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HomeMy WebLinkAbout11-14-01 SR HOUSING REVENUE BONDS SERIES 2001 //..-/V- (Mike Gaffron - Pricing Analysis- 11-14-01.XLS Page 1 City of Orono, Minnesota Senior Housing Revenue Bonds, Series 2001 Wedum Foundation Orono Senior Housing Project TABLE OF CONTENTS REPORT PAGE ISSUE SUMMARY: TOTAL ISSUE SOURCES AND USES 1 DEBT SERVICE SCHEDULE 2 NET DEBT SERVICE SCHEDULE 3 PRICING SUMMARY 4 OPERATION OF PROJECT CONSTRUCTION FUND 5 OPERATION OF CAPITALIZED INTEREST FUND 6 DETAIL COSTS OF ISSUANCE 7 PROJECT SUMMARY 8 SENIOR TAX-EXEMPT: DEBT SERVICE SCHEDULE 10 PRICING SUMMARY 11 SENIOR TAXABLE: DEBT SERVICE SCHEDULE 12 PRICING SUMMARY 13 SUBORDI NATE TAX-EXEMPT: DEBT SERVICE SCHEDULE 14 PRICING SUMMARY 15 Miller Johnson Steichen Kinnard,Inc. File=WEDUM FOUNDATION.SF-Orono -Wedum Foundation Series A,B&C-Issue Summary Fixed Income Investment Banking Group 11/14/2001 1:40 PM Mike Gaffron - Pricing Analysis- 11-14-01.XLS Page 2 City of Orono, Minnesota Senior Housing Revenue Bonds, Series 2001 Wedum Foundation Orono Senior Housing Project TOTAL ISSUE SOURCES AND USES Dated 11/01/2001 Delivered 11/29/2001 Senior Tax-Exempt Senior Taxable Subordinate Tax-Exe Issue Summary SOURCES OF FUNDS Par Amount of Bonds $7,825,000.00 $210,000.00 $250,000.00 $8,285,000.00 Deferred City Fees 200,000.00 - - 200,000.00 Accrued Interest from 11/01/2001 to 11/29/2001 37,039.33 1,306.67 1,750.00 40,096.00 TOTAL SOURCES $8,062,039.33 $211,306.67 $251,750.00 $8,525,096.00 USES OF FUNDS Deposit to Project Construction Fund 4,930,333.74 - 225,000.00 5,155,333.74 Land Acquisition 837,558.00 - - 837,558.00 Deposit to Capitalized Interest(CIF)Fund 593,413.33 22,074.94 29,564.66 645,052.93 Deposit to Debt Service Reserve Fund(DSRF) 579,437.50 - - 579,437.50 Development Fee&Misc Development Costs 333,577.00 - - 333,577.00 Total Underwriter's Discount (2.425%) 195,625.00 5,250.00 - 200,875.00 City Fees 200,000.00 - - 200,000.00 Architectural and Engineering 164,300.00 - - 164,300.00 Costs of Issuance 141,867.00 8,750.00 - 150,617.00 F,F&E&Marketing&Management 143,211.00 - - 143,211.00 Construction Contingency 75,000.00 - - 75,000.00 Deposit to Debt Service Fund 37,039.33 1,306.67 1,750.00 40,096.00 Rounding Amount (169,322.57) 173,925.06 (4,564.66) 37.83 TOTAL USES $8,062,039.33 $211,306.67 $251,750.00 $8,525,096.00 Miller Johnson Steichen Kinnard,Inc. File=WEDUM FOUNDATION.SF-Orono-Wedum Foundation Series A,B&C-Issue Summary Fixed Income Investment Banking Group 11/14/2001 1:40 PM Mike Gaffron - Pricing Analysis- 11-14-01.XLS Page 3 City of Orono, Minnesota Senior Housing Revenue Bonds, Series 2001 Wedum Foundation Orono Senior Housing Project DEBT SERVICE SCHEDULE Date Principal Coupon Interest Total P+I 11/01/2002 - - 515,520.00 515,520.00 11/01/2003 - - 515,520.00 515,520.00 11/01/2004 85,000.00 8.000% 515,520.00 600,520.00 11/01/2005 