VII.2. Resolution Providing for the Sale of $7,645,000 General Obligation Bonds, Series 2025A; Bishop
CITY OF HOPKINS
City Council Report 2025-067
To: Honorable Mayor and Council Members
Mike Mornson, City Manager
From: Nick Bishop, Finance Director
Date: April 15, 2024
Subject: Authorize Sale of $7,645,000 General Obligation Bonds Series 2025A
_____________________________________________________________________
RECOMMENDED ACTION
MOTION TO adopt Resolution 2025-029: Providing for the Sale of $7,645,000 General
Obligation Bonds, Series 2025A.
OVERVIEW
The Series 2025A bonds will be general obligations of the City for which it’s full faith,
credit and taxing powers are pledged. The preliminary authorization is for $7.645 million
and is based on actual contract amounts. The bonds are being sold to finance two
purposes.
• The first phase of the 2025/2026 street and utility reconstruction project in
Central Avenues. The bonds for this purpose will be issued with a 16 year
term to come from general tax levy, special assessments and utility revenues.
Principal payments will be made over 12 years from 2030 to 2041.
• 2025 Water & Sewer SCADA Fiber Project. The bonds for this purpose will be
issued with a 16 year term to come from utility revenues. Principal payments
will be made over 12 years from 2030 to 2041.
Adopting the resolution will allow City Staff to work with its municipal advisor Ehlers &
Associates to prepare an official statement for the bond sale. The City’s last bond rating
was AA+ with a stable outlook. Standard and Poor’s will update the rating before the
bonds are sold. City Council is scheduled to award the sale of bonds on May 20, 2025.
SUPPORTING INFORMATION
• Resolution No. 2025-029
• Bond Pre-Sale Report
Finance Department
CITY OF HOPKINS
HENNEPIN COUNTY, MINNESOTA
RESOLUTION 2025-029
Resolution Providing for the Sale of $7,645,000
General Obligation Bonds, Series 2025A
WHEREAS, the City Council of the City of Hopkins, Minnesota has heretofore
determined that it is necessary and expedient to issue the City’s $7,645,0000 General
Obligation Bonds, Series 2025A (the “bonds”), to finance the 2025 road and utility
reconstruction project and 2025 water and sewer SCADA project; and
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 6:30 p.m. on May 20,
2025 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.
Adopted by the City Council of the City of Hopkins this 15th day of April, 2025.
By:___________________________
Patrick Hanlon, Mayor
ATTEST:
_______________________________
Amy Domeier, City Clerk
April 15, 2025
PRE-SALE REPORT FOR
City of Hopkins, Minnesota
$7,645,000 General Obligation Bonds, Series 2024A
Prepared by:
Ehlers
3060 Centre Pointe Drive
Roseville, MN 55113
Advisors:
Stacie Kvilvang, Senior Municipal Advisor
Jason Aarsvold, Senior Municipal Advisor
Keith Dahl, Municipal Advisor
BUILDING COMMUNITIES. IT’S WHAT WE DO.
Presale Report
City of Hopkins, Minnesota
April 15, 2025
Page 1
Proposed Issue:
$7,645,000 General Obligation Bonds, Series 2024A
Purposes:
The proposed issue includes financing for the following purposes:
To finance the 2025 road and utility reconstruction projects.
Road Improvements - $3,420,000. This portion of the Bonds is being issued for 16
years. Debt service will be paid from special assessments and ad valorem property
taxes.
Utilities - $4,225,000. This portion of the Bonds is being issued for 16 years. Debt
service will be paid from utility revenues.
Authority:
The Bonds are being issued pursuant to Minnesota Statutes, Chapters:
429 – Road Improvement
444 - Utilities
475 – General Bonding Authority
2025 Road Improvement Portion: Because the City is assessing at least 20% of the project
costs, this portion of the Bonds may 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 $977,048 in special
assessments to benefitting property owners, of which $390,819 (40%) is anticipated to be
collected in pre-paid assessments (this portion of the Bond issue was reduced accordingly).
The remaining $586,229 of special assessments will be collected in years 2026 to 2040 at a
rate of 2% over the True Interest Costs (TIC) of the Bonds. Annual assessments are paid on
an equal principal basis. In addition, we have capitalized interest through the 2/1/28 payment
and are paying interest only through 8/1/29 to offset the tax levy requirement.
Utility Portion: 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 16 years. Principal on the Bonds will be due on
February 1 in the years 2030 through 2041. Interest will be due every six months beginning
February 1, 2026.
