6.3. ERMUSR 02-20-2007Elk.River -~ ~,,,
Municipal Utilities
13069 Orono Parkway
Elk River, MN 5533
February 7, 2007
To: Elk River Municipal Utilities Commission
Jerry Takle
Jim Tralle
Jerry Gumphrey
From: Bryan Adams
Subject: Electric Revenue Bonds
phone: 763.441.2020
Fax: 763.44] .8099
The 2007 budget makes provisions to construct a Waco Substation and underground
feeder for the United Health Group data center facility with bonds. Also if we proceed
with buying into the transmission system with MMTG/CMMPA group, we will need to
free up another $300,000 to be spent over three to five years to complete the necessary
agreements. The materials for the substation and underground feeders are already on
order. Staff is proposing the following bond amount.
Waco Substation $1,200,000
UHG Underground Feeder $1,000,000
Feeder on Co. Rd. 1 $ 300,000
$2,500,000 + Issuance and Coverage costs
The total bond amount would be $2,875,000 per Ehlers & Associates analysis which is
attached. We are proposing a 12 year term with interest payments only for the first two
years. This will allow UHG load to ramp up to the estimated levels so sufficient
revenues are available to pay the bonds. From Ehlers & Associates, bond payments will
be in the $300,000/year range.
Also attached is a spread sheet reflecting UHG estimated initial and final loads and
associated marginal revenue. The initial marginal revenues are in the $200,000 to
$300,000 range annually. The final marginal revenue after approximately two to three
years operation is in the $400,000 to $600,000 range annually. The load assumptions are
from experience and talking with owners/contractors and no hard evidence. There is still
enough margin of error that the UGH revenue should cover the bond costs.
Staff recommends authorizing $2,875,000 of electric revenue bonds.
City of Elk River, MN _
$2,875,000 Electric Utility Revenue Bonds, Series 2007
$2,500,000 Net Project Costs - 12 Year Term
Sources & Uses
Dated 03/15/2007 ~ Delivered 03/15/2007 --
Sources Of Funds
Par Amount of Bonds
_ _ -_ _ _-_
$2 875,000.00
_
Total Sources
_ __ _ _ _ -
$2,875,000.0
0
__
_
_
Uses Of Funds
Total U
n
derw
riter's Expense
_
_
_
_ _
Costs of Issuance - 40,250.00
-- -
---
---- -
- --
- --
e osrt to Debt Service Reserve Fund (DSRF)
P-----
45,000.00
- - ---
Deposit [o Project Construction Fund _ ___ 287,500.00
- _.
__ ___
Rounding Amount ___ 2,500,000
.00
_ _ _ _
___ 2,250 00
Total Uses
-- __ $2,875,000.00
r 07 EICV Util Rev Bds ~ SINGLE PURPOSE ~ 2/ 6J2007 ~ 4:36 PM
•
• ~ ~
Ci of Elk River, MN
~--- -
$2,875,000 Electric Utility Revenue Bonds, Series 2007
$2,500,000 Net Project Costs - 12 Year Term
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
03/18/2007 - - - -
02/01/2008 - - 116,086.11 116,086.11 116,086.11
08/01 /2008 - - 66,125.00 66,125.00 -
02/Ol/2009 - - 66,125.00 66,125.00 132,250.00
08/01/2009 - - _ 66,125.00 _ 66,125.00 _ -