95,000.00 8.000% 508,720.00 603,720.00 11/01/2006 100,000.00 6.075% 501,120.00 601,120.00 11/01/2007 105,000.00 5.350% 495,045.00 600,045.00 11/01/2008 110,000.00 5.500% 489,427.50 599,427.50 11/01/2009 115,000.00 5.600% 483,377.50 598,377.50 11/01/2010 125,000.00 5.850% 476,937.50 601,937.50 11/01/2011 7,550,000.00 6.220% 469,625.00 8,019,625.00 Total 8,285,000.00 - 4,970,812.50 13,255,812.50 YIELD STATISTICS Accrued Interest from 11/01/2001 to 11/29/2001 40,096.00 Bond Year Dollars $80,080.00 Average Life 9.666 Years Average Coupon 6.2073083% Net Interest Cost(NIC) 6.4581512% True Interest Cost(TIC) 6.5530215% Bond Yield for Arbitrage Purposes 6.1863094% All Inclusive Cost(AIC) 6.8196420% IRS FORM 8038 Net Interest Cost 6.2071865% Weighted Average Maturity 9.588 Years Miller Johnson Steichen KinnarrdlplRdNEDUM FOUNDATION.SF-Orono-Wedum Foundation Series A, B&C-Issue Summary Fixed Income Investment Banking Group 11/14/2001 1:40 PM Mike Gaffron - Pricing Analysis - 11-14-01.XLS Page4< City of Orono, Minnesota Senior Housing Revenue Bonds, Series 2001 Wedum Foundation Orono Senior Housing Project NET DEBT SERVICE SCHEDULE Date Principal Coupon Interest Total P+I DSR CIF Net New D/S 11/01/2002 - - 515,520.00 515,520.00 - (515,520.00) - 11/01/2003 - - 515,520.00 515,520.00 (11,588.75) (214,800.00) 289,131.25 11/01/2004 85,000.00 8.000% 515,520.00 600,520.00 (23,177.50) - 577,342.50 11/01/2005 95,000.00 8.000% 508,720.00 603,720.00 (23,177.50) - 580,542.50 11/01/2006 100,000.00 6.075% 501,120.00 601,120.00 (23,177.50) - 577,942.50 11/01/2007 105,000.00 5.350% 495,045.00 600,045.00 (23,177.50) - 576,867.50 11/01/2008 110,000.00 5.500% 489,427.50 599,427.50 (23,177.50) - 576,250.00 11/01/2009 115,000.00 5.600% 483,377.50 598,377.50 (23,177.50) - 575,200.00 11/01/2010 125,000.00 5.850% 476,937.50 601,937.50 (23,177.50) - 578,760.00 11/01/2011 7,550,000.00 6.220% 469,625.00 8,019,625.00 (602,615.00) - 7,417,010.00 Total 8,285,000.00 - 4,970,812.50 13,255,812.50 (776,446.25) (730,320.00) 11,749,046.25 Miller Johnson Steichen KinnardFllec=WEDUM FOUNDATION.SF-Orono-Wedum Foundation Series A,B&C-Issue Summary Fixed Income Investment Banking Group 11/14/2001 1:40 PM i Mike Gaffron - Pricing Analysis- 11 14-01.XLS Page 5 City of Orono, Minnesota Senior Housing Revenue Bonds, Series 2001 Wedum Foundation Orono Senior Housing Project PRICING SUMMARY Maturity Type of Bond Coupon Yield Maturity Value Price Dollar Price 11/01/2006 Serial Coupon 5.250% 5.250% 70,000.00 100.000% 70,000.00 11/01/2006 Term 1 Coupon 8.000% 8.000% 210,000.00 100.000% 210,000.00 11/01/2007 Serial Coupon 5.350% 5.350% 105,000.00 100.000% 105,000.00 11/01/2008 Serial Coupon 5.500% 5.500% 110,000.00 100.000% 110,000.00 11/01/2009 Serial Coupon 5.600% 5.600% 115,000.00 100.000% 115,000.00 11/01/2010 Serial Coupon 5.850% 5.850% 125,000.00 100.000% 125,000.00 11/01/2011 Serial Coupon 6.125% 