00
6,020 00
26,902: 88
02/0 U2021
45,00000
2000%
13,122502
5t,',, 1122 w
59,122 50
611,02863
� .51549
id,x4t2 00
6;020.121
28,541 14
02/011/24222
45,CKN) 00
2100%
12,222 to
2,7„722,15'0
57,222 50
60,03 63
11 ,0
114,9',"1211
6,02D 00
2'7,5'xj, 13
02/N/2,023
45,000 00
2301'
1111,277 50
56,2177%
56,277 50
59,0911 38
11,511548
t4,952 00
61,020.00
26,60190
02/01/2024
45,00000
2450%
110„24250
55,242 50
55,24225
'186,41124.63
J 1 fl 5 49
04,952:.10
6,020 00
?5,511'14
02/011/20425
50,00000
255'0%
1), 111000
55„140100
114000
62,09700
11,511549
114,9'1200
4"020 oo
29,6x'79 111
02M/2026
501,001 :044
2700%
7,865 00
57,865 W
57,865 00
(,O,Yi�e 216
11,51 5 50
Do
("o2.o oo
28,270 75
02/011 /2027
50,000 oo
2 900%
6j IIt 00
56,51500
56;,51.5.04,7
59,,340 7.5
11,51.5.4^9
14,952 oo
("020 0o
26,953 26
02M/2.028
5t,010000
7950%
5,1114'.041
60,11: 00
w, 115 oo
63,11:11.7,4
11,51549
14,9,j2 go
6"020 oo
30,6-0 26
0X1./01(2029
55,000 0o
3 MIX,
1,492 50
58,492 50
'59,4°,1250
61,M H
➢,51 5 49
14,95'200
6,022.11
28,°;725.64
02M/2030
r,,,0410 00
1250%
11,71711,
56,787 50
56,797'..x0
88
11,515 50
14,9.'12.00'
6,020 w
27„1;69.38
rMA
$745,Owno
S�66,838,96
$9 � IA39,96
(9,5M,46)
$902,317,50
$947,433,38
S21 �,WJS,70
S224,280 GO
�'90,3co,00
$420,954,68
§1�1
Dated
7/01/2114
Nt Ccue�on Date
2/04(201.`4
Yield Statistics
MjiM YciK D011ais
$6,494 5'A
A,..p,, Li&
11186
Aveya4,,c Cuiqe�n
2 %U940%
Net IntcrcS1 co,,,C (Mc)
2,7065471°/
11,11- miOuEna CWt (FIC)
26997133%
J3nnd Vcld foii Aibitaf,,v, Puipuvnq
2 5560287%
AM Co,� (AIQ
29916814%
I hiljam(" 11 W212M 1 MISPIM
EJIIi 117, E, It "S"
I [AIRFU M 110131,10 1 WAHU�
City of Hopkins, Minnesota
.. . ............. ........... ... .....
