VII.3. Authorize the Sale of $12,185,000 General Obligation Bonds, Series 2018A; BishopMarch 18, 2019 City Council Report 2019-030
AUTHORIZE THE SALE OF $12,185,000 GENERAL OBLIGATION BONDS, SERIES 2018A
Proposed Action
Staff recommends approval of the following motions: Adopt Resolution 2019-024 providing for the sale of
$12,185,000 General Obligation Bonds Series 2019A.
Overview
The Series 2019A bonds will be general obligations of the city for which it’s full faith, credit and taxing authority
powers are pledged. The bonds are being sold to finance four projects:
• Capital Improvements to City Hall. City Hall has not been remodeled or updated since 1989. Work space and
facility needs have changed significantly since that time. The update will help the City attract and retain quality
employees. The principal amount was reduced by $216,511 in contributions from the Communications Fund.
• Blake Road will be reconstructed from Excelsior Boulevard to state trunk Highway 7. The project will span
2018/2019 and will receive approximately $6.3 million from Hennepin County. Bonds will also be issued in
2019 to finance the remainder of Hopkins’s project costs.
• 2019 street improvements located in Northeast Hopkins, including Cambridge Street, Hiawatha Avenue and
Lake Street. The principal amount was reduced by prepaid assessments of $250,000
• Utility system improvements done as part of Southwest Light Rail Construction
The bonds are being issued with a 16 year term with payments to come from a tax levy, franchise fees, utility revenue
and special assessments. They will be issued pursuant to MN statues 475.521 (capital improvement bonds), 429
(street and special assessment), 475.58 (street reconstruction), 444.075 (sewer and water), 444.16 (storm sewer) and
475 (general bonding authority). Standard and Poor’s affirmed the City’s AA+ rating with a stable outlook on
February 21st.
Primary Issues
• None
Staff Recommendation
Staff recommends approval of the resolution and further recommends, along with the City’s financial advisor,
to proceed with awarding bond sale on April 2nd.
Supporting Information
• Resolution No. 2019-024
• Bond Pre-Sale Report for both the 2019A
______________________________
Nicholas Bishop, CPA
Finance Director
Financial Impact: $ 12,185,000 bond issue
Budgeted: Y/N Yes
Source: Bond Funds
Related Documents: None
Resolution No. 2019-024
Council Member _________________ introduced the following resolution and moved its adoption:
Resolution Providing for the Sale of
$12,185,000 General Obligation Bonds, Series 2019A
A. WHEREAS, the City Council of the City of Hopkins, Minnesota has heretofore determined that it is
necessary and expedient to issue the City's $12,185,000 General Obligation Bonds, Series 2019A (the
"Bonds"), to finance improvements to City Hall, Blake Road reconstruction, the City’s 2019 road
reconstruction projects and various utility improvements in the City; and
B. WHEREAS, the City has retained Ehlers & Associates, Inc., in Roseville, Minnesota ("Ehlers"), as its
independent municipal advisor for the Bonds in accordance with Minnesota Statutes, Section 475.60,
Subdivision 2(9);
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Hopkins, Minnesota, as
follows:
1. Authorization; Findings. The City Council hereby authorizes Ehlers to assist the City for the sale of
the Bonds.
2. Meeting; Proposal Opening. The City Council shall meet at 7:00 p.m. on April 2, 2019, for the purpose
of considering proposals for and awarding the sale of the Bonds.
3. Official Statement. In connection with said sale, the officers or employees of the City are hereby
authorized to cooperate with Ehlers and participate in the preparation of an official statement for the
Bonds and to execute and deliver it on behalf of the City upon its completion.
The motion for the adoption of the foregoing resolution was duly seconded by City Council Member
_______________________ and, after full discussion thereof and upon a vote being taken thereon, the
following City Council Members voted in favor thereof:
and the following voted against the same:
Whereupon said resolution was declared duly passed and adopted.
Dated this 19th day of March 2019.
_____________________________________________
City Clerk
March 19, 2019
Pre-Sale Report for
City of Hopkins, Minnesota
$12,185,000 General Obligation Bonds, Series 2019A
Prepared by:
Stacie Kvilvang, CIPMA
Senior Municipal Advisor
Jason Aarsvold, CIPMA
Senior Municipal Advisor
Presale Report
City of Hopkins, Minnesota
March 19, 2019
Page 1
Executive Summary of Proposed Debt
Proposed Issue: $12,185,000 General Obligation Bonds, Series 2019A
Purposes: The proposed issue includes financing for the following purposes:
City Hall Improvements ($4,665,000)
This portion of the bonds is to finance remodeling of City Hall. Debt
service will be paid from ad valorem property taxes.
2018 Street Projects ($5,175,000)
This portion of the bonds is to finance the City’s 2019 street and utility
reconstruction projects. Debt service will be paid from special
assessments and ad valorem property taxes.
Blake Road ($1,830,000)
This portion of the Bonds is being issued to pay for the City’s portion of
costs to reconstruct Blake Road. Debt service will be paid from ad
valorem property taxes.
Sewer/Water/Storm Improvements ($525,000)
This portion of the Bonds is being used to finance various utility
improvements in the City. Debt service will be paid from utility funds.
Authority: The Bonds are being issued pursuant to Minnesota Statutes, Chapters:
475.521 – City Hall Improvements
429 – 2019 Street Projects
475.58 – Blake Road Street Reconstruction
444.075 – Sewer and Water
444.16 – Storm Sewer
475 – General bonding authority
City Hall Improvement Portion. The Bonds count against the City’s general
obligation debt capacity limit of 3% of the City’s estimated market value. In the City,
the estimated market value is $2,006,534,000. Therefore, the total amount of
outstanding debt cannot exceed $60,196,020. These values are for 2018/19 tax year.
As of December 18, 2018, the City has $17,350,000 subject to the legal debt limit (this
amount includes the 2012A, 2015A, 2014A (SROP portion), 2014B (CIP portion),
2017A SROP Portion, 2018A (SROP and Equipment Certificate portion), 2012A
(Equipment Certificate portion), 2016C (Equipment Certificate portion). As such,
issuance of the CIP Bonds will be within the overall statutory debt limit for the City.
In addition, a separate limitation under the CIP Act is that, without referendum, the
total amount of principal and interest in any one year on all CIP Bonds issued by the
City debt cannot exceed 0.16% of the total estimated market value in the municipality.
In the City, that maximum annual debt service amount is $3,210,454 based upon the
2018/19 tax year ($2,006,534,000 x .0016). The annual principal and interest
Presale Report
City of Hopkins, Minnesota
March 19, 2019
Page 2
payments on the 2012A CIP Bonds, the CIP portion of the 2014B Bonds and the CIP
portion of the 2019A Bonds proposed to be issued under this CIP will average
approximately $1,445,677. As such, debt service on the CIP Bonds will be within the
annual limits under the CIP Act.
2019 Street Projects Portion. Because the City is assessing at least 20% of the
project costs, the Bonds can be a general obligation without a referendum and will not
count against the City’s debt limit. The City intends to levy a total of $1,250,000 in
special assessments to benefitting property owners, of which $250,000 (20%) is
anticipated to be collected in pre-paid assessments (this portion of the Bond issue was
reduced accordingly). The remaining $1,000,000 of special assessments will be
collected in years 2020 to 2034 at a rate of 2% over the True Interest Costs (TIC) of
the Bonds. Annual assessments are paid on an equal principal basis.
Blake Road Street Reconstruction Portion. This portion of the Bonds are being
issued under a Street Reconstruction and Overlay Plan (SROP) that was approved in
2017. Projects that are part of an approved SROP can be a general obligation without
a referendum. However, this portion of the Bonds will count toward the City’s
statutory debt limit of 3% of estimated market value. As noted under the City Hall
Improvement Portion above, that portion of the Bonds and this portion fall below the
statutory requirement.
Utility Portion. Chapter 444 allows cities to issue debt without limitation as long as
debt service is expected to be paid from utility revenues.
