VII.1. Authorize the Sale of $2,245,000 General Obligation Refunding Bonds, Series 2019BOctober 1, 2019 Council Report 2019-104
AUTHORIZE THE SALE OF $2,245,000 GENERAL
OBLIGATION REFUNDING BONDS, SERIES 2019B
Proposed Action
Staff recommends approval of the following motion Adopt Resolution No. 2019-077 Providing for the
Sale of $2,245,000 General Obligation Refunding Bonds, Series 2019B.
Adoption of this motion will result in 2019B GO Refunding Bonds being offered for sale on November
4, 2019. 2019B Bonds will refund 2009A GO Bonds and 2010A GO Permanent Improvement Bond
issuances.
Overview
The City of Hopkins issued 2009A GO Bonds for the purposes of Water System and Sanitary Sewer
System improvements. The debt service is paid from utility revenues. The refunding is expected to save
the Water and Sanitary Sewer funds $35,058 over the next six years.
The City of Hopkins issued 2010A GO Permanent Improvement Revolving Bonds to fund street
improvements. The debt service is paid from special assessments and taxes. The refunding is expected
to reduce debt service by approximately $30,044 over the next seven years.
The City 2009A and 2010A bonds would be refunded by GO Refunding Bonds, Series 2019B. The
2019B Bonds will be issued for a term of 7 years, the same as existing terms. The 2019B bonds will be
considered bank qualified, since the original bonds were bank qualified.
Primary Issues to Consider
• Proposed interest savings as a result of refunding the bonds.
Staff Recommendation
Staff recommends adopting the resolution providing for the sale of 2019B GO Refunding Bonds.
Supporting Information
• Resolution No. 2019-077
• Pre-Sale Report
___________________________
Nick Bishop, CPA
Finance Director
Financial Impact: estimated savings of 65,102 over 7 years ____ __ Budgeted: _No_
Source: Utility revenue, special assessments & property taxes ______________
Related Documents (CIP, ERP, etc.): __N/A___ ______ Notes: _____
City of Hopkins
Hennepin County, Minnesota
Resolution No. 2019-077
Councilmember _________________ introduced the following resolution and moved its adoption:
Resolution Providing for the Sale of
$2,245,000 General Obligation Refunding Bonds, Series 2019B
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 $2,245,000 General Obligation Refunding Bonds, Series
2019B (the "Bonds"), to finance a current refunding of General Obligation Bonds, Series, 2009A and
General Obligation PIR Fund Bonds, Series 2010A 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 7:00p.m. on November 4, 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 1st day of October, 2019.
_____________________________________________
City Clerk
October 1, 2019
Pre-Sale Report for
City of Hopkins, Minnesota
$2,245,000 General Obligation Refunding Bonds,
Series 2019B
Prepared by:
Stacie Kvilvang, CIPMA
Senior Municipal Advisor
Jason Aarsvold, CIPMA
Senior Municipal Advisor
Keith Dahl,
Financial Specialist
Presale Report
City of Hopkins, Minnesota
October 1, 2019
Page 1
Executive Summary of Proposed Debt
Proposed Issue: $2,245,000 General Obligation Refunding Bonds, Series 2019B
Purposes: The proposed issue includes financing for the following purposes:
Current refunding of the General Obligation Bonds, Series 2009A and General
Obligation PIR Fund Bonds, Series 2010A
Current Refunding of the G.O. Bonds, Series 2009A - Sanitary
Sewer System Improvements. Debt service will be paid from
utility revenues.
Interest rates on the obligations proposed to be refunded are 4%.
The refunding is expected to reduce debt service expense by
approximately $19,480 over the next 6 years. The Net Present
Value Benefit of the refunding is estimated to be $18,944, equal to
4.074% of the refunded principal.
This refunding is considered to be a Current Refunding as the
obligations being refunded are either callable (pre-payable) now, or
will be within 90 days of the date of issue of the new Bonds.
Current Refunding of the G.O. Bonds, Series 2009A - Water
System Improvements. Debt service will be paid from utility
revenues.
Interest rates on the obligations proposed to be refunded are 4.00%.
The refunding is expected to reduce debt service expense by
approximately $15,758 over the next 6 years. The Net Present
Value Benefit of the refunding is estimated to be $15,401, equal to
4.107% of the refunded principal.
This refunding is considered to be a Current Refunding as the
obligations being refunded are either callable (pre-payable) now, or
will be within 90 days of the date of issue of the new Bonds.
Current Refunding of the G.O. PIR Fund Bonds, Series 2010A -
2008 Street Improvement Project. Debt service will be paid from
special assessments and taxes.
Interest rates on the obligations proposed to be refunded are 2.45%
to 2.65%. The refunding is expected to reduce debt service expense
by approximately $(1,448) over the next 2 years. The Net Present
Value Loss of the refunding is estimated to be $(1,444), equal to
(2.407%) of the refunded principal.
This refunding is considered to be a Current Refunding as the
obligations being refunded are either callable (pre-payable) now, or
will be within 90 days of the date of issue of the new Bonds.
Presale Report
City of Hopkins, Minnesota
October 1, 2019
Page 2
Current Refunding of the G.O. PIR Fund Bonds, Series 2010A -
2009/10 Street Improvement Project. Debt service will be paid
from special assessments and taxes.
Interest rates on the obligations proposed to be refunded are 2.45%
to 3.20%. The refunding is expected to reduce debt service expense
by approximately $21,092 over the next 7 years. The Net Present
Value Benefit of the refunding is estimated to be $20,345, equal to
2.38% of the refunded principal.
This refunding is considered to be a Current Refunding as the
obligations being refunded are either callable (pre-payable) now, or
will be within 90 days of the date of issue of the new Bonds.
Current Refunding of the G.O. PIR Fund Bonds, Series 2010A - 5th
Street South Reconstruction Project. Debt service will be paid
from special assessments and taxes.
