HomeMy WebLinkAbout95-37 Resolution No. 95-37
RESOLUTION
EXPRESSING OFFICIAL INTENT REGARDING CERTAIN CAPITAL
EXPENDITURES TO BE REIMBURSED FROM PROCEEDS
OF AN OBLIGATION
WHEREAS, the City of Elgin (the "Issuer" ) has developed a
list of capital projects (the "Projects" ) described in
Exhibit A hereto; and
WHEREAS, all or a portion of the expenditures relating to
such projects (the "Expenditures" ) will be paid on or after
the passage of this resolution; and
WHEREAS, the Issuer reasonably expects to reimburse
itself for the Expenditures with the proceeds of an obligation.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF ELGIN, ILLINOIS :
Section 1 . The Issuer reasonably expects to reimburse
the Expenditures with proceeds of an obligation.
Section 2 . The maximum principal amount of the
obligations expected to be issued for the projects is
$16 ,455 , 000 .
Section 3 . All actions of the officers, agents and
employees of the Issuer that are in conformity with the
purposes and intent of this resolution, whether taken before
or after the adoption hereof, are hereby ratified, confirmed
and adopted.
Section 4 . That this resolution shall be in full force
and effect immediately upon its adoption.
s/ George VanDeVoorde
George VanDeVoorde, Mayor
Presented: February 22 , 1995
Adopted: February 22 , 1995
Vote: Yeas 7 Nays 0
Attest:
sl Dolonna Mecum
Dolonna Mecum, City Clerk
Exhibit A
Project Description Amount
GENERAL CAPITAL IMPROVEMENTS
Area III Special Assessment $ 280, 000
Neighborhood Street Reconstruction $ 3, 050, 000
Slade Avenue Street Improvements $ 635, 000
Law Enforcement Site Clean-Up $ 600, 000
Kimball Corridor $ 1,550, 000
Kimball Street/Route 31 Intersection $ 285, 000
Seigle ' s/Railroad Acquisition $ 100, 000
Subtotal $ 6,500, 000
WATER SYSTEM
Riverside Treatment Plant Expansion/Improvements $ 880, 000
Airlite Plant Upgrade $ 205, 000
Coombs 1 MG Water Tower; Airlite to Coombs Main $ 40, 000
AMR Meter Conversion $ 550, 000
Slade Avenue 2 MG and 1 MG Reservoirs $ 2 , 055, 000
Dundee Avenue Booster - Brant Drive Water Main $ 25, 000
Annual Distribution System Upgrading $ 820, 000
Water Main Reimbursement $ 90, 000
Alft/Big Timber Easements $ 115, 000
Shales Water Main Litigation Contingency $ 110 , 000
Subtotal $ 4 , 890, 000
SEWER SYSTEM
Otter Creek Lift Station $ 230 , 000
Northwest Interceptor Ph. 1 - Abbott Lift Station $ 4 , 315 , 000
Combined Sewer Overflows $ 145, 000
Annual Neighborhood Sewer Repairs $ 250, 000
North Randall Interceptor $ 125, 000
Subtotal $ 5, 065, 000
TOTAL $16 ,455, 000
1 PUBLIC FINANCE CONSULTANTS SINCE 1954
SPEER FINANCIAL INC.
ELWOOD BARGE RICHARD A.PAVIA KEVIN W.McCANNA DAVID F.PHIlldPS LARRY P.BURGER DANIEL D.FORBES
CHAIRMAN E]DAfiUS CHAIRMAN d CED PRESIDENT SR.VICE PRESIDENT VICE PRESIDENT WE PRESIDENT
April 26, 1995
The Honorable Kevin B. Kelly and
Members of the City Council
City Hall
City of Elgin
150 Dexter Court
Elgin, Illinois 60120
Dear Mayor Kelly and City Council Members:
Bids were received today covering $16, 455, 000 General Obligation
Corporate Purpose Bonds, Series 1995. There were 3 bids received
which are listed at the bottom of this letter in accordance with
the attached signed bids.
Upon examination, it is our opinion that the bid of Smith Barney
Inc. , Chicago, Illinois, is the best bid received, and it is
further our opinion that the bid is favorable to the City and
should be accepted. We therefore recommend that the Bonds be
awarded to that bidder at a price of $16, 356, 270. 00, plus accrued
interest, being at a net interest rate of 5 . 818094%.