The Bonds will be general obligations of the City for which its full faith, credit and
taxing powers are pledged.
Term/Call Feature: The Bonds are being issued for a term of 16 years. Principal on the Bonds will be due
on February 1 in the years 2021 through 2035. Interest is payable every six months
beginning February 1, 2020.
The Bonds will be subject to prepayment at the discretion of the City on February 1,
2027 or any date thereafter.
Bank Qualification: Because the City is issuing, or expects to issue, more than $10,000,000 in tax-exempt
obligations during the calendar year, the City will be not able to designate the Bonds
as “bank qualified” obligations.
Rating: The City’s held their rating call with S & P on February 6, 2019 and on February 21,
2019, received the rating report which affirmed the City’s AA+ rating with a stable
outlook.
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.
Basis for
Recommendation:
Based on our knowledge of your situation, your objectives communicated to us, our
advisory relationship as well as characteristics of various municipal financing options,
Presale Report
City of Hopkins, Minnesota
March 19, 2019
Page 3
we are recommending the issuance of general obligation bonds as a suitable financing
option for the following reasons:
- This is the only viable option available to finance these types of projects under
State law
- This is the most overall cost-effective option that still maintains future
flexibility for the repayment of debt
- This coincides with the City’s past practices to finance these types of projects
with this type of debt issue.
Method of
Sale/Placement:
We will solicit competitive bids for the purchase of the Bonds from underwriters and
banks.
We will include an allowance for discount bidding in the terms 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 reduce your borrowing amount.
Premium Pricing: In some cases, investors in municipal bonds prefer “premium” pricing structures. A
premium is achieved when the coupon for any maturity (the interest rate paid by the
issuer) exceeds the yield to the investor, resulting in a price paid that is greater than
the face value of the bonds. The sum of the amounts paid in excess of face value is
considered “reoffering premium.” The underwriter of the bonds will retain a portion
of this reoffering premium as their compensation (or “discount”) but will pay the
remainder of the premium to the City. 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 net premium to reduce the
size of the issue/increase the net proceeds for the project. The resulting adjustments
may slightly change the true interest cost of the issue, either up or down.
The amount of premium can be restricted in the bid specifications. Restrictions on
premium may result in fewer bids but may also eliminate large adjustments on the day
of sale and unintended impact with respect to debt service payment. Ehlers will
identify appropriate premium restrictions for the Bonds intended to achieve the City’s
objectives for this financing.
Review of Existing
Debt:
We have reviewed all outstanding indebtedness for the City and find that there are no
refunding opportunities at this time.
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.
Presale Report
City of Hopkins, Minnesota
March 19, 2019
Page 4
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 reportable 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.
Arbitrage Monitoring: Because the Bonds are tax-exempt obligations, 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 how 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.
Investment of and
Accounting for
Proceeds:
In order to more efficiently segregate funds for this project and maximize interest
earnings, we recommend using an investment advisor, to assist with the investment of
bond proceeds until they are needed to pay project costs. Ehlers Investment Partners,
a subsidiary of Ehlers and registered investment advisor, will discuss an appropriate
investment strategy with the City.
Risk Factors: Special Assessments: We have assumed $250,000 of pre-paid special assessments
(20%) and have assumed that the remaining $1,000,000 of assessments are levied as
projected. If the City receives significantly more of pre-paid assessments above this
amount or does not levy the projected assessments, the City may need to increase the
levy portion of the debt service to make up for the lower interest earnings than the
expected assessment interest rate.
Other Service
Providers:
This debt issuance will require the engagement of other public finance service
providers. This section identifies those other service providers, so Ehlers can
coordinate their engagement on your behalf. Where you have previously used a
particular firm to provide a service, we have assumed that you will continue that
relationship. For services you have not previously required, we have identified a
service provider. Fees charged by these service providers will be paid from proceeds
of the obligation, unless you notify us that you wish to pay them from other
sources. Our pre-sale bond sizing includes a good faith estimate of these fees, but the
final fees may vary. If you have any questions pertaining to the identified service
providers or their role, or if you would like to use a different service provider for any
of the listed services please contact us.
Bond Counsel: Kennedy & Graven, Chartered
Paying Agent: Bond Trust Services Corporation
Presale Report
City of Hopkins, Minnesota
March 19, 2019
Page 5
Rating Agency: Standard & Poor's Global Ratings (S&P)
Summary: The decisions to be made by the City Council are as follows:
Accept or modify the finance assumptions described in this report
Adopt the resolution attached to this report.
This presale report summarizes our understanding of the City’s objectives for the structure and terms of this
financing as of this date. As additional facts become known or capital markets conditions change, we may need to
modify the structure and/or terms of this financing to achieve results consistent with the City’s objectives.
Presale Report
City of Hopkins, Minnesota
March 19, 2019
Page 6
Proposed Debt Issuance Schedule
Public Hearing on CIP Portion of the Bonds January 2, 2019
February 2, 2019 Reverse referendum period ends for CIP portion of
the Bonds
Pre-Sale Review by City Council: March 19, 2019
Distribute Official Statement: Week of February 4, 2019
Conference with Rating Agency: February 6, 2019
City Council Meeting to Award Sale of the Bonds: April 2, 2019
Estimated Closing Date: End of April
Attachments
Estimated Sources and Uses of Funds
Estimated Proposed Debt Service Schedule
Resolution Authorizing Ehlers to Proceed with Bond Sale
Ehlers Contacts
Municipal Advisors: Stacie Kvilvang (651) 697-8506
Jason Aarsvold (651) 697-8512
Disclosure Coordinator: Silvia Johnson (651) 697-8580
Financial Analyst: Alicia Gage (651) 697-8551
The Preliminary Official Statement for this financing will be sent to the City Council at their home or email
address for review prior to the sale date.
