Independent School District No. 300 (LaCrescent-Hokah), La Crescent ...
Independent School District No. 300 (LaCrescent-Hokah), La Crescent, MN General Obligation School Building Bonds, Series 2015 Summary Dated 09/01/2014 | Delivered 09/01/2014 Option 1 Option 2 Option 3 Par Amount..................................................................................................................................................................................... $25,965,000 $25,375,000 $25,515,000 Available for Project Costs..................................................................................................................................................................................... $23,847,561 $23,847,561 $23,847,561 Total Equalization Aid........................................................................................................................................................ $1,087,514 $656,234 $2,073,159
Current Tax Impact on $100K Home Option 1 Option 2 Option 3 1st Year………………………….......................................................................................................................................................................................... $28 $81 $74 2nd Year…………………………….......................................................................................................................................................................................... $52 $0 $0 3rd Year………….......................................................................................................................................................................................... $26 $25 $28* Total………………….................................................................................................................................................................. $106 $106 $102 *Could be reduced to zero using proceeds from the sale of the existing property
2014 GO School Building B | SINGLE PURPOSE | 12/ 6/2013 | 12:44 PM
$25,965,000
Independent School District No. 300 (LaCrescent-Hokah), La Crescent, MN General Obligation School Building Bonds, Series 2015 Option 1 Sources & Uses Dated 05/01/2015 | Delivered 05/01/2015 Sources Of Funds Par Amount of Bonds..................................................................................................................................................................................... $25,965,000.00 Total Sources........................................................................................................................................................................................... $25,965,000.00 Uses Of Funds Deposit to Project Construction Fund.................................................................................................................................................................... 23,847,561.00 Deposit to Capitalized Interest (CIF) Fund.............................................................................................................................................................. 1,719,016.50 Total Underwriter's Discount (1.200%).................................................................................................................................................................. 311,580.00 Costs of Issuance....................................................................................................................................................................................... 84,750.00 Rounding Amount......................................................................................................................................................................................... 2,092.50 Total Uses..............................................................................................................................................................................................
2014 GO School Building B | SINGLE PURPOSE | 9/ 3/2014 | 1:18 PM
$25,965,000.00
$25,965,000
Independent School District No. 300 (LaCrescent-Hokah), La Crescent, MN General Obligation School Building Bonds, Series 2014 Option 1 NET DEBT SERVICE WITH EQUALIZATION AID Date
Principal
Coupon
Interest
Total P+I
CIF
Existing D/S
Net New D/S
105% Overlevy
Equal. Aid
Net Levy
02/01/2016 02/01/2017 02/01/2018 02/01/2019 02/01/2020 02/01/2021 02/01/2022 02/01/2023 02/01/2024 02/01/2025 02/01/2026 02/01/2027 02/01/2028 02/01/2029 02/01/2030 02/01/2031 02/01/2032 02/01/2033 02/01/2034 02/01/2035 02/01/2036 02/01/2037 02/01/2038 02/01/2039 02/01/2040 02/01/2041
60,000.00 55,000.00 55,000.00 400,000.00 750,000.00 765,000.00 790,000.00 805,000.00 825,000.00 1,015,000.00 1,050,000.00 1,085,000.00 1,120,000.00 1,160,000.00 1,200,000.00 1,245,000.00 1,290,000.00 1,340,000.00 1,390,000.00 1,445,000.00 1,500,000.00 1,560,000.00 1,620,000.00 1,685,000.00 1,755,000.00
1.150% 1.450% 1.800% 2.050% 2.300% 2.500% 2.700% 2.900% 3.100% 3.200% 3.300% 3.400% 3.500% 3.550% 3.600% 3.700% 3.750% 3.800% 3.850% 3.900% 3.950% 4.000% 4.050% 4.100% 4.150%
696,982.50 929,310.00 928,620.00 927,822.50 926,832.50 918,632.50 901,382.50 882,257.50 860,927.50 837,582.50 812,007.50 779,527.50 744,877.50 707,987.50 668,787.50 627,607.50 584,407.50 538,342.50 489,967.50 439,047.50 385,532.50 329,177.50 269,927.50 207,527.50 141,917.50 72,832.50
696,982.50 989,310.00 983,620.00 982,822.50 1,326,832.50 1,668,632.50 1,666,382.50 1,672,257.50 1,665,927.50 1,662,582.50 1,827,007.50 1,829,527.50 1,829,877.50 1,827,987.50 1,828,787.50 1,827,607.50 1,829,407.50 1,828,342.50 1,829,967.50 1,829,047.50 1,830,532.50 1,829,177.50 1,829,927.50 1,827,527.50 1,826,917.50 1,827,832.50
(696,982.50) (743,448.00) (278,586.00) -
842,645.00 840,607.50 842,657.50 843,620.00 503,745.00 162,107.50 160,607.50 158,717.50 161,427.50 163,525.00 -
842,645.00 1,086,469.50 1,547,691.50 1,826,442.50 1,830,577.50 1,830,740.00 1,826,990.00 1,830,975.00 1,827,355.00 1,826,107.50 1,827,007.50 1,829,527.50 1,829,877.50 1,827,987.50 1,828,787.50 1,827,607.50 1,829,407.50 1,828,342.50 1,829,967.50 1,829,047.50 1,830,532.50 1,829,177.50 1,829,927.50 1,827,527.50 1,826,917.50 1,827,832.50
884,777.25 1,140,792.98 1,625,076.08 1,917,764.63 1,922,106.38 1,922,277.00 1,918,339.50 1,922,523.75 1,918,722.75 1,917,412.88 1,918,357.88 1,921,003.88 1,921,371.38 1,919,386.88 1,920,226.88 1,918,987.88 1,920,877.88 1,919,759.63 1,921,465.88 1,920,499.88 1,922,059.13 1,920,636.38 1,921,423.88 1,918,903.88 1,918,263.38 1,919,224.13
47,568.36 47,217.54 47,325.02 47,878.61 47,466.96 46,053.57 47,634.26 47,999.27 46,993.47 47,202.33 46,504.76 46,900.19 46,493.61 47,296.63 46,939.73 47,674.82 47,378.75 48,059.09 47,588.63 47,972.91 47,080.66 46,915.40 47,369.63
884,777.25 1,140,792.98 1,625,076.08 1,870,196.27 1,874,888.84 1,874,951.98 1,870,460.89 1,875,056.79 1,872,669.18 1,869,778.62 1,870,358.61 1,874,010.41 1,874,169.05 1,872,882.12 1,873,326.69 1,872,494.27 1,873,581.25 1,872,819.90 1,873,791.06 1,873,121.13 1,874,000.04 1,873,047.75 1,873,450.97 1,871,823.22 1,871,347.98 1,871,854.50
Total
$25,965,000.00
-
$16,609,825.00
$42,574,825.00
(1,719,016.50)
$4,679,660.00
$45,535,468.50
$47,812,241.93
$1,087,514.20
$46,724,727.73
Dated................................................................................................................................................................................................... Delivery Date........................................................................................................................................................................................... First Coupon Date.......................................................................................................................................................................................
5/01/2015 5/01/2015 2/01/2016
Yield Statistics Bond Year Dollars....................................................................................................................................................................................... Average Life............................................................................................................................................................................................ Average Coupon..........................................................................................................................................................................................