EXECUTIVE SUMMARY OF PROPOSED DEBT
Presale Report
City of Hopkins, Minnesota
April 15, 2025
Page 2
The Bonds will be subject to prepayment at the discretion of the City on February 1, 2033 or
any date thereafter.
Bank Qualification:
Because the City is expecting to issue no more than $10,000,000 in tax exempt debt during
the calendar year, the City will be able to designate the Bonds as “bank qualified” obligations.
Bank qualified status broadens the market for the Bonds, which can result in lower interest
rates.
Rating:
S&P Global Ratings "AA+"
The City’s most recent bond issues were rated by S&P Global Ratings. The current rating on
those bonds is “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 your objectives, financial situation and need, risk tolerance, liquidity needs,
experience with the issuance of Bonds and long-term financial capacity, as well as the tax
status considerations related to the Bonds and the structure, timing and other similar matters
related to the Bonds, we are recommending the issuance of Bonds as a suitable option.
Method of Sale/Placement:
We are recommending the Bonds be issued as municipal securities and offered through a
competitive underwriting process. You will solicit competitive bids, which we will compile on
your behalf, for the purchase of the Bonds from underwriters and banks.
An allowance for discount bidding will be incorporated 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
Presale Report
City of Hopkins, Minnesota
April 15, 2025
Page 3
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 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 there are no
refunding opportunities at this time. We are working with staff on possibly refinancing the
2023A temporary bonds later this year.
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:
The City must ensure compliance with certain sections of the Internal Revenue Code and
Treasury Regulations (“Arbitrage Rules”) throughout the life of the issue to maintain the tax-
exempt status of the Bonds. These Arbitrage Rules apply to amounts held in construction,
escrow, reserve, debt service account(s), etc., along with related investment income on each
fund/account.
IRS audits will verify compliance with rebate, yield restriction and records retention
requirements within the Arbitrage Rules. The City’s specific arbitrage responsibilities will be
detailed in the Tax Certificate (the “Tax Compliance Document”) prepared by your Bond
Attorney and provided at closing.
The Bonds may qualify for one or more exception(s) to the Arbitrage Rules by meeting 1)
small issuer exception, 2) spend down requirements, 3) bona fide debt service fund limits, 4)
reasonable reserve requirements, 5) expenditure within an available period limitations, 6)
investments yield restrictions, 7) de minimis rules, or; 8) borrower limited requirements.
An Ehlers arbitrage expert will contact the City within 30 days after the sale date to review
the City’s specific responsibilities for the Bonds. The City is currently receiving arbitrage
services from Ehlers in relation to the Bonds.
Presale Report
City of Hopkins, Minnesota
April 15, 2025
Page 4
Investment of Bond Proceeds:
You have retained Ehlers Investment Partners to invest your Bond proceeds until the funds
are needed to pay project costs.
Risk Factors:
Special Assessments: We have assumed $390,819 in pre-paid special assessments. If the City
receives a significant amount more of pre-paid assessments or does not levy the assessments,
it may need to increase the levy portion of the debt service to make up for lower interest