City of Hopkins, Minnesota
$12,185,000 General Obligation Bonds, Series 2019A
Issue Summary
Assumes Current Market Non-BQ AA+ Rates plus 30bps
Total Issue Sources And Uses
Dated 04/30/2019 | Delivered 04/30/2019
CIP - City Hall
Street
Reconstruction -
Blake Road
Improvement -
2019
Residential
Streets
Utility
Revenue
(Water &
Sewer)
Issue
Summary
Sources Of Funds
Par Amount of Bonds $4,655,000.00 $1,830,000.00 $5,175,000.00 $525,000.00 $12,185,000.00
Communication Fund Cash 216,511.00 ---216,511.00
Sotrm Water Fund Cash --380,000.00 120,000.00 500,000.00
Prepaid Assessments --250,000.00 -250,000.00
Total Sources $4,871,511.00 $1,830,000.00 $5,805,000.00 $645,000.00 $13,151,511.00
Uses Of Funds
Total Underwriter's Discount (1.200%)55,860.00 21,960.00 62,100.00 6,300.00 146,220.00
Costs of Issuance 42,405.01 16,670.49 47,141.98 4,782.52 111,000.00
Deposit to Capitalized Interest (CIF) Fund 113,485.01 44,602.08 125,275.40 12,789.69 296,152.18
Deposit to Project Construction Fund 4,656,521.00 1,745,300.00 5,575,000.00 620,000.00 12,596,821.00
Rounding Amount 3,239.98 1,467.43 (4,517.38)1,127.79 1,317.82
Total Uses $4,871,511.00 $1,830,000.00 $5,805,000.00 $645,000.00 $13,151,511.00
Series 2019A GO Bonds - P | Issue Summary | 1/16/2019 | 2:04 PM
City of Hopkins, Minnesota
$12,185,000 General Obligation Bonds, Series 2019A
Issue Summary
Assumes Current Market Non-BQ AA+ Rates plus 30bps
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
04/30/2019 -----
02/01/2020 --296,152.18 296,152.18 296,152.18
08/01/2020 --196,706.25 196,706.25 -
02/01/2021 685,000.00 2.350%196,706.25 881,706.25 1,078,412.50
08/01/2021 --188,657.50 188,657.50 -
02/01/2022 700,000.00 2.400%188,657.50 888,657.50 1,077,315.00
08/01/2022 --180,257.50 180,257.50 -
02/01/2023 710,000.00 2.600%180,257.50 890,257.50 1,070,515.00
08/01/2023 --171,027.50 171,027.50 -
02/01/2024 720,000.00 2.650%171,027.50 891,027.50 1,062,055.00
08/01/2024 --161,487.50 161,487.50 -
02/01/2025 740,000.00 2.800%161,487.50 901,487.50 1,062,975.00
08/01/2025 --151,127.50 151,127.50 -
02/01/2026 755,000.00 2.900%151,127.50 906,127.50 1,057,255.00
08/01/2026 --140,180.00 140,180.00 -
02/01/2027 775,000.00 3.000%140,180.00 915,180.00 1,055,360.00
08/01/2027 --128,555.00 128,555.00 -
02/01/2028 800,000.00 3.250%128,555.00 928,555.00 1,057,110.00
08/01/2028 --115,555.00 115,555.00 -
02/01/2029 820,000.00 3.350%115,555.00 935,555.00 1,051,110.00
08/01/2029 --101,820.00 101,820.00 -
02/01/2030 845,000.00 3.500%101,820.00 946,820.00 1,048,640.00
08/01/2030 --87,032.50 87,032.50 -
02/01/2031 870,000.00 3.600%87,032.50 957,032.50 1,044,065.00
08/01/2031 --71,372.50 71,372.50 -
02/01/2032 890,000.00 3.650%71,372.50 961,372.50 1,032,745.00
08/01/2032 --55,130.00 55,130.00 -
02/01/2033 925,000.00 3.750%55,130.00 980,130.00 1,035,260.00
08/01/2033 --37,786.25 37,786.25 -
02/01/2034 955,000.00 3.850%37,786.25 992,786.25 1,030,572.50
08/01/2034 --19,402.50 19,402.50 -
02/01/2035 995,000.00 3.900%19,402.50 1,014,402.50 1,033,805.00
Total $12,185,000.00 -$3,908,347.18 $16,093,347.18 -
Yield Statistics
Bond Year Dollars $112,722.60
Average Life 9.251 Years
Average Coupon 3.4672260%
Net Interest Cost (NIC)3.5969427%
True Interest Cost (TIC)3.5981903%
Bond Yield for Arbitrage Purposes 3.4408208%
All Inclusive Cost (AIC)3.7194300%
IRS Form 8038
Net Interest Cost 3.4672260%
Weighted Average Maturity 9.251 Years
Series 2019A GO Bonds - P | Issue Summary | 1/16/2019 | 2:04 PM
City of Hopkins, Minnesota
$12,185,000 General Obligation Bonds, Series 2019A
Issue Summary
Assumes Current Market Non-BQ AA+ Rates plus 30bps
Net Debt Service Schedule
Date Principal Coupon Interest Total P+I CIF Net New D/S Fiscal Total
04/30/2019 -------
02/01/2020 --296,152.18 296,152.18 (296,152.18)--
08/01/2020 --196,706.25 196,706.25 -196,706.25 -
02/01/2021 685,000.00 2.350%196,706.25 881,706.25 -881,706.25 1,078,412.50
08/01/2021 --188,657.50 188,657.50 -188,657.50 -
02/01/2022 700,000.00 2.400%188,657.50 888,657.50 -888,657.50 1,077,315.00
08/01/2022 --180,257.50 180,257.50 -180,257.50 -
02/01/2023 710,000.00 2.600%180,257.50 890,257.50 -890,257.50 1,070,515.00
08/01/2023 --171,027.50 171,027.50 -171,027.50 -
02/01/2024 720,000.00 2.650%171,027.50 891,027.50 -891,027.50 1,062,055.00
08/01/2024 --161,487.50 161,487.50 -161,487.50 -
02/01/2025 740,000.00 2.800%161,487.50 901,487.50 -901,487.50 1,062,975.00
08/01/2025 --151,127.50 151,127.50 -151,127.50 -
02/01/2026 755,000.00 2.900%151,127.50 906,127.50 -906,127.50 1,057,255.00
08/01/2026 --140,180.00 140,180.00 -140,180.00 -
02/01/2027 775,000.00 3.000%140,180.00 915,180.00 -915,180.00 1,055,360.00
08/01/2027 --128,555.00 128,555.00 -128,555.00 -
02/01/2028 800,000.00 3.250%128,555.00 928,555.00 -928,555.00 1,057,110.00
08/01/2028 --115,555.00 115,555.00 -115,555.00 -
02/01/2029 820,000.00 3.350%115,555.00 935,555.00 -935,555.00 1,051,110.00
08/01/2029 --101,820.00 101,820.00 -101,820.00 -
02/01/2030 845,000.00 3.500%101,820.00 946,820.00 -946,820.00 1,048,640.00
08/01/2030 --87,032.50 87,032.50 -87,032.50 -
02/01/2031 870,000.00 3.600%87,032.50 957,032.50 -957,032.50 1,044,065.00
08/01/2031 --71,372.50 71,372.50 -71,372.50 -
02/01/2032 890,000.00 3.650%71,372.50 961,372.50 -961,372.50 1,032,745.00
08/01/2032 --55,130.00 55,130.00 -55,130.00 -
02/01/2033 925,000.00 3.750%55,130.00 980,130.00 -980,130.00 1,035,260.00
08/01/2033 --37,786.25 37,786.25 -37,786.25 -
02/01/2034 955,000.00 3.850%37,786.25 992,786.25 -992,786.25 1,030,572.50
08/01/2034 --19,402.50 19,402.50 -19,402.50 -
02/01/2035 995,000.00 3.900%19,402.50 1,014,402.50 -1,014,402.50 1,033,805.00
Total $12,185,000.00 -$3,908,347.18 $16,093,347.18 (296,152.18)$15,797,195.00 -
Series 2019A GO Bonds - P | Issue Summary | 1/16/2019 | 2:04 PM
City of Hopkins, Minnesota
