1l Deafeasing Tx Incre Bonds
CITY OF
CHANHASSEN
City Cmttr Drive, PO Box 147
:hanhlmm, Minnesota 55317
Phone 612.937.1900
General Fax 612.937.5739
,ginttring Fax 612.937.9152
,blic Safay Fax 612.934.2524
7tb www.ci.chanhl/$.mmn.us
.it.
-
MEMORANDUM
TO: Mayor
City Council
FROM: Bruce M. Dejong, Finance Directorþ)
~.
DATE: December 6, 2000
SUBJECT: TIF Defeasance for 2000
We are proposing a defeasance of bonds from Tax Increment District I -
Downtown for 2000 consistent with the discussions the City Council held on
November 16 with the consultants from Ehlers, HLB Tautges, Redpath and
Kennedy & Graven. The amount of the defeasance is now approximately
$4,000,000. That amount is calculated to yield a deficit of $2,200,000 at year
end. The reason for targeting this figure is that the grant we received this year
showed rate compression tax loss of$2,083,000 and I am estimating that will
increase for next year at least 5%. This \\111 maximize the amount of the grant
that we are eligible to receive from the state.
The defeasance will work just the same way as the one done in December, 1999.
We will not actually be calling any bonds. The procedure is to send an amount of
money that, along 'i\ith interest earnings, will be sufficient to make the interest
and principal payments as they come due. The purpose of the defeasance is to
change the date of expenditure recognition, so that we "reverse" the refinancing
that the city performed back in 1998. This puts us back in the same position we
would have been in, prior to the refinancing, to quality for a grant.
We have discussed two alternates for defeasing:
I) defeasing some of the February I, 2001 payments and others to
maximize flexibility, or
2) defeasing only payments due after Aprill, 200 1 to maximize the
amount of the defeasance.
I am recommending the latter course. We do have the cash available to cover
both a full defeasance and to make all bond payments due in February. It is clear
that we have the ability to make those February payments using increment under
the law. The second alternative maximizes the amount of increment that we are
able to collect during 2001.
Briggs & Morgan is preparing the defeasance resolutions, and these will be
available on Monday.
City of ChanhllS,m. A J(7OWinX communit¡ with clean lakes, quality schoo/', a charminr downtown, thrivin~ bu,;n",es, and beautilùl tJark,. A mat ola" to live. work. and ola.
i:1
.
lV1INNESOTA Department of Revenue
Property Tax Division
Mail Station 3340
Phone: (651) 296-3394
TDD: (651) 215-0069
St. Paul, MN 55146-3340
Fax: (651) 297-2166
November 14, 2000
Mr. Scott Botcher
City of Chanhassen
690 City Center Drive
PO Box 147
Chanhassen, MN 55317
Dear Mr. Botcher:
We have received the necessary forms from you to apply for the TIP grant program. TIP
grants may be paid to municipalities for deficits in tax increment financing districts caused
by property tax classification law changes. This program only applies to those districts
with a certification request date prior to June 2, 1997.
After reviewing these forms, it was determiv.ed that thére was an overall.combined deficit
, .
for all of the qualifYing TIP districts within your municipality. The maximum grant that a
municipality may receive in 2000 is determined in total for all qualified TIF districts and is
the lesser of the 1999 "overall combined TIF deficit" for the qualified TIP districts or the
"payable 1999 TIF property tax loss" for all of the qualified TIP districts within the
municipality.
Enclosed is a breakdown of this determination. This grant payment is for 2000 only, and
will be made along with the December 26, 2000 aid payment. You will need to reapply
for future years.
If you have any questions regarding this letter, please feel free to contact me.
Very truly yours,
//Þ
~ t#JL
Shawn Wink, Research Analysis Specialist
Property Tax Division
Enclosure
1. :'. 2J~Y}
An equal opportunity employer
TDD: (651) 297-2196
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12/06/00 17:12 FAX 651 426 5004
--_.-
----1!1J! TAl11:GES REDPATH
tal 001
Fax message from
II1II Ta_a. Radpath. L....