6.125% 7,300,000.00 100.000% 7,300,000.00 11/01/2011 Term 2 Coupon 9.000% 9.000% 250,000.00 100.000% 250,000.00 Total - - - - 8,285,000.00 - 8,285,000.00 BID INFORMATION Par Amount of Bonds $8,285,000.00 Gross Production $8,285,000.00 Total Underwriter's Discount (2.425%) $(200,875.00) Bid(97.575%) 8,084,125.00 Accrued Interest from 11/01/2001 to 11/29/2001 40,096.00 Total Purchase Price $8,124,221.00 Bond Year Dollars $80,080.00 Average Life 9.666 Years Average Coupon 6.2073083% Net Interest Cost(NIC) 6.4581512% True Interest Cost(TIC) 6.5530215% Miller Johnson Steichen Kinnard, Inc. File=WEDUM FOUNDATION.SF-Orono-Wedum Foundation Series A,B&C-Issue Summary Fixed Income Investment Banking Group 11/14/2001 1:40 PM Mike Gaffron - Pricing Analysis- 11-14-01.XLS Page 6 City of Orono, Minnesota Senior Housing Revenue Bonds, Series 2001 Wedum Foundation Orono Senior Housing Project OPERATION OF PROJECT CONSTRUCTION FUND Date Principal Rate Interest Receipts Disbursements Cash Balance 11/29/2001 601,860.00 - - 601,860.07 601,860.00 0.07 12/01/2001 383,216.45 2.5000000% 628.55 383,845.00 383,845.00 0.07 II 1/01/2002 375,201.87 2.5000000% 8,643.13 383,845.00 383,845.00 0.07 I 2/01/2002 375,979 49 2.5000000% 7,865.50 383,844.99 383,845.00 0.06 3/01/2002 376,758.74 2 5000000% 7,086.26 383,845.00 383,845.00 0.06 4/01/2002 377,539.59 2.5000000% 6,305.40 383,844.99 383,845.00 0.05 5/01/2002 378,322.07 2.5000000% 5,522.92 383,844.99 383,845.00 0.04 6/01/2002 379,106.17 2.5000000% 4,738.83 383,845.00 383,845.00 0.04 7/01/2002 379,891.89 2.5000000% 3,953.10 383,844.99 383,845.00 0.03 8/01/2002 380,679.25 2.5000000% 3,165.75 383,845.00 383,845.00 0.03 9/01/2002 381,468.22 2.5000000% 2,376.77 383,844.99 383,845.00 0.02 10/01/2002 382,258.84 2.5000000% 1,586.15 383,844.99 383,845.00 0.01 11/01/2002 383,051.09 2.5000000% 793.90 383,844.99 383,845.00 - Total 5,155,333.67 - 52,666.26 5,208,000.00 5,208,000.00 - INVESTMENT PARAMETERS Investment Model[PV,GIC, or Securities] GIC Default investment yield target User Defined Cash Deposit 0.07 Cost of Investments Purchased with Bond Proceeds 5,155,333.67 Total Cost of Investments $5,155,333.74 Target Cost of Investments at bond yield $5,080,328.18 Actual positive or(negative)arbitrage (75,005.56) Yield to Receipt 2.5000000% Yield for Arbitrage Purposes 6.1863094% Miller Johnson Steichen Kinnard, Inc.File=WEDUM FOUNDATION.SF-Orono-Wedum Foundation Series A, B&C-Issue Summary Fixed Income Investment Banking Group 11/14/2001 1:40 PM Mike Gaffron - Pricing Analysis- 11-14 01.XLS Page 7 City of Orono, Minnesota Senior Housing Revenue Bonds, Series 2001 Wedum Foundation Orono Senior Housing Project OPERATION OF CAPITALIZED INTEREST FUND Date Principal Rate Interest +Transfers Receipts Disbursements Cash Balance 11/29/2001 - 2.0000000% - - 0.05 - 0.05 5/01/2002 242,207.80 2.0000000% 5,781.22 9,770.95 257,759.97 257,760.00 0.02 