VII.1. Resolution Providing for the Issuance and Sale of General Obligation Bonds, Series 2026B, in the Aggregate Principal Amount of Approximately $7,220,000; Bishop
CITY OF HOPKINS
City Council Report 2026-043
To: Honorable Mayor and Council Members
Mike Mornson, City Manager
From: Nick Bishop, Finance Director
Date: May 5, 2026
Subject: Authorize Sale of $7,220,000 General Obligation Bonds Series 2026B
_____________________________________________________________________
RECOMMENDED ACTION
MOTION TO adopt Resolution 2026-016: Providing for the Sale of $7,220,000 General
Obligation Bonds, Series 2026B.
OVERVIEW
The Series 2026B 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 $7,220,000
million and is based on actual contract amounts. The bonds are being sold to finance
two purposes.
• The second 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 2031 to 2042.
• 2026 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 2031 to 2042.
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 June 2, 2026.
SUPPORTING INFORMATION
• Resolution No. 2026-016
• Bond Pre-Sale Report
Finance Department
2
RESOLUTION NO. 2026-016
RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF
GENERAL OBLIGATION BONDS, SERIES 2026B, IN THE
AGGREGATE PRINCIPAL AMOUNT OF APPROXIMATELY
$7,220,000; AND TAKING OTHER ACTIONS WITH RESPECT TO
THERETO
BE IT RESOLVED By the City Council (“Council”) of the City of Hopkins, Minnesota (the
“City”), as follows:
1. Background; Authorizations.
(a) Improvement Bonds.
(i) The City is authorized by Minnesota Statutes, Chapter 475, as amended
(the “Act”) and Minnesota Statutes, Chapter 429, as amended (“Chapter 429”), to issue
obligations in such amounts as it deems necessary to defray in whole or in part the expense
incurred and estimated to be incurred in making improvements authorized by Chapter 429.
(ii) Certain assessable public street improvements within the City (the
“Assessable Improvements”) have been made, duly ordered or contracts let for the
construction thereof pursuant to the provisions of the Improvement Act.
(iii) The Council finds it necessary and expedient to the sound financial
management of the affairs of the City to sell and issue it general obligation bonds in the
proposed principal amount of $3,400,000 (the “Improvement Bonds”), pursuant to the Act
and Chapter 429, to provide financing for the Assessable Improvements and related
financing costs.
(b) Utility Revenue Bonds.
(i) The City is authorized by the Act and Minnesota Statutes, Chapter 444, as
amended (“Chapter 444”), to issue general obligation revenue bonds to finance the costs
of improvements to the City’s water utility systems.
(ii) The City engineer has recommended the construction of various
improvements to the City’s sewer, water, and storm sewer systems (the “Utility
Improvements”).
(iii) The Council finds it is necessary and expedient to the sound financial
management of the affairs of the City to sell and issue general obligation bonds in the
proposed principal amount of $3,820,000 (the “Utility Revenue Bonds”), pursuant to Act
and Chapter 444, to provide financing for the Utility Improvements and related financing
costs. The Assessable Improvements and the Utility Improvements are hereinafter
collectively referred to as the “Project”.
3
(c) The Council hereby determines that the Improvement Bonds and the Utility
Revenue Bonds shall be issued together in a single series in the aggregate principal of
approximately $7,220,000 (the “Bonds”). The Council designates the Bonds as the “General
Obligation Bonds, Series 2026B.”
2. Sale of Bonds. The City has retained Ehlers and Associates, Inc. (the “Municipal
Advisor”), to serve as the City’s independent municipal advisor with respect to the offer and sale of the
Bonds and, therefore, is authorized by Section 475.60, subdivision 2(9), of the Act to sell the Bonds other
than pursuant to a competitive sale.
3. Acceptance of Proposal. The Council shall meet at the time specified in the Preliminary
Official Statement or at such other time designated by the Council to receive and consider proposals for the
purchase of the Bonds and take any other appropriate action with respect to the Bonds.
