HomeMy WebLinkAbout2019 Debt Studye
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NorthlandSecurities,Inc.
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150SouthFifthStreet,Suite3300,Minneapolis,MN55402
MemberFINRAandSIPC|RegisteredwithSECandMSRB
DebtStudyforYear2019
CityofSt.Joseph
Main:(612)851-5900/Direct:(612)851-4964/Email:tomdal@northlandsecurities.com
NorthlandSecurities,Inc.
150SouthFifthStreet,Suite3300,Minneapolis,MN55402
MemberFINRAandSIPC|RegisteredwithSECandMSRB
Main:(612)851-5900/Direct:(612)851-4964/Email:tomdal@northlandsecurities.com
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July24,2019LoriBartlett,FinanceDirectorCityofSaintJosephP.O.Box668SaintJoseph,MN56374RDearLori:NorthlandhascompletedastudyoftheCitysexistingdebtoutstandingandestimatedsourcesofrevenueforrepayment.Th
isstudywascompletedatthedirectionoftheCity.TheCityusestheissuanceofdebtasanimportantandessentialtoolforfinancingtheconstructionofpublicimprovementsandtoacquirecapitalequipment.Ongoingdebtmanagementis
importanttomonitortherepaymentofexistingdebtobligationsandtobewellpreparedforthefutureissuanceofdebt.TheStudyisintendedtoserveasaguidefortheCitysfinancialmanagementofitsdebtobligations.Alldebtobliga
tionsidentifiedbytheCityareincludedintheStudy.TheStudyisbuiltaroundidentifiedkeyassumptions,includingassumptionsforfuturerevenuesources.Thisincludesestimatesforthepaymentofoutstandingspecialassessmen
ts.TotheextenttheassumptionsintheStudychangeinthemonthsandyearsahead,whichtheywill,theCitywillneedtocontinuetoadjustitsfinancialandbudgetplansaccordingly.Thestepstakenaspartofthestudyprocessincludedt
heCityprovidinginformationtoNorthlandonpastfinancialinformation,includingcashbalancesandverificationofcurrentsourceoffundsfordebtpayment.InformationprovidedbytheCitywasorganized,analyzed,andusedtosup
portthedevelopmentoffinancialplansforeachseriesofdebtoutstandingbypurpose.TheStudyincludedreconciliationtotheCitysmostrecentauditedfinancialstatementsbyNorthland.TheStudydidnotincludeareviewoftheuti
lityfundstoverifyratesaresetataleveltomeetexistingoutstandingdebtobligations.Sincerely,NORTHLANDSECURITIESTammyOmdalManagingDirector
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Chart1TaxLevyforDebtServiceChart2DebtOutstandingatYearEndChart3SourceofRevenueforPaymentonDebtOutstandingChart4AmortizationofDebtOutstandingChart5DebtServicePaidfromWaterRevenuesChart6DebtServi
cePaidfromSanitarySewerRevenuesChart7DebtServicePaidfromSpecialAssessmentRevenuesChart8DebtServicePaidfromSalesTaxRevenueChart9DebtServicePaidfromAllOtherRevenueSourcesG.O.CrossoverRefundingBonds,
Series2009AG.O.WastewaterRevenueBonds,Series2009BG.O.WastewaterTreatmentBonds,Series2010G.O.SewerRevenueBonds,Series2010AG.O.ImprovementBonds,Series2010B-RefundingPortionG.O.ImprovementBonds,Series20
10B-NewMoneyPortion
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LOSSSCF TABLEOFCONTENTS
23456789012345678901
22222222333333333344
PageNumber
G.O.Bonds,Series2011A-ImprovementRefundingPortionG.O.Bonds,Series2011A-CIPPortionG.O.Bonds,Series2011A-SystemPortionG.O.WaterRevenueCrossoverRefundingBonds,Series2012AG.O.Bonds,Series2013A-Improvemen
tPortionG.O.Bonds,Series2013A-SewerPortionG.O.SewerRevenueBonds,Series2013BG.O.Bonds,Series2014A-ImprovementPortionG.O.Bonds,Series2014ASystemPortionG.O.Bonds,Series2015A-ImprovementPortionG.O.Bonds
,Series2015A-EquipmentPortionG.O.TaxAbatementBonds,Series2015BG.O.CapitalImprovementPlanBonds,Series2016AG.O.ImprovementBonds,Series2016BG.O.CapitalImprovementPlanBonds,Series2017AG.O.Bonds,Series201
7B-ImprovementPortionG.O.Bonds,Series2017B-SystemPortionCityPortionofSt.Cloud2017PublicFacilitiesAuthorityLoanG.O.Bonds,Series2018A-EquipmentCertificatesG.O.Bonds,Series2019APRELIMINARYNOTISSUED
TABLEOFCONTENTS
Page1of41
100.0%
95,00040,00075,00070,000
130,000270,000405,000410,000125,000275,000515,000530,000425,000690,000294,000309,000282,000265,000
2,985,1903,825,0001,315,0001,675,0001,525,0003,920,0001,881,779
22,331,969
TotalBonds
Outstanding
24.7%
95,00040,000
515,000
2,985,1901,881,7795,516,969
Cloud)
CityofSt.