Net
Account Managers Interest Rate
Griffin, Kubik, Stephens & Thompson, Inc. , Chicago 5. 9157%
Harris Trust and Savings Bank, Chicago . . . . . . . 5. 8373%
Smith Barney Inc. , Chicago . . . . . . . . . . . . . 5. 8181%
Respectfully submitted,
6, '�// Aa'"--
Kevin W. McCanna
KWM/mob
Enclosure
SUITE 3435.55 EAST MONROE STREET•CHICAGO,ILLINOIS 60603•(312)346-3700•FAX(312)346-8833
SUITE 500.531 COMMERCIAL STREET•WATERLOO,IOWA 50701•(319)291-2077•FAX(319)291-6787
y
SPEER FINANCIAL, INC.
PUBLIC FINANCE CONSULTANTS SINCE 1954
SUITE 3435 • 55 EAST MONROE STREET • CHICAGO, ILLINOIS 60603 • (312)346-3700• FAX (312)346-8833
Investment Rating:
Moody's Investors Service . . . Aa
$16,455,000
CITY OF ELGIN
Kane and Cook Counties, Illinois
General Obligation Corporate Purpose Bonds, Series 1995
Date of Sale: April 26, 1995
Average Life: 13.010
Bond Buyer Index: 5.96
(Based on NIC)
Bidders* Price Maturities Rates Interest
Smith Barney Inc. , Chicago 99.40% 1997-2004 5.30% 5.8181%
Prudential Securities, Inc. , Chicago 2005 5.40% $12,455,668
Robert W. Baird , Milwaukee, Joint Managers 2006 5.50%
Dean Witter Reynolds Inc. , Chicago 2007 5.60%
Painewebber Incorporated, Chicago, Members 2008 5.70%
2009 5.75%
2010-2011 5.80%
2012-2013 5.90%
2014-2015 6.00%
Harris Trust and Savings Bank, Chicago, Manager 99.39% 1997-2006 5.50% 5.8373%
Banc One Capital Corporation, Chicago 2007 5.55% $12,496,895
Mesirow Financial Inc. , Chicago 2008 5.65%
Northern Trust Securities, Chicago 2009 5.75%
Wachovia Bank of North Carolina, Winston-Salem 2010 5.80%
Interstate/Johnson Lane Corporation, Members 2011 5.85%
American Natl. Bank and Trust Co. of Chicago 2012 5.90%
Bernardi Securities, Inc. , Chicago 2013-2015 5.95%
Boatmen's National Bank of St. Louis
Corby No. Bridge Securities, Washington, D.C.
Crestar Securities Corporation, Richmond
Cronin and Co. , Inc. , Minneapolis
Douglas & Co. , Municipals, New York
Firstar Bank of Milwaukee, Milwaukee
First Tennessee Bank, Memphis
Howe Barnes Investments, Inc. , New York
Isaak Bond Investments, Inc. , Denver
Josepthal, Lyon & Ross, Inc. , New York
Old Kent Bank, Chicago
Principal Financial Securities, Inc. , Dallas
Securities Corporation of Iowa, Chicago
R. Seelaus & Company, Inc. , Summit, New Jersey
Shawmut Bank, N.A. , Hartford
Southwest Securities Incorporated, Dallas
United Missouri Bank, N.A. , Kansas City
U.S. Securities, Inc. , Hartford
A.H. Williams & Company, Philadelphia,
Associates
Griffin, Kubik, Stephens & Thompson, Inc. Chicago 99.39% 1997-1998 5.750% 5.9157%
Dain Bosworth, Inc. , Chicago, Joint Managers 1999-2003 5.800% $12,664,570
2004-2015 5.875%
*Syndicate information is provided by the underwriter. The information contained in this report
is the most current available.