$12,185,000 General Obligation Bonds, Series 2019A
Issue Summary
Assumes Current Market Non-BQ AA+ Rates plus 30bps
Detail Costs Of Issuance
Dated 04/30/2019 | Delivered 04/30/2019
COSTS OF ISSUANCE DETAIL
Municipal Advisor $73,000.00
Bond Counsel (Kennedy & Graven)$18,000.00
Rating Agency Fee (S&P)$19,000.00
Miscellaneous $1,000.00
TOTAL $111,000.00
Series 2019A GO Bonds - P | Issue Summary | 1/16/2019 | 2:04 PM
City of Hopkins, Minnesota
$12,185,000 General Obligation Bonds, Series 2019A
Issue Summary
Assumes Current Market Non-BQ AA+ Rates plus 30bps
Debt Service Schedule
Date Principal Coupon Interest Total P+I CIF Net New D/S 105% of Total Other Revenue Levy/(Surplus)
02/01/2020 --296,152.18 296,152.18 (296,152.18)----
02/01/2021 685,000.00 2.350%393,412.50 1,078,412.50 -1,078,412.50 1,132,333.13 693,333.35 438,999.78
02/01/2022 700,000.00 2.400%377,315.00 1,077,315.00 -1,077,315.00 1,131,180.75 689,600.01 441,580.74
02/01/2023 710,000.00 2.600%360,515.00 1,070,515.00 -1,070,515.00 1,124,040.75 685,866.69 438,174.06
02/01/2024 720,000.00 2.650%342,055.00 1,062,055.00 -1,062,055.00 1,115,157.75 682,133.35 433,024.40
02/01/2025 740,000.00 2.800%322,975.00 1,062,975.00 -1,062,975.00 1,116,123.75 678,400.01 437,723.74
02/01/2026 755,000.00 2.900%302,255.00 1,057,255.00 -1,057,255.00 1,110,117.75 674,666.68 435,451.07
02/01/2027 775,000.00 3.000%280,360.00 1,055,360.00 -1,055,360.00 1,108,128.00 670,933.34 437,194.66
02/01/2028 800,000.00 3.250%257,110.00 1,057,110.00 -1,057,110.00 1,109,965.50 667,200.00 442,765.50
02/01/2029 820,000.00 3.350%231,110.00 1,051,110.00 -1,051,110.00 1,103,665.50 663,466.68 440,198.82
02/01/2030 845,000.00 3.500%203,640.00 1,048,640.00 -1,048,640.00 1,101,072.00 659,733.34 441,338.66
02/01/2031 870,000.00 3.600%174,065.00 1,044,065.00 -1,044,065.00 1,096,268.25 655,999.97 440,268.28
02/01/2032 890,000.00 3.650%142,745.00 1,032,745.00 -1,032,745.00 1,084,382.25 652,266.65 432,115.60
02/01/2033 925,000.00 3.750%110,260.00 1,035,260.00 -1,035,260.00 1,087,023.00 648,533.31 438,489.69
02/01/2034 955,000.00 3.850%75,572.50 1,030,572.50 -1,030,572.50 1,082,101.13 644,799.97 437,301.15
02/01/2035 995,000.00 3.900%38,805.00 1,033,805.00 -1,033,805.00 1,085,495.25 641,066.65 444,428.60
Total $12,185,000.00 -$3,908,347.18 $16,093,347.18 (296,152.18)$15,797,195.00 $16,587,054.75 $10,008,000.00 $6,579,054.75
Significant Dates
Dated 4/30/2019
First Coupon Date 2/01/2020
Yield Statistics
Bond Year Dollars $112,722.60
Average Life 9.251 Years
Average Coupon 3.4672260%
Net Interest Cost (NIC)3.5969427%
True Interest Cost (TIC)3.5981903%
Bond Yield for Arbitrage Purposes 3.4408208%
All Inclusive Cost (AIC)3.7194300%
Series 2019A GO Bonds - P | Issue Summary | 1/16/2019 | 2:04 PM
City of Hopkins, Minnesota
$4,655,000 General Obligation Bonds, Series 2019A
CIP - City Hall
Assumes Current Market Non-BQ AA+ Rates plus 30bps
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
04/30/2019 -----
02/01/2020 --113,485.01 113,485.01 113,485.01
08/01/2020 --75,377.50 75,377.50 -
02/01/2021 250,000.00 2.350%75,377.50 325,377.50 400,755.00
08/01/2021 --72,440.00 72,440.00 -
02/01/2022 260,000.00 2.400%72,440.00 332,440.00 404,880.00
08/01/2022 --69,320.00 69,320.00 -
02/01/2023 265,000.00 2.600%69,320.00 334,320.00 403,640.00
08/01/2023 --65,875.00 65,875.00 -
02/01/2024 270,000.00 2.650%65,875.00 335,875.00 401,750.00
08/01/2024 --62,297.50 62,297.50 -
02/01/2025 280,000.00 2.800%62,297.50 342,297.50 404,595.00
08/01/2025 --58,377.50 58,377.50 -
02/01/2026 285,000.00 2.900%58,377.50 343,377.50 401,755.00
08/01/2026 --54,245.00 54,245.00 -
02/01/2027 295,000.00 3.000%54,245.00 349,245.00 403,490.00
08/01/2027 --49,820.00 49,820.00 -
02/01/2028 305,000.00 3.250%49,820.00 354,820.00 404,640.00
08/01/2028 --44,863.75 44,863.75 -
02/01/2029 315,000.00 3.350%44,863.75 359,863.75 404,727.50
08/01/2029 --39,587.50 39,587.50 -
02/01/2030 325,000.00 3.500%39,587.50 364,587.50 404,175.00
08/01/2030 --33,900.00 33,900.00 -
02/01/2031 335,000.00 3.600%33,900.00 368,900.00 402,800.00
08/01/2031 --27,870.00 27,870.00 -
02/01/2032 345,000.00 3.650%27,870.00 372,870.00 400,740.00
08/01/2032 --21,573.75 21,573.75 -
02/01/2033 360,000.00 3.750%21,573.75 381,573.75 403,147.50
08/01/2033 --14,823.75 14,823.75 -
02/01/2034 375,000.00 3.850%14,823.75 389,823.75 404,647.50
08/01/2034 --7,605.00 7,605.00 -
02/01/2035 390,000.00 3.900%7,605.00 397,605.00 405,210.00
Total $4,655,000.00 -$1,509,437.51 $6,164,437.51 -
Yield Statistics
Bond Year Dollars $43,454.18
Average Life 9.335 Years
Average Coupon 3.4736301%
Net Interest Cost (NIC)3.6021793%
True Interest Cost (TIC)3.6036595%
Bond Yield for Arbitrage Purposes 3.4408208%
All Inclusive Cost (AIC)3.7239643%
IRS Form 8038
Net Interest Cost 3.4736301%
Weighted Average Maturity 9.335 Years
Series 2019A GO Bonds - P | CIP - City Hall | 1/16/2019 | 2:04 PM
City of Hopkins, Minnesota
$4,655,000 General Obligation Bonds, Series 2019A
CIP - City Hall
Assumes Current Market Non-BQ AA+ Rates plus 30bps
Net Debt Service Schedule
Date Principal Coupon Interest Total P+I CIF Net New D/S
Fiscal
Total
04/30/2019 -------
02/01/2020 --113,485.01 113,485.01 (113,485.01)--
08/01/2020 --75,377.50 75,377.50 -75,377.50 -
02/01/2021 250,000.00 2.350%75,377.50 325,377.50 -325,377.50 400,755.00
08/01/2021 --72,440.00 72,440.00 -72,440.00 -
02/01/2022 260,000.00 2.400%72,440.00 332,440.00 -332,440.00 404,880.00
08/01/2022 --69,320.00 69,320.00 -69,320.00 -
02/01/2023 265,000.00 2.600%69,320.00 334,320.00 -334,320.00 403,640.00
08/01/2023 --65,875.00 65,875.00 -65,875.00 -
02/01/2024 270,000.00 2.650%65,875.00 335,875.00 -335,875.00 401,750.00
08/01/2024 --62,297.50 62,297.50 -62,297.50 -
02/01/2025 280,000.00 2.800%62,297.50 342,297.50 -342,297.50 404,595.00