$441,338.75 16.997 Years 3.7635093%
Net Interest Cost (NIC)................................................................................................................................................................................. True Interest Cost (TIC)................................................................................................................................................................................ Bond Yield for Arbitrage Purposes....................................................................................................................................................................... All Inclusive Cost (AIC)................................................................................................................................................................................
3.8341082% 3.8262175% 3.7273547% 3.8533914%
2014 GO School Building B | SINGLE PURPOSE | 9/ 3/2014 | 1:18 PM
Independent School District No. 300, LaCrescent-Hokah, Minnesota Estimated Tax Impact - Based on Net Tax Capacity 25-year Issue Sized at $25,965,000 Option 1
Taxable Market Value
Current Levy Less Existing Levy Increase Projected Pay 2015 TNTC Tax Rate Increase (b): Homestead Residential
1st Year $1,140,793 $884,777 $256,016 $6,664,099 3.842%
$75,000 100,000 125,000 150,000 175,000 200,000 225,000 250,000 300,000 350,000 400,000 450,000 500,000 550,000 600,000 650,000 700,000 750,000
2nd Year $1,625,076 $1,140,793 $484,283 $6,664,099 7.267%
3rd Year $1,870,196 $1,625,076 $245,120.20 $6,664,100 3.678%
$17 28 38 49 59 69 80 90 111 132 153 173 192 216 240 264 288 312
$33 52 72 92 112 131 151 171 211 250 290 327 363 409 454 500 545 590
$17 26 36 46 56 66 77 87 107 127 147 166 184 207 230 253 276 299
$58 86 163 355 740 2,276 3,813
$109 164 309 672 1,399 4,306 7,213
$55 83 156 340 708 2,179 3,651
$24 36 48 96 240 480 1,441 2,401
$45 68 91 182 454 908 2,725 4,542
$23 34 46 92 230 460 1,379 2,299
$12 15 17 19 27
$22 29 33 36 51
$11 15 17 18 26
Commercial/Industrial $100,000 150,000 250,000 500,000 1,000,000 3,000,000 5,000,000 Apartments (4 or More Units) $50,000 75,000 100,000 200,000 500,000 1,000,000 3,000,000 5,000,000 Seasonal/Recreational (Residential) $30,000 40,000 45,000 50,000 70,000
Independent School District No. 300, LaCrescent-Hokah, Minnesota Estimated Tax Impact - Based on Net Tax Capacity 25-year Issue Sized at $25,965,000 Option 1 Current Levy Less Existing Levy Increase Projected Pay 2015 TNTC Tax Rate Increase (b): Agricultural Homestead
Taxable Market Value Value per Acre Dwelling Est. Market (c) $100,000
1st Year $1,140,793 $884,777 $256,016 $6,664,099 3.842%
2nd Year $1,625,076 $1,140,793 $484,283 $6,664,099 7.267%
3rd Year $1,870,196 $1,625,076 $245,120.20 $6,664,100 3.678%
$5,900 Acres Total EMV (d) 80 $572,000 160 1,044,000 320 1,988,000 640 3,876,000
$118 $209 $651 $2,099
$224 $395 $1,231 $3,971
$224 $395 $1,231 $3,971
$181 $363 $725 $1,451
$343 $686 $1,372 $2,744
$34,300 $68,601 $137,202 $274,404
Agricultural Non-Homestead Acres Total EMV (d) 80 $472,000 160 944,000 320 1,888,000 640 3,776,000
(a) Taxable market value is the basis from which the net tax capacity is calculated. This value is not necessarily the price the property would bring if sold. (b) The tax rate increase is derived by dividing the 1st year debt service levy by the taxable net tax capacity. The dollar increase in taxes payable is derived by multiplying the net tax capacity by the tax capacity rate increase. (c) Includes house, garage and one acre with an estimated market value of $100,000.00 (d) Estimated value per tillable acre is $5,900.00 Note: Changes in interest rates, timing or size of the bond issue may cause significant alterations of this information.
$25,375,000
Independent School District No. 300 (LaCrescent-Hokah), La Crescent, MN General Obligation School Building Bonds, Series 2014 Option 2 Sources & Uses Dated 05/01/2015 | Delivered 05/01/2015 Sources Of Funds Par Amount of Bonds..................................................................................................................................................................................... $25,375,000.00 Total Sources........................................................................................................................................................................................... $25,375,000.00 Uses Of Funds Deposit to Project Construction Fund.................................................................................................................................................................... 23,847,561.00 Deposit to Capitalized Interest (CIF) Fund.............................................................................................................................................................. 1,136,778.75 Total Underwriter's Discount (1.200%).................................................................................................................................................................. 304,500.00 Costs of Issuance....................................................................................................................................................................................... 84,750.00 Rounding Amount......................................................................................................................................................................................... 1,410.25 Total Uses..............................................................................................................................................................................................
2014 GO School Building B | SINGLE PURPOSE | 9/ 3/2014 | 1:26 PM
$25,375,000.00
$25,375,000
Independent School District No. 300 (LaCrescent-Hokah), La Crescent, MN General Obligation School Building Bonds, Series 2014 Option 2 NET DEBT SERVICE WITH EQUALIZATION AID Date
Principal
Coupon
Interest
Total P+I
CIF
Existing D/S
Net New D/S
105% Overlevy
Equal. Aid
Net Levy
02/01/2016 02/01/2017 02/01/2018 02/01/2019 02/01/2020 02/01/2021 02/01/2022 02/01/2023 02/01/2024 02/01/2025 02/01/2026 02/01/2027 02/01/2028 02/01/2029 02/01/2030 02/01/2031 02/01/2032 02/01/2033 02/01/2034 02/01/2035 02/01/2036 02/01/2037 02/01/2038 02/01/2039 02/01/2040 02/01/2041
40,000.00 40,000.00 40,000.00 380,000.00 730,000.00 750,000.00 770,000.00 785,000.00 810,000.00 995,000.00 1,030,000.00 1,060,000.00 1,100,000.00 1,135,000.00 1,175,000.00 1,220,000.00 1,265,000.00 1,310,000.00 1,360,000.00 1,415,000.00 1,470,000.00 1,530,000.00 1,590,000.00 1,655,000.00 1,720,000.00
1.150% 1.450% 1.800% 2.050% 2.300% 2.500% 2.700% 2.900% 3.100% 3.200% 3.300% 3.400% 3.500% 3.550% 3.600% 3.700% 3.750% 3.800% 3.850% 3.900% 3.950% 4.000% 4.050% 4.100% 4.150%
682,136.25 909,515.00 909,055.00 908,475.00 907,755.00 899,965.00 883,175.00 864,425.00 843,635.00 820,870.00 795,760.00 763,920.00 729,930.00 693,890.00 655,390.00 615,097.50 572,797.50 527,657.50 480,220.00 430,440.00 378,080.00 322,895.00 264,830.00 203,630.00 139,235.00 71,380.00
682,136.25 949,515.00 949,055.00 948,475.00 1,287,755.00 1,629,965.00 1,633,175.00 1,634,425.00 1,628,635.00 1,630,870.00 1,790,760.00 1,793,920.00 1,789,930.00 1,793,890.00 1,790,390.00 1,790,097.50 1,792,797.50 1,792,657.50 1,790,220.00 1,790,440.00 1,793,080.00 1,792,895.00 1,794,830.00 1,793,630.00 1,794,235.00 1,791,380.00
(682,136.25) (227,378.75) (227,263.75) -
842,645.00 840,607.50 842,657.50 843,620.00 503,745.00 162,107.50 160,607.50 158,717.50 161,427.50 163,525.00 -