CITY OF ELGIN, KANE AND COOK COUNTIES, ILLINOIS
$16,455,000 General Obligation Corporate Purpose Bonds, Series 1995
**FINAL**
DEBT SERVICE SCHEDULE
DATE PRINCIPAL COUPON INTEREST TOTAL P;I FISCAL TOTAL
5/01/1995 - - - - -
7/01/1995 - - - - -
1/01/1996 - - - - -
7/01/19% - - 1,090,136.25 1,090,136.2-5 -
1/01/1997 295,000.00 5.300% 467,201.25 762,201.25 1,852,337.50
7/01/1997 - - 459,383.75 459,383.75 -
1/01/1998 315,000.00 5.300% 459,383.75 774,383.75 1,233,767.50
7/01/1998 - - 451,036.25 451,036.25 -
1/01/1999 385,000.00 5.300% 451,036.25 836,036.25 1,287,072.50
7/01/1999 - - 440,833.75 440,833.75 -
1/01/2000 560,000.00 5.300% 440,833.75 1,000,833.75 1,"1,667.50
7/01/2000 - - 425,993.75 425,993.75 -
1/01/2001 580,000.00 5.300% 425,993.75 1,005,993.75 1,431,987.50
7/01/2001 - - 410,623.75 410,623.75
1/01/2002 430,000.00 5.300% 410,623.75 840,623.75 1,251,247.50
7/01/2002 - - 399,228.75 399,228.75 -
1/01/2003 630,000.00 5.300% 399,228.75 1,029,228.75 1,428,457.50
7/01/2003 - - 382,533.75 382,533.75 -
1/01/2004 660,000.00 5.300% 382,533.75 1,042,533.75 1,425,067.50
7/01/2004 - - 365,043.75 365,043.75 -
1/01/2005 715,000.00 5.400% 365,043.75 1,080,043.75 1,445,087.50
7/01/2005 - - 345,738.75 345,738.75 -
1/01/2006 775,000.00 5.500% 345,738.75 1,120,738.75 1,466,477.50
7/01/2006 - - 324,426.25 324,426.25 -
1/01/2007 880,000.00 5.600% 324,426.25 1,204,426.25 1,528,852.50
7/01/2007 - - 299,786.25 299,786.25 -
1/01/2008 1,015,000.00 5.700% 299,786.25 1,314,786.25 1,614,572.50
7/01/2008 - - 270,858.75 270,858.75
50% -
1/01/2009 1,155,000.00 5.7 270,858.75 1,425,858.75 1,696,717.50
7/01/2009 - - 237,652.50 237,652.50
00% -
1/01/2010 1,305,000.00 5.8 237,652.50 1,542,652.50 1,780,305.00
7/01/2010 - - 199,807.50 199,807.50 -
1/01/2011 1,350,000.00 5.800% 199,807.50 1,549,807.50 1,749,615.00
7/01/2011 - - 160,657.50 160,657.50 -
1/01/2012 1,475,000.00 5.900% 160,657.50 1,635,657.50 1,796,315.00
7/01/2012 - - 117,145.00 117,145.00 -
1/01/2013 1,510,000.00 5.900% 117,145.00 1,627,145.00 1,744,290.00
7/01/2013 - - 72,600.00 72,600.00 -
1/01/2014 1,205,000.00 6.000% 72,600.00 1,277,600.00 1,350,200.00
7/01/2014 - - 36,450.00 36,450.00
1/01/2015 1,215,000.00 6.000% 36,450.00 1,251,450.00 1,287,900.00
TOTAL 16,455,000.00 - 12,356,937.50 28,811,937.50
Speer Financial, Inc. FILE J:\MUNEXP\DATA\ELGIN-gol995bidcheck
Public Finance Consultants 4/26/1995 11:38 AM
YIELD STATISTICS
Bond Year Dollars................................. S214,085.00
Average Life...................................... 13.010
Tears
Average Coupon.................................... 5.7719773%
Net Interest Cost (NIC)........................... 5.8180944%
True Interest Cost (TIC).......................... 5.8051719%
Bond Yield for Arbitrage Purposes................. 5.7366459%
All Inclusive Cost (A1C).......................... 5.8051719%
IRS FORM 8038
Net Interest Cost................................. 5.7719773%
Weighted Average Maturity......................... 13.010 Years
Speer Financial, Inc. FILE ■ J:\MJNEXP\DATA\ELGIN-gol995bidcheck
Public Finance Consultants 4/26/1995 11.38 AM
04/25/95 12:49 SMITH,EARNEY,SHEARSON—CHGO 4 9346ee33 NO.509 P001 ,
v OFFICIAL BID FORM
City of Elgin April 26, 1995
City Hall
150 Dexter Court
Ellin, Illinois 60120
Dear Members of the City Council:
For the$16,455,000City of Elgin,Kane and Cook Counties,Illinois,General Obligation Corporate Purpose Bonds,Series 1995,
as described in the annexed Official Notice of Sale, which is expressly made it part of this bid, we will pay you $ /b, �5� , ?70
(not less than$16,355,000)plus accrued interest from May 1, 1995,to the date of delivery. The Bonds are to bear interest as follows(each
rate a multiple of I/8 or 120 of 1
MATURITTF.S -JANUARY 1
$295,000 I997 �'� % S 630,000 2003 3 % 51,155,000 2009 57 °6
315,000 1998 % 660,000 2004 7 % 1,305,000 2010 �5��96
385,000 1999 % 715,000 2005 _ % 1,350,000 2011 `s5' %
560,000 2000 % 775,000 2006 S = % 1,475,000 2012 %
580,000 2001 — % 880,000 2007 '3—�, _ 9b 1,510,000 2013 5'9 %
430,000 2002 % 1,015,000 2008 7 % 1,206,000 2014 6, C y
1,215,000 2015 6 O %
The Bonds are to be executed and delivered to us in accordance with the terms of this bid accompanied by the approving
legal
opinion of Chapman and Cutler, Attorneys, Chicago, Illinois. The issuer will pay for the legal opinion. Unless the underwriter notifies
the issuer to the contrary within 24 hours of the sale, CUSIP numbers are to be printed on the Bonds at the underwriter's expense and the
underwriter agrees to accept the Bonds at delivery,with the CUSIP numbers as printed.