11/01/2002 241,741.84 2.0000000% 4,429.41 11,588.75 257,760.00 257,760.00 0.02 5/01/2003 201,199.24 2.0000000% 2,011.99 11,588.75 214,799.98 214,800.00 - Total 685,148.88 - 12,222.62 32,948.45 730,320.00 730,320.00 - INVESTMENT PARAMETERS Investment Model[PV, GIC, or Securities] GIC Default investment yield target User Defined Cash Deposit 0.05 Cost of Investments Purchased with Bond Proceeds 685,148.88 Total Cost of Investments $685,148.93 Target Cost of Investments at bond yield $660,756.48 Actual positive or(negative)arbitrage (24,392.45) Yield to Receipt 2.0000000% Yield for Arbitrage Purposes 6.1863094% COMPOSITION OF INITIAL DEPOSIT Original Bond Proceeds 645,052.93 Accrued Interest 40,096.00 Cash Contribution and Prior Issue Transfers - Miller Johnson Steichen Kinnarr ikii WEDUM FOUNDATION.SF-Orono-Wedum Foundation Series A, B&C-Issue Summary Fixed Income Investment Banking Group 11/14/2001 1:40 PM Mike Gaffron - Pricing Analysis- 11-14-01.XLS Page 8 1 City of Orono, Minnesota Senior Housing Revenue Bonds, Series 2001 Wedum Foundation Orono Senior Housing Project DETAIL COSTS OF ISSUANCE Dated 11/01/2001 Delivered 11/29/2001 COSTS OF ISSUANCE DETAIL Financial Forecast $15,000.00 Bond Counsel $55,000.00 Underwriter's Counsel $30,000.00 Borrower's Counsel $10,000.00 Trustee Origination $5,000.00 POS/Official Statement $6,250.00 Series C Costs of Issuance $8,750.00 Title Insurance,Taxes $12,117.00 Miscellaneous $8,500.00 TOTAL $150,617.00 Miller Johnson Steichen Kinnard, 'File=WEDUM FOUNDATION.SF-Orono-Wedum Foundation Series A, B&C-Issue Summary Fixed Income Investment Banking Group 11/14/2001 1:40 PM Mike Gaffron - Pricing Analysis- 11-14-01.XLS Page 9 City of Orono,Minnesota Senior Housing Revenue Bonds, Series 2001 Wedum Foundation Orono Senior Housing Project PROJECT SUMMARY Dated 11/01/2001 Delivered 11/29/2001 Senior Tax-Exempt Senior Taxable Subordinate Tax-Exe Issue Summary SOURCES OF FUNDS Par Amount of Bonds $7,825,000.00 $210,000.00 $250,000.00 $8,285,000.00 Deferred City Fees 200,000.00 - - 200,000.00 Accrued Interest from 11/01/2001 to 11/2912001 37,039.33 1,306.67 1,750.00 40,096.00 TOTAL SOURCES $8,062,039.33 $211,306.87 $251,750.00 $8,525,096.00 USES OF FUNDS Deposit to Project Construction Fund 4,930,333.74 - 225,000.00 5,155,333.74 Land Acquisition 837,558.00 - - 837,558.00 Deposit to Capitalized Interest(CIF)Fund 593,413.33 22,074.94 29,564.66 645,052.93 Deposit to Debt Service Reserve Fund(DSRF) 579,437.50 - - 579,437.50 Development Fee&Misc Development Costs 333,577.00 - - 333,577.00 Total Underwriters Discount(2.425%) 195,625.00 5,250.00 - 200,875.00 City Fees 200,000.00 - - 200,000.00 Architectural and Engineering 164,300.00 - - 164,300.00 Costs of Issuance 141,867.00 8,750.00 - 150,617.00 F,F&E&Marketing&Management 143,211.00 - - 143,211.00 Construction Contingency 75,000.00 - - 75,000.00 Deposit to Debt Service Fund 