842,645.00 1,562,743.75 1,564,448.75 1,792,095.00 1,791,500.00 1,792,072.50 1,793,782.50 1,793,142.50 1,790,062.50 1,794,395.00 1,790,760.00 1,793,920.00 1,789,930.00 1,793,890.00 1,790,390.00 1,790,097.50 1,792,797.50 1,792,657.50 1,790,220.00 1,790,440.00 1,793,080.00 1,792,895.00 1,794,830.00 1,793,630.00 1,794,235.00 1,791,380.00
884,777.25 1,640,880.94 1,642,671.19 1,881,699.75 1,881,075.00 1,881,676.13 1,883,471.63 1,882,799.63 1,879,565.63 1,884,114.75 1,880,298.00 1,883,616.00 1,879,426.50 1,883,584.50 1,879,909.50 1,879,602.38 1,882,437.38 1,882,290.38 1,879,731.00 1,879,962.00 1,882,734.00 1,882,539.75 1,884,571.50 1,883,311.50 1,883,946.75 1,880,949.00
31,500.88 31,259.57 27,436.11 28,222.90 28,064.73 28,952.92 28,741.01 27,392.51 28,803.87 27,319.51 29,063.44 27,785.91 27,811.25 29,052.28 29,145.56 28,309.08 28,552.42 27,751.43 27,913.66 28,938.72 28,695.39 27,159.31 28,361.81
884,777.25 1,640,880.94 1,642,671.19 1,850,198.87 1,849,815.43 1,854,240.02 1,855,248.73 1,854,734.90 1,850,612.71 1,855,373.74 1,852,905.49 1,854,812.13 1,852,106.99 1,854,521.06 1,852,123.59 1,851,791.13 1,853,385.10 1,853,144.82 1,851,421.92 1,851,409.58 1,854,982.57 1,854,626.09 1,855,632.78 1,854,616.11 1,856,787.44 1,852,587.19
Total
$25,375,000.00
-
$16,274,158.75
$41,649,158.75
(1,136,778.75)
$4,679,660.00
$45,192,040.00
$47,451,642.00
$656,234.27
$46,795,407.73
Dated................................................................................................................................................................................................... Delivery Date........................................................................................................................................................................................... First Coupon Date.......................................................................................................................................................................................
5/01/2015 5/01/2015 2/01/2016
Yield Statistics Bond Year Dollars....................................................................................................................................................................................... Average Life............................................................................................................................................................................................ Average Coupon..........................................................................................................................................................................................
$432,281.25 17.036 Years 3.7647154%
Net Interest Cost (NIC)................................................................................................................................................................................. True Interest Cost (TIC)................................................................................................................................................................................ Bond Yield for Arbitrage Purposes....................................................................................................................................................................... All Inclusive Cost (AIC)................................................................................................................................................................................
3.8351556% 3.8275076% 3.7288284% 3.8552628%
2014 GO School Building B | SINGLE PURPOSE | 9/ 3/2014 | 1:26 PM
Independent School District No. 300, LaCrescent-Hokah, Minnesota Estimated Tax Impact - Based on Net Tax Capacity 25-year Issue Sized at $25,375,000 Option 2
Taxable Market Value
Current Levy Less Existing Levy Increase Projected Pay 2015 TNTC Tax Rate Increase (b): Homestead Residential
$75,000 100,000 125,000 150,000 175,000 200,000 225,000 250,000 300,000 350,000 400,000 450,000 500,000 550,000 600,000 650,000 700,000 750,000
1st Year $1,640,881 $884,777 $756,104 $6,664,099 11.346%
2nd Year $1,642,671 $1,640,881 $1,790 $6,664,099 0.027%
3rd Year $1,870,196 $1,642,671 $227,525.08 $6,664,100 3.414%
$51 81 112 143 174 205 236 267 329 391 452 511 567 638 709 780 851 922
$0 0 0 0 0 0 1 1 1 1 1 1 1 2 2 2 2 2
$15 25 34 43 52 62 71 80 99 118 136 154 171 192 213 235 256 277
$170 255 482 1,049 2,184 6,722 11,261
$0 1 1 2 5 16 27
$51 77 145 316 657 2,023 3,389
$71 106 142 284 709 1,418 4,255 7,091
$0 0 0 1 2 3 10 17
$21 32 43 85 213 427 1,280 2,134
$34 45 51 57 79
$0 0 0 0 0
$10 14 15 17 24
Commercial/Industrial $100,000 150,000 250,000 500,000 1,000,000 3,000,000 5,000,000 Apartments (4 or More Units) $50,000 75,000 100,000 200,000 500,000 1,000,000 3,000,000 5,000,000 Seasonal/Recreational (Residential) $30,000 40,000 45,000 50,000 70,000
Agricultural Homestead Value per Acre Dwelling Est. Market (c) $100,000
$5,900 Acres Total EMV (d) 80 $572,000 160 1,044,000 320 1,988,000 640 3,876,000
$349 $617 $1,922 $6,199
$1 $1 $5 $15
$1 $1 $5 $15
$536 $1,071 $2,142 $4,284
$1 $3 $5 $10
$127 $254 $507 $1,014
Agricultural Non-Homestead Acres Total EMV (d) 80 $472,000 160 944,000 320 1,888,000 640 3,776,000
(a) Taxable market value is the basis from which the net tax capacity is calculated. This value is not necessarily the price the property would bring if sold. (b) The tax rate increase is derived by dividing the 1st year debt service levy by the taxable net tax capacity. The dollar increase in taxes payable is derived by multiplying the net tax capacity by the tax capacity rate increase. (c) Includes house, garage and one acre with an estimated market value of $100,000.00 (d) Estimated value per tillable acre is $5,900.00 Note: Changes in interest rates, timing or size of the bond issue may cause significant alterations of this information.
$25,515,000
Independent School District No. 300 (LaCrescent-Hokah), La Crescent, MN General Obligation School Building Bonds, Series 2015 Option 3 Sources & Uses Dated 05/01/2015 | Delivered 05/01/2015 Sources Of Funds Par Amount of Bonds..................................................................................................................................................................................... $25,515,000.00 Total Sources........................................................................................................................................................................................... $25,515,000.00 Uses Of Funds Deposit to Project Construction Fund.................................................................................................................................................................... 23,847,561.00 Deposit to Capitalized Interest (CIF) Fund.............................................................................................................................................................. 1,272,148.90 Total Underwriter's Discount (1.200%).................................................................................................................................................................. 306,180.00 Costs of Issuance....................................................................................................................................................................................... 84,750.00 Rounding Amount......................................................................................................................................................................................... 4,360.10 Total Uses..............................................................................................................................................................................................