Date
Principal
Coupon
Interest
Total P+l
CIF Net New D/S
105%® of Total Fiscal Total
07/01/2014
02/00015
15,615,83
15,615 83
(15,6 It 5 83)
28/21/2215
13,385,00
13,385 00
13,385,00
14,054,25
-
22/21/24116
70'222 00
0,750%
13,385.00
83,385,00
83,385 00
87,554,25
101,60850
08/0122016
13J22.50
13,122,52
13,12.2...52
13,778,63
02/01/2017
70,00000
1,0100%
13,1:_"3'_`0
83,122.50
83,12.3.50
87,278,63
W1,05°7,25
08/01/2017
112,77150
12,772.50
12,77150
13,4t L13
02/01/2018
70,00000
1.300%
12,772,50
82,77250
82,772.50
83x,911.13
1412,322..2.,5
08/01/2018
-12,317.50
12.,:117.50
1 2,'; 17.50
12,933,38
22/21./2.217
75,6922.22
1550%
12.,:'317.52
87,:117.52
87,3 t 7.5 091,68338
104,61635
08/21/2019
11,736 25
11736.215
17,736.2.5
12,323,06
22/2'1/2.220
75,00000
1.800%
11,736 25
86,736.25
86,73625
91,073 06
12'3,376.13
08/01/2020
11,261.215
t1,06t 25
t 1,061,25
11,5171.:#1
02/01/202 1
75,00000
1000%
11,261.2.5
86,061,25
86,26;1,25
90,364,31
10 1,978 63
0810 02021
10,31125
10,31 L25
10,311 25
10,8".5,8'1
02/0 02022
75,00000
2 100%
10,311 25
85,31'1,75
8"5,5:11'11,25
819,:577x.81
1610,403,63
08/0 02022
9,523,75
9,52375
9,523,75
9,99994
02/01/2023
80,000m
2.300%
9,523 75
89,52375
89,52335
93,999,94
123',999,88
28/21/222:3'
8,603,75
8,62_';,7`5
8,603,75
9,03194
02/21(:''024
80,000m
24520/
8,603,75
88,60-3 75
88,603,75
93,033,94
102,067,88
08/01/2024
7,623.75
7,623,75
7,62375
8,004,94
02101/2025
80,000m
2550%
7,62375
87,62375
87,62375
92,004 94
122,207,813
08/411/2025
6,60375
6,60375
6,603,75
6,933,94
02/01/2026
85,00000
2.700%
6,603,75
91,603,75
91,603 75
96,183.94
103,117.818
08/01/2026
-
5,45625
5,456-25
5,456 25
5,729,06
02/01/2027
85,022 00
2800%
5,456.25
90,45625
90,415625
94,97906
120,"708.13
08/21/2027
4,266.25
4,26625
4,266.25
4,417956
02/01/2028
72,0120.00
2.950%
4,26625
94,26625
94,26625
98,979.56
1O3,457.1 3
08/01/2028
-
2,93875
2,938.75
2,938.75
3,08569
02/01/2029
761'000'612
3 100%
2,93835
92,938.75
92,938.75
7"7,5185,67
1.22,671,:38
08/01/2029
1,543,75
1,54375
1,54375
1,620.941
02/01/2030
95,000,00
1250%
1,543.75
96,543.75
96,543.75
. ..........
121,372,74
102,991,88
Total
$1,195,000.00
. . .........
$278,148.33
$1,473,148.33
(15,615.83) $1,457,532.50
$1,530,409.13
Dated
Fhst Cloupon Date
Bond Ymn Doflais
Average Lffe
Average Coupon
Net Interest Cost (NIQ
Tyre 1111telles4 Coat ('11c)
]Bond YieW for Atbitrage Purposes
AU IneNsive Cost (A K.1)
Sei[Ies 209^ A GO hmp Bonds 11 &reet ReconstfuctIon Por � 5/ 212. a M 11 12:38 IFIM
E11,1,111 n 1�Ei. IRS
a E A DIFIRS IN PUM Ir F INA I
7/01/2014
2101/2015
$12,,73T08
8,985 Years
2,5905390%
23240948%
2.7185131341 %
2.5560287%
'3.0026511%
Street Reconstruction Portion
Assumes Current Market BQ AA Rates plus 25bps
Daie,d
Fi sP Coqpon, Dale
Yield Statistic
Bond y eclair 7fDsb11[,ys,
A lcitllcUE'v,
Aveiaj:, e, 0m0ion
No hdciesl (-,olil (10(")
I'll uI nlee,,e ("osP (11Q
Bund Yicld fiC, A rblihige 111w0poses
AII fi-kniv,, CmC (AH,)
I I 50MM I 17, 18
F-1,II-L-E-RIS
IEMD'ERS IN RUM, FINANGE
7/011/2;0114
2/0 02015
510,73"1'.08
995 'Nems,
25905390%
2 7240948%.