NotesPayable
(BondsIssuedby
27.6%
75,000
130,000530,000282,000
3,825,0001,315,0006,157,000
Bonds
G.O.Revenue
6.8%
1,525,0001,525,000
Bonds
G.O.Tax
Abatement
20.0%
270,000405,000410,000275,000425,000690,000309,000
G.O.
1,675,0004,459,000
Bonds
(Special
Assessment)
Improvement
20.9%
70,000
125,000294,000265,000
3,920,0004,674,000
G.O.Bonds
BondSeries
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OutstandingDebtBalancesbySeriesandPurposeasof12/31/2018 G.O.CrossoverRefundingBonds,Series2009AG.O.WastewaterRevenueBonds,Series2009BG.O.WastewaterTreatmentBonds,Series2010G.O.SewerRevenueBonds,Serie
s2010AG.O.ImprovementBonds,Series2010B-RefundingPortionG.O.ImprovementBonds,Series2010B-NewMoneyPortionG.O.Bonds,Series2011A-ImprovementRefundingPortionG.O.Bonds,Series2011A-EquipmentPortionG.O.Bonds
,Series2011A-SystemPortionG.O.WaterRevenueCrossoverRefundingBonds,Series2012AG.O.Bonds,Series2013A-ImprovementPortionG.O.Bonds,Series2013A-SewerPortionG.O.SewerRevenueBonds,Series2013BG.O.Bonds,Serie
s2014A-ImprovementPortionG.O.Bonds,Series2014A-SystemPortionG.O.Bonds,Series2015A-ImprovementPortionG.O.Bonds,Series2015A-EquipmentPortionG.O.TaxAbatementBonds,Series2015BG.O.CapitalImprovementPlanBo
nds,Series2016AG.O.ImprovementBonds,Series2016BG.O.CapitalImprovementPlanBonds,Series2017AG.O.Bonds,Series2017B-ImprovementPortionG.O.Bonds,Series2017B-SystemPortionCityportionofSt.CloudPublic2017Fac
ilitiesAuthority(PFA)LoanG.O.Bonds,Series2018A-EquipmentCertificatesTotal%ofTotal
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988,668923,515924,309
Page2of41
1,159,2341,064,6941,060,8341,069,2711,133,3881,185,3791,242,1341,285,0491,328,3431,353,6141,380,4161,399,5951,418,6941,437,7051,456,8491,462,360
Balance
30,585,852
EndingCash
501,069504,121402,759401,073399,232402,017115,737
Total
2,634,3122,548,8592,451,9362,258,0952,328,7402,114,4122,087,8441,510,7281,503,8161,468,3891,173,2581,110,099
25,916,496
0
Levy
646,945659,423634,498592,000595,402575,752544,666495,000483,084456,432457,032459,950291,749296,198285,137283,304281,331283,998
NetTax
8,321,901
00000000000000
60,00058,00058,00036,000
Less:
175,572387,572
Other
Revenues
0
9,0997,2534,8433,3572,6432,0181,4271,0321,1941,2581,3681,4801,6251,7981,8441,9812,1172,252
48,588
Less:
Income
Interest
00000
20,00020,000
182,682180,267183,102180,582183,312180,031181,999183,154178,902174,649170,397166,073
2,185,149
Less:Sales
TaxRevenue
000000000000
19,25019,25019,25013,25013,25013,25013,250
110,750
Water
Less:Storm
00000
42,98541,64145,46344,857
702,121713,234710,296702,222625,215633,387634,253156,125167,780168,478
Less:
Water
5,388,057
SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS
855,322743,924710,932639,377639,247632,316637,472636,423635,095638,312472,865412,993120,719119,755115,778115,788115,784115,767115,737
8,473,608
Sewer
Less:Sanitary
00000
91,30794,09877,65974,77638,99337,76129,26028,61127,96221,51321,513
158,893167,509131,015
1,000,870
Assessments
Less:Special
499,589501,184402,759401,073399,232402,017115,737
Levy
2,983,9852,855,3962,642,9442,370,1662,297,7732,224,1852,183,3771,518,9411,524,4161,482,2161,186,8601,120,145
105%of
27,111,996
475,799477,318383,580381,974380,221382,873110,226
2,841,8912,719,4252,517,0892,257,3012,188,3552,118,2722,079,4071,446,6111,451,8251,411,6341,130,3431,066,805
25,820,949
toTaxLevy
P&ISubject
0
843,638481,911109,032
8,236,9426,986,3145,700,1334,422,1713,393,5422,404,0191,981,9031,548,6341,199,212
Debt
20,003,83917,748,72215,648,61613,763,29611,905,76310,074,129
Outstanding
475,799477,318383,580381,974380,221382,873110,226
Total
2,841,8912,719,4252,517,0892,257,3012,188,3552,118,2722,079,4071,446,6111,451,8251,411,6341,130,3431,066,805
25,820,949
9,9941,194
77,28253,68244,04934,15826,40018,494
513,761464,308416,984371,981330,822286,638242,220195,983165,644133,672101,715
3,488,980
Interest
989,523422,116433,269349,422355,574361,727372,879109,032
DEBTSERVICEPAYMENTS
2,328,1302,255,1172,100,1051,885,3211,857,5331,831,6341,837,1871,250,6281,286,1811,277,9621,028,629
N
22,331,969
M
Principal
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Fiscal
2019202020212022202320242025202620272028202920302031203220332034203520362037
YEAR
o
SummaryofExistingDebtOutstanding,TotalPaymentsandTotalRevenueSources**Doesnotincludetheanticipated2019bondissuance.
