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HomeMy WebLinkAbout[02] Park Terrace Financing Options2011 Park Terrace Improvement Options Project Assessment Scenario One: The City completes the project (reconstruct sewer) with Alternates Costs Revenue A and B, assessing $ 4,500 for 45 lots and $ 500 for four lots - totaling - $ 204,500 2,149,800 204,500 Scenario Two: The project (reconstruct sewer) is completed without Alternates A and B, assessing a total of $ 204,500. 1,945,800 204,500 Scenario Three: The project (reconstruct sewer) is completed without Alternate A, 1,717,100 202,500 without Scope Reductions Items 1 -1 through 1 -6, and with the resident paying for the service line and assessing a total of $ 202,500. Scenario Four: Scenario Three, however the assessments are paid the first 6 years of the 15 year bond. Scenario Five: The project (line sewer) is completed without Alternate A, the 1,896,000 204,500 property owners pays for service line, assessments equal $ 204,500 Scenario Six: The project (line sewer) is completed without Alternate A, without 1,746,800 202,500 Scope Reduction Items 2 -1 through 2-4, and with the property owners paying for service line, assessments equal $202,500 Scenario Seven:' Option three looking at principal payment only for a couple of years Potential Scope Reductions in Sewer Reconstruction - Option 1: 1 -1) Shift the sanitary sewer service home re- connection costs out of the project to property owner ($281,500) 1 -2) Eliminate /delay the sanitary , sewer pipe lining behind Minnesota Street ($41,600) 1 -3) Eliminate the park slope regrading in Memorial Park ($27,100) 1-4) Eliminate the water main re- alignment on 5th Ave ($9,300) 1 -5) Eliminate the sewer reconfiguration in Hollow Park ($9,700) 1 -6) Eliminate proposed new, additional storm sewer on Ash Street ($24,400) 1 -7) Eliminate Alternate A - street, sewer, and water replacement on Old Highway 52 ($39,100) Subtotal ($432,700) 1 -8) Eliminate Alternate B - street, sewer, and water replacement on Birch St ($164,900) Subtotal ($597,600) Potential Scope Reductions in Sewer Rehabilitation (Lining) - Option 2: 2 -1) Shift the sanitary sewer service home re- connection costs out of the project to property owner ($57,300) 2 -2) Eliminate /delay the sanitary sewer pipe lining behind Minnesota Street ($41,600) 2 -3) Eliminate the park slope regrading in Memorial Park ($27,100) 2-4) Eliminate proposed new, additional storm sewer on Ash Street ($24,400) 2 -5) Eliminate Alternate A - street, sewer, and water replacement on Old Highway 52 ($39,100) Subtotal ($189500) 2 -6) Eliminate Alternate B - street, sewer, and water replacement on Birch St ($166,500) Subtotal ($356,000) Notes: 1 The financial impact is not included, Monte ran out of time today, but is an option. The purpose of the scenerios is to illustrate financial impact, finacial decisions do not need to be made at this meeting. Bonding will occur after the project is bid. The tax capcity will increase 1% per $ 36,000; therefore, a tax impact of $100,00 with increase the tax rate 2.77 %; 110,000 will increase 3.055 %. We would have the opportunity to issue a 20 year bond, but need to determine if that is advisable. Park Terrao CITY OF ST. JOSEPH, IV GENERAL OBLIGATION STREET RECON Park Terrace Option 1 - The project is completed as a reconstruction with the sewer line relocatedin the street and alternative one and two are included. Assessments total $ 204,000 using max amount identified in market analysis. City pays for relocation of service line. 2,270,000 679,227 2,949,227 3,093,110 0 0 296,755 2,736,0001 974 Est. 2011 Park Terrace Project (A) Boncl!f?a ments� .: ;. .. ... .. Revenue Sources Total Hard Costs dash l~taw . :. Est. Street Costs Add. Issuance Expenses Percentage of Issue Assessed: Includes Engineering Fees Est. Underwriter's Discount @1.96% 44,492 And Contingencies Est. Capitalized Interest (12 Months) Cap Northland Trust Services Est. Financial Advisory Fee 0 Est. Est. Misc. Total Statutory Est. Bond Counsel Fee Storm Special Int. & Annual 3.2884% Est. County Auditor /O.S. Printing (12 -1) Interest Est. Bond Sale Date: Debt 5.00% Sewer Sewer Assessment Tax Surplusl Cumulative Year Principal Rate Interest Payment Coverage Revenues Revenues Income Levy Deficit Balance 2011 0 0.000% 10,222 10,222 10,222 0 0 0 61,330 51,108 51,108 2012 0 0.000% 61,330 61,330 61,330 0 0 1,003 125,000 64,673 115,782 2013 125,000 0.900% 61,330 186,330 195,647 0 0 24,951 135,000 - 35,695 80,087 2014 130,000 1.200% 60,205 190,205 199,715 0 0 24,206 145,000 - 30,509 49,578 2015 130,000 1.500% 58,645 188,645 198,077 0 0 23,461 155,000 - 19,617 29,961 