2..7105553 f
2 5560287%
3.0026151 I,/,,
Storm
Date
Principal
Coupon
Interest
Total P+1
wwwClF
Flet New DIS 105%ofTotal
Water
Sewer Levy/
Surplus)
1,6158
115,6 PP 93
05,615,83)
02/01/201(,
7 ,000 Da
0 750%,
26,77000
96,77000
96,77000
1 CJ I,(jng 50
20,648 00
8,-" 13 3
72,617 17
02101/2017
70,000 00
10001/1,
26,24500
96621500
96,245.O`0
171,057,25
20,648 00
0,313,:13
72,09592
02/011/20 1 9
70,000,00
1.30'0'%„
25,,,4°x 00
95,515 00
95,545 00
100,322: 25
20,649 00
0,313 33
71,36092
02/01/2019
"?5.,000 .00
1.550%
24,615 00
9)9,663:5.00
"5 w
1/614116 Tr
20,648,4W0
...0,31"4 33
75,655 42
02/0112020
75,1Lm Cio
6 U001/1
23,472 50
98,472 50
98,47250
03,396 13
20,648 (KP
8,-113 -33
74,4:14.79
(12/010,021
75,000 00
2.000
1.2,1225O
97,112250
97,12250
1611,978 61
20,618 00
7,3 13 -"3
73,01729
02/0112022
75,000 00
212667"l.
20,622 50
95,02.5O
95,622 MJ
11004036:1
20,61800
0,31"1,33
71,442 21)
02AW2023
8IIP,wo 00
2 AM
119,04750
99,047 50
5O
1101,x199 88
20,648 00
8,113 33
75,038 51
02101/2024
40,000,00
2450%
117,207 50
97,207 50
97,207 50
11 02,0l67 F 9
20,648 00
'8,b13 33
73,10651
02M 11/2.02"'d
HO,O41CP w
255O1,
115,24750
95,24750
95,247!50
1 00,mg F, 11
2C�,648 00
43',4113.3:1
711,04954
02/0 1112,026
V,5,wo 00
27001
1113,20"1.50
10,2:6"F,50
a
99,207 50
103,117 88
211,440'.00
8,3113 33
74,115f, 54
021011/2027
85,CPw 00
2800%
10,911250
95")1250
'95,91250
100,708 113
20,648 CPO
'8,3113.'33
7'1,Y14679
02/0112028
90,O000
2950%
8,512 50
98,512 50
98,532 50
103,459.11:1
20,648 CPO
'0,343.'33
74,49779
02/01/2029
911,000 00
3 1O0%
5,877 SO
95,37'1,50
95,877 50
100,671 I0
20,648 00
8,31133
71,7W 04
02/01/2030
95,000 00
3 2501/6
1,08750
98,087 50
99,087 50
102,991
20,648 00
8131",4.33
X4,030.",'54
$I,19.5,0l 00
S278,14833
M,473,14833
(15A,15.83)
$1,457,532,50
9+1,530,409. d3.........%3019,720
O
S124,70000
$110K98933
Daie,d
Fi sP Coqpon, Dale
Yield Statistic
Bond y eclair 7fDsb11[,ys,
A lcitllcUE'v,
Aveiaj:, e, 0m0ion
No hdciesl (-,olil (10(")
I'll uI nlee,,e ("osP (11Q
Bund Yicld fiC, A rblihige 111w0poses
AII fi-kniv,, CmC (AH,)
I I 50MM I 17, 18
F-1,II-L-E-RIS
IEMD'ERS IN RUM, FINANGE
7/011/2;0114
2/0 02015
510,73"1'.08
995 'Nems,
25905390%
2 7240948%.