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00
2029
Page3of41
273,444165,000130,000135,000140,000840,098
1,710,000
3,393,542
00
2028
55,000
542,146325,000170,000270,000190,000940,025445,000
1,930,000
4,867,171
0
2027
806,219115,000150,000110,000480,000210,000405,000240,000890,000
2,145,0001,038,914
6,590,133
2026
34,000
225,000295,000160,000630,000250,000540,000290,000
1,065,6632,360,0001,136,6511,335,000
8,321,314
000
2025
68,000
325,000435,000210,000775,000285,000675,000340,000
1,320,5922,570,0001,233,3511,785,000
10,021,942
0
2024
65,00065,00042,000
865,000570,000260,000915,000320,000805,000390,000102,000
1,571,1172,775,0001,329,0132,235,000
12,309,129
0
2023
50,00084,000
125,000700,000305,000355,000125,000930,000440,000136,000
1,817,1261,390,0001,050,0002,975,0001,423,6382,685,000
14,590,763
0
2022
56,000
185,000100,000830,000350,000390,000185,000490,000126,000170,000
2,059,0711,895,0001,185,0001,055,0003,170,0001,517,2253,135,000
16,898,296
0000
2021
70,000
240,000145,000955,000395,000425,000245,000540,000168,000204,000110,000
2,296,7262,390,0001,315,0001,175,0003,365,0001,609,8913,590,000
19,238,616
000
2020
40,00045,00025,000
295,000140,000190,000435,000460,000305,000590,000210,000239,000140,000163,000
2,530,2032,875,0001,075,0001,440,0001,295,0003,555,0001,701,5194,045,000
21,793,722
0
2019
85,00020,00085,00050,00035,000
135,000350,000275,000235,000475,000495,000365,000640,000252,000274,000211,000215,000
2,759,7293,350,0001,195,0001,560,0001,410,0003,740,0001,792,1104,500,000
24,503,839
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SummaryofDebtOutstandingbySeriesandPortion(IncludestheAnticipated2019BondIssuance)CollectionYear G.O.CrossoverRefundingBonds,Series2009AG.O.WastewaterRevenueBonds,Series2009BG.O.WastewaterTreatmentBo
nds,Series2010G.O.SewerRevenueBonds,Series2010AG.O.ImprovementBonds,Series2010B-RefundingPortionG.O.ImprovementBonds,Series2010B-NewMoneyPortionG.O.Bonds,Series2011A-ImprovementRefundingPortionG.O.Bo
nds,Series2011A-EquipmentPortionG.O.Bonds,Series2011A-SystemPortionG.O.WaterRevenueCrossoverRefundingBonds,Series2012AG.O.Bonds,Series2013A-ImprovementPortionG.O.Bonds,Series2013A-SewerPortionG.O.Sew
erRevenueBonds,Series2013BG.O.Bonds,Series2014A-ImprovementPortionG.O.Bonds,Series2014A-SystemPortionG.O.Bonds,Series2015A-ImprovementPortionG.O.Bonds,Series2015A-EquipmentPortionG.O.TaxAbatementBond
s,Series2015BG.O.CapitalImprovementPlanBonds,Series2016AG.O.ImprovementBonds,Series2016BG.O.CapitalImprovementPlanBonds,Series2017AG.O.Bonds,Series2017B-ImprovementPortionG.O.Bonds,Series2017B-System
PortionCityportionofSt.CloudPublic2017FacilitiesAuthority(PFA)LoanG.O.Bonds,Series2018A-EquipmentCertificatesG.O.Bonds,Series2019A-PRELIMINARYNOTISSUED Total
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(0)
(0)
2037
0
2036
109,032
109,032
2035
265,000216,911
481,911
2034
520,000323,638
843,638
2033
770,000429,212
1,199,212
00
2032
533,634
1,015,000
1,548,634
2031
45,00045,000
636,903
1,255,000
1,981,903
000
2030
90,00090,000
739,019
1,485,000
2,404,019
Continuedfrompriorpage
SummaryofDebtOutstandingbySeriesandPortion(IncludestheAnticipated2019BondIssuance)CollectionYearTotal
G.O.CrossoverRefundingBonds,Series2009AG.O.WastewaterRevenueBonds,Series2009BG.O.WastewaterTreatmentBonds,Series2010G.O.SewerRevenueBonds,Series2010AG.O.ImprovementBonds,Series2010B-RefundingPortionG
.O.ImprovementBonds,Series2010B-NewMoneyPortionG.O.Bonds,Series2011A-ImprovementRefundingPortionG.O.Bonds,Series2011A-EquipmentPortionG.O.Bonds,Series2011A-SystemPortionG.O.WaterRevenueCrossoverRefun
dingBonds,Series2012AG.O.Bonds,Series2013A-ImprovementPortionG.O.Bonds,Series2013A-SewerPortionG.O.SewerRevenueBonds,Series2013BG.O.Bonds,Series2014A-ImprovementPortionG.O.Bonds,Series2014A-SystemPor
tionG.O.Bonds,Series2015A-ImprovementPortionG.O.Bonds,Series2015A-EquipmentPortionG.O.TaxAbatementBonds,Series2015BG.O.CapitalImprovementPlanBonds,Series2016AG.O.ImprovementBonds,Series2016BG.O.Capit
alImprovementPlanBonds,Series2017AG.O.Bonds,Series2017B-ImprovementPortionG.O.Bonds,Series2017B-SystemPortionCityportionofSt.CloudPublic2017FacilitiesAuthority(PFA)LoanG.O.Bonds,Series2018A-Equipment
CertificatesG.O.Bonds,Series2019A-PRELIMINARYNOTISSUED
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Page5of41
0000000000000000000000
2030
15,000
163,000281,950
459,950
000000000000000000000
2029
15,000
160,000282,032120,995
578,028
000000000000000000000
2028
15,000
160,000281,432116,456
572,888
00000000000000000000
2027
15,00027,000
155,000286,084111,221
594,305
00000000000000000000