2016 135,000 1.800% 56,695 191,695 201,280 0 0 22,713 160,000 - 18,567 11,394 2017 135,000 2.100% 54,265 189,265 198,728 0 0 21,967 170,000 -6,761 4,633 2018 140,000 2.350% 51,430 191,430 201,002 0 0 21,221 180,000 220 4,852 2019 145,000 2.600% 48,140 193,140 202,797 0 0 20,471 180,000 -2,326 2,526 2020 150,000 2.800% 44,370 194,370 204,089 0 0 19,722 185,000 634 3,160 2021 155,000 2.950% 40,170 195,170 204,929 0 0 18,972 185,000 -957 2,203 2022 155,000 3.100% 35,598 190,598 200,127 0 0 18,221 185,000 3,093 5,296 2023 160,000 3.250% 30,793 190,793 200,332 0 0 17,470 185,000 2,138 7,434 2024 170,000 3.400% 25,593 195,593 205,372 0 0 16,719 185,000 -3,653 3,782 2025 175,.000 3.550% 19,813 194,813 204,553 0 0 15,969 185,000 -3,584 197 2026 180,000 3.650% 13,600 193,600 203,280 0 0 15,219 188,000 -61 137 2027 185,000 3.800% 7,030 192,030 201,6321 0 0 14,469 188,000 837 974 2,270,000 679,227 2,949,227 3,093,110 0 0 296,755 2,736,0001 974 Est. 2011 Park Terrace Project (A) 2,149,800 Est. Watermain Costs Less: City Cash Contribution 0 Est. Sanitary Sewer Costs Total Hard Costs 2,149,800 Est. Street Costs Add. Issuance Expenses Percentage of Issue Assessed: Includes Engineering Fees Est. Underwriter's Discount @1.96% 44,492 And Contingencies Est. Capitalized Interest (12 Months) 61,330 Northland Trust Services Est. Financial Advisory Fee 0 Purchase Price: Est. Misc. 0 15 Est. Bond Counsel Fee 5,000 Start Date of Assessments: Est. Rating Fee 7,900 3.2884% Est. County Auditor /O.S. Printing 250 Est. Bond Sale Date: Est. Registrar /Paying Agent Fee 7,125 Total Improvement Costs: Total 2,275,897 Less: Investment Income -4,315 Rounded For Issuance 2,270,000 2,149,800 Bonds Dated: 10/1/2011 Bonds Mature: 12/1/13 Through 12/1127 Est. Amount of Assessments: $204,500 Interest Payments: 6/1111 & Each 12/1 & 6/1 Thereafter Percentage of Issue Assessed: 9.01% Call Option: Callable 12/1/2019 @ Par interest Rate on Assessments: 5.50% Registrar /Pay Agent: Northland Trust Services First Installment Collection: 2013 Purchase Price: $2,225,508 Number of Annual Installments: 15 Est. Average Coupon: 3.0862% Start Date of Assessments: 11/30/2012 Est. Net Effective Rate: 3.2884% Est. Bond Sale Date: October , 2011. Est. Bond Closing Date: October , 2011. Bond Counsel: Briggs & M an ��nte Eastvold, V.P., Northland Securities, Inc. Dated: 7/26/2011 Park Terrace 1 CITY OF ST. JOSEPH, MINNESOTA ASSESSMENT INCOME Park Terrace Park Terrace Assessmerl�s.:.. .. Iseesments .. Year Assessment Principal Estimated Interest 5.50% Assessment Income Assessment PrincoAl Estimated Interest 0.00.0 Assessment Income 2011 0 0 0 0 0 0 2012 0.00 937 937 0.00 0 0 2013 13,633.33 11,247 24,881 0.00 0 0 2014 13,633.33 10,498 24,131 0.00 0 0 2015 13,633.33 9,748 23,381 0.00 0 0 2016 13,633.33 8,998 22,631 0.00 0 0 2017 13,633.33 8,248 21,881 0.00 0 0 2018 13,633.33 7,498 21,132 0.00 0 0 2019 13,633.33 6,748 20,382 0.00 0 0 2020 13,633.33 5,999 19,632 0.00 0 0 2021 13,633.33 5,249 18,882 0.00 0 0 2022 13,633.33 4,499 18,132 0.00 0 0 2023 13,633.33. 3,749 17,382 0.00 0 0 2024 13,633.33 2,999 16,633 0.00 0 0 2025 13,633.33 2,249 15,883 0.00 0 0 2026 13,633.33 1,500 15,133 0,00 0 0 2027 13,633.33 750 14,383 0.00 0 0 204,499.95 90,917 295,4171 0.00 0 0 iaz Im act ;Anaf sis ... .. `_':;'::..... :. 2,736,0001 Average Annual Incr: $41.77 $62.66 $83.54 Average Monthly Incr: $3.48 $5.22 $6.96 Monte Eastvold, V.P., Northland Securities, Inc. Dated: 7/26/2011 Annual Tax Residential Market Value Est. Tax Capacity Capacity $100,000 $150,000 $200,000 Tax Value Incr. Rate Net Tax Capacity Year Levy 1.00% Increase $1,000 $1,500 $2,000 2011 0 3,747,625 2012 125,000 3,785,101 3.30% 33.02 49.54 66.05 2013 135,000 3,822,952 3.53% 35.31 52.97 70.63 2014 145,000 3,861,182 3.76% 37.55 56.33 75.11 2015 155,000 3,899,794 3.97% 39.75 59.62 79.49 2016 160,000 3,938,792 4.06% 40.62 60.93 81.24 2017 170,000 3,978,179 4.27% 42.73 64.10 85.47. 2018 180,000 4,017,961 4.48% 44.80 67.20 89.60 2019 180,000 4,058,141 4.44% 44.36 66.53 88.71 2020 185,000 4,098,722 4.51% 45.14 67.70 90.27 2021 185,000 4,139,709 4.47% 44.69 67.03 89.38 2022 185,000 4,181,107 4.42% 44.25 66.37 88.49 2023 185,000 4,222,918 4.38% 43.81 65.71 87.62 2024 185,000 4,265,147 4.34% 43.37 65.06 86.75 2025 185,000 4,307,798 4.29% 42.95 64.42 85.89 2026 188,000 4,350,876 4.32 0.4 43.21 64.81 86.42 2027 188,000 4,394,385 4.28% 42.78 64.17 85.56 2,736,0001 Average Annual Incr: $41.77 $62.66 $83.54 Average Monthly Incr: $3.48 $5.22 $6.96 Monte Eastvold, V.P., Northland Securities, Inc. Dated: 7/26/2011 Option 2 - The project is completed as a reconstruction with Park Terrac the sewer line relocatedin the street