37,039.33 1,306.67 1,750.00 40,096.00 Rounding Amount (169,322.57) 173,925.06 (4,564.66) 37.83 TOTAL USES $8,062,039.33 $211,306.67 $251,750.00 $8,525,096.00 FLOW OF FUNDS DETAIL State and Local Government Series(SLGS)rates for PRIMARY PURPOSE FUND SOLUTION METHOD Net Funded Net Funded Net Funded Net Funded Total Cost of Investments $4,930,333.74 - $225,000.00 $5,155,333.74 Interest Earnings©2.500% 52,666.26 - - 52,666.26 TOTAL DRAWS $4,983,000.00 - $225,000.00 55,208,000.00 CAPITALIZED INTEREST FUND SOLUTION METHOD Net Funded Net Funded Net Funded Net Funded Original Bond Proceeds 593,413.33 22,074.94 29,564.66 645,052.93 Accrued Interest 37,039.33 1,306.67 1,750.00 40,096.00 Interest Earnings @ 2.000% 11,243.89 418.39 560.34 12,222.62 Transfers from Debt Service Reserve Fund 32,948.45 - - 32,948.45 TOTAL DRAWS $674,645.00 $23,800.00 $31,875.00 $730,320.00 DEBT SERVICE RESERVE FUND SOLUTION METHOD Gross Funded Gross Funded Gross Funded Gross Funded Total Cost of Investments $579,437.50 - - $579,437.50 Interest Earnings t5 4.000% 229,957.20 - - 229,957.20 Transfers to Capitalized Interest Fund (32,948.45) - - (32,948.45) Transfers to Debt Service Fund (197,008.75) - - (197,008.75) TOTAL DRAWS $579,437.50 - - $579,437.50 PRESENT VALUE ANALYSIS SUMMARY(NET TO NET) NET PRESENT VALUE BENEFIT - - - - &Mier Johnson Steichen Kinnard,Inc. File=WEDUMFOUNDATION.SF-Cyon-Wedum Foundation Series A,B&C-Issue Summary Fixed Income Investment Banking Group 11/14/2001 1:40 PM Mie Gaffron - Pricing Analysis - 11-14-01.XLS „ „ Page 10; City of Orono, Minnesota Senior Housing Revenue Bonds, Series 2001 Wedum Foundation Orono Senior Housing Project PROJECT SUMMARY Dated 11/01/2001 Delivered 11/29/2001 Senior Tax-Exempt Senior Taxable Subordinate Tax-Exe Issue Summary NET PV BENEFIT/ - REFUNDED PRINCIPAL - - - - NET PV BENEFIT/$8,285,000 REFUNDING PRINCIPAL - - - - BOND STATISTICS Average Life 9.814 Years 3.738 Years 10.000 Years 9.666 Years Average Coupon 6.0980695% 8.0000000% 9.0000000% 6.2073083% Net Interest Cost(NIC) 6.3528062% 8.6687898% 9.0000000% 6.4581512% Bond Yield for Arbitrage Purposes 6.1863094% 6.1863094% 6.1863094% 6.1863094% True Interest Cost(TIC) 6.4451660% 8.8141152% 8.9980008% 6.5530215% All Inclusive Cost(AIC) 6.7061273% 10.2371827% 8.9980008% 6.8196420% Miller Johnson Steichen Kinnard,Inc. File=WEDUM FOUNDATION.SF-Orono-Wedum Foundation Series A,B&C-Issue Summary Fixed Income Investment Banking Group 11/142001 1:40 PM 1 Mike Gaffron -Pricing Analysis- 11-14-01.XLS Page 11 City of Orono, Minnesota Senior Housing Revenue Bonds, Series 2001A Wedum Foundation Orono Senior Housing Project DEBT SERVICE SCHEDULE Date Principal Coupon Interest Total P+I 11/01/2002 - - 476,220.00 476,220.00 11/01/2003 - - 476,220.00 476,220.00 11/01/2004 - - 476,220.00 476,220.00 11/01/2005 - - 476,220.00 476,220.00 11/01/2006 70,000.00 5.250% 476,220.00 546,220.00 