4. Authority of Municipal Advisor. The Municipal Advisor is authorized and directed to
assist the City in the preparation and dissemination of a Preliminary Official Statement to be distributed to
potential purchasers of the Bonds and to open, read, and tabulate the proposals for the purchase of the Bonds
for presentation to the Council. The Municipal Advisor is further authorized and directed to assist the City
in the award and sale of the Bonds on behalf of the City after receipt of written proposals and to assist the
City in the preparation and dissemination of a final Official Statement with respect to the Bonds.
5. Authority of Bond Counsel. The law firm of Kennedy & Graven, Chartered, is authorized
to act as bond counsel for the City (“Bond Counsel”), and to assist in the preparation and review of
necessary documents, certificates, and instruments related to the Bonds. The officers, employees, and
agents of the City are hereby authorized to assist Bond Counsel in the preparation of such documents,
certificates, and instruments.
6. Reimbursement from Bond Proceeds. The City may incur certain expenditures that may
be financed temporarily from sources other than the Bonds and reimbursed from the proceeds of the Bonds.
Treasury Regulation § 1.150-2 (the “Reimbursement Regulations”) provides that proceeds of tax-exempt
bonds allocated to reimburse expenditures originally paid from a source other than the tax-exempt bonds
will not be deemed expended unless certain requirements are met. In order to preserve its ability to
reimburse certain costs from proceeds of the Bonds in accordance with the Reimbursement Regulations,
the City hereby makes its declaration of official intent (the “Declaration”) described below to reimburse
certain costs
(a) Declaration of Intent. The City proposes to issue the Bonds to finance the costs of
the Project. The City may reimburse original expenditures made for certain costs of the Project
from the proceeds of the Bonds in an estimated maximum principal amount of $7,220,000. All
reimbursed expenditures will be capital expenditures, costs of issuance of the Bonds, or other
expenditures eligible for reimbursement under Section 1.150-2(d)(3) of the Reimbursement
Regulations.
(b) Declaration Made Not Later Than 60 Days. This Declaration has been made not
later than sixty (60) days after payment of any original expenditure to be subject to a reimbursement
allocation with respect to the proceeds of the Bonds, except for the following expenditures:
(a) costs of issuance of the Bonds; (b) costs in an amount not in excess of $100,000 or five percent
(5%) of the proceeds of the Bonds; or (c) “preliminary expenditures” up to an amount not in excess
of twenty (20) percent of the aggregate issue price of the Bonds that finance or are reasonably
expected by the City to finance the Project for which the preliminary expenditures were incurred.
The term “preliminary expenditures” includes architectural, engineering, surveying, bond issuance,
4
and similar costs that are incurred prior to commencement of acquisition, construction, or
rehabilitation of the Project, other than land acquisition, site preparation, and similar costs incident
to commencement of construction.
(c) Reasonable Expectations; Official Intent. This Declaration is an expression of the
reasonable expectations of the City based on the facts and circumstances known to the City as of
the date hereof. The anticipated original expenditures for the Project and the principal amount of
the Bonds described in Section 6(a), above, are consistent with the City’s budgetary and financial
circumstances. No sources other than proceeds of the Bonds to be issued by the City are, or are
reasonably expected to be, reserved, allocated on a long-term basis, or otherwise set aside pursuant
to the City’s budget or financial policies to pay such original expenditures. This Resolution is
intended to constitute a declaration of official intent for purposes of the Reimbursement
Regulations.
The motion for the adoption of the foregoing resolution was duly seconded by Member
__________________, and upon vote being taken thereon, the following voted in favor of the motion:
and the following voted against:
Adopted by the City Council of the City of Hopkins this 5th day of May, 2026.
By:___________________________
Brian Hunke, Mayor Pro Tempore
ATTEST:
_______________________________
Amy Domeier, City Clerk
5
STATE OF MINNESOTA )
)
COUNTY OF HENNEPIN ) ss.