2..7105553 f
2 5560287%
3.0026151 I,/,,
1FjffMT-- =0
$156,988 General Obligation Improvement Bonds, Series 2014A
Issue Summary
Equal P&I - 2% over TIC
Assessments
Date
Principal
CouponInterest
Total P+l
12/31/2015
12,260 82
4,.25'1 %
7,087.94
19,348,76
12/31/2.016
12,783.30
4.263%
6,56546
19,34876
12/3112017
13,328.26
4.265%
6,020,50
19,34876
12/311161111
13,896,67
4,266%
5,45208
19,348,75
12/3112"7117
14,489.55
4268%,
4,85920
19,348,75
12/3 1 /2020
7,27431
4,700%
4,24078
11,515,4,61
11/31/26111
7„516,52
4.700%
3,898 89
11,51550
12/31/2022
7,97460
4,700%
3,540.88
11,5 1 5.48
12:/.31 /2023
8;,347.41
4.700%
3,16608
11,51549
1.2/:3 fl /2024
8,741.83
4.700%
2,773 66
11,515.468
12/31/2,025
9,1501.'73
4."71D61%
2,362.80
11,515,50
12/31126125
9,582.87
4,700%
1,932,62
11 ,515 49
12/31/2027
10,03327
4300%
1,442' 22
11,515.49
12/31 /2028
110,504,83
4300%
1,010,66
11,51549
12/_31 /2029
10,998.56
4,700%
516.94
11,515,50
`Total
$156,988M
$54,910.70
$2111,898.70
Fdingl.)atc
Fr,,A Payment Date
SeHes2014AGOWF.Olainds 0 UssueSunwaiiy 1 5/2/2014 � 9:15 ISM
EIH L
1/31/2315
12/31/2015
City of Hopkins, Minnesota
$121,988 General Obligation Improvement Bonds, Series 2014
Assessments
Equal P&I - 2% over TIC
Assessments
Date
Principal
Coupon
Interest
Total P+I
12/31122015
5,782,06
4700%
5,733,44
11,595,50
12/31/2016
6,053. 8 1
4,700%
5,461.68
99,515 49
12/31/20Y7
6,33834
4300%
`b,177,116
1,515.50
ti 2/31/20 18
6,636,24
4.700%
4,87924
11,51548
9.2/31 /2181 9
6,948 15
4.700%
4,56734
11,5 9 5.49
12/31/2,020
7,274,71
4,700%
4,24038
1'1,515.17,4
12/3112021
7,6 6,62
4,71141%
3,898 88
11,515,50
12/3'1f2022
7,974M
4,700%
3,540,88
11,515,48
12/31/2,023
8,349.41
4 700%
3,16608
11,51549
12/31 /`21121
8,741, 83
4700%
2,773.66
11,515.49
12/31112,02<5
9952,70
441100 b
2,36280
11,515,50
12'/:3'1/2026
9,582,87
4300%
1,932 62
11,51549
1.2/31/10'27
W,033 27
43(10%
1,4 82.22
11 ,515 49
1.2/31/2.02.81
0,504,83
4.700%
%010.66
11,515A9
12/31/2.029
10,171981.56
4300%
516.94
11,515.50
Total
$121,988.00
-
$50,74438
$172,73238
Significant Dates
F)hing, Date
Hrst Payment Date
Sehes 20MA GO hPIP Bonds U AssessirneMs U 5/ ?J2014 � 12:39 FIM
IE H L E 1111M
I W
� AIN �: IIIDPKNI� UVIANIA
1/0 U20 5
12/.31/2,015
City of Hopkins, Minnesota . . . ........ —
N.T.M411IMOTM M-, 01,P] 0*N1R7UPTr*M--=M M
[Q 17 0 Ig VAT -T - a
Assessments
Date
Principal
Coupon
Interest
Total P+I
12/3'1/'2015
6,47836
3 870%
1,354.50
7,833.26
12/31/2016
6,729 49
1870%
1,103.78
7,83127
12./31/'2.6117
6,9839.92
3.870%
84334
7,83126
12/31/20118
7,260,43
3,870%
572.84
7,83127
12/31/2019
7,541.40
3.8370%
29'1.86
7,833.26_
Total
$35,000.00
$4,16632
$39,166.32
Fifing IDate 1/01/2015
First Payment Date 12/31/2611.5
Series 20144 GO Pon p Bonds U Church Assessmenirs 1 5/ MOM 1 1:: M PM
E Iii, 1E RS
LEADIMS M PUBLIC FINANCE