WITHOUT alternative one and two and the residents are responsible for the cost CITY OF ST. JOSEPH, I of relocating there sewer line. Assessments total GENERAL OBLIGATION STREET RECON $ 204,500 using the max amount in market analysis. Park Terract Bord'f'ayrients. ,': ; yen 0. S5arc>~s:.aslh t=tow, Year Est. (12 -1) Interest Principal Rate Interest Total Debt Payment Statutory 5.00% Coverage Storm Sewer Sewer Revenues Revenues Special Assessment Income Int. & Tax Levy Annual Surplus/ Deficit Cumulative Balance 2011 0 0.000% 9,242 9,242 9,242 0 0 0 55,450 46,208 46,208 2012 0 0.000% 55,450 55,450 55,450 0 0 1,003 125,000 70,553 116,762 2013 115,000 0.900% 55,450 170,450 178,973 0 0 24,949 130,000 - 24,024 92,738 2014 120,000 1.200% 54,415 174,415 183,136 0 0 24,201 135,000 - 23,935 68,803 2015 120,.000 1.500% 52,975 172,975 181,624 0 0 23,453 140,000 - 18,171 50,633 2016 125,000 1.800% 51,175 176,175 184,984 0 0 22,705 145,000 - 17,279 33,354 2017 125,000 2.100% 48,925 173,925 182,621 0 0 21,957 150,000 - 10,664 22,689 2018 130,000 2.350% 46,300 176,300 185,115 0 0 21,209 155,000 -8,906 13,783 2019 130,000 2.600% 43,245 173,245 181,907 0 0 20,461 160,000 -1,447 12,337 2020 135,000 2.800% 39,865 174,865 183,608 0 0 19,710 160,000 -3,898 8,439 2021 140,000 2.950% 36,085 176,085 184,889 0 0 18,961 164,000 -1,928 6,511 2022 140,000 3.100% 31,955 171,955 180,553 0 0 18,211 164,000 1,658 8,169 2023 145,000 3.250% 27,615 172,615 181,246 0 0 17,460 164,000 214 8,383 2024 150,000 3.400% 22,903 172,903 181,548 0 0 16,710 164,000 -838 7,545 2025 155,000 3.550% 17,803 172,803 181,443 0 0 15,959 165,000 -483 7,062 2026 160,000 3.650% 12,300 172,300 180,915 0 0 15,209 165,000 -706 6,356 2027 170,000 3.800% 6,460 176,460 185,283 0 0 14,458 165,000 - 5,825 531 2,060,000 612,162 2,672,162 2,802,535 0 0 296,617 2,451,0001 531 APplication.�f Bonds Mature: 2a1'i�rk:7eriacePicoet: (A] Est. 2011 Park Terrace Project (A) 1,945,800 Est. Watermain Costs Less: City Cash Contribution 0 Est. Sanitary Sewer Costs Total Hard Costs 1,945,800 Est. Street Costs Add: Issuance Expenses Registrar /Pay Agent: Includes Engineering Fees Est. Underwriter's Discount @1.96% 40,376 And Contingencies Est. Capitalized Interest (12 Months) 55,450 15 Est. Financial Advisory Fee 0 Start Date of Assessments: Est. Misc. 0 3.2835% Est. Bond Counsel Fee 5,000 Est. Bond Sale Date: Est. Rating Fee 7,900 Est. County Auditor /O.S. Printing 250 Est. Registrar /Paying Agent Fee 7,125 Total Improvement Costs: 1,945,800 Total 2,061,901 Less: Investment Income -4,315 Rounded For Issuance 2,060,000 Bonds Dated: 10/112011 Bonds Mature: 1211/13 Through 12/1127 Est. Amount of Assessments: $204,500 Interest Payments: 6/1/11 & Each 12/1 & 611 Thereafter Percentage of Issue Assessed: 9.93% Call Option: Callable 12/1/2019 @ Par Interest Rate on Assessments: 5.50% Registrar /Pay Agent: Northland Trust Services First Installment Collection: 2013 Purchase Price: $2,019,624 Number of Annual Installments: 15 Est. Average Coupon: 3.0803% Start Date of Assessments: 11/30/2012 Est. Net Effective Rate: 3.2835% Est. Bond Sale Date: October , 2011. Est. Bond Closing Date: October , 2011. Bond Counsel: Briggs & M ARM a Eastvold, V.P., Northland Securities, Inc. Dated: 7126/2011 Park Terrace 2 CITY OF ST. JOSEPH, MINNESOTA ASSESSMENT INCOME Park Terrace . >. F!8rK. Terrace. As$essments; Assessments Estimated Estimated Assessment Interest Assessment Assessment Interest Assessment Year Principal 5.50% Income Princi al 0.009 Income 2011 0 0 0 0 0 0 2012 0.00 937 937 0.00 0 0 2013 13,633.33 11,247 24,881 0.00 0 0 2014 13,633.33 10,498 24,131 0.00 0 0 2015 13,633.33 9,748 23,381 0.00 0 0 2016 13,633.33 8,998 22,631 0.00 0 0 2017 13,633.33 8,248 21,881 0.00 0 0 2018 13,633.33 7,498 21,132 0.00 0 0 2019 13,633.33 6,748 20,382 0.00 0 0 2020 13,633.33 5,999 19,632 0.00 0 0 2021 13,633.33 5,249 18,882 0.00 0 0 2022 13,633.33 4,499 18,132 0.00 0 0 2023 13,633.33 3,749 17,382 0.00 0 0 2024 13,633.33 2,999 16,633 0.00 0 0 2025 13,633.33 2,249 15,883 0.00 0 0 2026 13, 633.33 1,500 15,133 0.00 0 0 2027 1 13,633.33 750 14,3831 0.00 0 0 204,499.95 90,917 295,4171 0.00 0 0 . jx:fmPacf :AnaFvsls: Monte Eastvold, V.P., Northland Securities, Inc. Dated: 7/26/2011 Annual Tax Residential Market Value Est. Tax Capacity Capacity $100,000 $150,000 $200,000 Tax Value Incr, Rate Net Tax Capacity Year Levy 1.00% Increase $1,000 $1,500 $2,000 2011 0 3,747,625 2012 125,000 3,785,101 3.30% 33.02 49.54 66.05 2013 130,000 3,822,952 3.40% 34.01 51 .01 68.01 2014 135,000 3,861,182 3.50% 34.96 52.45 69.93 2015 140,000 3,899,794 3.59% 35.90 53.85 71.80 2016 145,000 3,938,792 3.68% 36.81 55.22 73.63 2017 