02/01/2010 170,000.00 4.300% 66,125.00 236,125.00 302,250.00
08/01/2010 - - 62,470.00 62,470.00 -
02/O1/2011 175,000.00 4.350% 62,470.00 237,470.00 299,940.00
08/01/2011 - - 58,663.75 58,663.75 -
02/Ol/2012 180,000.00 4.400% ___ 58,663.75 _ 238,663.75 297,327.50_
08/01/2012 - - 54,703.75 54,703.75 -
02/O1/2013 190,000.00 4.450% 54,703.75 244,703.75 299,407.50
08/01/2013 - - 50,476.25 50,476.25 -
02/OI/2014 200,000.00 4.500% 50,476.25 250,476.25 300,952.50
08/01/2014 - - _____45,976.25_ _____45,976.25 __ ___ -
02/O1/2015 _
210,000.00 _
_
4.550% 45,976.25 255,976.25 301,952.50
08/01/2015 - - 41,198.75 41,198.75 -
02/Ol/2016 215,000.00 4.575% 41,198.75 256,198.75 297,397.50
08/01/2016 - - 36,280.63 36,280.63 -
02/Ol/2017 225,000.0
0 4.600%__ _ 36,280.63 _ _ 261,280.63 __297,561.2.6__
08/01/2017 _
- 31,105.63 31,105.63 -
02/O]/2018 240,000.00 4.650% 31,105.63 271,105.63 302,211.26
08/01/2018 - - 25,525.63 25,525.63 -
02/Ol/2019 250,000.00 4.700% 25,525.63 275,525.63 301,051.26
08/01/2019 - - 19,650.63 19,650.63 _ -
__
_
02/01/2020 ____
_
260,000.00 _
4.750% 19,650.63 279,650.63 299,301.26
08/01/2020 - - 13,475.63 13,475.63 -
02/O1/2021 275,000.00 4.800% 13,475.63 288,475.63 301,951.26
08/01/2021 - - 6,875.63 6,875.63 -
02/O1/20
22 285,000.00 _ 4.825% 6,875.63 291,875.63 298,751.26
_
Total $2,875,000.00 - $1,273,391.17 $4,148,391.17 -
Yield Statistics
Bond Year Dollars __ $27,308.61
Average Life _____ _ _ 9.499 Years
_____,._____ 4.6629657%
_
Net Interest Cost (NIC) ___ __ 4.8103551%
_
True Interest Cost (TIC) __ 4.8388029%
Bond Yield for Arbitrage Purposes 4.6484783%
All Inclusive Cost (AIC) _ 5.0559647%
IRS Form 8038
Net Interest Cost 4.6629657%
Weighted Average Maturity 9.499 Years
Ser 07 Elctr Util Rev Bds ~ SINGLE PURPOSE 12/ &2007 ~ 4:36 PM
City of Elk River, MN
$2,875,000 Electric Utility Revenue Bonds, Series 2007
$2,500,000 Net Project Costs - 12 Year Term
Net Debt Service Schedule
Fiscal
Date Principal Coupon Interest Total P+I DSR Net New D/S Total
03/15/2007 - _ _ _
08/01/2007 _ _
-
-
(5,034.56)
(5,034.56)
02/01/2008 - - 116,086.11 116,086.11 (6,682.19) 109,403.92 104,369.36
08/01/2008 - - 66,125.00 66,125.00 (6,682.19) 59,442.81 -
02/01/2009___ _ __ ___ _66,125.0 66,125.00 (6,682.192 59,442.81 1]8,885.62
08/01 /2009 - -
66,125.00
66,125.00
(6,682.19) _
59,442.81 _
-
02/Ol/2010 170,000.00 4.300% 66,125.00 236,125.00 (6,682.19) 229,442.81 288,885.62
08/01/2010 - - 62,470.00 62,470.00 (6,682.19) 55,787.81 -
02/O1/2011 175,000.00 4.350% 62,470.00 237,470.00 (6,682.19) 230,787.81 286,575.62
08/01/2011 _ _ ____ _ 58,663.75 _ _ _58,663_75 (6,682.19) 51,981.56 -
02/01/2012 180,000.00 4.400% 58,663.75 238,663.75 _
(6,682.19) _
_
231,981.56 ____
283,963.12
08/01/2012 - - 54,703.75 54,703.75 (6,682.19) 48,021.56 -
02/O1/2013 190,000.00 4.450% 54,703.75 244,703.75 (6,682.19) 238,021.56 286,043.12
08/01/2013 - - 50,476.25 50,476.25 (6,682.19) 43,794.06 -