)
CITY OF HOPKINS )
I, the undersigned, being the duly qualified City Clerk of City of Hopkins, Hennepin County,
Minnesota (the “City”), do hereby certify that I have carefully compared the attached and foregoing extract of
minutes of a regular meeting of the City Council of the City held on May 5, 2026, with the original minutes on
file in my office, and the extract is a full, true, and correct copy of the minutes insofar as they relate to they
relate to authorizing the issuance of the City’s General Obligation Bonds, Series 2026, in the maximum
aggregate principal amount of approximately $7,220,000.
WITNESS My hand officially as such City Clerk this _____ day of May 2026.
City Clerk
City of Hopkins, Hennepin County, Minnesota
May 5, 2026
PRE-SALE REPORT FOR
City of Hopkins, Minnesota
$7,220,000 General Obligation Bonds, Series 2026B
Prepared by:
Ehlers
3001 Broadway Street, Suite 320
Minneapolis, MN 55413
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
May 5, 2026
Page 1
Proposed Issue:
$7,220,000 General Obligation Bonds, Series 2026B
Purposes:
The proposed issue includes financing for the following purposes:
To finance the 2026 road and utility reconstruction projects.
• Road Improvements - $3,400,000. 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 - $3,820,000. 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
2026 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 previously levied a total of $977,048 in special
assessments to benefitting property owners, of which $611,439 (63%) has been collected in
pre-paid assessments (this portion of the Bond issue was reduced accordingly). The remaining
$365,609 of special assessments will be collected in years 2026 to 2040 at a rate of 5.773%.
Annual assessments are paid on an equal principal basis. In addition, we have capitalized
interest through the 2/1/29 payment and are paying interest only through 8/1/30 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. Utility revenue will be used for
interest payments on this portion of the bonds beginning in 2027 through 2030 with full
principal and interest payments beginning in 2031.
The Bonds will be general obligations of the City for which its full faith, credit and taxing
powers are pledged.
EXECUTIVE SUMMARY OF PROPOSED DEBT
Presale Report
City of Hopkins, Minnesota
May 5, 2026
Page 2
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 2031 through 2042. Interest will be due every six months beginning
February 1, 2027.
The Bonds will be subject to prepayment at the discretion of the City on February 1, 2034 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
Presale Report
City of Hopkins, Minnesota
May 5, 2026
Page 3
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 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 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.
Presale Report
City of Hopkins, Minnesota
May 5, 2026
Page 4
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.
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
May 5, 2026
Page 5
Pre-Sale Review by City Council: May 5, 2026