150,000 3,978,179 3.77% 37.71 56.56 75.41 2018 155,000 4,017,961 3.86% 38.58 57.87 77.15 2019 160,000 4,058,141 3.94% 39.43 59.14 78.85 2020 160,000 4,098,722 3.90% 39.04 58.55 78.07 2021 164,000 4,139,709 3.96% 39.62 59.42 79.23 2022 164,000 4,181,107 3.92% 39.22 58.84 78.45 2023 164,000 4,222,918 3.88% 38.84 58.25 77.67 2024 164,000 4,265,147 3.85 % 38.45 57.68 76.90 2025 165,000 4,307,798 3.83% 38.30 57.45 76.61 2026 165,000 4,350,876 3.79% 37,92 56.89 75.85 2027 165,000 4,394,385 3.75% 37.55 56.32 75.10 2,451,000 Average Annual incr: $37.46 $56.19 $74.92 Average Monthly Incr: $3.12 $4.68 $6.24 Monte Eastvold, V.P., Northland Securities, Inc. Dated: 7/26/2011 Park Terrace Option 3 - The project is completed as a reconstruction CITY OF ST. JOSEPH, M without alternative A, without scope reductions items GENERAL OBLIGATION STREET RECON! 1 -1 through 1 -6, and with the resident paying for the Park Terrace service line and assessing a total of $ 202,500 Boni) t'��lttiOhtS Revenu�.s�ur�es;:.. ... 1 ;siC2 Year Est. (12 -1) Interest Principal Rate Interest Total Debt Payment Statutory 5.00.0 Coverage Storm Sewer Sewer Revenues Revenues Special Assessment Income Int. & Tax Levy Annual Surplus/ Deficit Cumulative Balance 2011 0 0.000% 8,192 8,192 8,192 0 0 0 49,153 40,960 40,960 2012 0 0.000% 49,153 49,153 49,153 0 0 984 105,000 56,831 97,792 2013 100,000 0.900% 49,153 149,153 156,610 0 0 24,695 110,000 - 21,915 75,877 2014 105,000 1.200% 48,253 153,253 160,915 0 0 23,955 115,000 - 21,961 53,916 2015 105,000 1.500% 46,993 151,993 159,592 0 0 23,214 120,000 - 16,378 37,538 2016 110,000 1.800% 45,418 155,418 163,188 0 0 22,474 125,000 - 15,715 21,823 2017 110,000 2.100% 43,438 153,438 161,109 0 0 21,733 130,000 -9,376 12,447 2018 110,000 2.350% 41,128 151,128 158,684 0 0 20,992 135,000 -2,692 9,755 2019 115,000 2.600% 38,543 153,543 161,220 0 0 20,252 140,000 -968 8,787 2020 120,000 2.800% 35,553 155,553 163,330 0 0 19,511 145,000 1,181 9,967 2021 120,000 2.950% 32,193 152,193 159,802 0 0 18,768 145,000 3,965 13,933 2022 125,000 3.100% 28,653 153,653 161,335 0 0 18,024 145,000 1,689 15,622 2023 130,.000 3.250% 24,778 154,778 162,516 0 0 17,281 145,000 -235 15,387 2024 135,000 3.400% 20,553 155,553 163,330 0 0 16,538 145,000 -1,792 13,595 2025 140,000 3.550% 15,963 155,963 163,761 0 0 15,795 145,000 -2,966 10,629 2026 145,000 3.650% 10,993 155,993 163,792 0 0 15,052 145,000 -3,740 6,889 2027 150,000 3.800% 5,700 155,700 163,485 0 0 14,309 145.000 -4.176 2.712 1,820,000 544,650 2,364,650 2,480,015 0 �lp�li�ttbn of Funds 0 293,575 2,140,0001 2,712 20-10 --T ii -'64*0kiiil A Est. 2011 Park Terrace Project (A) 1,717,100 Est. Watermain Costs Less. City Cash Contribution 0 Est. Sanitary Sewer Costs Total Hard Costs 1,717,100 Est. Street Costs Add: Issuance Expenses Includes Engineering Fees Est. Underwriter's Discount @1.96% 35,672 And Contingencies Est. Capitalized Interest (12 Months) 49,153 Est. Financial Advisory Fee 0 Est. Misc. 0 Est. Bond Counsel Fee 5,000 Est. Rating Fee 7,900 Est. County Auditor /O.S. Printing 250 Est. Registrar /Paying Agent Fee 7,125 Total Improvement Costs: 1,717,100 Total 1,822,200 Less: Investment Income -4,315 Rounded For Issuance 1,820,000 Bonds Dated: 10/112011 Bonds Mature: 12/1/13 Through 12/1/27 Est. Amount of Assessments: $202,500 Interest Payments: 6/1/11 & Each 1211 & 6/1 Thereafter Percentage of Issue Assessed: 11.13% Call Option: Callable 12/1/2019 @ Par Interest Rate on Assessments: 5.50% Registrar /Pay Agent: Northland Trust Services First Installment Collection: 2013 Purchase Price: $1,784,328 Number of Annual Installments: 15 Est. Average Coupon: 3.0870% Start Date of Assessments: 11/30/2012 Est. Net Effective Rate: 3.2892% Est. Bond Sale Date: October , 2011. Est. Bond Closing Date: October , 2011. Bond Counsel: Briggs & M a �I9n?e Eastvold, V.P., Northland Securities, Inc. Dated: 7126/2011 Year Assessment Principal Interest 5.50% Assessment Income Assessment Principal Interest 0.00% Assessment Income 2011 0 0 0 0 0 0 2012 0.00 928 928 0.00 0 0 2013 13,500.00 11,138 24,638 0.00 0 0 2014 13,500.00 10,395 23,895 0.00 0 0 2015 13,500.00 9,653 23,153 0.00 0 0 2016 13,500.00 8,910 22,410 0.00 0 0 2017 13, 500.00 8,168 21,668 0.00 0 0 2018 13,500.00 7,425 20,925 0.00 0 0 2019 13,500.00 6,683 20,183 0.00 0 0 2020 13,500.00 5,940 19,440 0.00 0 0 2021 13,500.00 5,198 18,698 0.00 0 0 2022 13,500.00 4,455 17,955 0.00 0 0 2023 13,500.00 3,713 17,213 0.00 0 0 2024 13,500.00 2,970 16,470 0.00 0 0 2025 13,500.00 2,228 15,728 0.00 0 0 2026 13,500.00 1,485 14,985 0.00 0 0 2027 13,500.00 743 14,243 0.00 0 0 202,500.00 90,028 292,5281 0.00 0 0 T'az:tmpsuA A Analysis: 2,140,0001 