2014 GO School Building B | SINGLE PURPOSE | 9/ 3/2014 | 3:43 PM
$25,515,000.00
$25,515,000
Independent School District No. 300 (LaCrescent-Hokah), La Crescent, MN General Obligation School Building Bonds, Series 2015 Option 3 NET DEBT SERVICE WITH EQUALIZATION AID Date
Principal
Coupon
Interest
Total P+I
CIF
Existing D/S
Net New D/S
105% Overlevy
Equal. Aid
Net Levy
02/01/2016 02/01/2017 02/01/2018 02/01/2019 02/01/2020 02/01/2021 02/01/2022 02/01/2023 02/01/2024 02/01/2025 02/01/2026 02/01/2027 02/01/2028 02/01/2029 02/01/2030 02/01/2031 02/01/2032 02/01/2033 02/01/2034 02/01/2035 02/01/2036 02/01/2037 02/01/2038 02/01/2039 02/01/2040 02/01/2041
120,000.00 460,000.00 470,000.00 480,000.00 500,000.00 510,000.00 680,000.00 695,000.00 1,205,000.00 1,250,000.00 1,290,000.00 1,340,000.00 1,385,000.00 1,435,000.00 1,490,000.00 1,550,000.00 1,610,000.00 1,670,000.00 1,735,000.00 1,805,000.00 1,880,000.00 1,955,000.00
2.050% 2.300% 2.500% 2.700% 2.900% 3.100% 3.200% 3.300% 3.400% 3.500% 3.550% 3.600% 3.700% 3.750% 3.800% 3.850% 3.900% 3.950% 4.000% 4.050% 4.100% 4.150%
706,749.38 942,332.50 942,332.50 942,332.50 942,332.50 939,872.50 929,292.50 917,542.50 904,582.50 890,082.50 874,272.50 852,512.50 829,577.50 788,607.50 744,857.50 699,062.50 650,822.50 599,577.50 545,765.00 489,145.00 429,470.00 366,680.00 300,715.00 231,315.00 158,212.50 81,132.50
706,749.38 942,332.50 942,332.50 942,332.50 1,062,332.50 1,399,872.50 1,399,292.50 1,397,542.50 1,404,582.50 1,400,082.50 1,554,272.50 1,547,512.50 2,034,577.50 2,038,607.50 2,034,857.50 2,039,062.50 2,035,822.50 2,034,577.50 2,035,765.00 2,039,145.00 2,039,470.00 2,036,680.00 2,035,715.00 2,036,315.00 2,038,212.50 2,036,132.50
(706,749.38) (282,699.75) (282,699.77) -
842,645.00 840,607.50 842,657.50 843,620.00 503,745.00 162,107.50 160,607.50 158,717.50 161,427.50 163,525.00 -
842,645.00 1,500,240.25 1,502,290.23 1,785,952.50 1,566,077.50 1,561,980.00 1,559,900.00 1,556,260.00 1,566,010.00 1,563,607.50 1,554,272.50 1,547,512.50 2,034,577.50 2,038,607.50 2,034,857.50 2,039,062.50 2,035,822.50 2,034,577.50 2,035,765.00 2,039,145.00 2,039,470.00 2,036,680.00 2,035,715.00 2,036,315.00 2,038,212.50 2,036,132.50
884,777.25 1,575,252.26 1,577,404.74 1,875,250.13 1,644,381.38 1,640,079.00 1,637,895.00 1,634,073.00 1,644,310.50 1,641,787.88 1,631,986.13 1,624,888.13 2,136,306.38 2,140,537.88 2,136,600.38 2,141,015.63 2,137,613.63 2,136,306.38 2,137,553.25 2,141,102.25 2,141,443.50 2,138,514.00 2,137,500.75 2,138,130.75 2,140,123.13 2,137,939.13
33,216.42 146,115.59 145,446.41 145,740.45 145,130.07 145,624.86 144,819.81 144,997.25 146,059.83 145,879.35 146,459.31 145,667.45 145,505.22 145,864.14 146,632.69
884,777.25 1,575,252.26 1,577,404.74 1,842,033.71 1,644,381.38 1,640,079.00 1,637,895.00 1,634,073.00 1,644,310.50 1,641,787.88 1,631,986.13 1,624,888.13 1,990,190.79 1,995,091.47 1,990,859.93 1,995,885.56 1,991,988.77 1,991,486.57 1,992,556.00 1,995,042.42 1,995,564.15 1,992,054.69 1,991,833.30 1,992,625.53 1,994,258.99 1,991,306.44
Total
$25,515,000.00
-
$17,699,176.88
$43,214,176.88
(1,272,148.90)
$4,679,660.00
$46,621,687.98
$48,952,772.38
$2,073,158.85
$46,879,613.53
Dated................................................................................................................................................................................................... Delivery Date........................................................................................................................................................................................... First Coupon Date.......................................................................................................................................................................................
5/01/2015 5/01/2015 2/01/2016
Yield Statistics Bond Year Dollars....................................................................................................................................................................................... Average Life............................................................................................................................................................................................ Average Coupon..........................................................................................................................................................................................
$463,776.25 18.177 Years 3.8163181%
Net Interest Cost (NIC)................................................................................................................................................................................. True Interest Cost (TIC)................................................................................................................................................................................ Bond Yield for Arbitrage Purposes....................................................................................................................................................................... All Inclusive Cost (AIC)................................................................................................................................................................................
3.8823370% 3.8829892% 3.7888170% 3.9093264%
2014 GO School Building B | SINGLE PURPOSE | 9/ 3/2014 | 3:43 PM
Independent School District No. 300, LaCrescent-Hokah, Minnesota Estimated Tax Impact - Based on Net Tax Capacity 25-year Issue Sized at $25,515,000 Option 3
Taxable Market Value
Current Levy Less Existing Levy Increase Projected Pay 2015 TNTC Tax Rate Increase (b): Homestead Residential
$75,000 100,000 125,000 150,000 175,000 200,000 225,000 250,000 300,000 350,000 400,000 450,000 500,000 550,000 600,000 650,000 700,000 750,000
1st Year $1,575,252 $884,777 $690,475 $6,664,099 10.361%
2nd Year $1,577,405 $1,575,252 $2,152 $6,664,099 0.032%
3rd Year $1,842,034 $1,577,405 $264,628.97 $6,664,100 3.971%
$47 74 103 131 159 187 216 244 300 357 413 466 518 583 648 712 777 842
$0 0 0 0 0 1 1 1 1 1 1 1 2 2 2 2 2 3
$18 28 39 50 61 72 83 93 115 137 158 179 199 223 248 273 298 323
$155 233 440 958 1,995 6,139 10,283
$0 1 1 3 6 19 32
$60 89 169 367 764 2,353 3,941
$65 97 130 259 648 1,295 3,885 6,476
$0 0 0 1 2 4 12 20
$25 37 50 99 248 496 1,489 2,482
$31 41 47 52 73
$0 0 0 0 0
$12 16 18 20 28
Commercial/Industrial $100,000 150,000 250,000 500,000 1,000,000 3,000,000 5,000,000 Apartments (4 or More Units) $50,000 75,000 100,000 200,000 500,000 1,000,000 3,000,000 5,000,000 Seasonal/Recreational (Residential) $30,000 40,000 45,000 50,000 70,000
Agricultural Homestead Value per Acre Dwelling Est. Market (c) $100,000
$5,900 Acres Total EMV (d) 80 $572,000 160 1,044,000 320 1,988,000 640 3,876,000
$319 $563 $1,755 $5,661
$1 $2 $5 $18
$1 $2 $5 $18
$489 $978 $1,956 $3,912
$2 $3 $6 $12
$152 $305 $610 $1,220
Agricultural Non-Homestead Acres Total EMV (d) 80 $472,000 160 944,000 320 1,888,000 640 3,776,000
(a) Taxable market value is the basis from which the net tax capacity is calculated. This value is not necessarily the price the property would bring if sold. (b) The tax rate increase is derived by dividing the 1st year debt service levy by the taxable net tax capacity. The dollar increase in taxes payable is derived by multiplying the net tax capacity by the tax capacity rate increase. (c) Includes house, garage and one acre with an estimated market value of $100,000.00 (d) Estimated value per tillable acre is $5,900.00 Note: Changes in interest rates, timing or size of the bond issue may cause significant alterations of this information.