Interest rates on the obligations proposed to be refunded are 2.45%
to 3.20%. The refunding is expected to reduce debt service expense
by approximately $10,700 over the next 7 years. The Net Present
Value Benefit of the refunding is estimated to be $10,115, equal to
2.299% of the refunded principal.
This refunding is considered to be a Current Refunding as the
obligations being refunded are either callable (pre-payable) now, or
will be within 90 days of the date of issue of the new Bonds.
Authority: The Bonds are being issued pursuant to Minnesota Statutes, Chapters:
429 – Street Improvements
444 – Utility Improvements
475 – General Bonding Authority
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.
Chapter 444 allows cities to issue debt without limitation as long as debt service
is expected to be paid from water and sewer 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 7 years (same as exiting terms).
Principal on the Bonds will be due on February 1 in the years 2020 through
2026. Interest is payable every six months beginning February 1, 2020.
The Bonds are being offered without option of prior redemption.
Presale Report
City of Hopkins, Minnesota
October 1, 2019
Page 3
Bank Qualification: The City has issued more than $10,000,000 in tax exempt debt this year.
However, the refunded principal amount of the Bonds will be deemed
designated as Bank Qualified since they were originally Bank Qualified bonds.
Cost of issuance is being paid by cash on hand and/or a portion of a premium
bid, if received. Bank qualified status broadens the market for the Bonds, which
can result in lower interest rates.
Rating: The City’s most recent bond issues were rated by Standard & Poor’s. The
current ratings on those bonds are “AA+”. 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.
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, 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
Presale Report
City of Hopkins, Minnesota
October 1, 2019
Page 4
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 impacts 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, other
than the obligations proposed to be refunded by the Bonds, there are no other
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.
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 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.
Presale Report
City of Hopkins, Minnesota
October 1, 2019
Page 5
Risk Factors: Current Refunding: The Bonds are being issued to finance a current refunding
of prior City debt obligations. Those prior debt obligations are “callable” now
and can therefore be paid off within 90 days or less. The new Bonds will not be
pre-payable. This refunding is being undertaken based in part on an assumption
that the City does not expect to pre-pay off this debt prior to the new call date
and that market conditions warrant the refunding at this time.
Payment of Cost of Issuance: Cost of issuance (COI) is approximately
$70,000. Since the City is having the Bonds deemed designated BQ, COI needs
to be paid by either existing funds of the City, premium bid, if received, and/or
a combination thereof. The City is providing $47,000 in cash from the bond
fund for the refunding, therefore if a premium bid is not received, the City will
need to provide an additional $23,000 in cash from another source to pay for
COI.
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
Rating Agency: S&P 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
October 1, 2019
Page 6
Proposed Debt Issuance Schedule
Pre-Sale Review by City Council: October 1, 2019
Due Diligence Call to review Official Statement: Week of October 14, 2019
Distribute Official Statement: Week of October 21, 2019
Conference with Rating Agency: Week of October 21, 2019
City Council Meeting to Award Sale of the Bonds: November 4, 2019
Estimated Closing Date: November 26, 2019
Redemption Date for Bonds Being Refunded: December 10, 2019
Attachments
Estimated Sources and Uses of Funds
Estimated Proposed Debt Service Schedule
Estimated Debt Service Comparison
Resolution Authorizing Ehlers to Proceed with Bonds Sale
Ehlers Contacts
Municipal Advisors: Stacie Kvilvang (651) 697-8506
Jason Aarsvold (651) 697-8512
Keith Dahl (651) 697-8595
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
$2,245,000 General Obligation Refunding Bonds, Series 2019B
Issue Summary
Assuming Current GO Non-BQ "AA+" Market Rates
Total Issue Sources And Uses
Dated 11/26/2019 | Delivered 11/26/2019
Current Ref