As evidence ofour good faith, we enclose herewith a check or Surety Bond payable to the order of the Treasurer of the City in
the amount of TWO PERCENT OF PAR(the 'Deposit')under the terms provided in your Official Notice of Sale. Attached hereto is a
list of members of our account on whose behalf this bid is made.
E4 OF DEPOSIT ACCOUNT MANAGER INFORMATION
Cerdf>4Cashiet's Check j Name
Financial Surety Bond
Address
Amount S329,100
By w
The above CertifiedjCashiers l Check was returned and received City `.. Ste p
By Direct Phone 1
Check Number: FAX Number 41'ka y V\ 351
The foregoing bid was accepted and the Bonds sold by ordinance of the City an April 26, 1995, and receipt is hereby
acknowledged of the good faith, Deposit which is being held in accordance with the terms of the annexed Official Notice of Sale.
CITY OF ELGIN, KANE AND COOK COUNTIES, ILLINOIS
Mayor
----- NOT PART OF THE BID - ..-
Calculation of net interest cost
Grass Interest $ 5C
Less Premiutn/Pl tscount S �S� 7 3c_ °Q
Net Interest Cost S ? SC
Net Interest Rate S, Y
TOTAL BOND YEARS 214,NS.00
AVERAGE LIFE 13.010 Years
n
Agenda Item No . M
February 3, 1995
TO: Mayor and Members of the City Council
FROM: Richard B. Helwig, City Manager
SUBJECT: Authorization for 1995 Bond Sale for Neighborhood
and Other Capital Improvements
PURPOSE
The purpose of this memorandum is to obtain authorization to
seek sealed bids for $16 , 455 , 000 General Obligation Corporate
Purpose Bonds planned in the 1995 Budget and the Five-Year
Financial Plan.
BACKGROUND
The 1995 Budget includes issuing $6 . 5 million for general
capital improvements , $4 . 890 million for water capital im-
provements and $5 . 065 million for sewer capital improvements .
With several of the contracts for capital projects coming
before the City Council prior to the actual sale of the
bonds , approval of the funding source is necessary and finan-
cially prudent . The entire list of projects is identified in
Exhibit A. General obligation projects include such items as
engineering for the Area III special assessment project and
the City' s annual street reconstruction projects . The $3 . 05
million in neighborhood street reconstruction includes five
areas in 1995 .
The 1995 $6 . 5 million G.O. issue was reviewed in light of the
ratios developed within the debt policy adopted on October
26 , 1994 . A comparison of the ratios are shown below:
As of
Type of Ratio 12/31/95* Median Ceiling
Direct Net Debt Per Capita $545 $629 $754
Ratio of Net Direct Debt
to Estimated Full Value 1 . 37 1 . 70 1 . 92
VW
1995 Bond Sale
February 3, 1995
Page 2
As of
Type of Ratio 12/31/95* Median Ceiling
Overlapping Net Debt
Per Capita $1, 132 $1,217 $1,460
Ratio of Overall Net Debt
to Estimated Full Value 2 . 80 3 .20 3 . 84
Net Direct Debt as a
Percentage of Operating
Expenditures 15 . 8% N/A 17 . 5%
* Includes the planned 1995 bond issue and those retirements
scheduled in 1995 .
Also attached are proposed debt service schedules from Speer
Financial .
The City has historically issued general obligation bonds
rather-. than revenue bonds for water and sewer projects . User
fees collected from water and sewer customers have been uti-
lized to retire the annual principal and interest. The appli-
cable portion of the property tax levy was then abated to
ensure no property taxes were levied. General obligation
debt, because of the ultimate pledge of property tax dollars,
almost always carries a lower interest rate.