Average Annual Incr: $32.69 $49.03 $65.37 Average Monthly Incr: $2.72 $4.09 $5.45 Monte Eastvold, V.P., Northland Securities, Inc. Dated: 7/26/2011 Annual Tax Residential Market Value Est. Tax Capacity Capacity $100,000 $150,000 $200,000 Tax Value Incr. Rate Net Tax Capacity Year Levy 1.00% Increase $1,000 $1,500 $2,000 2011 0 3,747,625 2012 105,000 3,785,101 2.77% 27.74 41.61 55.48 2013 110,000 3,822,952 2.88% 28.77 43.16 57.55 2014 115,000 3,861,182 2.98% 29.78 44.68 59.57 2015 120,000 3,899,794 3.08% 30.77 46.16 61.54 2016 125,000 3,938,792 3.17% 31.74 47.60 63.47 2017 130,000 3,978,179 3.27% 32.68 49.02 65.36 2018 135,000 4,017,961 3.36% 33.60 50.40 67.20 2019 140,000 4,058,141 3.45 % 34.50 51.75 69.00 2020 145;000 4,098,722 3.54% 35.38 53.07 70.75 2021 145,000 4,139,709 3.50 % 35.03 52.54 70.05 2022 145,000 4,181,107 3.47% 34.68 52.02 69.36 2023 145,000 4,222,918 3.43% 34.34 51.50 68.67 2024 145,000 4,265,147 3.40% 34.00 50.99 67.99 2025 145,000 4,307,798 3.37% 33.66 50.49 67.32 2026 145,000 4,350,876 3.33% 33.33 49.99 66.65 2027 145,000 4,394,385 3.30% 33.00 49.49 65.99 2,140,0001 Average Annual Incr: $32.69 $49.03 $65.37 Average Monthly Incr: $2.72 $4.09 $5.45 Monte Eastvold, V.P., Northland Securities, Inc. Dated: 7/26/2011 Option 4 - Same as option three The project is completed Park as a reconstruction without alternative A, without scope reductions items 1 -1 through 1 -6, and with the resident CITY OF ST. JOS paying for the service line and assessing a GENERAL OBLIGATION STREET F total of $ 202,500, only the assessments are paid over a Park' six year period, bond still 15 years. Bond l'a njnts.. , Revenue :5ot�rces: 1,820,000 544,650 2,364,650 2,480,015 0 0 242,840 2,190,000 1,977 :ApAlicatioin of #+ands .: ! ..... as [ow.. 1,717,100 Est. Watermain Costs Less: City Cash Contribution 0 Est. Sanitary Sewer Costs Total Hard Costs 1,717,100 Est. Street Costs Cap Northland Trust Services Includes Engineering Fees Est. Underwriter's Discount @1.96% Est. And Contingencies Total Statutory Est. Average. Coupon: Storm Special Int. & Annual 0 (12 -I) Interest 5,000 Debt 5.00% Sewer Sewer Assessment Tax Surplusl Cumulative Year Principal Rate Interest Payment Coverage Revenues Revenues Income Levy Deficit Balance 2011 0 0.000% 8,192 8,192 8,192 0 0 0 49,153 40,960 40,960 2012 0 0.000% 49,153 49,153 49,153 0 0 984 105,000 56,831 97,792 2013 100,000 0.900% 49,153 149,153 156,610 0 0 44,945 110,000 -1,665 96,127 `2014 105,000 1.200% 48,253 153,253 160,915 0 0 43,091 115,000 -2,824 93,302 2015 105,000 1.500% 46,993 151,993 159,592 0 0 41,237 120,000 1,644 94,947 2016 110,000 1.800% 45,418 155,418 163,188 0 0 39,382 125,000 1,194 96,141 2017 110,000 2.100% 43,438 153,438 161,109 0 0 37,528 130,000 6,419 102,559 2018 110,000 2.350% 41,128 151,128 158,684 0 0 35,673 135,000 11,990 114,549 2019 115,000 2.600% 38,543 153,543 161,220 0 0 0 140,000 - 21,220 93,329 2020 120,000 2.800% 35,553 155,553 163,330 0 0 0 150,000 - 13,330 79,999 2021 120,000 2.950% 32,193 152,193 159,802 0 0 0 150,000 -9,802 70,197 2022 125,000 3.100% 28,653 153,653 161,335 0 0 0 150,000 - 11,335 58,862 2023 130,000 3.250% 24,778 154,778 162,516 0 0 0 150,000 - 12,516 46,345 2024 135,000 3.400% 20,553 155,553 163,330 0 0 0 150,000 - 13,330 33,015 2025 140,000 3.550% 15,963 155,963 163,761 0 0 0 150,000 - 13,761 19,255 2026 145,000 3.650% 10,993 155,993 163,792 0 0 0 155,000 -8,792 10,462 2027 150,000 3.800% 5,700 155,700 163,485 0 0 0 155.000 -8.485 1.977 1,820,000 544,650 2,364,650 2,480,015 0 0 242,840 2,190,000 1,977 :ApAlicatioin of #+ands .: 209431 Est. Amount of Assessments: Est. 2011 Park Terrace Project (A) 1,717,100 Est. Watermain Costs Less: City Cash Contribution 0 Est. Sanitary Sewer Costs Total Hard Costs 1,717,100 Est. Street Costs Add., Issuance Expenses Northland Trust Services Includes Engineering Fees Est. Underwriter's Discount @1.96% 35,672 And Contingencies Est. Capitalized Interest (12 Months) 49,153 Est. Average. Coupon: Est. Financial Advisory Fee 0 11130/2012 Est. Misc. 0 Est. Bond Counsel Fee 5,000 October , 2011: Est. Rating Fee 7,900 Est: Bond Closing Date: Est. County Auditor /O.S. Printing 250 Est. Registrar /Paying Agent Fee 7,125 Total Improvement Costs: 1,717,100 Total 1,822,200 Less: Investment Income -4,315 Rounded For Issuance 1,820,000 Borr;ln #o�hmt3grx: , , Assetshiat'Itciriei '•` Bonds Dated: 1011/2011 Bonds Mature: 12/1/13 Through 12/1/27 Est. Amount of Assessments: $202,500 Interest Payments: 611111 & Each 12/1 & 6/1 Thereafter Percentage of Issue Assessed: 11.13% Call Option: Callable 12/1/2019 @ Par Interest Rate on Assessments: 5.50% RegistradPay Agent: Northland Trust Services