08/01/2025 --58,377.50 58,377.50 -58,377.50 -
02/01/2026 285,000.00 2.900%58,377.50 343,377.50 -343,377.50 401,755.00
08/01/2026 --54,245.00 54,245.00 -54,245.00 -
02/01/2027 295,000.00 3.000%54,245.00 349,245.00 -349,245.00 403,490.00
08/01/2027 --49,820.00 49,820.00 -49,820.00 -
02/01/2028 305,000.00 3.250%49,820.00 354,820.00 -354,820.00 404,640.00
08/01/2028 --44,863.75 44,863.75 -44,863.75 -
02/01/2029 315,000.00 3.350%44,863.75 359,863.75 -359,863.75 404,727.50
08/01/2029 --39,587.50 39,587.50 -39,587.50 -
02/01/2030 325,000.00 3.500%39,587.50 364,587.50 -364,587.50 404,175.00
08/01/2030 --33,900.00 33,900.00 -33,900.00 -
02/01/2031 335,000.00 3.600%33,900.00 368,900.00 -368,900.00 402,800.00
08/01/2031 --27,870.00 27,870.00 -27,870.00 -
02/01/2032 345,000.00 3.650%27,870.00 372,870.00 -372,870.00 400,740.00
08/01/2032 --21,573.75 21,573.75 -21,573.75 -
02/01/2033 360,000.00 3.750%21,573.75 381,573.75 -381,573.75 403,147.50
08/01/2033 --14,823.75 14,823.75 -14,823.75 -
02/01/2034 375,000.00 3.850%14,823.75 389,823.75 -389,823.75 404,647.50
08/01/2034 --7,605.00 7,605.00 -7,605.00 -
02/01/2035 390,000.00 3.900%7,605.00 397,605.00 -397,605.00 405,210.00
Total $4,655,000.00 -$1,509,437.51 $6,164,437.51 (113,485.01)$6,050,952.50 -
Series 2019A GO Bonds - P | CIP - City Hall | 1/16/2019 | 2:04 PM
City of Hopkins, Minnesota
$4,655,000 General Obligation Bonds, Series 2019A
CIP - City Hall
Assumes Current Market Non-BQ AA+ Rates plus 30bps
Debt Service Schedule
Date Principal Coupon Interest Total P+I CIF Net New D/S 105% of Total Franchise Fees Levy/(Surplus)
02/01/2020 --113,485.01 113,485.01 (113,485.01)----
02/01/2021 250,000.00 2.350%150,755.00 400,755.00 -400,755.00 420,792.75 360,000.00 60,792.75
02/01/2022 260,000.00 2.400%144,880.00 404,880.00 -404,880.00 425,124.00 360,000.00 65,124.00
02/01/2023 265,000.00 2.600%138,640.00 403,640.00 -403,640.00 423,822.00 360,000.00 63,822.00
02/01/2024 270,000.00 2.650%131,750.00 401,750.00 -401,750.00 421,837.50 360,000.00 61,837.50
02/01/2025 280,000.00 2.800%124,595.00 404,595.00 -404,595.00 424,824.75 360,000.00 64,824.75
02/01/2026 285,000.00 2.900%116,755.00 401,755.00 -401,755.00 421,842.75 360,000.00 61,842.75
02/01/2027 295,000.00 3.000%108,490.00 403,490.00 -403,490.00 423,664.50 360,000.00 63,664.50
02/01/2028 305,000.00 3.250%99,640.00 404,640.00 -404,640.00 424,872.00 360,000.00 64,872.00
02/01/2029 315,000.00 3.350%89,727.50 404,727.50 -404,727.50 424,963.88 360,000.00 64,963.88
02/01/2030 325,000.00 3.500%79,175.00 404,175.00 -404,175.00 424,383.75 360,000.00 64,383.75
02/01/2031 335,000.00 3.600%67,800.00 402,800.00 -402,800.00 422,940.00 360,000.00 62,940.00
02/01/2032 345,000.00 3.650%55,740.00 400,740.00 -400,740.00 420,777.00 360,000.00 60,777.00
02/01/2033 360,000.00 3.750%43,147.50 403,147.50 -403,147.50 423,304.88 360,000.00 63,304.88
02/01/2034 375,000.00 3.850%29,647.50 404,647.50 -404,647.50 424,879.88 360,000.00 64,879.88
02/01/2035 390,000.00 3.900%15,210.00 405,210.00 -405,210.00 425,470.50 360,000.00 65,470.50
Total $4,655,000.00 -$1,509,437.51 $6,164,437.51 (113,485.01)$6,050,952.50 $6,353,500.13 $5,400,000.00 $953,500.13
Significant Dates
Dated 4/30/2019
First Coupon Date 2/01/2020
Yield Statistics
Bond Year Dollars $43,454.18
Average Life 9.335 Years
Average Coupon 3.4736301%
Net Interest Cost (NIC)3.6021793%
True Interest Cost (TIC)3.6036595%
Bond Yield for Arbitrage Purposes 3.4408208%
All Inclusive Cost (AIC)3.7239643%
Series 2019A GO Bonds - P | CIP - City Hall | 1/16/2019 | 2:04 PM
City of Hopkins, Minnesota
$1,830,000 General Obligation Bonds, Series 2019A
Street Reconstruction - Blake Road
Assumes Current Market Non-BQ AA+ Rates plus 30bps
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
04/30/2019 -----
02/01/2020 --44,602.08 44,602.08 44,602.08
08/01/2020 --29,625.00 29,625.00 -
02/01/2021 100,000.00 2.350%29,625.00 129,625.00 159,250.00
08/01/2021 --28,450.00 28,450.00 -
02/01/2022 100,000.00 2.400%28,450.00 128,450.00 156,900.00
08/01/2022 --27,250.00 27,250.00 -
02/01/2023 105,000.00 2.600%27,250.00 132,250.00 159,500.00
08/01/2023 --25,885.00 25,885.00 -
02/01/2024 105,000.00 2.650%25,885.00 130,885.00 156,770.00
08/01/2024 --24,493.75 24,493.75 -
02/01/2025 110,000.00 2.800%24,493.75 134,493.75 158,987.50
08/01/2025 --22,953.75 22,953.75 -
02/01/2026 115,000.00 2.900%22,953.75 137,953.75 160,907.50
08/01/2026 --21,286.25 21,286.25 -
02/01/2027 115,000.00 3.000%21,286.25 136,286.25 157,572.50
08/01/2027 --19,561.25 19,561.25 -
02/01/2028 120,000.00 3.250%19,561.25 139,561.25 159,122.50
08/01/2028 --17,611.25 17,611.25 -
02/01/2029 125,000.00 3.350%17,611.25 142,611.25 160,222.50
08/01/2029 --15,517.50 15,517.50 -
02/01/2030 130,000.00 3.500%15,517.50 145,517.50 161,035.00
08/01/2030 --13,242.50 13,242.50 -
02/01/2031 130,000.00 3.600%13,242.50 143,242.50 156,485.00
08/01/2031 --10,902.50 10,902.50 -
02/01/2032 135,000.00 3.650%10,902.50 145,902.50 156,805.00
08/01/2032 --8,438.75 8,438.75 -
02/01/2033 140,000.00 3.750%8,438.75 148,438.75 156,877.50
08/01/2033 --5,813.75 5,813.75 -
02/01/2034 145,000.00 3.850%5,813.75 150,813.75 156,627.50
08/01/2034 --3,022.50 3,022.50 -
02/01/2035 155,000.00 3.900%3,022.50 158,022.50 161,045.00
Total $1,830,000.00 -$592,709.58 $2,422,709.58 -
Yield Statistics
Bond Year Dollars $17,067.58
Average Life 9.327 Years
Average Coupon 3.4727212%
Net Interest Cost (NIC)3.6013861%
True Interest Cost (TIC)3.6028579%
Bond Yield for Arbitrage Purposes 3.4408208%
All Inclusive Cost (AIC)3.7232495%
IRS Form 8038
Net Interest Cost 3.4727212%
Weighted Average Maturity 9.327 Years
Series 2019A GO Bonds - P | Street Reconstruction - B | 1/16/2019 | 2:04 PM
City of Hopkins, Minnesota
$1,830,000 General Obligation Bonds, Series 2019A
Street Reconstruction - Blake Road