In reviewing the overall debt, the question of whether the
water and sewer issues should be issued as revenue bonds
versus general obligation bonds was addressed. The accompany-
ing letter from Speer Financial Inc. , the City' s financial
advisor, indicates that it would be in the City' s best inter-
est to issue general obligation debt over revenue debt for
two reasons . The first reason deals with the additional cost
in interest of approximately $365, 000 . The second issue
deals with coverage ratios (the amount of guaranteed revenue
on hand to pay off debt) .
COMMUNITY GROUPS/INTERESTED PERSONS CONTACTED
Five-Year Financial Plan community meetings .
FINANCIAL IMPACT
Retirement of these bonds has been taken into consideration
as part of the Five-Year Financial Plan and will be budgeted
accordingly. The ratios outlined in the debt policy are well
within the prescribed limits .
The bonds will be utilized to fund neighborhood and utility
capital improvements throughout the city. In anticipation of
1995 Bond Sale
February 3, 1995
Page 3
this bond sale, contracts for several capital projects have
been and will be brought to the City Council .
LEGAL IMPACT
All future actions should continue to be coordinated with
bond counsel .
RECOMMENDATION
It is recommended that the City Council authorize proceeding
with the sale of $16 ,455, 000 General Obligation Corporate
Purpose Bonds .
es ectfully submittgd,
r
� J I
es R. Nowicki
t-Finance Director
Richard B. Helwig
City Manager
JRN/daw
Attachments
Exhibit A
Project Description
GENERAL CAPITAL IMPROVEMENTS
Area III Special Assessment $ 280 , 000
Neighborhood Street Reconstruction 3, 050 , 000
Slade Avenue Street Improvements 635 , 000
Law Enforcement Site Clean-Up 600 , 000
Kimball Corridor 1 , 550 , 000
Kimball Street/Route 31 Intersection 285 , 000
Seigle ' s/Railroad Acquisition 100 , 000
Subtotal $ 6 , 500, 000
WATER SYSTEM
Riverside Treatment Plant Expansion/Improvements $ 880, 000
Airlite Plant Upgrade 205 , 000
Coombs 1 MG Water Tower; Airlite to Coombs Main 40 , 000
AMR Meter Conversion 550 , 000
Slade Avenue 2 MG and 1 MG Reservoirs 2 , 055 , 000
Dundee Avenue Booster - Brandt Drive Water Main 25, 000
Annual Distribution System Upgrading 820, 000
Water Main Oversizing 90 , 000
Alft/Big Timber Easements* 115 , 000
Shales Water Main* 110 , 000
Subtotal $ 4 , 890 , 000
SEWER SYSTEM
Otter Creek Lift Station $ 230 , 000
Northwest Interceptor Ph. 1 - Abbott Lift Station 4 , 315 , 000
Combined Sewer Overflows 145 , 000
Annual Neighborhood Sewer Repairs 250 , 000
North Randall Interceptor* 125 , 000
Subtotal $ 5 , 065 , 000
TOTAL $16 , 455 , 000
* = These projects are carryovers from the previous year and
are intended to complete the projects . They were not list-
ed in the Five-Year Financial Plan, but were included in
the December 7 City Council Committee of the Whole item
dealing with the Third Quarter Budget Report and Capital
Bond Project Update .
02/O1/95 15:21 V1 312 346 8833 SPEER FINANCIAL
• Z 002/008
PUBLIC FINANCE CONSULTANT'S SINCE 1954
'il SPELR FINANCIAL, INC.
Irb ELWOOD BARGE RICHARD A.PAVIA KEVIN W.WCANNA DAVID F.PHILLIPS LARRY P.BURGER DANIEL D PDRBPS
cmm"dGvna auaMAN•CEM "J"YA R R.Y"AP31DEN7 rKX MP400+f V WF hEaD0,7
February 1, 1995
Mr. James Nowicki — ---- - -- ---- --
Director of Finance
City of Elgin
150 Dexter Court
Elgin, IL 60120
Dear Jim:
Enclosed are debt service schedules for a $6,500,000 General Obligation, Series 1995;
$4,890,000 water issue as a general obligation and as a revenue issue; and $5,065,000 sewer
issue as a general obligation and as a revenue issue. The savings in interest cost using general
obligation bonds for water is some $173,000 and for sewer is some $192,000.