11/01/2007 105,000.00 5.350% 472,545.00 577,545.00 11/01/2008 110,000.00 5.500% 466,927.50 576,927.50 11/01/2009 115,000.00 5.600% 460,877.50 575,877.50 11/01/2010 125,000.00 5.850% 454,437.50 579,437.50 11/01/2011 7,300,000.00 6.125% 447,125.00 7,747,125.00 Total 7,825,000.00 - 4,683,012.50 12,508,012.50 YIELD STATISTICS Accrued Interest from 11/01/2001 to 11/29/2001 37,039.33 Bond Year Dollars $76,795.00 Average Life 9.814 Years Average Coupon 6.0980695% Net Interest Cost(NIC) 6.3528062% True Interest Cost(TIC) 6.4451660% Bond Yield for Arbitrage Purposes 6.1863094% All Inclusive Cost(AIC) 6.7061273% IRS FORM 8038 Net Interest Cost 6.0981669% Weighted Average Maturity 9.736 Years Miller Johnson Steichen Kinikard,WEDUM FOUNDATION.SF-Orono-Wedum Foundation Series A, B&C-Senior Tax-Exempt Fixed Income Investment Banking Group 11/14/2001 1:40 PM i Mike Gaffron -Pricing Analysis- 11-14-01.XLS Page 12 City of Orono, Minnesota Senior Housing Revenue Bonds, Series 2001A Wedum Foundation Orono Senior Housing Project PRICING SUMMARY Maturity Type of Bond Coupon Yield Maturity Value Price Dollar Price 11/01/2006 Serial Coupon 5.250% 5.250% 70,000.00 100.000% 70,000.00 11/01/2007 Serial Coupon 5.350% 5.350% 105,000.00 100.000% 105,000.00 11/01/2008 Serial Coupon 5.500% 5.500% 110,000.00 100.000% 110,000.00 11/01/2009 Serial Coupon 5.600% 5.600% 115,000.00 100.000% 115,000.00 11/01/2010 Serial Coupon 5.850% 5.850% 125,000.00 100.000% 125,000.00 11/01/2011 Serial Coupon 6.125% 6.125% 7,300,000.00 100.000% 7,300,000.00 I I Total - - - - 7,825,000.00 - 7,825,000.00 BID INFORMATION Par Amount of Bonds $7,825,000.00 Gross Production $7,825,000.00 Total Underwriter's Discount (2.500%) $(195,625.00) Bid (97.500%) 7,629,375.00 Accrued Interest from 11/01/2001 to 11/29/2001 37,039.33 Total Purchase Price $7,666,414.33 Bond Year Dollars $76,795.00 Average Life 9.814 Years Average Coupon 6.0980695% Net Interest Cost(NIC) 6.3528062% True Interest Cost(TIC) 6.4451660% Miller Johnson Steichen Kinnard, Tide=WEDUM FOUNDATION.SF-Orono-Wedum Foundation Series A, B&C-Senior Tax-Exempt Fixed Income Investment Banking Group 11/14/2001 1:40 PM Mike Gaffron Pricing Analysis 11-14 01 XLS Page 13 City of Orono, Minnesota Senior Housing Revenue Bonds, Series 20018 Wedum Foundation Orono Senior Housing Project DEBT SERVICE SCHEDULE Date Principal Coupon Interest Total P+I 11/01/2002 - - 16,800.00 16,800.00 11/01/2003 - - 16,800.00 16,800.00 11/01/2004 85,000.00 8.000% 16,800.00 101,800.00 11/01/2005 95,000.00 8.000% 10,000.00 105,000.00 11/01/2006 30,000.00 8.000% 2,400.00 32,400.00 Total 210,000.00 - 62,800.00 272,800.00 YIELD STATISTICS Accrued Interest from 11/01/2001 to 11/29/2001 1,306.67 Bond Year Dollars $785.00 Average Life 3.738 Years Average Coupon 8.0000000% Net Interest Cost(NIC) 8.6687898% True Interest Cost(TIC) 8.8141152% Bond Yield for Arbitrage Purposes 6.1863094% All