Assumes Current Market Non-BQ AA+ Rates plus 30bps
Net Debt Service Schedule
Date Principal Coupon Interest Total P+I CIF Net New D/S
Fiscal
Total
04/30/2019 -------
02/01/2020 --44,602.08 44,602.08 (44,602.08)--
08/01/2020 --29,625.00 29,625.00 -29,625.00 -
02/01/2021 100,000.00 2.350%29,625.00 129,625.00 -129,625.00 159,250.00
08/01/2021 --28,450.00 28,450.00 -28,450.00 -
02/01/2022 100,000.00 2.400%28,450.00 128,450.00 -128,450.00 156,900.00
08/01/2022 --27,250.00 27,250.00 -27,250.00 -
02/01/2023 105,000.00 2.600%27,250.00 132,250.00 -132,250.00 159,500.00
08/01/2023 --25,885.00 25,885.00 -25,885.00 -
02/01/2024 105,000.00 2.650%25,885.00 130,885.00 -130,885.00 156,770.00
08/01/2024 --24,493.75 24,493.75 -24,493.75 -
02/01/2025 110,000.00 2.800%24,493.75 134,493.75 -134,493.75 158,987.50
08/01/2025 --22,953.75 22,953.75 -22,953.75 -
02/01/2026 115,000.00 2.900%22,953.75 137,953.75 -137,953.75 160,907.50
08/01/2026 --21,286.25 21,286.25 -21,286.25 -
02/01/2027 115,000.00 3.000%21,286.25 136,286.25 -136,286.25 157,572.50
08/01/2027 --19,561.25 19,561.25 -19,561.25 -
02/01/2028 120,000.00 3.250%19,561.25 139,561.25 -139,561.25 159,122.50
08/01/2028 --17,611.25 17,611.25 -17,611.25 -
02/01/2029 125,000.00 3.350%17,611.25 142,611.25 -142,611.25 160,222.50
08/01/2029 --15,517.50 15,517.50 -15,517.50 -
02/01/2030 130,000.00 3.500%15,517.50 145,517.50 -145,517.50 161,035.00
08/01/2030 --13,242.50 13,242.50 -13,242.50 -
02/01/2031 130,000.00 3.600%13,242.50 143,242.50 -143,242.50 156,485.00
08/01/2031 --10,902.50 10,902.50 -10,902.50 -
02/01/2032 135,000.00 3.650%10,902.50 145,902.50 -145,902.50 156,805.00
08/01/2032 --8,438.75 8,438.75 -8,438.75 -
02/01/2033 140,000.00 3.750%8,438.75 148,438.75 -148,438.75 156,877.50
08/01/2033 --5,813.75 5,813.75 -5,813.75 -
02/01/2034 145,000.00 3.850%5,813.75 150,813.75 -150,813.75 156,627.50
08/01/2034 --3,022.50 3,022.50 -3,022.50 -
02/01/2035 155,000.00 3.900%3,022.50 158,022.50 -158,022.50 161,045.00
Total $1,830,000.00 -$592,709.58 $2,422,709.58 (44,602.08)$2,378,107.50 -
Series 2019A GO Bonds - P | Street Reconstruction - B | 1/16/2019 | 2:04 PM
City of Hopkins, Minnesota
$1,830,000 General Obligation Bonds, Series 2019A
Street Reconstruction - Blake Road
Assumes Current Market Non-BQ AA+ Rates plus 30bps
Debt Service Schedule
Date Principal Coupon Interest Total P+I CIF Net New D/S 105% of Total Utility Revenue Levy/(Surplus)
02/01/2020 --44,602.08 44,602.08 (44,602.08)----
02/01/2021 100,000.00 2.350%59,250.00 159,250.00 -159,250.00 167,212.50 65,000.01 102,212.49
02/01/2022 100,000.00 2.400%56,900.00 156,900.00 -156,900.00 164,745.00 65,000.01 99,744.99
02/01/2023 105,000.00 2.600%54,500.00 159,500.00 -159,500.00 167,475.00 65,000.01 102,474.99
02/01/2024 105,000.00 2.650%51,770.00 156,770.00 -156,770.00 164,608.50 65,000.01 99,608.49
02/01/2025 110,000.00 2.800%48,987.50 158,987.50 -158,987.50 166,936.88 65,000.01 101,936.87
02/01/2026 115,000.00 2.900%45,907.50 160,907.50 -160,907.50 168,952.88 65,000.00 103,952.88
02/01/2027 115,000.00 3.000%42,572.50 157,572.50 -157,572.50 165,451.13 65,000.00 100,451.13
02/01/2028 120,000.00 3.250%39,122.50 159,122.50 -159,122.50 167,078.63 65,000.00 102,078.63
02/01/2029 125,000.00 3.350%35,222.50 160,222.50 -160,222.50 168,233.63 65,000.00 103,233.63
02/01/2030 130,000.00 3.500%31,035.00 161,035.00 -161,035.00 169,086.75 65,000.00 104,086.75
02/01/2031 130,000.00 3.600%26,485.00 156,485.00 -156,485.00 164,309.25 64,999.99 99,309.26
02/01/2032 135,000.00 3.650%21,805.00 156,805.00 -156,805.00 164,645.25 64,999.99 99,645.26
02/01/2033 140,000.00 3.750%16,877.50 156,877.50 -156,877.50 164,721.38 64,999.99 99,721.39
02/01/2034 145,000.00 3.850%11,627.50 156,627.50 -156,627.50 164,458.88 64,999.99 99,458.89
02/01/2035 155,000.00 3.900%6,045.00 161,045.00 -161,045.00 169,097.25 64,999.99 104,097.26
Total $1,830,000.00 -$592,709.58 $2,422,709.58 (44,602.08)$2,378,107.50 $2,497,012.88 $975,000.00 $1,522,012.88
Significant Dates
Dated 4/30/2019
First Coupon Date 2/01/2020
Yield Statistics
Bond Year Dollars $17,067.58
Average Life 9.327 Years
Average Coupon 3.4727212%
Net Interest Cost (NIC)3.6013861%
True Interest Cost (TIC)3.6028579%
Bond Yield for Arbitrage Purposes 3.4408208%
All Inclusive Cost (AIC)3.7232495%
Series 2019A GO Bonds - P | Street Reconstruction - B | 1/16/2019 | 2:04 PM
City of Hopkins, Minnesota
$5,175,000 General Obligation Bonds, Series 2019A
Improvement - 2019 Residential Streets
Assumes Current Market Non-BQ AA+ Rates plus 30bps
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
04/30/2019 -----
02/01/2020 --125,275.40 125,275.40 125,275.40
08/01/2020 --83,208.75 83,208.75 -
02/01/2021 305,000.00 2.350%83,208.75 388,208.75 471,417.50
08/01/2021 --79,625.00 79,625.00 -
02/01/2022 310,000.00 2.400%79,625.00 389,625.00 469,250.00
08/01/2022 --75,905.00 75,905.00 -
02/01/2023 310,000.00 2.600%75,905.00 385,905.00 461,810.00
08/01/2023 --71,875.00 71,875.00 -
02/01/2024 315,000.00 2.650%71,875.00 386,875.00 458,750.00
08/01/2024 --67,701.25 67,701.25 -
02/01/2025 320,000.00 2.800%67,701.25 387,701.25 455,402.50
08/01/2025 --63,221.25 63,221.25 -
02/01/2026 325,000.00 2.900%63,221.25 388,221.25 451,442.50
08/01/2026 --58,508.75 58,508.75 -
02/01/2027 330,000.00 3.000%58,508.75 388,508.75 447,017.50
08/01/2027 --53,558.75 53,558.75 -
02/01/2028 340,000.00 3.250%53,558.75 393,558.75 447,117.50
08/01/2028 --48,033.75 48,033.75 -
02/01/2029 345,000.00 3.350%48,033.75 393,033.75 441,067.50
08/01/2029 --42,255.00 42,255.00 -
02/01/2030 355,000.00 3.500%42,255.00 397,255.00 439,510.00
08/01/2030 --36,042.50 36,042.50 -
02/01/2031 365,000.00 3.600%36,042.50 401,042.50 437,085.00
08/01/2031 --29,472.50 29,472.50 -
02/01/2032 370,000.00 3.650%29,472.50 399,472.50 428,945.00