2026
15,00030,000
155,000295,000110,880
605,880
000000000000000000
2025
20,00040,00015,00030,000
155,000284,666104,822
649,488
00000000000000000
2024
20,00040,00035,00015,00030,00098,294
152,000283,752
674,046
0000000000000000
2023
15,00040,00030,00015,00025,00057,00091,535
130,671282,731
686,937
0000000000000000
2022
15,00040,00025,00010,00020,00057,00089,885
135,000290,000
681,885
00000000000000
2021
15,00065,00024,00035,00020,00010,00020,00057,50082,749
125,000262,998
717,247
000000000000
2020
5,000
45,00010,00060,00024,00025,00020,00035,00020,00058,00091,886
105,000252,423
751,309
0000000000000
2019
6,0005,000
40,00055,00020,44515,00090,00022,50015,00036,00015,00057,000
270,000
646,945
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SummaryofTaxLevyforDebtServiceCollectionYear G.O.CrossoverRefundingBonds,Series2009AG.O.WastewaterRevenueBonds,Series2009BG.O.WastewaterTreatmentBonds,Series2010G.O.SewerRevenueBonds,Series2010AG.O.I
mprovementBonds,Series2010B-RefundingPortionG.O.ImprovementBonds,Series2010B-NewMoneyPortionG.O.Bonds,Series2011A-ImprovementRefundingPortionG.O.Bonds,Series2011A-EquipmentPortionG.O.Bonds,Series2011
A-SystemPortionG.O.WaterRevenueCrossoverRefundingBonds,Series2012AG.O.Bonds,Series2013A-ImprovementPortionG.O.Bonds,Series2013A-SewerPortionG.O.SewerRevenueBonds,Series2013BG.O.Bonds,Series2014A-Impr
ovementPortionG.O.Bonds,Series2014A-SystemPortionG.O.Bonds,Series2015A-ImprovementPortionG.O.Bonds,Series2015A-EquipmentPortionG.O.TaxAbatementBonds,Series2015BG.O.CapitalImprovementPlanBonds,Series2
016AG.O.ImprovementBonds,Series2016BG.O.CapitalImprovementPlanBonds,Series2017AG.O.Bonds,Series2017B-ImprovementPortionG.O.Bonds,Series2017B-SystemPortionCityportionofSt.CloudPublic2017FacilitiesAuth
ority(PFA)LoanG.O.Bonds,Series2018A-EquipmentCertificatesG.O.Bonds,Series2019A-PRELIMINARYNOTISSUED Total
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000000000000000000000000
0
2037
00000000000000000000000
2036
283,998
283,998
00000000000000000000000
2035
281,331
281,331
00000000000000000000000
2034
283,304
283,304
00000000000000000000000
2033
285,137
285,137
0000000000000000000000
2032
10,000
286,198
296,198
0000000000000000000000
2031
10,000
281,749
291,749
Continuedfrompriorpage
SummaryofTaxLevyforDebtServiceCollectionYear G.O.CrossoverRefundingBonds,Series2009AG.O.WastewaterRevenueBonds,Series2009BG.O.WastewaterTreatmentBonds,Series2010G.O.SewerRevenueBonds,Series2010AG.O.I
mprovementBonds,Series2010B-RefundingPortionG.O.ImprovementBonds,Series2010B-NewMoneyPortionG.O.Bonds,Series2011A-ImprovementRefundingPortionG.O.Bonds,Series2011A-EquipmentPortionG.O.Bonds,Series2011
A-SystemPortionG.O.WaterRevenueCrossoverRefundingBonds,Series2012AG.O.Bonds,Series2013A-ImprovementPortionG.O.Bonds,Series2013A-SewerPortionG.O.SewerRevenueBonds,Series2013BG.O.Bonds,Series2014A-Impr
ovementPortionG.O.Bonds,Series2014A-SystemPortionG.O.Bonds,Series2015A-ImprovementPortionG.O.Bonds,Series2015A-EquipmentPortionG.O.TaxAbatementBonds,Series2015BG.O.CapitalImprovementPlanBonds,Series2
016AG.O.ImprovementBonds,Series2016BG.O.CapitalImprovementPlanBonds,Series2017AG.O.Bonds,Series2017B-ImprovementPortionG.O.Bonds,Series2017B-SystemPortionCityportionofSt.CloudPublic2017FacilitiesAuth
ority(PFA)LoanG.O.Bonds,Series2018A-EquipmentCertificatesG.O.Bonds,Series2019A-PRELIMINARYNOTISSUED Total
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2019202020212022202320242025202620272028202920302031203220332034203520362037
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$50,000
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3,5005,9147,991
Cash
Ending
Balance
Page16of41
052,505050,686043,6170146,808
NetTaxLevyTotal
0000
Revenues
Less:Other
0000
Less:
Income
Interest
0000
Less:
Revenue
SalesTax
0000
Water
Less:Storm
0000
Less:
Water
52,50550,68643,617
146,808
Less:
Sewer
Sanitary
SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS
0000
Assessments
Less:Special
52,50550,68643,617
105%
TaxLevy
Subjectto
50,00548,27341,540
P&I
139,818146,808
TaxLevy
Subjectto
5,00550,0053,27348,2731,54041,5409,818139,818
45,0003.850%45,0003.850%40,0003.850%
DEBTSERVICEPAYMENTS
130,000
PrincipalRatesInterestTotal
G.O.CrossoverRefundingBonds,Series2009A(i)CrossoverrefundtheCity'sG.O.SewerRevenueBondsof2001.(ii)CrossoverrefundtheCity'sG.O.ImprovementBondsof2002(Thisportionmatured12/1/17).60203/01/09$455,000Dece
mber1$130,000December1,2016December1,2021
1InvestmentincomewillaccruetotheSewerFund.2Pledgenetrevenuessufficienttopay105%ofdebtservice.3TheBondsarereportedasaliabilityoftheSewerFund.