2009A -
Water
System
Current Ref
2009A -
Sanitary
Sewer
System
Current
Ref 2010A -
2008
Street Imp
Proj
Current Ref
2010A -
2009/10
Street Imp
Proj
Current Ref
2010A - 5th
Street
South
Recon Proj
Issue
Summary
Sources Of Funds
Par Amount of Bonds $395,000.00 $485,000.00 $65,000.00 $845,000.00 $455,000.00 $2,245,000.00
Planned Issuer Equity contribution ---47,000.00 -47,000.00
Total Sources $395,000.00 $485,000.00 $65,000.00 $892,000.00 $455,000.00 $2,292,000.00
Uses Of Funds
Total Underwriter's Discount (1.200%)4,740.00 5,820.00 780.00 10,140.00 5,460.00 26,940.00
Costs of Issuance 7,565.70 9,289.54 1,244.98 16,184.85 8,714.93 43,000.00
Deposit to Current Refunding Fund 380,375.00 471,665.00 60,548.25 863,852.63 444,561.58 2,221,002.46
Rounding Amount 2,319.30 (1,774.54)2,426.77 1,822.52 (3,736.51)1,057.54
Total Uses $395,000.00 $485,000.00 $65,000.00 $892,000.00 $455,000.00 $2,292,000.00
Series 2019B GO Ref Bonds | Issue Summary | 9/ 9/2019 | 11:07 AM
City of Hopkins, Minnesota
$2,245,000 General Obligation Refunding Bonds, Series 2019B
Issue Summary
Assuming Current GO Non-BQ "AA+" Market Rates
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
11/26/2019 -----
02/01/2020 295,000.00 1.000%4,817.22 299,817.22 299,817.22
08/01/2020 --11,865.00 11,865.00 -
02/01/2021 360,000.00 1.050%11,865.00 371,865.00 383,730.00
08/01/2021 --9,975.00 9,975.00 -
02/01/2022 340,000.00 1.100%9,975.00 349,975.00 359,950.00
08/01/2022 --8,105.00 8,105.00 -
02/01/2023 350,000.00 1.150%8,105.00 358,105.00 366,210.00
08/01/2023 --6,092.50 6,092.50 -
02/01/2024 340,000.00 1.300%6,092.50 346,092.50 352,185.00
08/01/2024 --3,882.50 3,882.50 -
02/01/2025 355,000.00 1.350%3,882.50 358,882.50 362,765.00
08/01/2025 --1,486.25 1,486.25 -
02/01/2026 205,000.00 1.450%1,486.25 206,486.25 207,972.50
Total $2,245,000.00 -$87,629.72 $2,332,629.72 -
Yield Statistics
Bond Year Dollars $6,860.35
Average Life 3.056 Years
Average Coupon 1.2773365%
Net Interest Cost (NIC)1.6700280%
True Interest Cost (TIC)1.6843548%
Bond Yield for Arbitrage Purposes 1.2762623%
All Inclusive Cost (AIC)2.3520870%
IRS Form 8038
Net Interest Cost 1.2773365%
Weighted Average Maturity 3.056 Years
Series 2019B GO Ref Bonds | Issue Summary | 9/ 9/2019 | 11:07 AM
City of Hopkins, Minnesota
$2,245,000 General Obligation Refunding Bonds, Series 2019B
Issue Summary
Assuming Current GO Non-BQ "AA+" Market Rates
Debt Service Comparison
Date Total P+I Net New D/S Old Net D/S Savings
02/01/2020 299,817.22 345,759.68 351,282.50 5,522.82
02/01/2021 383,730.00 383,730.00 397,910.00 14,180.00
02/01/2022 359,950.00 359,950.00 367,210.00 7,260.00
02/01/2023 366,210.00 366,210.00 376,770.00 10,560.00
02/01/2024 352,185.00 352,185.00 365,460.00 13,275.00
02/01/2025 362,765.00 362,765.00 373,960.00 11,195.00
02/01/2026 207,972.50 207,972.50 211,560.00 3,587.50
Total $2,332,629.72 $2,378,572.18 $2,444,152.50 $65,580.32
PV Analysis Summary (Net to Net)
Gross PV Debt Service Savings.....................109,303.90
Net PV Cashflow Savings @ 1.276%(Bond Yield).....109,303.90
Total Cash contribution...........................(47,000.00)
Contingency or Rounding Amount....................1,057.54
Net Present Value Benefit $63,361.44
Net PV Benefit / $2,354,303.90 PV Refunded Debt Service 2.691%
Net PV Benefit / $2,195,000 Refunded Principal...2.887%
Net PV Benefit / $2,245,000 Refunding Principal..2.822%
Refunding Bond Information
Refunding Dated Date 11/26/2019
Refunding Delivery Date 11/26/2019
Series 2019B GO Ref Bonds | Issue Summary | 9/ 9/2019 | 11:07 AM
City of Hopkins, Minnesota
$2,245,000 General Obligation Refunding Bonds, Series 2019B
Issue Summary
Assuming Current GO Non-BQ "AA+" Market Rates
Detail Costs Of Issuance
Dated 11/26/2019 | Delivered 11/26/2019
COSTS OF ISSUANCE DETAIL
Financial Advisor $22,000.00
Bond Counsel $10,000.00
Rating Agency Fee $10,000.00
Miscellaneous $1,000.00
TOTAL $43,000.00
Series 2019B GO Ref Bonds | Issue Summary | 9/ 9/2019 | 11:07 AM
City of Hopkins, Minnesota
$2,245,000 General Obligation Refunding Bonds, Series 2019B
Issue Summary
Assuming Current GO Non-BQ "AA+" Market Rates
Debt Service Schedule
Date Principal Coupon Interest Total P+I
105%
Overlevy
02/01/2020 295,000.00 1.000%4,817.22 299,817.22 314,808.08
02/01/2021 360,000.00 1.050%23,730.00 383,730.00 402,916.50
02/01/2022 340,000.00 1.100%19,950.00 359,950.00 377,947.50
02/01/2023 350,000.00 1.150%16,210.00 366,210.00 384,520.50
02/01/2024 340,000.00 1.300%12,185.00 352,185.00 369,794.25