Also enclosed is a coverage table based on the 1993 audit indicating that the revenue levels in
water and sewer are insufficient to withstand scrutiny by Moody's for revenue bonds. The
coverage ratios on existing debt of 1.17x and 1.20x are adequate for abatement of general
obligation bonds. New debt will reduce these to some 1.02x and 0.75x. A difficulty here is
the interplay between cash for abatement and cash for revenue bond debt service. At the present
time, a general obligation bond will be treated better by Moody's, unless the City were willing
to covenant that, on an annual basis, all enterprise money would first go to the revenue bond
debt service and reserves and only then be used for general obligation debt service abatement.
This would likely reduce the amount available for abatement.
Please call with any comments. Note that this analysis will change over time due to the
interplay of user rates and debt issuances.
Sincerely,
Kevin W. McCanna
President
KWM/dv
M+� �1t.SS PACT M2hn0E STREET-CHICA00,ILLINO(S 6%03•(312)346-)100-FAX(312)346-8833
`-_ 0
Z/OI/85 15:21 01 312 346 8833 SPEER FINANCIAL
�003/008
EY OF BLGIN, KANS AND COOK CODNMS, ILLINOIS
Revised-Estimated Coverage for Enterprise System Bonds
Water Fund Sever Fund
--------------- ---- ---- ------ ------------------ ---- -------------------------- ----
Total Aevenues $8,608,777 Total Revenues 11,702,320
Total Expenditures 6,462,842 Total Expenditures 11510,947
Plus Depreciation 1,468,693 Plus Depreciation 660,505
Plus Interest Income 68,748 Plus Interest Income 10,305
-
Net Revenues Available for Debt Service $3,703,376 $882,183
Estimated Average Debt Service(Pre 1995) $3,159,135 $735,784
Estimated Coverage 1.17 x 1.20 x
Estimated Average Debt Service(xith 1995) $3,629,135 $1,180,784
Estimated Coverage 1.02 x 0.75 x
?ile:ELGIN\w&scover
i
02/01/95 15:22 $1 312 346 8833 SPEER FINANCIAL 004%008
CITY Or ELGIN, KANE AND COOK COUNTIES, ILLINOIS
S6,500,000 General Obligation Corporate Purpose Bonds, series 1995
ASSUMPTIONS: Rated "Ae"; NOT Bank Qualified; 20 years maturity
DEBT SERVICE SCHEDULE
DATE PRINCIPAL COUPON INTEREST TOTAL P+I FIWAL TOTAL
11/01/1995
1/01/1996
7101119% - - 2b3,025.00 263,025,00
1 01/1997 197,268 75 ,, 460,293.75
.'.`.'".'..197,2bt'�.�'S ;.
1/Ot/t998 - - 197,268.75 197,2b8.75 394,537.50
7/01/1998 - - 197,268.75 197,268,75
1/01/1999 50,000.00 5.450% 197,268.75 247,268.75 444,537.50
7/01/1999 - - 195,906 25 195,906 25 . -
1L0117001? 200,000.00 5 'aDOX 1195,7i06 Z5 39Si4(I6.7Si' :; f►1,$72aA
7/01/2000 - - 190,406.25 190,406.25
1/01/2001 200,000.00 5.550% 190,406.25 390,406.25 380,812.50
7/01/2001 - 134,856 25 184,8% 25
1/01/2002 250000.00 5 600% 154,856 25 209,856 25Y 394,712.50
;:'flur,156.25 -
1/01/2003 200,000.00 5.650% 184,156.25 384,156.25 568,312.50
7/01/2003 - - 178,506.25 178,506.25 -
1/01/2004 200,000.00 5.700% 178,506.25 378,506.25 557,012.50
7/01/2004 172,806 25 172,806.Z5 -
_�:=:.:�Ea� 24as zoo,o4o.flo � rsox �n 'eoa.zs 37�.� �s' s4sb�x����,;
7/01/2005 - - 167,056.25 167,056,.25 -
1/01/20% 225,000.00 5.850% 167,056.25 392,056.25 559,112.50
7/01/2006 - - 160,475.00 160,475.00 -
1/01/2007 300,000.00 5.950X 160 475.00 460�475.DO 620,950,00
a� ,