N
M
,
h
NOTES
p
e
s
o
J
Total
201920202021
.
t
S
f
o
YearPrincipalDue
y
t
Purpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity:
i
C
4,940
Cash
Ending
Balance
Page17of41
0103,7400103,740
NetTaxLevyTotal
00
Revenues
Less:Other
00
Less:
InterestIncome
00
Less:Sales
TaxRevenue
00
Water
Less:Storm
00
Less:
Water
103,740103,740
Less:
Sewer
SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS
Sanitary
00
Assessments
Less:Special
105%
TaxLevy
Subjectto
98,800103,74098,800103,740
P&I
TaxLevy
Subjectto
Total
3,80098,8003,80098,800
RatesInterest
DEBTSERVICEPAYMENTS
95,0004.000%95,000
Principal
G.O.WastewaterRevenueBonds,Series2009B FinancetheCity'sportionofthemetrointerceptorrepairproject,thelowerpan,LincolnAvenueandtheTri-Cityliftstation.SISPhasesI&II 60210/26/09$835,000August1$95,000Augu
st1,2017August1,2019
N
1TheBondsarereportedasaliabilityoftheSewerFund.2Pledgenetrevenuessufficienttopay105%ofdebtservice.
M
,
h
NOTES
p
e
s
o
J
Total
.
2019
t
S
f
o
y
YearPrincipalDue
t
i Purpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity:
C
Cash
Ending
Balance
Page18of41
0292,24513,9160292,32127,8360292,20141,7510292,24755,6670292,33269,5880292,10083,4970292,26797,4150292,232111,3310292,233125,2470292,269139,1640292,219153,0790292,201166,99403,506,866
NetTaxLevyTotal
0000000000000
Revenues
Less:Other
0000000000000
Less:
InterestIncome
0000000000000
Tax
Revenue
Less:Sales
0000000000000
Water
Less:Storm
0000000000000
Less:
Water
292,245292,321292,201292,247292,332292,100292,267292,232292,233292,269292,219292,201
Less:
SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS
Sewer
Sanitary
00000000000003,506,866
Assessments
Less:Special
105%
TaxLevy
Subjectto
P&I
278,329292,245278,400292,321278,287292,201278,330292,247278,411292,332278,190292,100278,350292,267278,316292,232278,317292,233278,351292,269278,303292,219278,287292,201
3,339,8723,506,866
TaxLevy
Subjectto
Total
9,601278,3034,843278,287
354,6823,339,872
DEBTSERVICEPAYMENTS
225,4611.771%52,868278,329229,5261.771%48,875278,400233,4771.771%44,810278,287237,6551.771%40,675278,330241,9451.771%36,466278,411246,0091.771%32,181278,190250,5251.771%27,824278,350254,9281.771%23,3
88278,316259,4441.771%18,873278,317264,0731.771%14,278278,351268,7021.771%273,4441.771%
PrincipalRatesInterest
2,985,190
G.O.WastewaterTreatmentBonds,Series2010 FinancetheCity'sportionoftheCityofSt.CloudRUEProjectPFALoan(11.29%).60208/01/10$4,527,703August20$2,985,190AnyDateAugust20,2030
1BondsarepayablefromnetrevenuesfromtheSanitarySewerFundandadditionallysecuredbyanunlimitedadvaloremtaxpledge.2TheBondsarereportedasaliabilityoftheSewerFund.3Pledgenetrevenuessufficiencttopay105%ofdeb
tservice.