02/01/2025 355,000.00 1.350%7,765.00 362,765.00 380,903.25
02/01/2026 205,000.00 1.450%2,972.50 207,972.50 218,371.13
Total $2,245,000.00 -$87,629.72 $2,332,629.72 $2,449,261.21
Significant Dates
Dated 11/26/2019
First Coupon Date 2/01/2020
Yield Statistics
Bond Year Dollars $6,860.35
Average Life 3.056 Years
Average Coupon 1.2773365%
Net Interest Cost (NIC)1.6700280%
True Interest Cost (TIC)1.6843548%
Bond Yield for Arbitrage Purposes 1.2762623%
All Inclusive Cost (AIC)2.3520870%
IRS Form 8038
Net Interest Cost 1.2773365%
Weighted Average Maturity 3.056 Years
Series 2019B GO Ref Bonds | Issue Summary | 9/ 9/2019 | 11:07 AM
City of Hopkins, Minnesota
$395,000 General Obligation Refunding Bonds, Series 2019B
Current Ref 2009A - Water System
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
11/26/2019 -----
02/01/2020 60,000.00 1.000%829.20 60,829.20 60,829.20
08/01/2020 --1,996.25 1,996.25 -
02/01/2021 65,000.00 1.050%1,996.25 66,996.25 68,992.50
08/01/2021 --1,655.00 1,655.00 -
02/01/2022 65,000.00 1.100%1,655.00 66,655.00 68,310.00
08/01/2022 --1,297.50 1,297.50 -
02/01/2023 70,000.00 1.150%1,297.50 71,297.50 72,595.00
08/01/2023 --895.00 895.00 -
02/01/2024 65,000.00 1.300%895.00 65,895.00 66,790.00
08/01/2024 --472.50 472.50 -
02/01/2025 70,000.00 1.350%472.50 70,472.50 70,945.00
Total $395,000.00 -$13,461.70 $408,461.70 -
Yield Statistics
Bond Year Dollars $1,086.32
Average Life 2.750 Years
Average Coupon 1.2392027%
Net Interest Cost (NIC)1.6755385%
True Interest Cost (TIC)1.6905270%
Bond Yield for Arbitrage Purposes 1.2762623%
All Inclusive Cost (AIC)2.4303454%
IRS Form 8038
Net Interest Cost 1.2392027%
Weighted Average Maturity 2.750 Years
Series 2019B GO Ref Bonds | Current Ref 2009A - Water | 9/ 9/2019 | 11:07 AM
City of Hopkins, Minnesota
$395,000 General Obligation Refunding Bonds, Series 2019B
Current Ref 2009A - Water System
Debt Service Comparison
Date Total P+I
Net New
D/S Old Net D/S Savings
02/01/2020 60,829.20 58,509.90 62,500.00 3,990.10
02/01/2021 68,992.50 68,992.50 72,800.00 3,807.50
02/01/2022 68,310.00 68,310.00 70,400.00 2,090.00
02/01/2023 72,595.00 72,595.00 73,000.00 405.00
02/01/2024 66,790.00 66,790.00 70,400.00 3,610.00
02/01/2025 70,945.00 70,945.00 72,800.00 1,855.00
Total $408,461.70 $406,142.40 $421,900.00 $15,757.60
PV Analysis Summary (Net to Net)
Gross PV Debt Service Savings.....................13,081.88
Net PV Cashflow Savings @ 1.276%(Bond Yield).....13,081.88
Contingency or Rounding Amount....................2,319.30
Net Present Value Benefit $15,401.18
Net PV Benefit / $407,682.32 PV Refunded Debt Service 3.778%
Net PV Benefit / $375,000 Refunded Principal...4.107%
Net PV Benefit / $395,000 Refunding Principal..3.899%
Refunding Bond Information
Refunding Dated Date 11/26/2019
Refunding Delivery Date 11/26/2019
Series 2019B GO Ref Bonds | Current Ref 2009A - Water | 9/ 9/2019 | 11:07 AM
City of Hopkins, MN
$3,295,000 General Obligation Bonds, Series 2009A
Water System
Prior Original Debt Service
Date Principal Coupon Interest Total P+I Fiscal Total
08/01/2019 -----
02/01/2020 55,000.00 4.000%7,500.00 62,500.00 62,500.00
08/01/2020 --6,400.00 6,400.00 -
02/01/2021 60,000.00 4.000%6,400.00 66,400.00 72,800.00
08/01/2021 --5,200.00 5,200.00 -
02/01/2022 60,000.00 4.000%5,200.00 65,200.00 70,400.00
08/01/2022 --4,000.00 4,000.00 -
02/01/2023 65,000.00 4.000%4,000.00 69,000.00 73,000.00
08/01/2023 --2,700.00 2,700.00 -
02/01/2024 65,000.00 4.000%2,700.00 67,700.00 70,400.00
08/01/2024 --1,400.00 1,400.00 -
02/01/2025 70,000.00 4.000%1,400.00 71,400.00 72,800.00
Total $375,000.00 -$46,900.00 $421,900.00 -
Yield Statistics
Base date for Avg. Life & Avg. Coupon Calculation 11/26/2019
Average Life 2.807 Years
Average Coupon 3.9999997%
Weighted Average Maturity (Par Basis) 2.807 Years
Weighted Average Maturity (Original Price Basis) 2.807 Years
Refunding Bond Information
Refunding Dated Date 11/26/2019
Refunding Delivery Date 11/26/2019
2009A GO Bonds CR 2019B | Water System | 9/ 9/2019 | 11:07 AM
City of Hopkins, Minnesota
$395,000 General Obligation Refunding Bonds, Series 2019B
Current Ref 2009A - Water System
Debt Service Schedule
Date Principal Coupon Interest Total P+I
105%
Overlevy
02/01/2020 60,000.00 1.000%829.20 60,829.20 63,870.66
02/01/2021 65,000.00 1.050%3,992.50 68,992.50 72,442.13
02/01/2022 65,000.00 1.100%3,310.00 68,310.00 71,725.50
02/01/2023 70,000.00 1.150%2,595.00 72,595.00 76,224.75
02/01/2024 65,000.00 1.300%1,790.00 66,790.00 70,129.50
02/01/2025 70,000.00 1.350%945.00 70,945.00 74,492.25