First Installment Collection: 2013 Purchase Price: $1,784,328 Number of Annual Installments: 15 Est. Average. Coupon: 3.0870% Start Date of Assessments: 11130/2012 Est. Net Effective Rate: 3.2892% Est. Bond Sale Date: October , 2011: Est: Bond Closing Date: October , 2011. Bond Counsel: Briggs & M n A�ante Eastvold, V.P., Northland Securities, Inc. Dated: 7/26/2011 ... .. ;. Tax "fm act AnaF sis_ Annual Park Terrace 4 Residential Market Value Est. Tax Capacity Capacity CITY OF ST. JOSEPH, MINNESOTA $150,000 $200,000 Tax ASSESSMENT INCOME Rate Net Tax Capacity Year Levy Park Terrace Increase $1,000 $1,500 $2,000 2011 Park Terrace : " .. < 2012 Assessments ; 2.77% Asse�stnQrrts 41.61 55.48 2013 Estimated 3,822,952 2.88% Estimated 43.16 57.55 Assessment Interest Assessment Assessment Interest Assessment Year Principal 5.50.0 Income Principal 0.00% Income 2011 0 0 0 0 0 0 2012 0.00 928 928 0.00 0 0 2013 33, 750.00 11,138 44,888 0.00 0 0 2014 33,750.00 9,281 43,031 0.00 0 0 2015 33,750.00 7,425 41 ,175 0.00 0 0 2016 33,750.00 5,569 39,319 0.00 0 0 2017 33,750.00 3,713 37,463 0.00 0 0 2018 33,750.00 1,856 35,606 0.00 0 0 2019 0.00 0 0 0.00 0 0 2020 0.00 0 0 0.00 0 0 2021 0.00 0 0 0.00 0 0 2022 0.00 0 0 0.00 0 0 2023 0.00 0 0 0.00 0 0 2024 0.00 0 0 0.00 0 0 2025 0.00 0 0 0.00 0 0 2026 0.00 0 0 0.00 0 0 2027 0.00 0 0 0.00 0 0 202,500.00 39,909 242,409 0.00 0 0 ... .. ;. Tax "fm act AnaF sis_ 2,190,0001 Average Annual Incr: $33.42 $50.13 $66.84 Average Monthly Incr: $2.78 $4.18 $5.57 Monte Eastvold, V.P., Northland Securities, Inc. Dated: 7/26/2011 Annual Tax Residential Market Value Est. Tax Capacity Capacity $100,000 $150,000 $200,000 Tax Value Incr. Rate Net Tax Capacity Year Levy 1.00% Increase $1,000 $1,500 $2,000 2011 0 3,747,625 2012 105,000 3,785,101 2.77% 27.74 41.61 55.48 2013 110,000 3,822,952 2.88% 28.77 43.16 57.55 2014 115,000 3,861,182 2.98% 29.78 44.68 59.57 2015 120,000 3,899,794 3.08% 30.77 46.16 61.54 2016 125,000 3,938,792 3.17% 31.74 47.60 63.47 2017 130,000 3,978,179 3.27% 32.68 49.02 65.36 2018 135,000 4,017,961 3.36% 33.60 50.40 67.20 2019 140,000 4,058,141 3.45% 34.50 51.75 69.00 2020 150,000 4,098,722 3.66% 36.60 54.90 73.19 2021 150,000 4,139,709 3.62% 36.23 54.35 72.47 2022 150,000 4,181,107 3.59% 35.88 53.81 71.75 2023 150,000 4,222,918 3.55% 35.52 53.28 71.04 2024 150,000 4,265,147 3.52% 35.17 52.75 70.34 2025 150,000 4,307,798 3.48% 34.82 52.23 69.64 2026 155,000 4,350,876 3.56% 35.63 53.44 71.25 2027 1 1155,0001 4,394,385 3.53% 35.27 52.91 70.54 2,190,0001 Average Annual Incr: $33.42 $50.13 $66.84 Average Monthly Incr: $2.78 $4.18 $5.57 Monte Eastvold, V.P., Northland Securities, Inc. Dated: 7/26/2011 2,005,000 595,276 2,600,276 2,727,144 Park TerraC CITY OF ST. JOSEPH, II GENERAL OBLIGATION STREET RECON Park Terraci .. � Boif Aay��0 #s•. .: Option 5- The project, sewer lining, not re- location without Alternate A, the property owner pays for service line, assessment equal $ 204,500. #t�yenu+i S�ulrc�s. � :rash :�tov±r..: :. App[icativttiof Furfds 2D1ark Terrace F?rolect (i4} Est. 2011 Park Terrace Project (A) 1,896,000 Est. Watermain Costs Cap Less: City Cash Contribution 0 Est. Sanitary Sewer Costs Est. Total Hard Costs Total Statutory Storm Special Int. & Annual Est. Underwriter's Discount @1.96% 39,298 (12 -I) Interest Debt 5.00% Sewer Sewer Assessment Tax Surplus/ Cumulative Year Principal Rate Interest Payment Coverage Revenues Revenues Income Lnz Deficit Balance 2011 0 0.000% 8,989 8,989 8,989 0 0 0 53,933 44,944 44,944 2012 0 0.000% 53,933 53,933 53,933 0 0 1,001 120,000 67,068 112,012 2013 115,000 0.900% 53,933 168,933 177,379 0 0 24,946 125,000 - 27,433 84,579 2014 115,000 1.200% 52,898 167,898 176,292 0 0 24,198 130,000 - 22,094 62,485 2015 120,000 1.500% 51,518 171,518 180,093 0 0 23,450 135,000 - 21,643 40,842 2016 120,000 1.800% 49,718 169,718 178,203 0 0 22,702 140,000 - 15,501 25,341 2017 120,000 2.100% 47,558 167,558 175,935 0 0 21,954 145,000 -8,981 16,360 2018 125,000 2350% 45,038 170,038 178,539 0 0 21,206 150,000 -7,333 9,027 2019 125,000 2.600% 42,100 167,100 175,455 0 0 20,458 155,000 3 9,031 2020 130,000 2.800% 38,850 168,850 177,293 0 0 19,710 160,000 2,418 11,448 2021 135,000 2.950% 35,210 170,210 178,721 0 0 18,960 160,000 239 11,687 2022 140,000 3.100% 31,228 171,228 179,789 0 0 18,209 160,000 -1,580 10,107 2023 145,000 3.250% 26,888 171;888 180,482 0 0 17,458 160,000 -3,024 7,084 2024 145,000 3.400% 22,175 167,175 175,534 0 0 16,708 160,000 1,174 8,258 2025 150,000 3.550% 17,245 167,245 175,607 0 0 15,957 160,000 350 8,607 2026 160,000 3.650% 11,920 171,920 180,516 0 0 15,207 160,000 -5,309 3,298 2027 160,000 3.800% 6,080 166,080 