earnings than the expected assessment interest rate.
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.
Presale Report
City of Hopkins, Minnesota
April 15, 2025
Page 5
Pre-Sale Review by City Council: April 15, 2025
Conference with Rating Agency and Due Diligence Call to
Review Official Statement: Week of May 12th
Distribute Official Statement: Week of May 5, 2025
City Council Meeting to Award Sale of the Bonds: May 20, 2025
Estimated Closing Date: June 10, 2025
Attachments
Estimated Sources and Uses of Funds
Estimated Proposed Debt Service Schedule
Resolution Authorizing Ehlers to Proceed with Bond Sale (Provided by Kennedy &
Graven)
EHLERS’ CONTACTS
Stacie Kvilvang, Senior Municipal Advisor (651) 697-8506
Jason Aarsvold, Senior Municipal Advisor (651) 697-8512
Keith Dahl, Municipal Advisor (651) 697-8595
Silvia Johnson, Lead Public Finance Analyst (651) 697-8580
Alicia Gage, Senior Financial Analyst (651) 697-8551
PROPOSED DEBT ISSUANCE SCHEDULE
EHLERS’ CONTACTS
City of Hopkins, Minnesota
$7,645,000 General Obligation Bonds, Series 2025A
Issue Summary
Assumes Current Market BQ AA+ Rates plus 50bps
Total Issue Sources And Uses
Dated 06/10/2025 | Delivered 06/10/2025
Improvements Water Sewer Storm Sewer
Issue
Summary
Sources Of Funds
Par Amount of Bonds $3,420,000.00 $1,575,000.00 $1,315,000.00 $1,335,000.00 $7,645,000.00
Prepaid Assessments 390,819.00 ---390,819.00
Total Sources $3,810,819.00 $1,575,000.00 $1,315,000.00 $1,335,000.00 $8,035,819.00
Uses Of Funds
Total Underwriter's Discount (1.200%)41,040.00 18,900.00 15,780.00 16,020.00 91,740.00
Costs of Issuance 50,998.04 23,485.93 19,608.90 19,907.13 114,000.00
Deposit to Capitalized Interest (CIF) Fund 257,749.15 ---257,749.15
Deposit to Project Construction Fund 3,456,774.00 1,532,963.00 1,282,109.00 1,297,400.00 7,569,246.00
Rounding Amount 4,257.81 (348.93)(2,497.90)1,672.87 3,083.85
Total Uses $3,810,819.00 $1,575,000.00 $1,315,000.00 $1,335,000.00 $8,035,819.00
Series 2025A GO Bonds - | Issue Summary | 4/ 9/2025 | 9:39 AM
City of Hopkins, Minnesota
$7,645,000 General Obligation Bonds, Series 2025A
Issue Summary
Assumes Current Market BQ AA+ Rates plus 50bps
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
06/10/2025 -----
02/01/2026 --199,978.62 199,978.62 199,978.62
08/01/2026 --155,827.50 155,827.50 -
02/01/2027 --155,827.50 155,827.50 311,655.00
08/01/2027 --155,827.50 155,827.50 -
02/01/2028 --155,827.50 155,827.50 311,655.00
08/01/2028 --155,827.50 155,827.50 -
02/01/2029 --155,827.50 155,827.50 311,655.00
08/01/2029 --155,827.50 155,827.50 -
02/01/2030 525,000.00 3.600%155,827.50 680,827.50 836,655.00
08/01/2030 --146,377.50 146,377.50 -
02/01/2031 545,000.00 3.650%146,377.50 691,377.50 837,755.00
08/01/2031 --136,431.25 136,431.25 -
02/01/2032 560,000.00 3.750%136,431.25 696,431.25 832,862.50
08/01/2032 --125,931.25 125,931.25 -
02/01/2033 580,000.00 3.800%125,931.25 705,931.25 831,862.50
08/01/2033 --114,911.25 114,911.25 -
02/01/2034 595,000.00 3.900%114,911.25 709,911.25 824,822.50
08/01/2034 --103,308.75 103,308.75 -
02/01/2035 615,000.00 4.000%103,308.75 718,308.75 821,617.50
08/01/2035 --91,008.75 91,008.75 -
02/01/2036 635,000.00 4.100%91,008.75 726,008.75 817,017.50
08/01/2036 --77,991.25 77,991.25 -
02/01/2037 660,000.00 4.200%77,991.25 737,991.25 815,982.50
08/01/2037 --64,131.25 64,131.25 -
02/01/2038 690,000.00 4.300%64,131.25 754,131.25 818,262.50
08/01/2038 --49,296.25 49,296.25 -
02/01/2039 715,000.00 4.350%49,296.25 764,296.25 813,592.50
08/01/2039 --33,745.00 33,745.00 -