Certified Public Accountant¡ and Consultants
From:
David Mol
Date: December 6, 2000 4:14 PM
Fax No: 952-937-5739
To:
Bruce DeJong
Company: City of Chanhassen
Total number of
pages:
9
COMMENTS:
Bruce,
Attached are TIF grant revisions that target a grant of $2,200,000. The defeasance
amount is now $4,026,412,
Disclaimer: This mateñal is Intended for use only by the individual or entity to which it is specifically addressed and
should not be read by, or delivered to, any other person. If you have received this fax by error, please
notify us immediately. Ifthere are any errors, please phone us immediately (collect if necessary).
4810 White Bear Parkway, Whne Bear Lake, Minnesota 55110, USA. Telephone: 6514267000 Fax: 6514265004
fiLS Taul¡ es RedpaU1, lid. Is a membpr of HLS IntemaUonal. A worId-w'<lo organl2aUan ofaccounting firms and IIJslness ad~s.rs.
12/06/00
~~2 FAX 651 426 5004.
HLB TAUTGES REDPATH
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12/06/00 17: 13 FAX 651 426 5.!!.~ _¡¡La TAUTGES REDPATH
raJ003
crrv O'CN,4NRASSEN, MlNN&'5OTA
.A.nTTF DisÞicu
COMBTNlNC STATa4£NT OF R1iV:ENU£S. E)."'P1INDITUKES, ,It.'ND
CHANGES IN nJND BA1..J\1'IICES
'ForThe V_ HIUIcd Dcçcmber 31, 2000
TID#1 TlD~2-1 11Dt¡·2 TID#' 11D .. T1DN$ TTDII6 TID '7 -r....
"""""'" 51G.076 5412,]9j $7.662.139
TUina'cmCnT $3.6j:7.036 $416,45 I SB01.18A 5142,993
$pIIci.1I uasmcam;
C\rrfenrllhddelÎDqŒIJ.C 4,035
Co_ 4_0"
ftItA IS9,P74 1'9,974
...".,.....
LiGCaICS pel pamritl
InroraDvcmntnImI;
Swe:
MSA
Gmnu
~tœsct>ljCCiS
Invcmnent incame
SaotCI' iIKduu~
Ouildin¡realIIJ
.K~aødreim~ 309 309
""""
Tol8ireveJ1115 5,821,045 0 4864" 107.7811 1"2.9~ 86.076 482 ~9S 30. 7,827.0"
..,..,........
Cunmr.
Pcnonllscrviecs 12.467 115.212 117,679
MucriaIs SlId .9Upp!ice
Jnœrfbnd mveslDHm1 ~tIti:
ComracmaI .ermcs 33.42' 766 I,Oog 4],261 4.612- ,G. 9,43:1 130 91.808
Debt Serviœ:
"""'pol 2,1100.000 2,400,000
'....... 709,272 70..172
Payiltg ~ foe!