N
M
,
h NOTES
p
e
s
o
J Total
201920202021202220232024202520262027202820292030
.
t
S
f
o
YearPrincipalDue
y
ExistingDebt-G.O.WastewaterTreatmentBonds,Series2010Purpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity:
t
i
C
1,0502,075
Cash
Ending
Balance
Page19of41
022,050021,525043,575
NetTaxLevyTotal
000
Less:
Other
Revenues
000
Less:
Income
Interest
000
Less:Sales
TaxRevenue
000
Water
Less:Storm
000
Less:
Water
22,05021,52543,575
Less:
Sewer
SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS Sanitary
000
Assessments
Less:Special
22,05021,52543,575
105%
TaxLevy
Subjectto
21,00020,50041,500
P&I
TaxLevy
Subjectto
Total
21,00020,50041,500
500
1,0001,500
RatesInterest
2.500%2.500%
DEBTSERVICEPAYMENTS
20,00020,00040,000
Principal
G.O.SewerRevenueBonds,Series2010A FinancetheCity'sportionofthemetrointerceptorrepairproject,includingtheupperandlowerpan,38thand54thavenues.SISphaseIII 60210/21/10$180,000August1$40,000August1,2018Au
gust1,2020
N
1InvestmentincomewillaccruetotheSanitarySewerFund.2BondsarepayablefromnetrevenuesfromtheSanitarySewerFundandadditionallysecuredbyanunlimitedadvaloremtaxpledge.3TheBondsarereportedasaliabilityoftheSan
itarySewerFund.4Pledgenetrevenuessufficiencttopay105%ofdebtservice.
M
,
h
NOTES
p
e
s
o
J
.
Total
20192020
t
S
f
o
y
YearPrincipalDue
t
i
ExistingDebt-G.O.SewerRevenueBonds,Series2010APurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity:
C
Cash
Ending
Balance
Page20of41
40,00074,50965,52345,00078,8406,05585,000153,349
NetTaxLevyTotal
000
Less:
Other
Revenues
655
1,3241,979
Less:
Income
Interest
000
Less:Sales
TaxRevenue
000
Water
Less:Storm
000
Less:
Water
000
Less:
Sewer
SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS
Sanitary
33,18533,18566,370
Assessments
Less:Special
105%
$102,638
TaxLevy
Subjectto
P&I
141,413148,483138,308145,223279,720293,706
TaxLevy
Subjectto
Total
6,413141,4133,308138,3089,720279,720
RatesInterest
2.300%2.450%
DEBTSERVICEPAYMENTS
135,000135,000270,000
Principal
G.O.ImprovementBonds,Series2010B-RefundingPortion CrossoverrefundtheCity'sG.O.ImprovementBonds,Series2005B.(CloverdaleandHillStreetprojects)33309/01/10$1,035,000December1$270,000December1,2018Decembe
r1,2020
1Debtservicescheduleisthe"Refunding"portionofthe2010BBondsonlyandsecuredbyspecialassessmentsandadvalorempropertytax.2Specialassessmentprincipaloutstandingasof12/31/2018:
N
M
,
h NOTES
p
e
s
o
J Total
20192020
.
t
S
f
o
YearPrincipalDue
y
ExistingDebt-G.O.ImprovementBonds,Series2010B-RefundingPortionPurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity:
t
i
C
9,399
Cash
Ending
Balance
Page21of41
6,00039,315123,281
10,00042,305100,24615,00046,33782,59015,00045,42465,61715,00044,51744,33220,00048,56728,83620,00047,675
101,000314,141
NetTaxLevyTotal
00000000
Less:
Other
Revenues
826656443288
1,5061,2331,0025,955
Less:
InterestIncome
00000000
Less:
Revenue
SalesTax
13,25013,25013,25013,25013,25013,25013,25092,750
Water
Less:Storm
00000000
Less:
Water
00000000
Less:
Sewer
Sanitary
SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS
18,55917,82217,08516,34815,61114,87414,137
114,436
Assessments
Less:Special
69,93568,60767,19265,51769,09367,26670,468
$94,493
105%
TaxLevy
Subjectto
66,60565,34063,99362,39865,80364,06367,113
P&I
455,313478,078
TaxLevy
Subjectto
Total
66,60565,34063,99362,39865,80364,06367,113
8,9937,3985,8034,0632,113
11,60510,34050,313455,313
DEBTSERVICEPAYMENTS
55,0002.300%55,0002.450%55,0002.900%55,0002.900%60,0002.900%60,0003.250%65,0003.250%
405,000
PrincipalRatesInterest
G.O.ImprovementBonds,Series2010B-NewMoneyPortion Financethe16thAvenueimprovementproject.34509/01/10$790,000December1$405,000December1,2018December1,2025
1Debtservicescheduleisthe"NewMoney"portionofthe2010BBondsonlyandsecuredbyspecialassessmentsandadvalorempropertytax.2Specialassessmentprincipaloutstandingasof12/31/2017:
N
M
,
h
NOTES
p
e
s
o
J
Total
2019202020212022202320242025
.