Conference with Rating Agency and Due Diligence Call to
Review Official Statement: Week of May 25th
Distribute Official Statement: Week of May 11th or 18th
City Council Meeting to Award Sale of the Bonds: June 2, 2026
Estimated Closing Date: June 25, 2026
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
$7,220,000 General Obligation Bonds, Series 2026B
Issue Summary
Assumes Current Market BQ AA+ Rates plus 50bps
Total Issue Sources And Uses
Dated 06/25/2026 | Delivered 06/25/2026
Improvements Water Sewer Storm Sewer
Issue
Summary
Sources Of Funds
Par Amount of Bonds $3,400,000.00 $1,375,000.00 $1,110,000.00 $1,335,000.00 $7,220,000.00
Prepaid Assessments 611,439.00 ---611,439.00
Total Sources $4,011,439.00 $1,375,000.00 $1,110,000.00 $1,335,000.00 $7,831,439.00
Uses Of Funds
Total Underwriter's Discount (1.200%)40,800.00 16,500.00 13,320.00 16,020.00 86,640.00
Costs of Issuance 55,567.88 22,472.29 18,141.27 21,818.56 118,000.00
Deposit to Capitalized Interest (CIF) Fund 197,782.37 ---197,782.37
Deposit to Project Construction Fund 3,715,774.00 1,332,963.00 1,082,109.00 1,297,400.00 7,428,246.00
Rounding Amount 1,514.75 3,064.71 (3,570.27)(238.56)770.63
Total Uses $4,011,439.00 $1,375,000.00 $1,110,000.00 $1,335,000.00 $7,831,439.00
Series 2026B GO Bonds - P | Issue Summary | 4/30/2026 | 4:20 PM
City of Hopkins, Minnesota
$7,220,000 General Obligation Bonds, Series 2026B
Issue Summary
Assumes Current Market BQ AA+ Rates plus 50bps
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
06/25/2026 -----
02/01/2027 --158,868.00 158,868.00 158,868.00
08/01/2027 --132,390.00 132,390.00 -
02/01/2028 --132,390.00 132,390.00 264,780.00
08/01/2028 --132,390.00 132,390.00 -
02/01/2029 --132,390.00 132,390.00 264,780.00
08/01/2029 --132,390.00 132,390.00 -
02/01/2030 --132,390.00 132,390.00 264,780.00
08/01/2030 --132,390.00 132,390.00 -
02/01/2031 505,000.00 3.100%132,390.00 637,390.00 769,780.00
08/01/2031 --124,562.50 124,562.50 -
02/01/2032 520,000.00 3.200%124,562.50 644,562.50 769,125.00
08/01/2032 --116,242.50 116,242.50 -
02/01/2033 535,000.00 3.250%116,242.50 651,242.50 767,485.00
08/01/2033 --107,548.75 107,548.75 -
02/01/2034 550,000.00 3.300%107,548.75 657,548.75 765,097.50
08/01/2034 --98,473.75 98,473.75 -
02/01/2035 565,000.00 3.450%98,473.75 663,473.75 761,947.50
08/01/2035 --88,727.50 88,727.50 -
02/01/2036 590,000.00 3.550%88,727.50 678,727.50 767,455.00
08/01/2036 --78,255.00 78,255.00 -
02/01/2037 605,000.00 3.700%78,255.00 683,255.00 761,510.00
08/01/2037 --67,062.50 67,062.50 -
02/01/2038 625,000.00 3.850%67,062.50 692,062.50 759,125.00
08/01/2038 --55,031.25 55,031.25 -
02/01/2039 650,000.00 3.950%55,031.25 705,031.25 760,062.50
08/01/2039 --42,193.75 42,193.75 -
02/01/2040 675,000.00 4.050%42,193.75 717,193.75 759,387.50
08/01/2040 --28,525.00 28,525.00 -
02/01/2041 700,000.00 4.050%28,525.00 728,525.00 757,050.00
08/01/2041 --14,350.00 14,350.00 -
02/01/2042 700,000.00 4.100%14,350.00 714,350.00 728,700.00
Total $7,220,000.00 -$2,859,933.00 $10,079,933.00 -
Yield Statistics
Bond Year Dollars $75,642.00
Average Life 10.477 Years