Current Tax Impact on $100K Home Option 1 Option 2 Option 3 1st Year………………………….......................................................................................................................................................................................... $28 $81 $74 2nd Year…………………………….......................................................................................................................................................................................... $52 $0 $0 3rd Year………….......................................................................................................................................................................................... $26 $25 $28* Total………………….................................................................................................................................................................. $106 $106 $102 *Could be reduced to zero using proceeds from the sale of the existing property
2014 GO School Building B | SINGLE PURPOSE | 12/ 6/2013 | 12:44 PM
$25,965,000
Independent School District No. 300 (LaCrescent-Hokah), La Crescent, MN General Obligation School Building Bonds, Series 2015 Option 1 Sources & Uses Dated 05/01/2015 | Delivered 05/01/2015 Sources Of Funds Par Amount of Bonds..................................................................................................................................................................................... $25,965,000.00 Total Sources........................................................................................................................................................................................... $25,965,000.00 Uses Of Funds Deposit to Project Construction Fund.................................................................................................................................................................... 23,847,561.00 Deposit to Capitalized Interest (CIF) Fund.............................................................................................................................................................. 1,719,016.50 Total Underwriter's Discount (1.200%).................................................................................................................................................................. 311,580.00 Costs of Issuance....................................................................................................................................................................................... 84,750.00 Rounding Amount......................................................................................................................................................................................... 2,092.50 Total Uses..............................................................................................................................................................................................
2014 GO School Building B | SINGLE PURPOSE | 9/ 3/2014 | 1:18 PM
$25,965,000.00
$25,965,000
Independent School District No. 300 (LaCrescent-Hokah), La Crescent, MN General Obligation School Building Bonds, Series 2014 Option 1 NET DEBT SERVICE WITH EQUALIZATION AID Date
Principal
Coupon
Interest
Total P+I
CIF
Existing D/S
Net New D/S
105% Overlevy
Equal. Aid
Net Levy
02/01/2016 02/01/2017 02/01/2018 02/01/2019 02/01/2020 02/01/2021 02/01/2022 02/01/2023 02/01/2024 02/01/2025 02/01/2026 02/01/2027 02/01/2028 02/01/2029 02/01/2030 02/01/2031 02/01/2032 02/01/2033 02/01/2034 02/01/2035 02/01/2036 02/01/2037 02/01/2038 02/01/2039 02/01/2040 02/01/2041
60,000.00 55,000.00 55,000.00 400,000.00 750,000.00 765,000.00 790,000.00 805,000.00 825,000.00 1,015,000.00 1,050,000.00 1,085,000.00 1,120,000.00 1,160,000.00 1,200,000.00 1,245,000.00 1,290,000.00 1,340,000.00 1,390,000.00 1,445,000.00 1,500,000.00 1,560,000.00 1,620,000.00 1,685,000.00 1,755,000.00
1.150% 1.450% 1.800% 2.050% 2.300% 2.500% 2.700% 2.900% 3.100% 3.200% 3.300% 3.400% 3.500% 3.550% 3.600% 3.700% 3.750% 3.800% 3.850% 3.900% 3.950% 4.000% 4.050% 4.100% 4.150%
696,982.50 929,310.00 928,620.00 927,822.50 926,832.50 918,632.50 901,382.50 882,257.50 860,927.50 837,582.50 812,007.50 779,527.50 744,877.50 707,987.50 668,787.50 627,607.50 584,407.50 538,342.50 489,967.50 439,047.50 385,532.50 329,177.50 269,927.50 207,527.50 141,917.50 72,832.50
696,982.50 989,310.00 983,620.00 982,822.50 1,326,832.50 1,668,632.50 1,666,382.50 1,672,257.50 1,665,927.50 1,662,582.50 1,827,007.50 1,829,527.50 1,829,877.50 1,827,987.50 1,828,787.50 1,827,607.50 1,829,407.50 1,828,342.50 1,829,967.50 1,829,047.50 1,830,532.50 1,829,177.50 1,829,927.50 1,827,527.50 1,826,917.50 1,827,832.50
(696,982.50) (743,448.00) (278,586.00) -
842,645.00 840,607.50 842,657.50 843,620.00 503,745.00 162,107.50 160,607.50 158,717.50 161,427.50 163,525.00 -
842,645.00 1,086,469.50 1,547,691.50 1,826,442.50 1,830,577.50 1,830,740.00 1,826,990.00 1,830,975.00 1,827,355.00 1,826,107.50 1,827,007.50 1,829,527.50 1,829,877.50 1,827,987.50 1,828,787.50 1,827,607.50 1,829,407.50 1,828,342.50 1,829,967.50 1,829,047.50 1,830,532.50 1,829,177.50 1,829,927.50 1,827,527.50 1,826,917.50 1,827,832.50
884,777.25 1,140,792.98 1,625,076.08 1,917,764.63 1,922,106.38 1,922,277.00 1,918,339.50 1,922,523.75 1,918,722.75 1,917,412.88 1,918,357.88 1,921,003.88 1,921,371.38 1,919,386.88 1,920,226.88 1,918,987.88 1,920,877.88 1,919,759.63 1,921,465.88 1,920,499.88 1,922,059.13 1,920,636.38 1,921,423.88 1,918,903.88 1,918,263.38 1,919,224.13
47,568.36 47,217.54 47,325.02 47,878.61 47,466.96 46,053.57 47,634.26 47,999.27 46,993.47 47,202.33 46,504.76 46,900.19 46,493.61 47,296.63 46,939.73 47,674.82 47,378.75 48,059.09 47,588.63 47,972.91 47,080.66 46,915.40 47,369.63
884,777.25 1,140,792.98 1,625,076.08 1,870,196.27 1,874,888.84 1,874,951.98 1,870,460.89 1,875,056.79 1,872,669.18 1,869,778.62 1,870,358.61 1,874,010.41 1,874,169.05 1,872,882.12 1,873,326.69 1,872,494.27 1,873,581.25 1,872,819.90 1,873,791.06 1,873,121.13 1,874,000.04 1,873,047.75 1,873,450.97 1,871,823.22 1,871,347.98 1,871,854.50
Total
$25,965,000.00
-
$16,609,825.00
$42,574,825.00
(1,719,016.50)
$4,679,660.00
$45,535,468.50
$47,812,241.93
$1,087,514.20
$46,724,727.73
Dated................................................................................................................................................................................................... Delivery Date........................................................................................................................................................................................... First Coupon Date.......................................................................................................................................................................................
5/01/2015 5/01/2015 2/01/2016
Yield Statistics Bond Year Dollars....................................................................................................................................................................................... Average Life............................................................................................................................................................................................ Average Coupon..........................................................................................................................................................................................
$441,338.75 16.997 Years 3.7635093%
Net Interest Cost (NIC)................................................................................................................................................................................. True Interest Cost (TIC)................................................................................................................................................................................ Bond Yield for Arbitrage Purposes....................................................................................................................................................................... All Inclusive Cost (AIC)................................................................................................................................................................................