_ 02/01/2014_ 200,0__00.00 __4.500% 50,476.25 25_0,476.25 _ (6,682.19) 243,794.06 287
,588.]2
08/01/2014 - 45,976.25 45,976.25 (6,682.19) 39,294.06 _
02/01/2015 210,000.00 4.550% 45,976.25 255,976.25 (6,682.19) 249,294.06 288,588.12
08/01/2015 - - 41,198.75 41,198.75 (6,682.19) 34,516.56 -
02/Ol/2016 215,000.00 4.575% 41,198.75 256,198.75 (6,682.t9) 249,516.56 284,033.12
08/01/2016 _ _- - _36,280.63 36,280.63 _ (6,682.19)_ 29,598.44 -
02/O1/2017 225,000.00 4.600% 36,280.63 261,280.63 (6,682.19) 254,598.44 284,196.88
08/01/2017 - - 31,105.63 31,105.63 (6,682.19) 24,423.44 -
02/Ol/2018 240,000.00 4.650% 31,105.63 271,105.63 (6,682.19) 264,423.44 288,846.88
08/01/2018 - - 25,525.63 25,525.63 (6,682.19) 18,843.44 -
_02/O1/2019 ____ 250,000_.00 4.700% __ 25,525.63__ 275,525.63 (6,682.19 268,843.44 287,686.88
08/01/2019 - - 19,650.63 19,650.63 (6,682.19) 12,968.44 -
02/Ol/2020 260,000.00 4.750% 19,650.63 279,650.63 (6,682.19) 272,968.44 285,936.88
08/01/2020 - - 13,475.63 13,475.63 (6,682.19) 6,793.44 -
02/01/2021 275,000.00 4,800% 13,475.63 288,475.63 (6,682.19) 281,793.44 288,586.88
08/01/2021 ___ _ -_ - 6,875.63 __ 6,875.63 _(6,682.19) 193.44 -
02/O1/2022 285,000.00 4.825% 6,875.63 291,875.63 (294,182.19) (2,306.56) _
(2,113.12)
Total $2,875,000.00 - $1,273,391.17 $4,148,391.17 (486,318.07) $3,662,073.10 -
ier 07 Elctr Util Rev Bds ~ SINGLE PURPOSE ~ Z &2007 ~ 436 PM
•
• ~ ~ • ~
.~-
City of Elk River, MN
$2,875,000 Electric Utility Revenue Bonds, Series 2007
$2,500,000 Net Project Costs - 12 Year Term
Proof of Reserve Fund Requirement
Date Principal Interest TOTAL P+I
02/0l/2008 - 116,086. l 1 116,086.11
02/01/2009 - 132,250.00 132,250.00
02/01/2010 170,000.00 132,250.00 302,250.00
02/0I/2011 175,000.00 124,940.00 299,940.00
02/01/20_12___ _ 18_0,000.00___ _ __ l 17,327.50 297,327.5
0
02/01 /2013 190,000.00 _
109,407.50 _ _
_
_
299,407.50
02/01 /2014 200,000.00 100,952.50 300,952.50
02/01 /2015 2l Q,00Q00 91,952.50 301,952.50
02/0 ] /2016 215,000.00 82,397.50 297,397.50
02/01/2017 225,000.00 72,561.26 297,561.26
02/01 /20 18 240,000.00 62,211.26 302,211.26
02/01/2019 250,000.00 51,051.26 301,051.26
02/01/2020 260,000.00 39,301.26 299,301.26
02/01/2021 275,000.00 26,951.26 301,951.26
02/01/2022 285,000.00 13,751.26 298,751.26_
Total $2,875,000.00 $1,273,391.17 $4,148,391.17
PROOF OF RESERVE FUND
AGGREGATE ISSUE PRICE
Total Par __ 2,875,000.00
10 % of Aggregate Issue Price _ _ _ 287,500.00
_
MAXIMUM PERIODIC DEBT SERVICE
Omit First Period? Yes
100 % of the Maximum Periodic Debt Service __ _ __ _______
302,250.00
__ _ _
AVERAGE PERIODIC DEBT SERVICE
Total P+I _ __ _ _ __ _ _ 4,148,39].17
Bond Years (Delivery Date) 14.88
125 % of the Avera a Periodic Debt Service __ 348,539.21
RESERVE REQUIREMENT
Computed Re uirement __ _ 287,500.00
Proofs Requirement _ 287,500.00
Ser 07 EICV Util Rev Bds ~ SINGLE PURPOSE ~ Z &2007 ~ 4:36 PM
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