02/01/2040 745,000.00 4.400%33,745.00 778,745.00 812,490.00
08/01/2040 --17,355.00 17,355.00 -
02/01/2041 780,000.00 4.450%17,355.00 797,355.00 814,710.00
Total $7,645,000.00 -$3,367,573.62 $11,012,573.62 -
Yield Statistics
Bond Year Dollars $4,152.46
Average Life 7.083 Years
Average Coupon 6.2999996%
Net Interest Cost (NIC)6.2999996%
True Interest Cost (TIC)6.3018187%
Bond Yield for Arbitrage Purposes 6.3018187%
All Inclusive Cost (AIC)6.3018187%
IRS Form 8038
Net Interest Cost 6.2999996%
Weighted Average Maturity 7.083 Years
Series 2025A GO Bonds - | Issue Summary | 4/ 9/2025 | 9:39 AM
City of Hopkins, Minnesota
$7,645,000 General Obligation Bonds, Series 2025A
Issue Summary
Assumes Current Market BQ AA+ Rates plus 50bps
Net Debt Service Schedule
Date Principal Coupon Interest Total P+I CIF Net New D/S
Fiscal
Total
06/10/2025 -------
02/01/2026 --199,978.62 199,978.62 (89,371.33)110,607.29 110,607.29
08/01/2026 --155,827.50 155,827.50 (49,569.48)106,258.02 -
02/01/2027 --155,827.50 155,827.50 (49,569.48)106,258.02 212,516.04
08/01/2027 --155,827.50 155,827.50 (34,619.43)121,208.07 -
02/01/2028 --155,827.50 155,827.50 (34,619.43)121,208.07 242,416.14
08/01/2028 --155,827.50 155,827.50 -155,827.50 -
02/01/2029 --155,827.50 155,827.50 -155,827.50 311,655.00
08/01/2029 --155,827.50 155,827.50 -155,827.50 -
02/01/2030 525,000.00 3.600%155,827.50 680,827.50 -680,827.50 836,655.00
08/01/2030 --146,377.50 146,377.50 -146,377.50 -
02/01/2031 545,000.00 3.650%146,377.50 691,377.50 -691,377.50 837,755.00
08/01/2031 --136,431.25 136,431.25 -136,431.25 -
02/01/2032 560,000.00 3.750%136,431.25 696,431.25 -696,431.25 832,862.50
08/01/2032 --125,931.25 125,931.25 -125,931.25 -
02/01/2033 580,000.00 3.800%125,931.25 705,931.25 -705,931.25 831,862.50
08/01/2033 --114,911.25 114,911.25 -114,911.25 -
02/01/2034 595,000.00 3.900%114,911.25 709,911.25 -709,911.25 824,822.50
08/01/2034 --103,308.75 103,308.75 -103,308.75 -
02/01/2035 615,000.00 4.000%103,308.75 718,308.75 -718,308.75 821,617.50
08/01/2035 --91,008.75 91,008.75 -91,008.75 -
02/01/2036 635,000.00 4.100%91,008.75 726,008.75 -726,008.75 817,017.50
08/01/2036 --77,991.25 77,991.25 -77,991.25 -
02/01/2037 660,000.00 4.200%77,991.25 737,991.25 -737,991.25 815,982.50
08/01/2037 --64,131.25 64,131.25 -64,131.25 -
02/01/2038 690,000.00 4.300%64,131.25 754,131.25 -754,131.25 818,262.50
08/01/2038 --49,296.25 49,296.25 -49,296.25 -
02/01/2039 715,000.00 4.350%49,296.25 764,296.25 -764,296.25 813,592.50
08/01/2039 --33,745.00 33,745.00 -33,745.00 -
02/01/2040 745,000.00 4.400%33,745.00 778,745.00 -778,745.00 812,490.00
08/01/2040 --17,355.00 17,355.00 -17,355.00 -
02/01/2041 780,000.00 4.450%17,355.00 797,355.00 -797,355.00 814,710.00
Total $7,645,000.00 -$3,367,573.62 $11,012,573.62 (257,749.15)$10,754,824.47 -
Significant Dates
Dated 6/10/2025
First available call date
Series 2025A GO Bonds - | Issue Summary | 4/ 9/2025 | 9:39 AM
City of Hopkins, Minnesota
$7,645,000 General Obligation Bonds, Series 2025A
Issue Summary
Assumes Current Market BQ AA+ Rates plus 50bps
Debt Service Schedule
Date Principal Coupon Interest Total P+I CIF Net New D/S 105% of Total Assessments
Water
Revenue
Sewer
Revenue
Storm Sewer
Revenue Levy/(Surplus)
02/01/2026 --199,978.62 199,978.62 (89,371.33)110,607.29 116,137.65 -43,301.92 36,148.37 36,687.37 -
02/01/2027 --311,655.00 311,655.00 (99,138.96)212,516.04 223,141.84 42,159.64 67,483.50 56,335.13 57,175.13 (11.55)
02/01/2028 --311,655.00 311,655.00 (69,238.86)242,416.14 254,536.95 73,552.20 67,483.50 56,335.13 57,175.13 (9.00)