3.8341082% 3.8262175% 3.7273547% 3.8533914%
2014 GO School Building B | SINGLE PURPOSE | 9/ 3/2014 | 1:18 PM
Independent School District No. 300, LaCrescent-Hokah, Minnesota Estimated Tax Impact - Based on Net Tax Capacity 25-year Issue Sized at $25,965,000 Option 1
Taxable Market Value
Current Levy Less Existing Levy Increase Projected Pay 2015 TNTC Tax Rate Increase (b): Homestead Residential
1st Year $1,140,793 $884,777 $256,016 $6,664,099 3.842%
$75,000 100,000 125,000 150,000 175,000 200,000 225,000 250,000 300,000 350,000 400,000 450,000 500,000 550,000 600,000 650,000 700,000 750,000
2nd Year $1,625,076 $1,140,793 $484,283 $6,664,099 7.267%
3rd Year $1,870,196 $1,625,076 $245,120.20 $6,664,100 3.678%
$17 28 38 49 59 69 80 90 111 132 153 173 192 216 240 264 288 312
$33 52 72 92 112 131 151 171 211 250 290 327 363 409 454 500 545 590
$17 26 36 46 56 66 77 87 107 127 147 166 184 207 230 253 276 299
$58 86 163 355 740 2,276 3,813
$109 164 309 672 1,399 4,306 7,213
$55 83 156 340 708 2,179 3,651
$24 36 48 96 240 480 1,441 2,401
$45 68 91 182 454 908 2,725 4,542
$23 34 46 92 230 460 1,379 2,299
$12 15 17 19 27
$22 29 33 36 51
$11 15 17 18 26
Commercial/Industrial $100,000 150,000 250,000 500,000 1,000,000 3,000,000 5,000,000 Apartments (4 or More Units) $50,000 75,000 100,000 200,000 500,000 1,000,000 3,000,000 5,000,000 Seasonal/Recreational (Residential) $30,000 40,000 45,000 50,000 70,000
Independent School District No. 300, LaCrescent-Hokah, Minnesota Estimated Tax Impact - Based on Net Tax Capacity 25-year Issue Sized at $25,965,000 Option 1 Current Levy Less Existing Levy Increase Projected Pay 2015 TNTC Tax Rate Increase (b): Agricultural Homestead
Taxable Market Value Value per Acre Dwelling Est. Market (c) $100,000
1st Year $1,140,793 $884,777 $256,016 $6,664,099 3.842%
2nd Year $1,625,076 $1,140,793 $484,283 $6,664,099 7.267%
3rd Year $1,870,196 $1,625,076 $245,120.20 $6,664,100 3.678%
$5,900 Acres Total EMV (d) 80 $572,000 160 1,044,000 320 1,988,000 640 3,876,000
$118 $209 $651 $2,099
$224 $395 $1,231 $3,971
$224 $395 $1,231 $3,971
$181 $363 $725 $1,451
$343 $686 $1,372 $2,744
$34,300 $68,601 $137,202 $274,404
Agricultural Non-Homestead Acres Total EMV (d) 80 $472,000 160 944,000 320 1,888,000 640 3,776,000
(a) Taxable market value is the basis from which the net tax capacity is calculated. This value is not necessarily the price the property would bring if sold. (b) The tax rate increase is derived by dividing the 1st year debt service levy by the taxable net tax capacity. The dollar increase in taxes payable is derived by multiplying the net tax capacity by the tax capacity rate increase. (c) Includes house, garage and one acre with an estimated market value of $100,000.00 (d) Estimated value per tillable acre is $5,900.00 Note: Changes in interest rates, timing or size of the bond issue may cause significant alterations of this information.
$25,375,000
Independent School District No. 300 (LaCrescent-Hokah), La Crescent, MN General Obligation School Building Bonds, Series 2014 Option 2 Sources & Uses Dated 05/01/2015 | Delivered 05/01/2015 Sources Of Funds Par Amount of Bonds..................................................................................................................................................................................... $25,375,000.00 Total Sources........................................................................................................................................................................................... $25,375,000.00 Uses Of Funds Deposit to Project Construction Fund.................................................................................................................................................................... 23,847,561.00 Deposit to Capitalized Interest (CIF) Fund.............................................................................................................................................................. 1,136,778.75 Total Underwriter's Discount (1.200%).................................................................................................................................................................. 304,500.00 Costs of Issuance....................................................................................................................................................................................... 84,750.00 Rounding Amount......................................................................................................................................................................................... 1,410.25 Total Uses..............................................................................................................................................................................................
2014 GO School Building B | SINGLE PURPOSE | 9/ 3/2014 | 1:26 PM
$25,375,000.00
$25,375,000
Independent School District No. 300 (LaCrescent-Hokah), La Crescent, MN General Obligation School Building Bonds, Series 2014 Option 2 NET DEBT SERVICE WITH EQUALIZATION AID Date
Principal
Coupon
Interest
Total P+I
CIF
Existing D/S
Net New D/S
105% Overlevy
Equal. Aid
Net Levy
02/01/2016 02/01/2017 02/01/2018 02/01/2019 02/01/2020 02/01/2021 02/01/2022 02/01/2023 02/01/2024 02/01/2025 02/01/2026 02/01/2027 02/01/2028 02/01/2029 02/01/2030 02/01/2031 02/01/2032 02/01/2033 02/01/2034 02/01/2035 02/01/2036 02/01/2037 02/01/2038 02/01/2039 02/01/2040 02/01/2041
40,000.00 40,000.00 40,000.00 380,000.00 730,000.00 750,000.00 770,000.00 785,000.00 810,000.00 995,000.00 1,030,000.00 1,060,000.00 1,100,000.00 1,135,000.00 1,175,000.00 1,220,000.00 1,265,000.00 1,310,000.00 1,360,000.00 1,415,000.00 1,470,000.00 1,530,000.00 1,590,000.00 1,655,000.00 1,720,000.00
1.150% 1.450% 1.800% 2.050% 2.300% 2.500% 2.700% 2.900% 3.100% 3.200% 3.300% 3.400% 3.500% 3.550% 3.600% 3.700% 3.750% 3.800% 3.850% 3.900% 3.950% 4.000% 4.050% 4.100% 4.150%
682,136.25 909,515.00 909,055.00 908,475.00 907,755.00 899,965.00 883,175.00 864,425.00 843,635.00 820,870.00 795,760.00 763,920.00 729,930.00 693,890.00 655,390.00 615,097.50 572,797.50 527,657.50 480,220.00 430,440.00 378,080.00 322,895.00 264,830.00 203,630.00 139,235.00 71,380.00
682,136.25 949,515.00 949,055.00 948,475.00 1,287,755.00 1,629,965.00 1,633,175.00 1,634,425.00 1,628,635.00 1,630,870.00 1,790,760.00 1,793,920.00 1,789,930.00 1,793,890.00 1,790,390.00 1,790,097.50 1,792,797.50 1,792,657.50 1,790,220.00 1,790,440.00 1,793,080.00 1,792,895.00 1,794,830.00 1,793,630.00 1,794,235.00 1,791,380.00
(682,136.25) (227,378.75) (227,263.75) -
842,645.00 840,607.50 842,657.50 843,620.00 503,745.00 162,107.50 160,607.50 158,717.50 161,427.50 163,525.00 -
842,645.00 1,562,743.75 1,564,448.75 1,792,095.00 1,791,500.00 1,792,072.50 1,793,782.50 1,793,142.50 1,790,062.50 1,794,395.00 1,790,760.00 1,793,920.00 1,789,930.00 1,793,890.00 1,790,390.00 1,790,097.50 1,792,797.50 1,792,657.50 1,790,220.00 1,790,440.00 1,793,080.00 1,792,895.00 1,794,830.00 1,793,630.00 1,794,235.00 1,791,380.00
884,777.25 1,640,880.94 1,642,671.19 1,881,699.75 1,881,075.00 1,881,676.13 1,883,471.63 1,882,799.63 1,879,565.63 1,884,114.75 1,880,298.00 1,883,616.00 1,879,426.50 1,883,584.50 1,879,909.50 1,879,602.38 1,882,437.38 1,882,290.38 1,879,731.00 1,879,962.00 1,882,734.00 1,882,539.75 1,884,571.50 1,883,311.50 1,883,946.75 1,880,949.00
31,500.88 31,259.57 27,436.11 28,222.90 28,064.73 28,952.92 28,741.01 27,392.51 28,803.87 27,319.51 29,063.44 27,785.91 27,811.25 29,052.28 29,145.56 28,309.08 28,552.42 27,751.43 27,913.66 28,938.72 28,695.39 27,159.31 28,361.81
884,777.25 1,640,880.94 1,642,671.19 1,850,198.87 1,849,815.43 1,854,240.02 1,855,248.73 1,854,734.90 1,850,612.71 1,855,373.74 1,852,905.49 1,854,812.13 1,852,106.99 1,854,521.06 1,852,123.59 1,851,791.13 1,853,385.10 1,853,144.82 1,851,421.92 1,851,409.58 1,854,982.57 1,854,626.09 1,855,632.78 1,854,616.11 1,856,787.44 1,852,587.19
Total
$25,375,000.00
-
$16,274,158.75
$41,649,158.75
(1,136,778.75)
$4,679,660.00
$45,192,040.00
$47,451,642.00
$656,234.27
$46,795,407.73
Dated................................................................................................................................................................................................... Delivery Date........................................................................................................................................................................................... First Coupon Date.......................................................................................................................................................................................