Pøyment tel dllœas;INZI escrow 4,OU.41'l WllllN:reponed.~ 4,026."12
Capiwouday 32,1'111. ~J,.522 ..~~...I q""'" 66,110
Speciò\l~entsp:symtm1:l J59.974 68.836 368.'10 56.906 654,716
Dcvcl.1þcrpaymco.t:S 61,100 190.60~ 234,Roo 4a6.~œj
()tbm--pIL)'IftcrICtD~Co~(~TltJ 1,106,1151 12M 119
Tom! cxpcn.ditum. 7,4515,]02 766 198614 1630.914 7;:1.46R ... J7&,412 57.736 u3s.681
~over'\Ift4er)~im~ 0.674.251) (766) 287 8~7 (8~,12L5) L5\1.S2S 85.1507 103,913 (57.427) (2,0011.624)
Otba nnanclrtC totU'CCS (IdeS):
~ns tnIndw limn c;..!InIJ Fuml
O~ u8IIIfer from Capiml ProjeccFwul 2,246,167 )'17,971 2,394,141
0pm;aI:Ü:I¡ tnmsta to Debl Service: J;W1d ~.2~2."'7) (:1,252,01)
Operøtin¡ unnsfer to C\lPÎItIi PT{Ij~ Fund (147,974) (147,974)
Opa-1rlaG tl'Wlet rot pooling. &om #3 to #2-1 113,076 (H~,076)
Bola(! pnJl:nds
'roulod\Ct~soW'CC!l(USC9) t1.IS~.914) 261,050 0 (1IJ.U76) 0 0 0 0 (J Q~ 94{1)
Net iAm:osc (decreue) in fund blllmtc; (1,121,171) J.60,211<1 287.831 (936.202) 69,525 85.607 103.933 (~7.'27) (3,014,.564)
Fund ba1an=(dcficit}-JlllulIIy J C1,,596.212) £260,J.14) 1'30',16') 936.202 93.Gj6 1.9'8 20.1.811 (3."3) (2.924,9'77)
FImd baJ;mœ (defü:it).. Dcœmber 31 (56.424,383) SO ($17318) $0 $I&:I.IIU $93$6$ 5301$,794 ($61,370) (SS.9J9,SCI)
334,0.J 1.2J6IDo <I~9 PM
12/06/00 17:13 FAX 651 426 5004
--
.-----BIJI TAUTGES REDPATH
141004
CITY OFC¡'IANHJ\SSEN, MINNESOTA
TTF# l-HRA.
COMBINING STATEMENT OF REVENUES. EXI'IlNDI11JRES. AND
CHANGES TN FUND BALANCES
For The Year EndÙ\g Deœ.nbcr 31, 2000
PJlgc 1 of2
·nDiI'
EDA TlDill T!Dill
DOWJ1[own TlDill TlDIII Trunk Tn",k 11D#1
Tax Pc:d~trian lIanus Highway 101 Highway 5,17 Wes' 78th
1nçrcmertt Bridge Properties Realignment to 41 Realignment
(460) (465) (473) (641) (660) (661)
Revenues;
Tax incremem 55,657,036 $ $ S $ S
Special ~C:i-mJ.en.ts:
Current and delioqucnt:
County
HRA
Prepaymems
Licensts and pcrmils
l.l1tergovcmmcnl.W:
S""""
MSA
Or.nt>
Chilt@,eS for services
Investment in.come
Sewer surcharge
Building "",ta'
Rcfì.md.~ ¡md reimbw'sements
Oo,er
Tora! revenues 5.657.036 0 0 0 0 0
Expenditures:
CurrEnt:
Persona] services 72,467
Materiab: and supplics
Tnterfund in~tmenr ~Ypen.JllJUTI!
Contractual scrvi[%5 26,531 6,898
C¡¡pital QuUa)' 32,648
Debt service:
Principal
Iut<rc,t
Paying agent fees
Paymem to defeasance I::jCTOW agent 4.026,412
Speciat ftSKSsmcnts paymt:n1s 159,974
Developer P"ymcnl.. 61.100 .
Other
Total expendirures 4.379.132 6,898 0 0 0 0
Revenues ovel' (1JDder) expcndilure& 1.277,904 (6.898) 0 0 0 0
Other financing SOur~ (uses):
Opel1lling transfer from Genc:ral Fund
Oper.uiJ1g traIlsfer from Copita! Project Fund
Operating transfi:r to Debt Service Fund (3,252,807)
Opetating tcansf..- to Capi1u! Project Fund (147,974)
Bond proceeds
Total 0_ ftmmcing sources (us..) (3.400.781) 0 0 0 0 0
Net incrcasç (dcCI"CQÇ) in fund ba]anœ (2, 122,877) (6.898) 0 0 0 0
Fund balance (deficit) . Janu!IIY 1 (2.305.215) 233,497 (513.870) (12,559) (141.377) 9,671
Fund ""¡ance (defi.;L) - December 31 (S4,428.092) $226,599 ($513.870) ($12.559) (SI41,377) S9.67 I
3288.1 1216/00 4:07 PM
12/06/00 Y!..~FAX 651 426 5004
BLB TAUTGES REDPATH
!¡!¡005
CITY OFCHANIIASSEN, MINNESOTA
TJF# l-!IRA
COMBINING STATEMENT OF REVENUES, EXPEND11URES. AND
CHANGES IN FUND BALANCES
For The Year Endin¡¡ Docembc:r 31, 2000
TID#1 TID#I "flD#1 rID !1 TID#I
1990A 1993..£ 1 992B 1991B TID#] 11D#] 1 994A
TJ. T.!. 0.0. 0.0. 1993A ]993B G.O.