Average Coupon 3.7808797%
Net Interest Cost (NIC)3.8954192%
True Interest Cost (TIC)3.9053986%
Bond Yield for Arbitrage Purposes 3.7628185%
All Inclusive Cost (AIC)4.1032009%
IRS Form 8038
Net Interest Cost 3.7808797%
Weighted Average Maturity 10.477 Years
Series 2026B GO Bonds - P | Issue Summary | 4/30/2026 | 4:20 PM
City of Hopkins, Minnesota
$7,220,000 General Obligation Bonds, Series 2026B
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
06/25/2026 -------
02/01/2027 --158,868.00 158,868.00 (31,386.69)127,481.31 127,481.31
08/01/2027 --132,390.00 132,390.00 (41,263.90)91,126.10 -
02/01/2028 --132,390.00 132,390.00 (41,263.90)91,126.10 182,252.20
08/01/2028 --132,390.00 132,390.00 (41,933.94)90,456.06 -
02/01/2029 --132,390.00 132,390.00 (41,933.94)90,456.06 180,912.12
08/01/2029 --132,390.00 132,390.00 -132,390.00 -
02/01/2030 --132,390.00 132,390.00 -132,390.00 264,780.00
08/01/2030 --132,390.00 132,390.00 -132,390.00 -
02/01/2031 505,000.00 3.100%132,390.00 637,390.00 -637,390.00 769,780.00
08/01/2031 --124,562.50 124,562.50 -124,562.50 -
02/01/2032 520,000.00 3.200%124,562.50 644,562.50 -644,562.50 769,125.00
08/01/2032 --116,242.50 116,242.50 -116,242.50 -
02/01/2033 535,000.00 3.250%116,242.50 651,242.50 -651,242.50 767,485.00
08/01/2033 --107,548.75 107,548.75 -107,548.75 -
02/01/2034 550,000.00 3.300%107,548.75 657,548.75 -657,548.75 765,097.50
08/01/2034 --98,473.75 98,473.75 -98,473.75 -
02/01/2035 565,000.00 3.450%98,473.75 663,473.75 -663,473.75 761,947.50
08/01/2035 --88,727.50 88,727.50 -88,727.50 -
02/01/2036 590,000.00 3.550%88,727.50 678,727.50 -678,727.50 767,455.00
08/01/2036 --78,255.00 78,255.00 -78,255.00 -
02/01/2037 605,000.00 3.700%78,255.00 683,255.00 -683,255.00 761,510.00
08/01/2037 --67,062.50 67,062.50 -67,062.50 -
02/01/2038 625,000.00 3.850%67,062.50 692,062.50 -692,062.50 759,125.00
08/01/2038 --55,031.25 55,031.25 -55,031.25 -
02/01/2039 650,000.00 3.950%55,031.25 705,031.25 -705,031.25 760,062.50
08/01/2039 --42,193.75 42,193.75 -42,193.75 -
02/01/2040 675,000.00 4.050%42,193.75 717,193.75 -717,193.75 759,387.50
08/01/2040 --28,525.00 28,525.00 -28,525.00 -
02/01/2041 700,000.00 4.050%28,525.00 728,525.00 -728,525.00 757,050.00
08/01/2041 --14,350.00 14,350.00 -14,350.00 -
02/01/2042 700,000.00 4.100%14,350.00 714,350.00 -714,350.00 728,700.00
Total $7,220,000.00 -$2,859,933.00 $10,079,933.00 (197,782.37)$9,882,150.63 -
Significant Dates
Dated 6/25/2026
First available call date
Series 2026B GO Bonds - P | Issue Summary | 4/30/2026 | 4:20 PM
City of Hopkins, Minnesota
$7,220,000 General Obligation Bonds, Series 2026B
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)
02/01/2027 --158,868.00 158,868.00 (31,386.69)127,481.31 133,855.38 45,480.55 31,822.88 25,677.23 30,874.73 -
02/01/2028 --264,780.00 264,780.00 (82,527.80)182,252.20 191,364.81 44,073.44 53,038.13 42,795.38 51,457.88 -
02/01/2029 --264,780.00 264,780.00 (83,867.88)180,912.12 189,957.73 42,666.34 53,038.13 42,795.38 51,457.88 -
02/01/2030 --264,780.00 264,780.00 -264,780.00 278,019.00 41,259.22 53,038.13 42,795.38 51,457.88 89,468.41