5/01/2015 5/01/2015 2/01/2016
Yield Statistics Bond Year Dollars....................................................................................................................................................................................... Average Life............................................................................................................................................................................................ Average Coupon..........................................................................................................................................................................................
$432,281.25 17.036 Years 3.7647154%
Net Interest Cost (NIC)................................................................................................................................................................................. True Interest Cost (TIC)................................................................................................................................................................................ Bond Yield for Arbitrage Purposes....................................................................................................................................................................... All Inclusive Cost (AIC)................................................................................................................................................................................
3.8351556% 3.8275076% 3.7288284% 3.8552628%
2014 GO School Building B | SINGLE PURPOSE | 9/ 3/2014 | 1:26 PM
Independent School District No. 300, LaCrescent-Hokah, Minnesota Estimated Tax Impact - Based on Net Tax Capacity 25-year Issue Sized at $25,375,000 Option 2
Taxable Market Value
Current Levy Less Existing Levy Increase Projected Pay 2015 TNTC Tax Rate Increase (b): Homestead Residential
$75,000 100,000 125,000 150,000 175,000 200,000 225,000 250,000 300,000 350,000 400,000 450,000 500,000 550,000 600,000 650,000 700,000 750,000
1st Year $1,640,881 $884,777 $756,104 $6,664,099 11.346%
2nd Year $1,642,671 $1,640,881 $1,790 $6,664,099 0.027%
3rd Year $1,870,196 $1,642,671 $227,525.08 $6,664,100 3.414%
$51 81 112 143 174 205 236 267 329 391 452 511 567 638 709 780 851 922
$0 0 0 0 0 0 1 1 1 1 1 1 1 2 2 2 2 2
$15 25 34 43 52 62 71 80 99 118 136 154 171 192 213 235 256 277
$170 255 482 1,049 2,184 6,722 11,261
$0 1 1 2 5 16 27
$51 77 145 316 657 2,023 3,389
$71 106 142 284 709 1,418 4,255 7,091
$0 0 0 1 2 3 10 17
$21 32 43 85 213 427 1,280 2,134
$34 45 51 57 79
$0 0 0 0 0
$10 14 15 17 24
Commercial/Industrial $100,000 150,000 250,000 500,000 1,000,000 3,000,000 5,000,000 Apartments (4 or More Units) $50,000 75,000 100,000 200,000 500,000 1,000,000 3,000,000 5,000,000 Seasonal/Recreational (Residential) $30,000 40,000 45,000 50,000 70,000
Agricultural Homestead Value per Acre Dwelling Est. Market (c) $100,000
$5,900 Acres Total EMV (d) 80 $572,000 160 1,044,000 320 1,988,000 640 3,876,000
$349 $617 $1,922 $6,199
$1 $1 $5 $15
$1 $1 $5 $15
$536 $1,071 $2,142 $4,284
$1 $3 $5 $10
$127 $254 $507 $1,014
Agricultural Non-Homestead Acres Total EMV (d) 80 $472,000 160 944,000 320 1,888,000 640 3,776,000
(a) Taxable market value is the basis from which the net tax capacity is calculated. This value is not necessarily the price the property would bring if sold. (b) The tax rate increase is derived by dividing the 1st year debt service levy by the taxable net tax capacity. The dollar increase in taxes payable is derived by multiplying the net tax capacity by the tax capacity rate increase. (c) Includes house, garage and one acre with an estimated market value of $100,000.00 (d) Estimated value per tillable acre is $5,900.00 Note: Changes in interest rates, timing or size of the bond issue may cause significant alterations of this information.
$25,515,000
Independent School District No. 300 (LaCrescent-Hokah), La Crescent, MN General Obligation School Building Bonds, Series 2015 Option 3 Sources & Uses Dated 05/01/2015 | Delivered 05/01/2015 Sources Of Funds Par Amount of Bonds..................................................................................................................................................................................... $25,515,000.00 Total Sources........................................................................................................................................................................................... $25,515,000.00 Uses Of Funds Deposit to Project Construction Fund.................................................................................................................................................................... 23,847,561.00 Deposit to Capitalized Interest (CIF) Fund.............................................................................................................................................................. 1,272,148.90 Total Underwriter's Discount (1.200%).................................................................................................................................................................. 306,180.00 Costs of Issuance....................................................................................................................................................................................... 84,750.00 Rounding Amount......................................................................................................................................................................................... 4,360.10 Total Uses..............................................................................................................................................................................................