lWì.lRdlns Rtf\mdins TID TID TID TID Itnprovc:mcnt
Bonds Bonds Bonds Bonds Bonds Bond> R.fund
(30]) (306) (31]) (327) (329) (330) (333 )"
Revcnuc$:
Tax 1ncrçmcnt S $ $ $ $ $ 5
Special assessmClItB';
Current and delinquent
COUII1y 4,035
HRA 18,392 141.582
Prçpay¡ncnts
LiççpSéS' and pennits
Ip~rgoYer.nmenta1;
State:
MSA
GmnIS
Clwges for sc:rvi=
lnvçsÞncnl Încome
Sewer surcharge
Building nmlal
Rèfunds and reimbursements
Other
Tolnl TeVen.ues 0 0 ° 0 11,392 145,617 0
E.penditures:
Current:
~onaJ Sier'\lices
MateriaJs and supplies
Intcrfund in"",lment expenditure
Contractual services
Capital outlay
Dc::btsc::rvice:
Principal 260,000 300,000 250,000 880,000
lnterest 181,930 33.430 8,625 3],075 50,435
Paying ag<ni fç",
Paymc:nt to dcrt:ilS&mCe esCl'OW agent
Special assessments payments
Om...
Totaloxpcndilun:s 181.930 293.430 308,625 281.075 0 930,435 0
Revenues over (under) expenditurco (181.930) (293,430) (308.625) (281,075) 18,392 (784,818) 0
Other finanoing '0""''''' (..'os):
OpaBtins Ir.msfer from 0.......1 Fund
Operarin& uansfe.r ftom Capitol Project Fund 18],930 271,515 296,450 658.715
Operating transf... 10 Debt ServIce Fund
Operating transft¡- 10 CapiUll Project Fund
Bond proceeds
Total other financing SOlfrCCS (""os) ]81,930 271,515 0 296,450 0 658.715 0
Net incr.... (decrease) in fbnd \Ja1aDce 0 (2].915) (308.625) 15.375 18.392 (126.103) °
Fund balon"" (dcfidt) - JanoJatY I 89,297 34.161 307,522 ]80,066 (1,837,92]) 439,185
Fund balance (deficit) .. Doccmber 31 589.297 $] 2.246 ($1.103) $195.441 ($].8]9.529) 53];,082 $0
3288.] 12/6/00 4:07 PM
12/06/00
17:13 FAX 651 426 5~04
_HLB TAUTGES REDPATH
141006
_.-
TID#1 -r!DIII TlDIII TID#1 tID#1 T!D#l TW#1
1994B I 994C 1994D T!D#I 1996D 1998E 19981' 19980 TID#2-1
G.O. G.O. G.O, 1995A 0.0. 0,0. 0.0. 0.0, 1994E
lmpravem.ent Taxø.blc TID TID TID Improvement T.I.#I T.l. T.l. TID
Refiu1d Refund Refund Bonds Bonds Bond. Refund Refund Bonds
(334)** (335) (336) (338) (344)" (348) (349) (3S0) (337)
$ S $ $ S $ S 5 5
o
o
o
o
o
o
o
o
o
40,000
10,935
30,000
5,945
73,100
148..552
99.725
590,000
14,750
0 50,935 35,945 0 0 73.100 148,552 99,725 604,750
0 (50,935) (35.945) 0 0 (73,100) (148,552) (99,725) (604.750)
50.935 35,945 503,100 148,552 99,725
0 50.935 35,945 0 0 503.100 148,552 99,725 0
0 0 0 0 0 430.000 0 0 (604,750)
1,464 1,617 198,328 36,768 79,375 (396.221) .