08/01/2032 --22,720.00 22,720.00 -
02/01/2033 385,000.00 3.750%22,720.00 407,720.00 430,440.00
08/01/2033 --15,501.25 15,501.25 -
02/01/2034 395,000.00 3.850%15,501.25 410,501.25 426,002.50
08/01/2034 --7,897.50 7,897.50 -
02/01/2035 405,000.00 3.900%7,897.50 412,897.50 420,795.00
Total $5,175,000.00 -$1,636,327.90 $6,811,327.90 -
Yield Statistics
Bond Year Dollars $47,310.63
Average Life 9.142 Years
Average Coupon 3.4586901%
Net Interest Cost (NIC)3.5899502%
True Interest Cost (TIC)3.5908903%
Bond Yield for Arbitrage Purposes 3.4408208%
All Inclusive Cost (AIC)3.7133606%
IRS Form 8038
Net Interest Cost 3.4586901%
Weighted Average Maturity 9.142 Years
Series 2019A GO Bonds - P | Improvement - 2019 Reside | 1/16/2019 | 2:04 PM
City of Hopkins, Minnesota
$5,175,000 General Obligation Bonds, Series 2019A
Improvement - 2019 Residential Streets
Assumes Current Market Non-BQ AA+ Rates plus 30bps
Net Debt Service Schedule
Date Principal Coupon Interest Total P+I CIF Net New D/S
Fiscal
Total
04/30/2019 -------
02/01/2020 --125,275.40 125,275.40 (125,275.40)--
08/01/2020 --83,208.75 83,208.75 -83,208.75 -
02/01/2021 305,000.00 2.350%83,208.75 388,208.75 -388,208.75 471,417.50
08/01/2021 --79,625.00 79,625.00 -79,625.00 -
02/01/2022 310,000.00 2.400%79,625.00 389,625.00 -389,625.00 469,250.00
08/01/2022 --75,905.00 75,905.00 -75,905.00 -
02/01/2023 310,000.00 2.600%75,905.00 385,905.00 -385,905.00 461,810.00
08/01/2023 --71,875.00 71,875.00 -71,875.00 -
02/01/2024 315,000.00 2.650%71,875.00 386,875.00 -386,875.00 458,750.00
08/01/2024 --67,701.25 67,701.25 -67,701.25 -
02/01/2025 320,000.00 2.800%67,701.25 387,701.25 -387,701.25 455,402.50
08/01/2025 --63,221.25 63,221.25 -63,221.25 -
02/01/2026 325,000.00 2.900%63,221.25 388,221.25 -388,221.25 451,442.50
08/01/2026 --58,508.75 58,508.75 -58,508.75 -
02/01/2027 330,000.00 3.000%58,508.75 388,508.75 -388,508.75 447,017.50
08/01/2027 --53,558.75 53,558.75 -53,558.75 -
02/01/2028 340,000.00 3.250%53,558.75 393,558.75 -393,558.75 447,117.50
08/01/2028 --48,033.75 48,033.75 -48,033.75 -
02/01/2029 345,000.00 3.350%48,033.75 393,033.75 -393,033.75 441,067.50
08/01/2029 --42,255.00 42,255.00 -42,255.00 -
02/01/2030 355,000.00 3.500%42,255.00 397,255.00 -397,255.00 439,510.00
08/01/2030 --36,042.50 36,042.50 -36,042.50 -
02/01/2031 365,000.00 3.600%36,042.50 401,042.50 -401,042.50 437,085.00
08/01/2031 --29,472.50 29,472.50 -29,472.50 -
02/01/2032 370,000.00 3.650%29,472.50 399,472.50 -399,472.50 428,945.00
08/01/2032 --22,720.00 22,720.00 -22,720.00 -
02/01/2033 385,000.00 3.750%22,720.00 407,720.00 -407,720.00 430,440.00
08/01/2033 --15,501.25 15,501.25 -15,501.25 -
02/01/2034 395,000.00 3.850%15,501.25 410,501.25 -410,501.25 426,002.50
08/01/2034 --7,897.50 7,897.50 -7,897.50 -
02/01/2035 405,000.00 3.900%7,897.50 412,897.50 -412,897.50 420,795.00
Total $5,175,000.00 -$1,636,327.90 $6,811,327.90 (125,275.40)$6,686,052.50 -
Series 2019A GO Bonds - P | Improvement - 2019 Reside | 1/16/2019 | 2:04 PM
City of Hopkins, Minnesota
$5,175,000 General Obligation Bonds, Series 2019A
Improvement - 2019 Residential Streets
Assumes Current Market Non-BQ AA+ Rates plus 30bps
Debt Service Schedule
Date Principal Coupon Interest Total P+I CIF Net New D/S 105% of Total
Assessments/
Utility Revenue Levy/(Surplus)
02/01/2020 --125,275.40 125,275.40 (125,275.40)----
02/01/2021 305,000.00 2.350%166,417.50 471,417.50 -471,417.50 494,988.38 235,000.00 259,988.38
02/01/2022 310,000.00 2.400%159,250.00 469,250.00 -469,250.00 492,712.50 231,266.66 261,445.84
02/01/2023 310,000.00 2.600%151,810.00 461,810.00 -461,810.00 484,900.50 227,533.34 257,367.16
02/01/2024 315,000.00 2.650%143,750.00 458,750.00 -458,750.00 481,687.50 223,800.00 257,887.50
02/01/2025 320,000.00 2.800%135,402.50 455,402.50 -455,402.50 478,172.63 220,066.66 258,105.97
02/01/2026 325,000.00 2.900%126,442.50 451,442.50 -451,442.50 474,014.63 216,333.35 257,681.28
02/01/2027 330,000.00 3.000%117,017.50 447,017.50 -447,017.50 469,368.38 212,600.01 256,768.37
02/01/2028 340,000.00 3.250%107,117.50 447,117.50 -447,117.50 469,473.38 208,866.67 260,606.71
02/01/2029 345,000.00 3.350%96,067.50 441,067.50 -441,067.50 463,120.88 205,133.35 257,987.53
02/01/2030 355,000.00 3.500%84,510.00 439,510.00 -439,510.00 461,485.50 201,400.01 260,085.49
02/01/2031 365,000.00 3.600%72,085.00 437,085.00 -437,085.00 458,939.25 197,666.65 261,272.60
02/01/2032 370,000.00 3.650%58,945.00 428,945.00 -428,945.00 450,392.25 193,933.33 256,458.92
02/01/2033 385,000.00 3.750%45,440.00 430,440.00 -430,440.00 451,962.00 190,199.99 261,762.01
02/01/2034 395,000.00 3.850%31,002.50 426,002.50 -426,002.50 447,302.63 186,466.65 260,835.98
02/01/2035 405,000.00 3.900%15,795.00 420,795.00 -420,795.00 441,834.75 182,733.33 259,101.42
Total $5,175,000.00 -$1,636,327.90 $6,811,327.90 (125,275.40)$6,686,052.50 $7,020,355.13 $3,133,000.00 $3,887,355.13
Significant Dates
Dated 4/30/2019
First Coupon Date 2/01/2020
Yield Statistics
Bond Year Dollars $47,310.63
Average Life 9.142 Years
Average Coupon 3.4586901%
Net Interest Cost (NIC)3.5899502%
True Interest Cost (TIC)3.5908903%
Bond Yield for Arbitrage Purposes 3.4408208%
All Inclusive Cost (AIC)3.7133606%
Series 2019A GO Bonds - P | Improvement - 2019 Reside | 1/16/2019 | 2:04 PM
City of Hopkins, Minnesota
$525,000 General Obligation Bonds, Series 2019A
Utility Revenue (Water & Sewer)
Assumes Current Market Non-BQ AA+ Rates plus 30bps
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
04/30/2019 -----
02/01/2020 --12,789.69 12,789.69 12,789.69
08/01/2020 --8,495.00 8,495.00 -
02/01/2021 30,000.00 2.350%8,495.00 38,495.00 46,990.00
08/01/2021 --8,142.50 8,142.50 -
02/01/2022 30,000.00 2.400%8,142.50 38,142.50 46,285.00
08/01/2022 --7,782.50 7,782.50 -