Total $395,000.00 -$13,461.70 $408,461.70 $428,884.79
Significant Dates
Dated 11/26/2019
First Coupon Date 2/01/2020
Yield Statistics
Bond Year Dollars $1,086.32
Average Life 2.750 Years
Average Coupon 1.2392027%
Net Interest Cost (NIC)1.6755385%
True Interest Cost (TIC)1.6905270%
Bond Yield for Arbitrage Purposes 1.2762623%
All Inclusive Cost (AIC)2.4303454%
IRS Form 8038
Net Interest Cost 1.2392027%
Weighted Average Maturity 2.750 Years
Series 2019B GO Ref Bonds | Current Ref 2009A - Water | 9/ 9/2019 | 11:07 AM
City of Hopkins, Minnesota
$485,000 General Obligation Refunding Bonds, Series 2019B
Current Ref 2009A - Sanitary Sewer System
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
11/26/2019 -----
02/01/2020 75,000.00 1.000%1,017.43 76,017.43 76,017.43
08/01/2020 --2,442.50 2,442.50 -
02/01/2021 80,000.00 1.050%2,442.50 82,442.50 84,885.00
08/01/2021 --2,022.50 2,022.50 -
02/01/2022 80,000.00 1.100%2,022.50 82,022.50 84,045.00
08/01/2022 --1,582.50 1,582.50 -
02/01/2023 85,000.00 1.150%1,582.50 86,582.50 88,165.00
08/01/2023 --1,093.75 1,093.75 -
02/01/2024 80,000.00 1.300%1,093.75 81,093.75 82,187.50
08/01/2024 --573.75 573.75 -
02/01/2025 85,000.00 1.350%573.75 85,573.75 86,147.50
Total $485,000.00 -$16,447.43 $501,447.43 -
Yield Statistics
Bond Year Dollars $1,327.57
Average Life 2.737 Years
Average Coupon 1.2389130%
Net Interest Cost (NIC)1.6773081%
True Interest Cost (TIC)1.6923675%
Bond Yield for Arbitrage Purposes 1.2762623%
All Inclusive Cost (AIC)2.4357407%
IRS Form 8038
Net Interest Cost 1.2389130%
Weighted Average Maturity 2.737 Years
Series 2019B GO Ref Bonds | Current Ref 2009A - Sanit | 9/ 9/2019 | 11:07 AM
City of Hopkins, Minnesota
$485,000 General Obligation Refunding Bonds, Series 2019B
Current Ref 2009A - Sanitary Sewer System
Debt Service Comparison
Date Total P+I
Net New
D/S Old Net D/S Savings
02/01/2020 76,017.43 77,791.97 79,300.00 1,508.03
02/01/2021 84,885.00 84,885.00 90,800.00 5,915.00
02/01/2022 84,045.00 84,045.00 87,800.00 3,755.00
02/01/2023 88,165.00 88,165.00 89,800.00 1,635.00
02/01/2024 82,187.50 82,187.50 86,600.00 4,412.50
02/01/2025 86,147.50 86,147.50 88,400.00 2,252.50
Total $501,447.43 $503,221.97 $522,700.00 $19,478.03
PV Analysis Summary (Net to Net)
Gross PV Debt Service Savings.....................20,718.96
Net PV Cashflow Savings @ 1.276%(Bond Yield).....20,718.96
Contingency or Rounding Amount....................(1,774.54)
Net Present Value Benefit $18,944.42
Net PV Benefit / $505,226.89 PV Refunded Debt Service 3.750%
Net PV Benefit / $465,000 Refunded Principal...4.074%
Net PV Benefit / $485,000 Refunding Principal..3.906%
Refunding Bond Information
Refunding Dated Date 11/26/2019
Refunding Delivery Date 11/26/2019
Series 2019B GO Ref Bonds | Current Ref 2009A - Sanit | 9/ 9/2019 | 11:07 AM
City of Hopkins, MN
$3,295,000 General Obligation Bonds, Series 2009A
Sanitary Sewer System
Prior Original Debt Service
Date Principal Coupon Interest Total P+I Fiscal Total
08/01/2019 -----
02/01/2020 70,000.00 4.000%9,300.00 79,300.00 79,300.00
08/01/2020 --7,900.00 7,900.00 -
02/01/2021 75,000.00 4.000%7,900.00 82,900.00 90,800.00
08/01/2021 --6,400.00 6,400.00 -
02/01/2022 75,000.00 4.000%6,400.00 81,400.00 87,800.00
08/01/2022 --4,900.00 4,900.00 -
02/01/2023 80,000.00 4.000%4,900.00 84,900.00 89,800.00
08/01/2023 --3,300.00 3,300.00 -
02/01/2024 80,000.00 4.000%3,300.00 83,300.00 86,600.00
08/01/2024 --1,700.00 1,700.00 -
02/01/2025 85,000.00 4.000%1,700.00 86,700.00 88,400.00
Total $465,000.00 -$57,700.00 $522,700.00 -
Yield Statistics
Base date for Avg. Life & Avg. Coupon Calculation 11/26/2019
Average Life 2.783 Years
Average Coupon 3.9999997%
Weighted Average Maturity (Par Basis) 2.783 Years
Weighted Average Maturity (Original Price Basis) 2.783 Years
Refunding Bond Information
Refunding Dated Date 11/26/2019
Refunding Delivery Date 11/26/2019
2009A GO Bonds CR 2019B | Sanitary Sewer System | 9/ 9/2019 | 11:07 AM
City of Hopkins, Minnesota
$485,000 General Obligation Refunding Bonds, Series 2019B
Current Ref 2009A - Sanitary Sewer System
Debt Service Schedule
Date Principal Coupon Interest Total P+I
105%
Overlevy
02/01/2020 75,000.00 1.000%1,017.43 76,017.43 79,818.30
02/01/2021 80,000.00 1.050%4,885.00 84,885.00 89,129.25
02/01/2022 80,000.00 1.100%4,045.00 84,045.00 88,247.25
02/01/2023 85,000.00 1.150%3,165.00 88,165.00 92,573.25
02/01/2024 80,000.00 1.300%2,187.50 82,187.50 86,296.88
02/01/2025 85,000.00 1.350%1,147.50 86,147.50 90,454.88