50 $1.464 SI,617 S 198.328 SO $466.768 579,375 ($396.221) (5604.150)
3288.1 J:!/6/00 4:07 PM
12/06/00 17:13 FAX 651 426 5004
.Page 1 .f2.
TID *2-1
1998D
11D
Bonds
(347)
Totals
$
$5,657.036
4,035
159,974
0 5.821.045
72,467
33,429
32,648
50.000 2.400.000
50,770 709,272
4,026,412
159.974
61,100
100,770 7,495.302
(100.770) (1.614,251)
2.246,867
(3,252,807)
(147,914)
0 (1.153,914)
(JOO.770) (2,828,171)
(3,596.212)
($ J 00. 770) ($6,424,383)
3288.1 1216/00 4:07PM
HLB TAUTGES REDPATH
~007
12/06/00 17:13 FAX 651 426 5004
-.-----.
HLB TAUTGES REDPATH
~008
CI'IY OF CHJI.NHASSEN. MINNESOTA
TIF Dis1rict #2-1 McGlynn
COMBINING STATEMENT OF R.F.VI,:NUI!S. EXPENDITURES, AND
CHANGES TN FUND BALANCES
For TIlc Yç..- Emtins Docember 31,2000
Revtn1.Jcs:
Ta,; increment
Special æ¡s~~~ts:
Cunmt amd dtilinqueat
County
HRA
Prq>aymems
Licenses and pe.nnits
.lJ1tCf'govcmmcotlJ ;
Stale::
MSA
Grants
Charges for services
Invt:Stmem income
Sewer surclwrge
Building nmlal
Rctìmds Knd TCimbur.¡c2DeD.ts
Other - Pooling 1Tom DL;!ric13
Total reveJ.1ues
TID#2-1 TID#2-1 'rlDU2·1 TID#2-1
TIDN2-1 TIDN2-1 1991C 1993D 1994F. 1998D
McGlynn School TID TID TID TID
Project Co-op Bonds Bon~ Bonds Bond...
(468) (670) (328) 332) (JJ7) (347) Toml
$ $ $ $ $ $ $
113.076
l1J.076
113.076
113,076
o
°
o
o
o
Expendiwres:
CUJTCl1t:
Persona! $crviccs
MattfÛlls and su.pplies
Inrerfund investment apcrJditun:
Contructunl SèJ'Viw
Debt Service:
Prinoipol
Interest
Payu,g agent foes
Cs.pitaJoutlny
Special as.5CSBmQ1t5 payments
Oth..-
Total cxpcnditurc:s
Revenues over (wuicr) expenditureS
Other f1nancing so~ (uses):
Opçrnling _ftom Oo:nonJ Fund
Operatiøg transfcr ftom CopHal Pno,jccl Fund
Opera1ing .....fer to Debt Service Fund
OperatinG UIUI1:'fcr lo Capital Project Fund
Bond procccds
Tot3l other nnanciDg sources (IL'iCS)
Net lncrasc (dccrcasc) in nmd balanœ
Fund ba!mu;c (deficit) - January 1
Fund b;¡ ance (defiç;t) - December) J
766
766
766 0 0 0 0 0 766
112,)10 ° 0 0 0 ° 112,3 10
138.707 125,114 (22,951) 1.541 (146.160) 51,723 147,974
13 8.707 11$,114 (22.951) 1.541 (146.160) 51,723 147.974
251,017 125.114 (22,951) 1.541 (146.160) 51,723 260,2S4
(251,017) (125.114) 22,951 (1.541) 146.160 (51.723) (260,284)
SO SO $0 SO SO $0 $0
3289.1 12/6100 4:09PM
12/06/00 17:13 FAX 651~~004
HLB TAUTGES REDPATH
~009
CITY OF CHANßASSEN, MlNNF-SOTA
TlF Oismcl #2-2 Narlonøl WCKthðt Serviçç
COMBINING STATI!MENT Of REVENUES. £,XPENDITIJRES. AND
CHANGES IN fUND BALANCES
For The y"", Ending Deççmb... 31. 2000
Revenues:
Tax 1ncn:menL
Special as5C$Sm~:
CUrrent and dcJinqueOI
P..epayments