02/01/2031 505,000.00 3.100%264,780.00 769,780.00 -769,780.00 808,269.00 39,852.12 152,788.13 121,545.38 145,957.88 348,125.51
02/01/2032 520,000.00 3.200%249,125.00 769,125.00 -769,125.00 807,581.25 38,444.99 149,695.88 124,354.13 148,278.38 346,807.89
02/01/2033 535,000.00 3.250%232,485.00 767,485.00 -767,485.00 805,859.25 37,037.89 151,753.88 121,666.13 150,336.38 345,064.99
02/01/2034 550,000.00 3.300%215,097.50 765,097.50 -765,097.50 803,352.38 35,630.79 153,591.38 124,186.13 146,923.88 343,020.21
02/01/2035 565,000.00 3.450%196,947.50 761,947.50 -761,947.50 800,044.88 34,223.67 149,953.13 121,240.88 148,708.88 345,918.33
02/01/2036 590,000.00 3.550%177,455.00 767,455.00 -767,455.00 805,827.75 32,816.57 151,399.50 123,411.75 150,155.25 348,044.68
02/01/2037 605,000.00 3.700%156,510.00 761,510.00 -761,510.00 799,585.50 31,409.47 152,549.25 125,307.00 146,055.00 344,264.78
02/01/2038 625,000.00 3.850%134,125.00 759,125.00 -759,125.00 797,081.25 30,002.35 153,331.50 121,616.25 147,031.50 345,099.65
02/01/2039 650,000.00 3.950%110,062.50 760,062.50 -760,062.50 798,065.63 28,595.25 153,730.50 123,025.88 147,632.63 345,081.38
02/01/2040 675,000.00 4.050%84,387.50 759,387.50 -759,387.50 797,356.87 27,188.15 153,796.13 124,128.38 147,905.63 344,338.60
02/01/2041 700,000.00 4.050%57,050.00 757,050.00 -757,050.00 794,902.50 25,781.03 153,517.88 124,913.25 147,840.00 342,850.35
02/01/2042 700,000.00 4.100%28,700.00 728,700.00 -728,700.00 765,135.00 -153,027.00 120,235.50 147,561.75 344,310.75
Total $7,220,000.00 -$2,859,933.00 $10,079,933.00 (197,782.37)$9,882,150.63 $10,376,258.16 $534,461.83 $2,020,071.38 $1,629,693.98 $1,959,635.48 $4,232,395.50
Significant Dates
Dated 6/25/2026
First Coupon Date 2/01/2027
Yield Statistics
Bond Year Dollars $75,642.00
Average Life 10.477 Years
Average Coupon 3.7808797%
Net Interest Cost (NIC)3.8954192%
True Interest Cost (TIC)3.9053986%
Bond Yield for Arbitrage Purposes 3.7628185%
All Inclusive Cost (AIC)4.1032009%
Series 2026B GO Bonds - P | Issue Summary | 4/30/2026 | 4:20 PM
City of Hopkins, Minnesota
$365,609 General Obligation Bonds, Series 2026B
Remaining Assessments
Fixed Rate - Equal Principal
Assessments
Date Principal Coupon Interest Total P+I
12/31/2026 24,373.94 5.773%21,106.61 45,480.55
12/31/2027 24,373.94 5.773%19,699.50 44,073.44
12/31/2028 24,373.94 5.773%18,292.40 42,666.34
12/31/2029 24,373.94 5.773%16,885.28 41,259.22
12/31/2030 24,373.94 5.773%15,478.18 39,852.12
12/31/2031 24,373.93 5.773%14,071.06 38,444.99
12/31/2032 24,373.93 5.773%12,663.96 37,037.89
12/31/2033 24,373.93 5.773%11,256.86 35,630.79
12/31/2034 24,373.93 5.773%9,849.74 34,223.67
12/31/2035 24,373.93 5.773%8,442.64 32,816.57
12/31/2036 24,373.93 5.773%7,035.54 31,409.47
12/31/2037 24,373.93 5.773%5,628.42 30,002.35
12/31/2038 24,373.93 5.773%4,221.32 28,595.25
12/31/2039 24,373.93 5.773%2,814.22 27,188.15
12/31/2040 24,373.93 5.773%1,407.10 25,781.03
Total $365,609.00 -$168,852.83 $534,461.83
Significant Dates
Filing Date 1/01/2026
First Payment Date 12/31/2026
Series 2026B GO Bonds - A | SINGLE PURPOSE | 4/30/2026 | 4:20 PM