Inclusive Cost(AIC) 10.2371827% IRS FORM 8038 Net Interest Cost 8.0000000% Weighted Average Maturity 3.660 Years Miller Johnson Steichen Kinnafd/drfeWEDUM FOUNDATION.SF-Orono-Wedum Foundation Series A, B&C-Senior Taxable Fixed Income Investment Banking Group 11/14/2001 1:40 PM Mike Gaffron-Pricing Analysis- 11.14 01 XLS Page 14 City of Orono,Minnesota Senior Nous,Rosenue Bonds,Series 2001 B W dum FoundsBon Orono Senior HOuamp Project PRICING SUMMARY IPSO, Tae alert Croom YAR eeeeer WS, Gnu oeYrms 1191411 Tan1 Orale. 3.000% 0.W% 010.00.00 100.000% 110.000.00 T!1 - - - 21000000 010.00000 MDeI00el\110N PrAlombdetemill- Sa10 OW 00 o...... . uanaW1 NUM% .eewee.%..lw 11.01.001 avnmW..._................_...------"-`--.'--- ,3.07 1,110108.0088110, ----- 1208 008 87 wreeroe.ob_ .- ...---........_..._._....__............._..............._.....__......._.....__._ 1,115 we.worm........................... ................---' 8 0000300% ........ .088,89.% 88...,8:% SbianonF,..,,Mm..,.,mm�,., �,�P rm.081,,.,rOUNDAPONSF-0.o--1«. ;pm..Soma ,,,,.aW„able • Mike Gaffron - Pricing Analysis- 11-14-01.XLS Page 15 City of Orono, Minnesota Senior Housing Revenue Bonds, Series 2001C Wedum Foundation Orono Senior Housing Project DEBT SERVICE SCHEDULE Date Principal Coupon Interest Total P+I 11/01/2002 - - 22,500.00 22,500.00 11/01/2003 - - 22,500.00 22,500.00 11/01/2004 - - 22,500.00 22,500.00 11/01/2005 - - 22,500.00 22,500.00 11/01/2006 - - 22,500.00 22,500.00 11/01/2007 - - 22,500.00 22,500.00 11/01/2008 - - 22,500.00 22,500.00 11/01/2009 - - 22,500.00 22,500.00 11/01/2010 - - 22,500.00 22,500.00 11/01/2011 250,000.00 9 000% 22,500.00 272,500.00 Total 250,000.00 - 225,000.00 475,000.00 YIELD STATISTICS Accrued Interest from 11/01/2001 to 11/29/2001 1,750.00 Bond Year Dollars $2,500.00 Average Life 10.000 Years Average Coupon 9.0000000% Net Interest Cost(NIC) 9.0000000% True Interest Cost(TIC) 8.9980008% Bond Yield for Arbitrage Purposes 6.1863094% All Inclusive Cost(AIC) 8.9980008% IRS FORM 8038 Net Interest Cost 9.0000000% Weighted Average Maturity 9.922 Years Miller Johnson Steictjeie Iki,btlEfal(JWOUNDATION.SF-Orono-Wedum Foundation Series A,B&C-Subordinate Tax-Exempt Fixed Income Investment Banking Group 11/14/2001 1:40 PM 1 Mike Gaffron - Pricing Analysis- 11-14-01.XLS Pa•e 1.6 City of Orono,Minnesota Sensor Hou sing Revenue Rands,Senes 200IC weeum Rouneenon Orono Sensor Holland,Pmje cf PRICING SUMMARY eweuM *roe MMM Won vase NB..yvew r1la o. pro. 11R1G011 Tea1 Wee Udell •aRY RNBaa 260B00.00 aBBaa - ae,aea rGNVY•TION S250 000 00 S250 000 00 5511100050511 250 00000 ....e inMwM latmai.mowed ____ 1750 00 7.1 P1.11C4M 15.5 S25175000 S2 500 CO Amapa LI. 10000 r.r. areas...oar 0000000. Nen interestCost INICt El COMM. True iniensipiCow mot 998000S% Weer Johnson sing...row •MrFpNPJUaNTpN#OMo Ba c MM1Mo/ombeon MereA sueann.M roF..me .4M 1nConeinwmnen� wl+ 11,14.01 I4 PM