174,384 0 0 14,456 160,000 72 3,370 2,005,000 595,276 2,600,276 2,727,144 0 0 296,582 2,380,0001 3,370 App[icativttiof Furfds 2D1ark Terrace F?rolect (i4} Est. 2011 Park Terrace Project (A) 1,896,000 Est. Watermain Costs Less: City Cash Contribution 0 Est. Sanitary Sewer Costs Total Hard Costs 1,896,000 Est. Street Costs Add: Issuance Expenses Includes Engineering Fees Est. Underwriter's Discount @1.96% 39,298 And Contingencies Est. Capitalized Interest (12 Months) 53,933 Est. Financial Advisory Fee 0 Est. Misc. 0 Est. Bond Counsel Fee 5,000 Est. Rating Fee 7,900 Est. County Auditor /O.S. Printing 250 Est. Registrar /Paying Agent Fee 7,125 Total Improvement Costs: 1,896,000 Total 2,009,506 Less: Investment Income -4,315 Rounded For Issuance 2,OOS,OOQ Bonds Dated: 10/1/2011 Bonds Mature: 12/1/13 Through 1211 /27 Est. Amount of Assessments: $204,500 Interest Payments: 611/11 & Each 12/1 & 6/1 Thereafter Percentage of Issue Assessed: 10.20% Call Option: Callable 1211/2019 @ Par Interest Rate on Assessments: 5.50% Registrar /Pay Agent: Northland Trust Services First Installment Collection: 2013 Purchase Price: $1,965,702 Number of Annual Installments: 15 Est. Average Coupon: 3.0797% Start Date of Assessments: 11/30/2012 Est. Net Effective Rate: 3.2830% Est. Bond Sale Date: October , 2011. Est. Bond Closing Date: October , 2011. Bond Counsel: Briggs & M a �Ne Eastvold, V.P., Northland Securities, Inc. Dated: 7/26/2011 Park Terrace 5 CITY OF ST. JOSEPH, MINNESOTA ASSESSMENT INCOME Park Terrace ... . ........ .... .................. . . ...... Park7en-acii, . . . . . .. ........ .- ............. .. . ... .. . ... .. Annual Tax Residential Market Value Est. Tax Capacity Capacity $100,000 $150,000 Estimated Tax Estimated Rate Assessment interest Assessment Assessment Interest Assessment Year Principal 5.50% Income Principal 0.000/0 Income 0 0 0 0 0 0 2011 2012 0.00 937 937 0.00 0 0 2013 13,633.33 11,247 24,881 0.00 0 0 2014 13,633.33 10,498 24,131 0.00 0 0 2015 13,633.33 9,748 23,381 0.00 0 0 2016 13,633.33 8,998 22,631 0.00 0 0 2017 13,633.33 8,248 21,881 0.00 0 0 2018 13,633.33 7,498 21,132 0.00 0 0 2019 13,633.33 6,748 20,382 0.00 0 0 2020 13,633.33 5,999 19,632 0.00 0 0 2021 13,633.33 5,249 18,882 0.00 0 0 2022 13,633.33 4,499 18,132 0.00 0 0 2023 13,633.33 3,749 17,382 0.00 0 0 2024 13,633.33 2,999 16,633 0.00 0 0 2025 13,633.33 2,249 15,883 0.00 0 0 2026 13,633.33 1,500 15,133 0.00 0 0 2027 13,633.33 750 14,383 0.00 0 0 $36.37 $54.55 $72.74 204,499.95 90,917 295,4171 0.00 0 0 ... . ........ .... .................. . . ...... . T X M 'act :Anal y . . . . _ . . . . . .. ........ .- ............. .. . ... .. Annual Tax Residential Market Value Est. Tax Capacity Capacity $100,000 $150,000 $200,000 Tax Value Incr- Rate Net Tax Capacity Year Levy 1.00% Increase $1,000 $1,500 $2,000 3,747,625 2011 0 2012 120,000 3,785,101 317% 31.70 47.55 63.41 2013 125,000 3,822,952 3.27% 32.70 49.05 65.39 2014 130,000 3,861,182 3.37% 33-67 50.50 67.34 2015 135,000 3,899,794 3.46% 34.62 51.93 69.23 2016 140,000 3,938,792 3.55% 35.54 53.32 71.09 2017 145,000 3,978,179 3.64% 36.45 54.67 72.90 2018 150,000 4,017,961 3.73% 37.33 56.00 74.66 2019 155,000 4,058,141 3.82% 38.19 57.29 76.39 2020 160,000 4,098,722 3.90% 39.04 58.55 78.07 2021 160,000 4,139,709 3.87% 38.65 57.98 77.30 2022 160,000 4,181,107 3.83% 38.27 57.40 76.53 2023 160,000 4,222,918 3.79% 37.89 56.83 75.78 2024 160,000 4,265,147 3.75% 37.51 56.27 75.03 2025 160,000 4,307,798 3.71% 37.14 55.71 74.28 2026 160,000 4,350,876 3.68% 36.77 55.16 73-55 2027 160,000 4,394,385 3.64% 36.41 54.62 72.82 2,380,0001 Average Annual Incr: $36.37 $54.55 $72.74 Average Monthly Incr: $3.03 $4.55 $6.06 Monte Eastvold, V.P., Northland Securities, Inc. Dated: 7/26/2011 Park Terr, CITY OF ST. JOSEPH, GENERAL OBLIGATION STREET RECO Park Terrace Option 6 - The project, sewer lining, not relocation, is completed completed without Scope Reductions items 2 -1 through 2 -4, and with the property owners paying for the service line, assessments equal $ 202,500. 