t
S
f
o
YearPrincipalDue
y
ExistingDebt-G.O.ImprovementBonds,Series2010B-NewMoneyPortionPurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity:
t
i
C
Cash
Ending
Balance
Page22of41
55,000110,49048,36960,000115,08422,12365,000119,721(1,516)
180,000345,295
NetTaxLevyTotal
0000
Revenues
Less:Other
819484221
1,524
Less:
Income
Interest
0000
Tax
Revenue
Less:Sales
6,0006,0006,000
18,000
Water
Less:Storm
6,0006,0006,000
18,000
Less:
Water
6,0006,0006,000
18,000
Less:
Sewer
SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS
Sanitary
36,67136,60036,500
109,771
Assessments
Less:Special
105%
$110,312(receivableabovereflectsestimatesfordelinquentspecialassessments)
TaxLevy
Subjectto
P&I
144,030151,232141,330148,397143,360150,528428,720450,156
TaxLevy
Subjectto
Total
9,030144,0306,330141,3303,360143,360
18,720428,720
RatesInterest
DEBTSERVICEPAYMENTS
135,0002.000%135,0002.200%140,0002.400%410,000
Principal
G.O.Bonds,Series2011A-ImprovementRefundingPortion CrossoverRefundtheCity'sG.O.ImprovementBonds,Series2006C.Originalpurposeofthe2006CBondswasthefinancingoftheconstructionofoverlayprojectinteriorstreet
.33811/01/11$1,040,000October1$410,000October1,2018October1,2021
1The"ImprovementRefundingPortion"ofthe2011ABondsonly,andsecuredbyspecialassessments,systemrevenuesintheamountof$18,000annuallyandadvalorempropertytax.2Specialassessmentprincipaloutstandingasof12/31/2
018:
N
M
,
NOTES
h
p
e
s
o
Total
201920202021
J
.
t
S
f
o
YearPrincipalDue
y
ExistingDebt-G.O.Bonds,Series2011A-ImprovementRefundingPortionPurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity:
t
i
C
1,7255,7835,760
Cash
Ending
Balance
Page23of41
20,44544,44524,00046,01724,00046,05868,445136,520
NetTaxLevyTotal
24,00022,00022,00068,000
Revenues
Less:Other
0
175875
Less:
Income
Interest
0000
Less:
Revenue
SalesTax
0000
Water
Less:Storm
0000
Less:
Water
0000
Less:
Sewer
Sanitary
SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS
0000
Assessments
Less:Special
44,89844,05848,384
105%
TaxLevy
Subjectto
42,76041,96046,080
P&I
130,800137,340
TaxLevy
Subjectto
Total
2,76042,7601,96041,9601,08046,0805,800130,800
RatesInterest
2.000%2.200%2.400%
DEBTSERVICEPAYMENTS
40,00040,00045,000
125,000
Principal
G.O.Bonds,Series2011A-EquipmentPortion Financethepurchaseofapumpertruckandtransportationvan.34611/01/11$195,000October1$125,000October1,2018October1,2021
1Debtservicescheduleisthe"EqupimentPortion"ofthe2011ABondsonlyandissecuredbyadvalorempropertytaxes.2OtherrevenuecomesfromapaymentfromtheTownshipforanallocatedshareofthecostofacquisitionofafiretruck.
N
M
,
NOTES
h
p
e
s
Total
o
201920202021
J
.
t
S
f
YearPrincipalDue
o
ExistingDebt-G.O.Bonds,Series2011A-EquipmentPortionPurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity:
y
t
i
C
1,7043,0725,002
Cash
Ending
Balance
Page24of41
027,508027,517027,531082,556
NetTaxLevyTotal
0000
Less:
Other
Revenues
8
173156
Less:
Income
Interest
0000
Tax
Revenue
Less:Sales
0000
Water
Less:Storm
0000
Less:
Water
27,50027,50027,50082,500
Less:
Sewer
Sanitary
SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS
0000
Assessments
Less:Special
27,98327,45826,88082,320
105%
TaxLevy
Subjectto
26,65026,15025,60078,400
P&I
TaxLevy
Subjectto
Total
26,65026,15025,60078,400
600
1,6501,1503,400
Interest
Rates
2.000%2.200%2.400%
DEBTSERVICEPAYMENTS
25,00025,00025,00075,000
Principal
G.O.Bonds,Series2011A-SystemPortion FinancethesewerforcemainimprovementsincludingtheSaukRiverCrossing.60211/01/11$195,000October1$75,000October1,2018October1,2021
N
1Pledgenetrevenuessufficiencttopay105%ofdebtservice.
M
,
h
NOTES
p
e
s
o
J
.
Total
201920202021
t
S
f
o
y
YearPrincipalDue
t
i
ExistingDebt-G.O.Bonds,Series2011A-SystemPortionPurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity:
C
Cash
Ending
Balance
Page25of41
0591,578228,1700581,603255,8660582,128283,5860582,443311,3220581,508339,0120589,782367,0970591,751395,2760114,726400,7390122,233406,5600124,191412,47404,461,944
NetTaxLevyTotal
00000000000
Revenues
Less:Other
00000000000
Less:
Income
Interest
00000000000
Tax
Revenue
Less:Sales
00000000000
Water
Less:Storm
Less:
Water
0591,5780581,6030582,1280582,4430581,5080589,7820591,7510114,7260122,2330124,19104,461,944
Less:
SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS Sewer
Sanitary
00000000000
Assessments
Less:Special
105%
TaxLevy
Subjectto
P&I
563,408591,578553,908581,603554,408582,128554,708582,443553,818581,508561,698589,782563,573591,751109,263114,726116,413122,233118,278124,191
TaxLevy
Subjectto
Total
563,408553,908554,408554,708553,818561,698563,573109,263116,413118,278
9,2636,4133,278
88,40878,90869,40859,70848,81836,69823,573
Interest
424,4704,249,4704,249,4704,461,944
Rates
2.000%2.000%2.000%2.200%2.400%2.500%2.650%2.850%2.850%2.850%
DEBTSERVICEPAYMENTS
475,000475,000485,000495,000505,000525,000540,000100,000110,000115,000
Principal
3,825,000
G.O.WaterRevenueCrossoverRefundingBonds,Series2012A CrossoverrefundedtheCity'sG.O.WaterRevenueBonds,Series2005D.PurposeoftheoriginalSeries2005DwasconstructionofWaterPlantNo.2andWells6,7,and8.60104/01
/12$4,860,000December1$3,825,000December1,2021December1,2028
1Pledgenetrevenuessufficiencttopay105%ofdebtservice.