02/01/2029 --311,655.00 311,655.00 -311,655.00 327,237.75 71,090.04 67,483.50 56,335.13 57,175.13 75,153.96
02/01/2030 525,000.00 3.600%311,655.00 836,655.00 -836,655.00 878,487.75 68,627.88 177,733.50 150,835.13 151,675.13 329,616.12
02/01/2031 545,000.00 3.650%292,755.00 837,755.00 -837,755.00 879,642.75 66,165.72 179,014.50 147,433.13 153,523.13 333,506.28
02/01/2032 560,000.00 3.750%272,862.50 832,862.50 -832,862.50 874,505.63 63,703.55 180,048.75 149,233.88 149,882.25 331,637.20
02/01/2033 580,000.00 3.800%251,862.50 831,862.50 -831,862.50 873,455.63 61,241.39 180,770.63 150,743.25 151,391.63 329,308.74
02/01/2034 595,000.00 3.900%229,822.50 824,822.50 -824,822.50 866,063.63 58,779.23 175,982.63 146,753.25 152,651.63 331,896.90
02/01/2035 615,000.00 4.000%206,617.50 821,617.50 -821,617.50 862,698.38 56,317.07 176,318.63 147,908.25 153,601.88 328,552.56
02/01/2036 635,000.00 4.100%182,017.50 817,017.50 -817,017.50 857,868.38 53,854.89 176,318.63 148,748.25 148,981.88 329,964.74
02/01/2037 660,000.00 4.200%155,982.50 815,982.50 -815,982.50 856,781.63 51,392.73 175,972.13 149,262.75 149,496.38 330,657.65
02/01/2038 690,000.00 4.300%128,262.50 818,262.50 -818,262.50 859,175.63 48,930.57 180,518.63 149,441.25 149,674.88 330,610.31
02/01/2039 715,000.00 4.350%98,592.50 813,592.50 -813,592.50 854,272.12 46,468.41 179,221.88 149,273.25 149,506.88 329,801.71
02/01/2040 745,000.00 4.400%67,490.00 812,490.00 -812,490.00 853,114.50 44,006.25 177,620.63 148,813.88 149,047.50 333,626.25
02/01/2041 780,000.00 4.450%34,710.00 814,710.00 -814,710.00 855,445.50 41,544.09 180,959.63 148,057.88 153,541.50 331,342.41
Total $7,645,000.00 -$3,367,573.62 $11,012,573.62 (257,749.15)$10,754,824.47 $11,292,565.69 $847,833.66 $2,386,232.54 $1,991,657.87 $2,021,187.37 $4,045,654.25
Significant Dates
Dated 6/10/2025
First Coupon Date 2/01/2026
Yield Statistics
Bond Year Dollars $4,152.46
Average Life 7.083 Years
Average Coupon 6.2999996%
Net Interest Cost (NIC)6.2999996%
True Interest Cost (TIC)6.3018187%
Bond Yield for Arbitrage Purposes 6.3018187%
All Inclusive Cost (AIC)6.3018187%
Series 2025A GO Bonds - | Issue Summary | 4/ 9/2025 | 9:39 AM
City of Hopkins, Minnesota
$7,645,000 General Obligation Bonds, Series 2025A
Issue Summary
Assumes Current Market BQ AA+ Rates plus 50bps
Detail Costs Of Issuance
Dated 06/10/2025 | Delivered 06/10/2025
COSTS OF ISSUANCE DETAIL
Municipal Advisor $66,000.00
Bond Counsel $23,000.00
Rating Agency Fee $23,000.00
Miscellaneous $2,000.00
TOTAL $114,000.00
Series 2025A GO Bonds - | Issue Summary | 4/ 9/2025 | 9:39 AM
City of Hopkins, Minnesota
$586,229 General Obligation Bonds, Series 2025A
Assessments
2.0% over TIC - Equal Principal
Assessments
Date Principal Coupon Interest Total P+I
12/31/2026 39,081.94 6.300%3,077.70 42,159.64
12/31/2027 39,081.94 6.300%34,470.26 73,552.20
12/31/2028 39,081.94 6.300%32,008.10 71,090.04
12/31/2029 39,081.94 6.300%29,545.94 68,627.88
12/31/2030 39,081.94 6.300%27,083.78 66,165.72
12/31/2031 39,081.93 6.300%24,621.62 63,703.55
12/31/2032 39,081.93 6.300%22,159.46 61,241.39
12/31/2033 39,081.93 6.300%19,697.30 58,779.23
12/31/2034 39,081.93 6.300%17,235.14 56,317.07
12/31/2035 39,081.93 6.300%14,772.96 53,854.89
12/31/2036 39,081.93 6.300%12,310.80 51,392.73
12/31/2037 39,081.93 6.300%9,848.64 48,930.57
12/31/2038 39,081.93 6.300%7,386.48 46,468.41
12/31/2039 39,081.93 6.300%4,924.32 44,006.25
12/31/2040 39,081.93 6.300%2,462.16 41,544.09
Total $586,229.00 -$261,604.66 $847,833.66
Significant Dates
Filing Date 12/01/2026
First Payment Date 12/31/2026
Series 2025A GO Bonds - A | SINGLE PURPOSE | 4/ 9/2025 | 9:36 AM