Total $485,000.00 -$16,447.43 $501,447.43 $526,519.80
Significant Dates
Dated 11/26/2019
First Coupon Date 2/01/2020
Yield Statistics
Bond Year Dollars $1,327.57
Average Life 2.737 Years
Average Coupon 1.2389130%
Net Interest Cost (NIC)1.6773081%
True Interest Cost (TIC)1.6923675%
Bond Yield for Arbitrage Purposes 1.2762623%
All Inclusive Cost (AIC)2.4357407%
IRS Form 8038
Net Interest Cost 1.2389130%
Weighted Average Maturity 2.737 Years
Series 2019B GO Ref Bonds | Current Ref 2009A - Sanit | 9/ 9/2019 | 11:07 AM
City of Hopkins, Minnesota
$65,000 General Obligation Refunding Bonds, Series 2019B
Current Ref 2010A - 2008 Street Imp Proj
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
11/26/2019 -----
02/01/2020 35,000.00 1.000%120.07 35,120.07 35,120.07
08/01/2020 --157.50 157.50 -
02/01/2021 30,000.00 1.050%157.50 30,157.50 30,315.00
Total $65,000.00 -$435.07 $65,435.07 -
Yield Statistics
Bond Year Dollars $41.74
Average Life 0.642 Years
Average Coupon 1.0424306%
Net Interest Cost (NIC)2.9113158%
True Interest Cost (TIC)2.9548879%
Bond Yield for Arbitrage Purposes 1.2762623%
All Inclusive Cost (AIC)6.1249961%
IRS Form 8038
Net Interest Cost 1.0424306%
Weighted Average Maturity 0.642 Years
Series 2019B GO Ref Bonds | Current Ref 2010A - 2008 | 9/ 9/2019 | 11:07 AM
City of Hopkins, Minnesota
$65,000 General Obligation Refunding Bonds, Series 2019B
Current Ref 2010A - 2008 Street Imp Proj
Debt Service Comparison
Date Total P+I
Net New
D/S
Old Net
D/S Savings
02/01/2020 35,120.07 32,693.30 30,765.00 (1,928.30)
02/01/2021 30,315.00 30,315.00 30,795.00 480.00
Total $65,435.07 $63,008.30 $61,560.00 (1,448.30)
PV Analysis Summary (Net to Net)
Gross PV Debt Service Savings (3,870.72)
Net PV Cashflow Savings @ 1.276%(Bond Yield)(3,870.72)
Contingency or Rounding Amount 2,426.77
Net Present Value Loss $(1,443.95)
Net PV Loss / $61,032.85 PV Refunded Debt Service (2.366%)
Net PV Loss / $60,000 Refunded Principal (2.407%)
Net PV Loss / $65,000 Refunding Principal (2.221%)
Refunding Bond Information
Refunding Dated Date 11/26/2019
Refunding Delivery Date 11/26/2019
Series 2019B GO Ref Bonds | Current Ref 2010A - 2008 | 9/ 9/2019 | 11:07 AM
City of Hopkins, MN
$2,710,000 GO PIR Fund Bonds, Series 2010A
2008 Street Improvement Project
Prior Original Debt Service
Date Principal Coupon Interest Total P+I Fiscal Total
08/01/2019 -----
02/01/2020 30,000.00 2.450%765.00 30,765.00 30,765.00
08/01/2020 --397.50 397.50 -
02/01/2021 30,000.00 2.650%397.50 30,397.50 30,795.00
Total $60,000.00 -$1,560.00 $61,560.00 -
Yield Statistics
Base date for Avg. Life & Avg. Coupon Calculation 11/26/2019
Average Life 0.681 Years
Average Coupon 2.6234694%
Weighted Average Maturity (Par Basis) 0.681 Years
Weighted Average Maturity (Original Price Basis) 0.681 Years
Refunding Bond Information
Refunding Dated Date 11/26/2019
Refunding Delivery Date 11/26/2019
2010A GO PIR Fund Bonds C | 2008 Street Improvement P | 9/ 9/2019 | 11:07 AM
City of Hopkins, Minnesota
$65,000 General Obligation Refunding Bonds, Series 2019B
Current Ref 2010A - 2008 Street Imp Proj
Debt Service Schedule
Date Principal Coupon Interest Total P+I
105%
Overlevy
02/01/2020 35,000.00 1.000%120.07 35,120.07 36,876.07
02/01/2021 30,000.00 1.050%315.00 30,315.00 31,830.75
Total $65,000.00 -$435.07 $65,435.07 $68,706.82
Significant Dates
Dated 11/26/2019
First Coupon Date 2/01/2020
Yield Statistics
Bond Year Dollars $41.74
Average Life 0.642 Years
Average Coupon 1.0424306%
Net Interest Cost (NIC)2.9113158%
True Interest Cost (TIC)2.9548879%
Bond Yield for Arbitrage Purposes 1.2762623%
All Inclusive Cost (AIC)6.1249961%
IRS Form 8038
Net Interest Cost 1.0424306%
Weighted Average Maturity 0.642 Years
Series 2019B GO Ref Bonds | Current Ref 2010A - 2008 | 9/ 9/2019 | 11:07 AM
City of Hopkins, Minnesota
$845,000 General Obligation Refunding Bonds, Series 2019B
Current Ref 2010A - 2009/10 Street Imp Proj
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
11/26/2019 -----
02/01/2020 65,000.00 1.000%1,857.92 66,857.92 66,857.92
08/01/2020 --4,820.00 4,820.00 -
02/01/2021 125,000.00 1.050%4,820.00 129,820.00 134,640.00
08/01/2021 --4,163.75 4,163.75 -
02/01/2022 130,000.00 1.100%4,163.75 134,163.75 138,327.50
08/01/2022 --3,448.75 3,448.75 -
02/01/2023 130,000.00 1.150%3,448.75 133,448.75 136,897.50
08/01/2023 --2,701.25 2,701.25 -
02/01/2024 130,000.00 1.300%2,701.25 132,701.25 135,402.50
08/01/2024 --1,856.25 1,856.25 -
02/01/2025 130,000.00 1.350%1,856.25 131,856.25 133,712.50