1/01/2008 400,000.00 6.000% 151,550.00 551:550.00 703,100,00
7/01/2008 - - 139,550.00 139,550.00
1/01/2009 500,000.00 6.050% 139,550.00 639,550.00 779,100.00
7/01/2009 - - 124,425.00 124,425.00 -
",`, 0OCAM 6 100% 1?�4, 25.b0 724 425.�0' ' Gd�8S0 A:d.:>
7/01/2010 - - 106,125.00 106,125.00 -
1/01/2011 600,000.00 6.150% 106,125.00 706,125.00 $12,250.00
7/01/2011 - - 87 675.00 87,675.00 -
1/01/2012 700,000.00 6.200% 87,675 00 787,675.00 675,350.00
1/01/2013 700,000.00 6.250% 65,975.00 765,975,00 831,950.00
7/01/2013 - - 44,100.00 44,100.00 -
1/01/2014 700,000.00 6,300% 44,100.00 7",100-DO 788,200.00
71,01/2014 Z2,QS0 00 ,22,050 00 wt -
:;:,i1Q�Y2015 7O0000 (t : .:..,b»3Q41L.... 22,iOSp.:QQ,; :..... 722,050;f1d`'.... T4ti,1bQOd
TOTAL 6,500,000.00 - 5,600,606.25 12,100,606.25
YIELD STATISTICS
Bond Year Dollars......... ............ $91,233.33
Average Life.....,......... ........... 14.036 Years
Average Coupon....... 6.1387719%
Net Interest Cost (NIC)........................... 6.1387719%
True Interest Cost (TIC)................ ......... 6.1194124%
Bond Yield for Arbitrage Purposes................. 6.1194124%
All inclusive cost (AIC).......................... 6.1194124%
IRS FORM 9038
Net Interest Cost..............•.................. 6.1387719%
Weighted Average Maturity.......................1. 14.036 Years
Speer Financial, Inc. FILE = J:\MUNEXP\DATA\ELGIN-95go6.5miiZDyr
Public Finance Consultants 2/ 1/1995 9:57 AM
J '
02/O1/95 15:22 Vl 312 346 8833 SPEER FINANCIAL 2 005/008
CITY OF ELGIN
$4,890,000 hater Revenue Bonds, Series 1995
ASSUMPTIONS: General Obligation; Rated "Am"; NOT Bank Qualified
DEBT SERVICE SCHEDULE
DATE PRINCIPAL COUPON INTEREST TOTAL P+I FISCAL TOTAL
3/01/19" - -
7/01/f995 - - -
1/01/1996 - 240,339.58 240,339.58 240,339.58
7/01/1996 #- k s 144,203 75 x 144,203..75.
1t&�. #Ta' +P". W �. f ,.2 Y.. :.,.. 7S' >d
7/01/1997 140,266.25 140,266.25 -
1/O1/199d 160,0DO-00 5.350X 140,266.25 300,266.25 440,532.50
7/01/1998 r ,986 25
- 135,986.25 135
`�1/0111999 yy }}170,000 00 5.450X 135,986.25 'ap,ysy, 305,996 25. 441,9725(0�y.f
:6TS ' '.111:999 .'. Y, 2K
1/01/2000 105,000.00 5.500% 131,353.75 316,353.75 447,707.50
7/01/2000 126,266.25 126,266.25
1/01/2001 195,000.00 5.550% 126,266.25 321,266.25 447,532.50
;� �7/01/200f 120,1}S5 00 120,•d55 00 -
� �4tl� rahµ�51;7tQ0Q
7/01/2002 114,975:00 114,r855975.00 .
1/01/2003 220,000.00 5.650X 114,975.00 334,975.00 449,950.00
108,760 00 108,760 00
/ /2004 23500000 570 OX 1DB,760 00 yy34376�0} *00 �452,520 00
��:�a 7J�f3GCPe
1/01/2005 275 000.00 5.75D% 102,062.50 377,062.50 479,125.00
7/01/2005 - - 94,156.25 94,156.25 -
1/01/2006 295,D00.00 5.850% 94,156.25 339,156.25 483,312.50
7/01/2006 - 85,527.50 85,527 50 -
�;,�`�„710Y�'Z007. ....;:;.;Y345,527,5A`<:
7/01/2007 76,305.00 76,305.DD -
1/01/2008 330,000.00 6.000% 76,305.00 406,305.D0 482,610.00
di:M:/M/2009.T' y : ; `.::Y .... 55:81T:3 s ' �53 817�E0:`.> .. :: . p
1/01/2009 350,000.00 6 050% 66 405.00 416 405.00 492 810.00
1/01/2010 380,000.00 6.100% 55,817.50 435,817.50 491,635.00
7/01/2010 - - 44,227.50 44,227.50
1/01/2011 405,000.00 6.150% 44,227.50 449,227.50 493.455.00
7/01/2011 - - 31f773 75 31,773 75 -
.1/01'12012. Y$s:�405ODDOffEPODx....
