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10-03-05
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10-03-05
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1/12/2009 8:24:55 AM
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10/27/2005 3:18:23 PM
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City Council
City Council - Type
CC Packets
Date
10/27/2005
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<br />City of Hastings, Minnesota <br />September 26, 2005 <br /> <br />between the closing date and the call date (February 1, 2006) in order to achieve the savings level estimated <br />for this transaction. <br /> <br />Based on current interest rate estimates, the refunding is projected to produce cash flow savings averaging <br />approximately $17,000 annually beginning with the 2005 levy for taxes collected in 2006. This results in future value <br />savings of approximately $160,000, with a net present value benefit to the City of approximately $138,000. These <br />estimates are net of all costs associated with the refunding. The City will begin to realize cash flow savings <br />beginning with the City's 2005 levy and the August 1, 2006 interest payment. <br /> <br />The City will make its first levy for the Series 2005B Bonds in 2005 for first collection in 2006. Each year's first-half <br />collection of taxes will be used to pay the interest payment due August 1 in the year of collection. Second-half <br />collections of taxes, plus surplus first-half collections, will be used to pay the February 1 principal and interest <br />payment due in the following year. <br /> <br />We have attached a set of schedules that summarize the refunding statistics and the projected savings resulting <br />from the sale of the Series 2005B Bonds. These schedules include the following information: <br /> <br />. Preliminary Feasibility Summary: indicates the sizing of the Series 2005B Bonds, savings data and bond <br />data - page 24 <br /> <br />. Prior Original Debt Service: shows the existing debt service requirements on the HRA Bonds without a <br />refunding - page 25 <br /> <br />. Debt Service to Call and to Maturity: shows the HRA Bonds' remaining debt service to maturity and to the <br />call date - page 26 <br /> <br />. Debt Service Schedule: shows the new projected debt service on the Series 2005B Bonds based on current <br />estimated interest rates - page 27 <br /> <br />. Debt Service Comparison: shows the debt service comparison and the projected annual cash flow savings <br />of the Series 2005B Bonds to the HRA Bonds - page 28 <br /> <br />Springsted's current estimates show this transaction will generate approximately 3.192% present value savings. <br /> <br />The success of any refunding transaction is in a large part dependent upon market conditions at the time the <br />refunding bonds are sold. Springsted will continue to monitor the market prior to the sale date and will keep you <br />apprised of any change in conditions which might impact the success of the refundings. <br /> <br />Springsted is pleased to again be of service to the City of Hastings. <br />Respectfully submitted, <br />~A ~ - ~,1t~~ <br /> <br />~D corporated /- <br />ss <br />Provided to Staff: Rebate and Continuing Disclosure Contract Amendments <br /> <br />Page 11 <br />
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