Licenses and pcnnits
InICl'B""""""",,taI:
SϾ:
MSA
Gran"
Charges for servica
lnvcstmc:nl income
Sewer surcharge
Building retltal
Refunds and reimburs:~ents
01lu!r
TID#2.2 TID1I2-1 TIDfI2·1
National I 994E 1998D
Wcethcr TID TID
Service Bond. Bonds
(492) (337) (347) Total
$486,451 $ $ $486,451
Total revenues
486,451
o
o
486,45 1
Ex¡Ienditurcs:
Current:
Personal scrviœs
Material. and supplies
In~ft1n.d investßlçnt Ç)(}Jendit.ute
Contractual services
Dob'SONice:
Principal
In.....,
Paying agent fees
Cllpital ODd")'
Deve10pec payn1Cll1S
Otbcr
8,009
8,009
TotaJ expenditures
Revenues over (undcT) c:xpeodimres
Other financing sources ("",s):
OpmI!ing ...."fer from General Fund
Opo:ratio& ......fer ftom Capital Pcojoct fund
Operating _sr... to Debt S<rVÍcc Fund
OpcnWn8 transfer 10 Co¡>;mI Project Fund
Bond prooccds
Toml otbct línllDcin¡ sonrocs (....)
Net in"""". (decrease) in fund bÐlance
Fund balance (deficit) - January 1
Fund balance (deficit) - December 31
90,605
198,614
287.837
190,605
o
o
o
o
198.614
287,837
0 0 0 0
287,837 0 0 287,837
(305.165) (305.165)
($17.328) SO 50 ($17,328)
3290.1 12/6100 3:57 PM
DEC. 6.2000 5:01PM
EHLERS & ASSOC.
NO. 5511 p, 1
Def 98G Maturities 02 & 03
SOURCES & USES
Dated 1211512000 DeUvered 12/15/2000
SOURCES OF FUNDS
Adc:litiona! required Eq1.l1ty contrtbut1on..................m............. 1,769.531.18
TOTAL SOURCEBm.................,....,.............................................. $1,769,531.18
USES OF FUNDS
DepoSit to Net Cash Escrow Fund.................................______...... 1,769,531.16
TOTAL USES......................._m._.............................,................,.. $1,769,531.18
Ehlers & AssoCiates, Inc.
Leaders In Publ1c FInane<! ainc. 1955
rlON F.SF·Der 98G· smULE PURPOSE
12/612000 4:06 PM
IÙI../r¡~ í)L~~) ~ ~5lJß"
~ 1111 ,~I~^- .w.v \)~
r f'~ ~
1--tR"
Pagel
DEC. 6.2000 5:01PM
EHLERS & ASSOC.
NO. 5511 P.2
Def 93B Maturities 02 & 03
SOURCES &; USES
Dated 12/1512000 DeUvere<ll211512oo0
SOURCES OF FUNDS
AdditiOnal required Equity contrtbution..................................... 214.276.64
TOTAL SOURCES......................................._.................................. '214,276.64
USES OF FUNDS
Depo61t to Net CIUh :Escrow Fund...............,.........._.................... 214,276.64
TOTAL USE8.................................................................................... $214,276.64
Ehlers /11. AssDciates, Ine,
Leaden.in Public FInance sJnce 1955
?ION F.SF,Def93 B- SINGLE PURPOSE
1216/2000 4;06 I'M
,
Pace 1
DEC. 6.2000 5:01PM
EHLERS & ASSOC.