2014 GO School Building B | SINGLE PURPOSE | 9/ 3/2014 | 3:43 PM
$25,515,000.00
$25,515,000
Independent School District No. 300 (LaCrescent-Hokah), La Crescent, MN General Obligation School Building Bonds, Series 2015 Option 3 NET DEBT SERVICE WITH EQUALIZATION AID Date
Principal
Coupon
Interest
Total P+I
CIF
Existing D/S
Net New D/S
105% Overlevy
Equal. Aid
Net Levy
02/01/2016 02/01/2017 02/01/2018 02/01/2019 02/01/2020 02/01/2021 02/01/2022 02/01/2023 02/01/2024 02/01/2025 02/01/2026 02/01/2027 02/01/2028 02/01/2029 02/01/2030 02/01/2031 02/01/2032 02/01/2033 02/01/2034 02/01/2035 02/01/2036 02/01/2037 02/01/2038 02/01/2039 02/01/2040 02/01/2041
120,000.00 460,000.00 470,000.00 480,000.00 500,000.00 510,000.00 680,000.00 695,000.00 1,205,000.00 1,250,000.00 1,290,000.00 1,340,000.00 1,385,000.00 1,435,000.00 1,490,000.00 1,550,000.00 1,610,000.00 1,670,000.00 1,735,000.00 1,805,000.00 1,880,000.00 1,955,000.00
2.050% 2.300% 2.500% 2.700% 2.900% 3.100% 3.200% 3.300% 3.400% 3.500% 3.550% 3.600% 3.700% 3.750% 3.800% 3.850% 3.900% 3.950% 4.000% 4.050% 4.100% 4.150%
706,749.38 942,332.50 942,332.50 942,332.50 942,332.50 939,872.50 929,292.50 917,542.50 904,582.50 890,082.50 874,272.50 852,512.50 829,577.50 788,607.50 744,857.50 699,062.50 650,822.50 599,577.50 545,765.00 489,145.00 429,470.00 366,680.00 300,715.00 231,315.00 158,212.50 81,132.50
706,749.38 942,332.50 942,332.50 942,332.50 1,062,332.50 1,399,872.50 1,399,292.50 1,397,542.50 1,404,582.50 1,400,082.50 1,554,272.50 1,547,512.50 2,034,577.50 2,038,607.50 2,034,857.50 2,039,062.50 2,035,822.50 2,034,577.50 2,035,765.00 2,039,145.00 2,039,470.00 2,036,680.00 2,035,715.00 2,036,315.00 2,038,212.50 2,036,132.50
(706,749.38) (282,699.75) (282,699.77) -
842,645.00 840,607.50 842,657.50 843,620.00 503,745.00 162,107.50 160,607.50 158,717.50 161,427.50 163,525.00 -
842,645.00 1,500,240.25 1,502,290.23 1,785,952.50 1,566,077.50 1,561,980.00 1,559,900.00 1,556,260.00 1,566,010.00 1,563,607.50 1,554,272.50 1,547,512.50 2,034,577.50 2,038,607.50 2,034,857.50 2,039,062.50 2,035,822.50 2,034,577.50 2,035,765.00 2,039,145.00 2,039,470.00 2,036,680.00 2,035,715.00 2,036,315.00 2,038,212.50 2,036,132.50
884,777.25 1,575,252.26 1,577,404.74 1,875,250.13 1,644,381.38 1,640,079.00 1,637,895.00 1,634,073.00 1,644,310.50 1,641,787.88 1,631,986.13 1,624,888.13 2,136,306.38 2,140,537.88 2,136,600.38 2,141,015.63 2,137,613.63 2,136,306.38 2,137,553.25 2,141,102.25 2,141,443.50 2,138,514.00 2,137,500.75 2,138,130.75 2,140,123.13 2,137,939.13
33,216.42 146,115.59 145,446.41 145,740.45 145,130.07 145,624.86 144,819.81 144,997.25 146,059.83 145,879.35 146,459.31 145,667.45 145,505.22 145,864.14 146,632.69
884,777.25 1,575,252.26 1,577,404.74 1,842,033.71 1,644,381.38 1,640,079.00 1,637,895.00 1,634,073.00 1,644,310.50 1,641,787.88 1,631,986.13 1,624,888.13 1,990,190.79 1,995,091.47 1,990,859.93 1,995,885.56 1,991,988.77 1,991,486.57 1,992,556.00 1,995,042.42 1,995,564.15 1,992,054.69 1,991,833.30 1,992,625.53 1,994,258.99 1,991,306.44
Total
$25,515,000.00
-
$17,699,176.88
$43,214,176.88
(1,272,148.90)
$4,679,660.00
$46,621,687.98
$48,952,772.38
$2,073,158.85
$46,879,613.53
Dated................................................................................................................................................................................................... Delivery Date........................................................................................................................................................................................... First Coupon Date.......................................................................................................................................................................................
5/01/2015 5/01/2015 2/01/2016
Yield Statistics Bond Year Dollars....................................................................................................................................................................................... Average Life............................................................................................................................................................................................ Average Coupon..........................................................................................................................................................................................
$463,776.25 18.177 Years 3.8163181%
Net Interest Cost (NIC)................................................................................................................................................................................. True Interest Cost (TIC)................................................................................................................................................................................ Bond Yield for Arbitrage Purposes....................................................................................................................................................................... All Inclusive Cost (AIC)................................................................................................................................................................................
3.8823370% 3.8829892% 3.7888170% 3.9093264%
2014 GO School Building B | SINGLE PURPOSE | 9/ 3/2014 | 3:43 PM
Independent School District No. 300, LaCrescent-Hokah, Minnesota Estimated Tax Impact - Based on Net Tax Capacity 25-year Issue Sized at $25,515,000 Option 3
Taxable Market Value
Current Levy Less Existing Levy Increase Projected Pay 2015 TNTC Tax Rate Increase (b): Homestead Residential
$75,000 100,000 125,000 150,000 175,000 200,000 225,000 250,000 300,000 350,000 400,000 450,000 500,000 550,000 600,000 650,000 700,000 750,000
1st Year $1,575,252 $884,777 $690,475 $6,664,099 10.361%
2nd Year $1,577,405 $1,575,252 $2,152 $6,664,099 0.032%
3rd Year $1,842,034 $1,577,405 $264,628.97 $6,664,100 3.971%
$47 74 103 131 159 187 216 244 300 357 413 466 518 583 648 712 777 842
$0 0 0 0 0 1 1 1 1 1 1 1 2 2 2 2 2 3
$18 28 39 50 61 72 83 93 115 137 158 179 199 223 248 273 298 323
$155 233 440 958 1,995 6,139 10,283
$0 1 1 3 6 19 32
$60 89 169 367 764 2,353 3,941
$65 97 130 259 648 1,295 3,885 6,476
$0 0 0 1 2 4 12 20
$25 37 50 99 248 496 1,489 2,482
$31 41 47 52 73
$0 0 0 0 0
$12 16 18 20 28
Commercial/Industrial $100,000 150,000 250,000 500,000 1,000,000 3,000,000 5,000,000 Apartments (4 or More Units) $50,000 75,000 100,000 200,000 500,000 1,000,000 3,000,000 5,000,000 Seasonal/Recreational (Residential) $30,000 40,000 45,000 50,000 70,000
Agricultural Homestead Value per Acre Dwelling Est. Market (c) $100,000
$5,900 Acres Total EMV (d) 80 $572,000 160 1,044,000 320 1,988,000 640 3,876,000
$319 $563 $1,755 $5,661
$1 $2 $5 $18
$1 $2 $5 $18
$489 $978 $1,956 $3,912
$2 $3 $6 $12
$152 $305 $610 $1,220
Agricultural Non-Homestead Acres Total EMV (d) 80 $472,000 160 944,000 320 1,888,000 640 3,776,000
(a) Taxable market value is the basis from which the net tax capacity is calculated. This value is not necessarily the price the property would bring if sold. (b) The tax rate increase is derived by dividing the 1st year debt service levy by the taxable net tax capacity. The dollar increase in taxes payable is derived by multiplying the net tax capacity by the tax capacity rate increase. (c) Includes house, garage and one acre with an estimated market value of $100,000.00 (d) Estimated value per tillable acre is $5,900.00 Note: Changes in interest rates, timing or size of the bond issue may cause significant alterations of this information.