7/01/2012 - - 19,218.75 19,218.75 -
1/01/2013 415,000.00 6.250X 19,216.75 434,216.75 453,437.50
7/01/2013 6,250.00 6,250.00
1101/2011,4n 1008000.00 6.250X 6,250.00
,
, 52�50 00 g 106�
061250.00 112,500.00
Jc,`!..s-•�s'c�.���Y".'k,.`�T� F a1 •725`.'OQ•�' °X'�s�15 y,..?��i�v�sq•` << >
1/01/2015 iD0,000.00 6.250% 3,125.00 103,13.00 1"'250.00
TOTAL 4,890,000.00 - 3,455,409.58 8,345,409.58 -
Speer Financial, Inc. FILE = J:\MUNEXPWATA\ELGIN-water95;$4890
Public Finance Ccneuttants 2/ 1/1995 3:03 PM
02/01/95 15:24 121 312 346 8833 SPEER FINANCIAL Q 007/008
CITY OF ELGIN
$5,065,000 Sewer Revenue Bonds, Series 1995
ASSUMPTIONS; General Obligation: Rated "Ae•, NOT Bank Ousllfiad
DERT SERVICE SCHEDULE
DATE PRINCIPAL COUPON INTEREST TOTAL P+I FISCAL TOTAL
3/01/1995 - - -
7/01/1995 - - - - -
1/01/1996 - - 250,545.83 290,545.83 290.545.83
7/01/1996 - 150,327.50 150,327.50
. 4527.5� l,S,aS5:00
7/01/1997 - - 1".521.25 146,521.25 -
1/01/1994 155,000.00 5.350% 14.6,521.25 301,521.25 448,042.50
7101119" - - 142,375.00 142,375.00 -
1/01/1999 165,000 00 5 450% 142,375.00 307j375.00 "9 750 00
UX
1/01/2000 175,000.00 5.500% 137,878.75 312,878.75 450,757.50
7/01/2000 - - 66 133,0 .25 133.066.25 .
1/01/2001 185,D00.00 5.550% 133,D66.25 318,066.25 451,132.50
7(01/2001 - 1271932 50 127,932.50 -
1272.'.4>} .:.':.... �z ►rt.S9:''......:�+'jn,8b5'pn. '<
71/01/2002 - - 122,472.50 122,472.50
1/01/2003 210,000.00 5.650% 122,472.50 332,472.50 454,945.00
7/01/2003 116,540 00 116,540 00
1/01/2004 225,000 00 5 700% 116,540 DO 341,S40 00 458,080 00
.11Q,7.27.SO. �iRii A1G 1x7 'SQ'
1/01/2005 240,000.00 5.750% 110,127.50 35C,127.50 460,25S.00
7/01/2005 - - 103,227.50 103,227.50 -
1/01/2006 255,000.00 5.850% 103,227.50 358,227.50 461,455.00
7/01/2006 95,768 75 95,768 75 -
yd:�;�'�./�11Z407
7/01/2007 - - 87,736.25 87,736.25 -
1/01/2008 285,000.00 6.0009 87,736.25 372,736.25 460,472.50
7/01/2008 - 79,166.25 79,186.25
f y1/01/2009 305,000.00 6 050% 79,166.25� 3y84w 1196 25 4630
372.50
1/01/2010 325,000.00 6.100% 69,960.00 394,960.00 464,920.00
7/01/2010 - - 60,047.50 60,047.50 -
1/01/2011 345,000.00 6.150% 60,047.50 405,047.50 465,095.00
7/01/2011 - 49,438 75 49,438 75
1/r11120�'1.:;� 2�0*Ot1000:s... 215th1�r. c. 9iX36.75::,. 77SIt
7/01/2012 - - 37,%9.75 37,%8.75
1/01/2013 395,000.00 6.250x 37,%8.79 432,969.75 470,937.50
7/01/2013 - - 25,625.00 25,625.00 -
1/01/2014 405,00D.00 ¢ 2S0% 25,625.00 4304625.00 456 250.00
1/01/2015 415,000.00 6,250% 12,966.75 427,968.75 440,937.50
TOTAL 5,065,000.00 - 3,868,M.33 8.933,883.33
Speer Financial. Inc. FILE = J:\MUNEXP\DATA\ELGIN-sewer95;S506S
Public Finance Consultants 2/ 1/i995 10.47 AN