08/01/2025 --978.75 978.75 -
02/01/2026 135,000.00 1.450%978.75 135,978.75 136,957.50
Total $845,000.00 -$37,795.42 $882,795.42 -
Yield Statistics
Bond Year Dollars $2,907.57
Average Life 3.441 Years
Average Coupon 1.2998974%
Net Interest Cost (NIC)1.6486423%
True Interest Cost (TIC)1.6617196%
Bond Yield for Arbitrage Purposes 1.2762623%
All Inclusive Cost (AIC)2.2547074%
IRS Form 8038
Net Interest Cost 1.2998974%
Weighted Average Maturity 3.441 Years
Series 2019B GO Ref Bonds | Current Ref 2010A - 2009/ | 9/ 9/2019 | 11:07 AM
City of Hopkins, Minnesota
$845,000 General Obligation Refunding Bonds, Series 2019B
Current Ref 2010A - 2009/10 Street Imp Proj
Debt Service Comparison
Date Total P+I
Net New
D/S Old Net D/S Savings
02/01/2020 66,857.92 112,035.40 117,352.50 5,317.10
02/01/2021 134,640.00 134,640.00 137,132.50 2,492.50
02/01/2022 138,327.50 138,327.50 139,085.00 757.50
02/01/2023 136,897.50 136,897.50 140,725.00 3,827.50
02/01/2024 135,402.50 135,402.50 137,100.00 1,697.50
02/01/2025 133,712.50 133,712.50 138,350.00 4,637.50
02/01/2026 136,957.50 136,957.50 139,320.00 2,362.50
Total $882,795.42 $927,972.90 $949,065.00 $21,092.10
PV Analysis Summary (Net to Net)
Gross PV Debt Service Savings.....................65,522.48
Net PV Cashflow Savings @ 1.276%(Bond Yield).....65,522.48
Total Cash contribution...........................(47,000.00)
Contingency or Rounding Amount....................1,822.52
Net Present Value Benefit $20,345.00
Net PV Benefit / $911,156.36 PV Refunded Debt Service 2.233%
Net PV Benefit / $855,000 Refunded Principal...2.380%
Net PV Benefit / $845,000 Refunding Principal..2.408%
Refunding Bond Information
Refunding Dated Date 11/26/2019
Refunding Delivery Date 11/26/2019
Series 2019B GO Ref Bonds | Current Ref 2010A - 2009/ | 9/ 9/2019 | 11:07 AM
City of Hopkins, MN
$2,710,000 GO PIR Fund Bonds, Series 2010A
2009/10 Street Improvement Project
Prior Original Debt Service
Date Principal Coupon Interest Total P+I Fiscal Total
08/01/2019 -----
02/01/2020 105,000.00 2.450%12,352.50 117,352.50 117,352.50
08/01/2020 --11,066.25 11,066.25 -
02/01/2021 115,000.00 2.650%11,066.25 126,066.25 137,132.50
08/01/2021 --9,542.50 9,542.50 -
02/01/2022 120,000.00 2.800%9,542.50 129,542.50 139,085.00
08/01/2022 --7,862.50 7,862.50 -
02/01/2023 125,000.00 2.900%7,862.50 132,862.50 140,725.00
08/01/2023 --6,050.00 6,050.00 -
02/01/2024 125,000.00 3.000%6,050.00 131,050.00 137,100.00
08/01/2024 --4,175.00 4,175.00 -
02/01/2025 130,000.00 3.100%4,175.00 134,175.00 138,350.00
08/01/2025 --2,160.00 2,160.00 -
02/01/2026 135,000.00 3.200%2,160.00 137,160.00 139,320.00
Total $855,000.00 -$94,065.00 $949,065.00 -
Yield Statistics
Base date for Avg. Life & Avg. Coupon Calculation 11/26/2019
Average Life 3.327 Years
Average Coupon 3.0295981%
Weighted Average Maturity (Par Basis) 3.327 Years
Weighted Average Maturity (Original Price Basis) 3.327 Years
Refunding Bond Information
Refunding Dated Date 11/26/2019
Refunding Delivery Date 11/26/2019
2010A GO PIR Fund Bonds C | 2009/10 Street Improvemen | 9/ 9/2019 | 11:07 AM
City of Hopkins, Minnesota
$845,000 General Obligation Refunding Bonds, Series 2019B
Current Ref 2010A - 2009/10 Street Imp Proj
Debt Service Schedule
Date Principal Coupon Interest Total P+I
105%
Overlevy
02/01/2020 65,000.00 1.000%1,857.92 66,857.92 70,200.82
02/01/2021 125,000.00 1.050%9,640.00 134,640.00 141,372.00
02/01/2022 130,000.00 1.100%8,327.50 138,327.50 145,243.88
02/01/2023 130,000.00 1.150%6,897.50 136,897.50 143,742.38
02/01/2024 130,000.00 1.300%5,402.50 135,402.50 142,172.63
02/01/2025 130,000.00 1.350%3,712.50 133,712.50 140,398.13
02/01/2026 135,000.00 1.450%1,957.50 136,957.50 143,805.38
Total $845,000.00 -$37,795.42 $882,795.42 $926,935.19
Significant Dates
Dated 11/26/2019
First Coupon Date 2/01/2020
Yield Statistics
Bond Year Dollars $2,907.57
Average Life 3.441 Years
Average Coupon 1.2998974%
Net Interest Cost (NIC)1.6486423%
True Interest Cost (TIC)1.6617196%
Bond Yield for Arbitrage Purposes 1.2762623%
All Inclusive Cost (AIC)2.2547074%
IRS Form 8038
Net Interest Cost 1.2998974%
Weighted Average Maturity 3.441 Years
Series 2019B GO Ref Bonds | Current Ref 2010A - 2009/ | 9/ 9/2019 | 11:07 AM
City of Hopkins, Minnesota
$455,000 General Obligation Refunding Bonds, Series 2019B
Current Ref 2010A - 5th Street South Recon Proj
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
11/26/2019 -----
02/01/2020 60,000.00 1.000%992.60 60,992.60 60,992.60
08/01/2020 --2,448.75 2,448.75 -