NO. 5511
p, 3
Det 93B Maturities 02 & 03
ESCROW FUND CASHFLOW
Date Principal Rate Interest Receipts DIsbursements Cash BalanI>e
1211512000 . - , 0.64 .. 0.64
2/0112001 3,809.00 - 1,014.90 4,823.90 4,357.50 467.04
8/0112001 - . 3,890.48 3,890.48 4.357.50 0.02
210112002 210,467,00 3.697% 3.890.48 214,357.48 214,357.50 -
Total 214,276.00 - 8,795.86 223.072.50 223,072.50 .
INVESTMENT PARAMETERS
:w.vestment Model (PV. Gle, ot'Se(\urltles)...................._..........................................
Defa~ÍDV_ent YIeld taigét............._.............................................,.......................
Securities
Bond YIeld
eash Deposlt........................................__........................................................................
Cost of Investments Purchased with BOnd Proceeds...............................................
Total Cost of xnvestments............................................................................................,
0.64
214,276.00
$214,276.64
Target Cost otInvestments at bond yielcL......................................................___........
Actual positive or (necatlve) arbitrage........._.....................................................,......
$214.265.94
(10.70)
~eld to Receipt...............................................................................................................
YIeld for Arbitrage P\lrpo.e.....___....................,.............................................................
, I) L J v'vlcÞ
n/(~ qtpt Aar-- J
()M1MtlX /'
3.70U238'jb
.7021000%
State and Local Government Series (SLGS) rates tor....,................___.___.................
12/0412000
Ehlers & Asoociate.s. :w.c.
Leaders In PubUc FlnlUlce since 1955
File ~ ~ DEF 0PI10N F.SF-Def 93 B· BINGLE PURPOSE
12/ 6/2000 4:06 PM
~
Page 2
DEC. 6. 2000 5: 02PM
EHLERS & ASSOC.
NO. 5511
P. 4
Det 98G Maturities 02 & 03
ESCROW FUND CASHFLOW
Date Pr1ncIpal Rate Interest Receipts Dlsbwsements Cash Blllance
12/1512000 - - - 0.18 - 0.18
2/01/2001 36,426.00 6,030% 13,561.01 50,007.01 50.006.25 0.94
8/01/2001 - - 50,963.28 50,963.28 50,006.25 947.97
2/01/2002 U33,lOð.OO 5.880'!!. 50,953.28 1.784.058.28 1,785,006.25 -
Total 1,769,631.00 - 1130467.57 1,666,016.75 1,885,018.75 .
INVESTMENT PARAMETERS
Investment Model [PV, GIO, or 8ecurit.!esJ..............................................................
Default Investment Yield t8r1et..............................................,..............,......................
SeCUrities
Bond Yield
Cash Deposlt..._._................._.__......_............................................................................
COIIt of Invest.Il1ents Purchased With Bond Proceec1$...............................................
Total Coat OfInvesliments..,.......,..................................................................................
o.t8
1,769,531.00
$1,769,531.18
$1,885,018.75
115,467.57
Target Cost of Invest.Il1ents at bond yïell1..................................................................
Actual pOSitive or (negative) arbitrage.......................................................................
Yléld to Recelpt_...._......................................................................................................
Yield for Arbitrage Purposes.,.......,............................................."................................
5.9028110%
Ehlers '" Msoc1ates, Inc.
Leaders In Public Finance since 1955
File. CHAN DEF OPTION F.SF-Def980- SINGLE PU'IU'OSE
1216/2000 4:06 PM
State and Local Government Series (SLaS) rates for.............................................
4 f)"lq~ I~~ n
( \ ] ~ V}0 ~w:t'
iG«o11.ol-
~ .' J -!k IlIJJ 9A
t\t> µ~~ ,
~ þUc~ .
Pate 2