02/01/2023 30,000.00 2.600%7,782.50 37,782.50 45,565.00
08/01/2023 --7,392.50 7,392.50 -
02/01/2024 30,000.00 2.650%7,392.50 37,392.50 44,785.00
08/01/2024 --6,995.00 6,995.00 -
02/01/2025 30,000.00 2.800%6,995.00 36,995.00 43,990.00
08/01/2025 --6,575.00 6,575.00 -
02/01/2026 30,000.00 2.900%6,575.00 36,575.00 43,150.00
08/01/2026 --6,140.00 6,140.00 -
02/01/2027 35,000.00 3.000%6,140.00 41,140.00 47,280.00
08/01/2027 --5,615.00 5,615.00 -
02/01/2028 35,000.00 3.250%5,615.00 40,615.00 46,230.00
08/01/2028 --5,046.25 5,046.25 -
02/01/2029 35,000.00 3.350%5,046.25 40,046.25 45,092.50
08/01/2029 --4,460.00 4,460.00 -
02/01/2030 35,000.00 3.500%4,460.00 39,460.00 43,920.00
08/01/2030 --3,847.50 3,847.50 -
02/01/2031 40,000.00 3.600%3,847.50 43,847.50 47,695.00
08/01/2031 --3,127.50 3,127.50 -
02/01/2032 40,000.00 3.650%3,127.50 43,127.50 46,255.00
08/01/2032 --2,397.50 2,397.50 -
02/01/2033 40,000.00 3.750%2,397.50 42,397.50 44,795.00
08/01/2033 --1,647.50 1,647.50 -
02/01/2034 40,000.00 3.850%1,647.50 41,647.50 43,295.00
08/01/2034 --877.50 877.50 -
02/01/2035 45,000.00 3.900%877.50 45,877.50 46,755.00
Total $525,000.00 -$169,872.19 $694,872.19 -
Yield Statistics
Bond Year Dollars $4,890.21
Average Life 9.315 Years
Average Coupon 3.4737209%
Net Interest Cost (NIC)3.6025498%
True Interest Cost (TIC)3.6040926%
Bond Yield for Arbitrage Purposes 3.4408208%
All Inclusive Cost (AIC)3.7246671%
IRS Form 8038
Net Interest Cost 3.4737209%
Weighted Average Maturity 9.315 Years
Series 2019A GO Bonds - P | Utility Revenue (Water & | 1/16/2019 | 2:04 PM
City of Hopkins, Minnesota
$525,000 General Obligation Bonds, Series 2019A
Utility Revenue (Water & Sewer)
Assumes Current Market Non-BQ AA+ Rates plus 30bps
Net Debt Service Schedule
Date Principal Coupon Interest Total P+I CIF
Net New
D/S
Fiscal
Total
04/30/2019 -------
02/01/2020 --12,789.69 12,789.69 (12,789.69)--
08/01/2020 --8,495.00 8,495.00 -8,495.00 -
02/01/2021 30,000.00 2.350%8,495.00 38,495.00 -38,495.00 46,990.00
08/01/2021 --8,142.50 8,142.50 -8,142.50 -
02/01/2022 30,000.00 2.400%8,142.50 38,142.50 -38,142.50 46,285.00
08/01/2022 --7,782.50 7,782.50 -7,782.50 -
02/01/2023 30,000.00 2.600%7,782.50 37,782.50 -37,782.50 45,565.00
08/01/2023 --7,392.50 7,392.50 -7,392.50 -
02/01/2024 30,000.00 2.650%7,392.50 37,392.50 -37,392.50 44,785.00
08/01/2024 --6,995.00 6,995.00 -6,995.00 -
02/01/2025 30,000.00 2.800%6,995.00 36,995.00 -36,995.00 43,990.00
08/01/2025 --6,575.00 6,575.00 -6,575.00 -
02/01/2026 30,000.00 2.900%6,575.00 36,575.00 -36,575.00 43,150.00
08/01/2026 --6,140.00 6,140.00 -6,140.00 -
02/01/2027 35,000.00 3.000%6,140.00 41,140.00 -41,140.00 47,280.00
08/01/2027 --5,615.00 5,615.00 -5,615.00 -
02/01/2028 35,000.00 3.250%5,615.00 40,615.00 -40,615.00 46,230.00
08/01/2028 --5,046.25 5,046.25 -5,046.25 -
02/01/2029 35,000.00 3.350%5,046.25 40,046.25 -40,046.25 45,092.50
08/01/2029 --4,460.00 4,460.00 -4,460.00 -
02/01/2030 35,000.00 3.500%4,460.00 39,460.00 -39,460.00 43,920.00
08/01/2030 --3,847.50 3,847.50 -3,847.50 -
02/01/2031 40,000.00 3.600%3,847.50 43,847.50 -43,847.50 47,695.00
08/01/2031 --3,127.50 3,127.50 -3,127.50 -
02/01/2032 40,000.00 3.650%3,127.50 43,127.50 -43,127.50 46,255.00
08/01/2032 --2,397.50 2,397.50 -2,397.50 -
02/01/2033 40,000.00 3.750%2,397.50 42,397.50 -42,397.50 44,795.00
08/01/2033 --1,647.50 1,647.50 -1,647.50 -
02/01/2034 40,000.00 3.850%1,647.50 41,647.50 -41,647.50 43,295.00
08/01/2034 --877.50 877.50 -877.50 -
02/01/2035 45,000.00 3.900%877.50 45,877.50 -45,877.50 46,755.00
Total $525,000.00 -$169,872.19 $694,872.19 (12,789.69)$682,082.50 -
Series 2019A GO Bonds - P | Utility Revenue (Water & | 1/16/2019 | 2:04 PM
City of Hopkins, Minnesota
$525,000 General Obligation Bonds, Series 2019A
Utility Revenue (Water & Sewer)
Assumes Current Market Non-BQ AA+ Rates plus 30bps
Debt Service Schedule
Date Principal Coupon Interest Total P+I CIF
Net New
D/S
105% of
Total Utility Revenue Levy/(Surplus)
02/01/2020 --12,789.69 12,789.69 (12,789.69)----
02/01/2021 30,000.00 2.350%16,990.00 46,990.00 -46,990.00 49,339.50 33,333.34 16,006.16
02/01/2022 30,000.00 2.400%16,285.00 46,285.00 -46,285.00 48,599.25 33,333.34 15,265.91
02/01/2023 30,000.00 2.600%15,565.00 45,565.00 -45,565.00 47,843.25 33,333.34 14,509.91
02/01/2024 30,000.00 2.650%14,785.00 44,785.00 -44,785.00 47,024.25 33,333.34 13,690.91
02/01/2025 30,000.00 2.800%13,990.00 43,990.00 -43,990.00 46,189.50 33,333.34 12,856.16
02/01/2026 30,000.00 2.900%13,150.00 43,150.00 -43,150.00 45,307.50 33,333.33 11,974.17
02/01/2027 35,000.00 3.000%12,280.00 47,280.00 -47,280.00 49,644.00 33,333.33 16,310.67
02/01/2028 35,000.00 3.250%11,230.00 46,230.00 -46,230.00 48,541.50 33,333.33 15,208.17
02/01/2029 35,000.00 3.350%10,092.50 45,092.50 -45,092.50 47,347.13 33,333.33 14,013.80
02/01/2030 35,000.00 3.500%8,920.00 43,920.00 -43,920.00 46,116.00 33,333.33 12,782.67
02/01/2031 40,000.00 3.600%7,695.00 47,695.00 -47,695.00 50,079.75 33,333.33 16,746.42
02/01/2032 40,000.00 3.650%6,255.00 46,255.00 -46,255.00 48,567.75 33,333.33 15,234.42
02/01/2033 40,000.00 3.750%4,795.00 44,795.00 -44,795.00 47,034.75 33,333.33 13,701.42
02/01/2034 40,000.00 3.850%3,295.00 43,295.00 -43,295.00 45,459.75 33,333.33 12,126.42
02/01/2035 45,000.00 3.900%1,755.00 46,755.00 -46,755.00 49,092.75 33,333.33 15,759.42
Total $525,000.00 -$169,872.19 $694,872.19 (12,789.69)$682,082.50 $716,186.63 $500,000.00 $216,186.63
Significant Dates
Dated 4/30/2019
First Coupon Date 2/01/2020
Yield Statistics
Bond Year Dollars $4,890.21
Average Life 9.315 Years
Average Coupon 3.4737209%
Net Interest Cost (NIC)3.6025498%
True Interest Cost (TIC)3.6040926%
Bond Yield for Arbitrage Purposes 3.4408208%
All Inclusive Cost (AIC)3.7246671%
Series 2019A GO Bonds - P | Utility Revenue (Water & | 1/16/2019 | 2:04 PM