1,850,000 551,109 2,401,109 2,518,256 i4Pplicatinn.of Funds: 0 0 293,593 2,175,0001 191 21a1Parfk E"errfic:Projecl':(;A) Est. 2011 Park Terrace Project (A) !: 6oei l' rnents Less: City Cash Contribution 0 Reienu2 Sources:. Caslh `flour 1,746,800 Est. Street Costs Add: Issuance Expenses Includes Engineering Fees Est. Underwriter's Discount @1.96% Cap And Contingencies Est. Capitalized Interest (12 Months) Est. Total Statutory 0 Storm Special Int. & Annual (12 -1) Interest 5,000 Debt 5.00% Sewer Sewer Assessment Tax Surplus/ Cumulative Year Principal Rate Interest Payment Coverage Revenues Revenues Income Levy Deficit Balance 2011 0 0.000% 8,309 8,309 8,309 0 0 0 49,855 41,546 41,546 2012 0 0.000% 49,855 49,855 49,855 0 0 986 110,000 61,131 102,677 2013 105,000 0.900% 49,855 154,855 162,598 0 0 24,698 115,000 - 22,900 79,777 2014 105,000 1.200% 48,910 153,910 161,606 0 0 23,957 120,000 - 17,648 62,129 2015 110,000 1.500% 47,650 157,650 165,533 0 0 23,217 125,000 - 17,316 44,813 2016 110,000 1.800% 46,000 156,000 163,800 0 0 22,476 .130,000 - 11,324 33,489 2017 110,000 2.100% 44,020 154,020 161,721 0 0 21,735 135,000 -4,986 28,503 2018 115,000 2.350% 41,710 156,710 164,546 0 0 20,995 140,000 -3,551 24,953 2019 115,000 2.600% 39,008 154,008 161,708 0 0 20,252 140,000 -1,456 23,496 2020 120,000 2.800% 36,018 156,018 163,818 0 0 19,511 145,000 692 24,189 2021 125,000 2.950% 32,658 157,658 165,540 0 0 18,768 145,000 -1,773 22,416 2022 130,000 3.100% 28,970 158,970 166,919 0 0 18,024 145,000 -3,894 18,522 2023 135,000 3.250% 24,940 159,940 167,937 0 0 17,281 145,000 -5,656 12,866 2024 135,000 3.400% 20,553 155,553 163,330 0 0 16,538 145,000 -1,792 11,074 2025 140,000 3.550% 15,963 155,963 163,761 0 0 15,795 145,000 -2,966 8,108 2026 145,000 3.650% 10,993 155,993 163,792 0 0 15,052 145,000 -3,740 4,368 2027 150,000 3.800% 5,700 155,700 163,4851 0 0 14,309 145,000 -4,176 191 1,850,000 551,109 2,401,109 2,518,256 i4Pplicatinn.of Funds: 0 0 293,593 2,175,0001 191 21a1Parfk E"errfic:Projecl':(;A) Est. 2011 Park Terrace Project (A) 1,746,800 Est. Watermain Costs Less: City Cash Contribution 0 Est. Sanitary Sewer Costs Total Hard Costs 1,746,800 Est. Street Costs Add: Issuance Expenses Includes Engineering Fees Est. Underwriter's Discount @1.96% 36,260 And Contingencies Est. Capitalized Interest (12 Months) 49,855 Est. Financial Advisory Fee 0 Est. Misc. 0 Est. Bond Counsel Fee 5,000 Est. Rating Fee 7,900 Est. County Auditor /O.S. Printing 250 Est Registrar /Paying Agent Fee 7,125 Total Improvement Costs: 1,746,800 Total 1,853,190 Less: Investment Income -4,315 Rounded For Issuance 1,850,000 Bonds Dated: 10/1/2011 Bonds Mature: 12/1113 Through 1211/27 Est. Amount of Assessments: $202,500 Interest Payments: 6/1/11 & Each 1211 & 611 Thereafter Percentage of Issue Assessed: 10.95% Call Option: Callable 12/1/2019 @ Par Interest Rate on Assessments: 5.50% Registrar /Pay Agent: Northland Trust Services First Installment Collection: 2013 Purchase Price: $1,813,740 Number of Annual Installments: 15 Est. Average Coupon: 3.0826% Start Date of Assessments: 11/30/2012 Est. Net Effective Rate: 3.2854% Est. Bond Sale Date: October , 2011. Est. Bond Closing Date: October , 2011. Bond Counsel: Briggs & M 58a le Eastvold, V.P., Northland Securities, Inc. Dated: 7/2612011 Year Assessment Principal Interest 5.50% Assessment Income Assessment Principal Interest 0.00% Assessment Income 2011 0 0 0 0 0 0 2012 0.00 928 928 0.00 0 0 2013 13, 500.00 11,138 24,638 0.00 0 0 2014 13,500.00 10,395 23,895 0.00 0 0 2015 13,500.00 9,653 23,153 0.00 0 0 2016 13,500.00 8,910 22,410 0.00 0 0 2017 13,500.00 8,168 21,668 0.00 0 0 2018 13,500.00 7,425 20,925 0.00 0 0 2019 13,500.00 6,683 20,183 0.00 0 0 2020 13,500.00 5,940 19,440 0.00 0 0 2021 13,500.00 5,198 18,698 0.00 0 0 2022 13,500.00 4,455 17,955 0.00 0 0 2023 13,500.00 3,713 17,213 0.00 0 0 2024 13,500.00 2,970 16,470 0.00 0 0 2025 13,500.00 2,228 15,728 0.00 0 0 2026 13,500.00 1,485 14,985 0.00 0 0 2027 1 13,500.00 743 14,243 0.00 0 0 202,500.00 90,028 292,528 0.00 0 0 2,175,0001 Average Annual Incr: $33.25 $49.87 $66.49 Average Monthly Incr: $2.77 $4.16 $5.54 Monte Eastvold, V.P., Northland Securities, Inc. Dated: 7126/2011 Annual Tax Residential Market Value Est. Tax Capacity Capacity $100,000 $150,000 $200,000 Tax Value Incr. Rate Net Tax Capacity Year Levy 1.00% Increase $1,000 $1,500 $2,000 2011 0 3,747,625 2012 110,000 3,785,101 2.91% 29.06 43.59 58.12 2013 115,000 3,822,952 3.01% 30.08 45.12 60.16 2014 120,000 3,861,182 3.11% 31.08 46.62 62.16 2015 125,000 3,899,794 3.21% 32.05 48.08 64.11 2016 130,000 3,938,792 3.30% 33.01 49.51 66.01 2017 135,000 3,978,179 3.39% 33.94 50.90 67.87 2018 140,000 4,017,961 3.48% 34.84 52.27 69.69 2019 140,000 4,058,141 3.45% 34.50 51.75 69.00 2020 145,000 4,098,722 3.54% 35.38 53.07 70.75 2021 145,000 4,139,709 3.50% 35.03 52.54 70.05 2022 145,000 4,181,107 3.47% 34.68 52.02 69.36 2023 145,000 4,222,918 3.43% 34.34 51.50 68.67 2024 145,000 4,265,147 3.40% 34.00 50.99 67.99 2025 145,000 4,307,798 3.37% 33.66 50.49 67.32 2026 145,000 4,350,876 3.33% 33.33 49.99 66.65 2027 145,000 4,394,385 3.30% 33.00 49.49 65.99 2,175,0001 Average Annual Incr: $33.25 $49.87 $66.49 Average Monthly Incr: $2.77 $4.16 $5.54 Monte Eastvold, V.P., Northland Securities, Inc. Dated: 7126/2011