02/01/2021 60,000.00 1.050%2,448.75 62,448.75 64,897.50
08/01/2021 --2,133.75 2,133.75 -
02/01/2022 65,000.00 1.100%2,133.75 67,133.75 69,267.50
08/01/2022 --1,776.25 1,776.25 -
02/01/2023 65,000.00 1.150%1,776.25 66,776.25 68,552.50
08/01/2023 --1,402.50 1,402.50 -
02/01/2024 65,000.00 1.300%1,402.50 66,402.50 67,805.00
08/01/2024 --980.00 980.00 -
02/01/2025 70,000.00 1.350%980.00 70,980.00 71,960.00
08/01/2025 --507.50 507.50 -
02/01/2026 70,000.00 1.450%507.50 70,507.50 71,015.00
Total $455,000.00 -$19,490.10 $474,490.10 -
Yield Statistics
Bond Year Dollars $1,497.15
Average Life 3.290 Years
Average Coupon 1.3018110%
Net Interest Cost (NIC)1.6665033%
True Interest Cost (TIC)1.6804771%
Bond Yield for Arbitrage Purposes 1.2762623%
All Inclusive Cost (AIC)2.3017206%
IRS Form 8038
Net Interest Cost 1.3018110%
Weighted Average Maturity 3.290 Years
Series 2019B GO Ref Bonds | Current Ref 2010A - 5th S | 9/ 9/2019 | 11:07 AM
City of Hopkins, Minnesota
$455,000 General Obligation Refunding Bonds, Series 2019B
Current Ref 2010A - 5th Street South Recon Proj
Debt Service Comparison
Date Total P+I
Net New
D/S Old Net D/S Savings
02/01/2020 60,992.60 64,729.11 61,365.00 (3,364.11)
02/01/2021 64,897.50 64,897.50 66,382.50 1,485.00
02/01/2022 69,267.50 69,267.50 69,925.00 657.50
02/01/2023 68,552.50 68,552.50 73,245.00 4,692.50
02/01/2024 67,805.00 67,805.00 71,360.00 3,555.00
02/01/2025 71,960.00 71,960.00 74,410.00 2,450.00
02/01/2026 71,015.00 71,015.00 72,240.00 1,225.00
Total $474,490.10 $478,226.61 $488,927.50 $10,700.89
PV Analysis Summary (Net to Net)
Gross PV Debt Service Savings.....................13,851.31
Net PV Cashflow Savings @ 1.276%(Bond Yield).....13,851.31
Contingency or Rounding Amount....................(3,736.51)
Net Present Value Benefit $10,114.80
Net PV Benefit / $469,205.48 PV Refunded Debt Service 2.156%
Net PV Benefit / $440,000 Refunded Principal...2.299%
Net PV Benefit / $455,000 Refunding Principal..2.223%
Refunding Bond Information
Refunding Dated Date 11/26/2019
Refunding Delivery Date 11/26/2019
Series 2019B GO Ref Bonds | Current Ref 2010A - 5th S | 9/ 9/2019 | 11:07 AM
City of Hopkins, MN
$2,710,000 GO PIR Fund Bonds, Series 2010A
5th Street South Reconstruction Project
Prior Original Debt Service
Date Principal Coupon Interest Total P+I Fiscal Total
08/01/2019 -----
02/01/2020 55,000.00 2.450%6,365.00 61,365.00 61,365.00
08/01/2020 --5,691.25 5,691.25 -
02/01/2021 55,000.00 2.650%5,691.25 60,691.25 66,382.50
08/01/2021 --4,962.50 4,962.50 -
02/01/2022 60,000.00 2.800%4,962.50 64,962.50 69,925.00
08/01/2022 --4,122.50 4,122.50 -
02/01/2023 65,000.00 2.900%4,122.50 69,122.50 73,245.00
08/01/2023 --3,180.00 3,180.00 -
02/01/2024 65,000.00 3.000%3,180.00 68,180.00 71,360.00
08/01/2024 --2,205.00 2,205.00 -
02/01/2025 70,000.00 3.100%2,205.00 72,205.00 74,410.00
08/01/2025 --1,120.00 1,120.00 -
02/01/2026 70,000.00 3.200%1,120.00 71,120.00 72,240.00
Total $440,000.00 -$48,927.50 $488,927.50 -
Yield Statistics
Base date for Avg. Life & Avg. Coupon Calculation 11/26/2019
Average Life 3.362 Years
Average Coupon 3.0322849%
Weighted Average Maturity (Par Basis) 3.362 Years
Weighted Average Maturity (Original Price Basis) 3.362 Years
Refunding Bond Information
Refunding Dated Date 11/26/2019
Refunding Delivery Date 11/26/2019
2010A GO PIR Fund Bonds C | 5th Street South Reconstr | 9/ 9/2019 | 11:07 AM
City of Hopkins, Minnesota
$455,000 General Obligation Refunding Bonds, Series 2019B
Current Ref 2010A - 5th Street South Recon Proj
Debt Service Schedule
Date Principal Coupon Interest Total P+I
105%
Overlevy
02/01/2020 60,000.00 1.000%992.60 60,992.60 64,042.23
02/01/2021 60,000.00 1.050%4,897.50 64,897.50 68,142.38
02/01/2022 65,000.00 1.100%4,267.50 69,267.50 72,730.88
02/01/2023 65,000.00 1.150%3,552.50 68,552.50 71,980.13
02/01/2024 65,000.00 1.300%2,805.00 67,805.00 71,195.25
02/01/2025 70,000.00 1.350%1,960.00 71,960.00 75,558.00
02/01/2026 70,000.00 1.450%1,015.00 71,015.00 74,565.75
Total $455,000.00 -$19,490.10 $474,490.10 $498,214.61
Significant Dates
Dated 11/26/2019
First Coupon Date 2/01/2020
Yield Statistics
Bond Year Dollars $1,497.15
Average Life 3.290 Years
Average Coupon 1.3018110%
Net Interest Cost (NIC)1.6665033%
True Interest Cost (TIC)1.6804771%
Bond Yield for Arbitrage Purposes 1.2762623%
All Inclusive Cost (AIC)2.3017206%
IRS Form 8038
Net Interest Cost 1.3018110%
Weighted Average Maturity 3.290 Years
Series 2019B GO Ref Bonds | Current Ref 2010A - 5th S | 9/ 9/2019 | 11:07 AM