N
M
,
NOTES
h
p
e
s
Total
o
2019202020212022202320242025202620272028
J
.
t
S
f
o YearPrincipalDue
ExistingDebt-G.O.WaterRevenueCrossoverRefundingBonds,Series2012APurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity:
y
t
i
C
Cash
Ending
Balance
Page26of41
15,00024,72964,58025,00034,85448,20435,00044,23942,15840,00048,62641,69240,00048,09236,88440,00040,41225,796
195,000240,952
NetTaxLevyTotal
000000
273
Less:
Other
Revenues
869742534412273
1,3191,030
Less:
Income
Interest
0000000
Less:
Revenue
SalesTax
000000
Water
Less:Storm
0000000
Less:
Water
0000000
Less:
Sewer
Sanitary
SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS
0
8,8608,5358,2097,8847,558
41,046
Assessments
Less:Special
49,42453,79252,79951,54755,54554,075
$37,269
105%
TaxLevy
Subjectto
47,07051,23050,28549,09352,90051,500
P&I
302,078317,181
TaxLevy
Subjectto
Total
47,07051,23050,28549,09352,90051,500
7,0706,2305,2854,0932,9001,500
27,078302,078
RatesInterest
2.100%2.100%2.650%2.650%2.800%3.000%
DEBTSERVICEPAYMENTS
40,00045,00045,00045,00050,00050,000
275,000
Principal
G.O.Bonds,Series2013A-ImprovementPortion Finance2013streetoverlayproject.34809/01/13$405,000December1$275,000December1,2020December1,2024
1Debtservicescheduleisthe"ImprovementPortion"ofthe2013ABondsonlyandsecuredbyspecialassessmentsandadvalorempropertytax.2Specialassessmentprincipalbalanceoutstandingasof12/31/2018:
N
M
NOTES
,
h
p
e
s
Total
201920202021202220232024
o
J
.
t
S
f
YearPrincipalDue
o
ExistingDebt-G.O.Bonds,Series2013A-ImprovementPortionPurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity:
y
t
i
C
8,453
Cash
Ending
Balance
Page27of41
0167,0160164,37016,2800161,72423,9810163,63531,7740165,40739,6500161,58547,3450162,74055,0940163,31262,8710163,71170,6670163,32878,44401,636,824
NetTaxLevyTotal
00000000000
Revenues
Less:Other
00000000000
Less:
Income
Interest
00000000000
Less:
Revenue
SalesTax
00000000000
Water
Less:Storm
00000000000
Less:
Water
167,016164,370161,724163,635165,407161,585162,740163,312163,711163,328
Less:
Sewer
Sanitary
SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS
000000000001,636,824
Assessments
Less:Special
105%
TaxLevy
Subjectto
P&I
159,063167,016156,543164,370154,023161,724155,843163,635157,530165,407153,890161,585154,990162,740155,535163,312155,915163,711155,550163,328
TaxLevy
Subjectto
Total
5,550155,550
243,8801,558,8801,558,8801,636,824
RatesInterest
2.100%39,063159,0632.100%36,543156,5432.650%34,023154,0232.650%30,843155,8432.800%27,530157,5303.000%23,890153,8903.300%19,990154,9903.300%15,535155,5353.700%10,915155,9153.700%
DEBTSERVICEPAYMENTS
120,000120,000120,000125,000130,000130,000135,000140,000145,000150,000
Principal
1,315,000
G.O.Bonds,Series2013A-SewerPortion FinanceCSAH75sewermainandliftstationcontrols.60209/01/13$1,875,000December1$1,315,000December1,2020December1,2028Debtservicescheduleisthe"SewerPortion"ofthe2013ABon
dsonlyarepayablefromnetrevenuesplus5%fromtheSanitarySewerFundandsecuredbyanunlimitedadvaloremtaxpledge.
N
12TheBondsarereportedasaliabilityoftheSanitarySewerFund.
M
,
h
p
NOTES
e
s
o
J
.
Total
t
2019202020212022202320242025202620272028
S
f
o
y
t
YearPrincipalDue
i
ExistingDebt-G.O.Bonds,Series2013A-SewerPortionPurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity:
C
Cash
Ending
Balance
Page28of41
061,4782,928059,7985,775058,1188,543061,68811,480059,79814,328057,90817,085061,74020,025060,16522,890058,45925,674061,93728,623059,91631,4760661,001
NetTaxLevyTotal
000000000000
Less:
Other
Revenues
000000000000
Less:
Income
Interest
000000000000
Tax
Revenue
Less:Sales
000000000000
Water
Less:Storm
000000000000
Less:
Water
61,47859,79858,11861,68859,79857,90861,74060,16558,45961,93759,916
661,001
Less:
Sewer
Sanitary
SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS
000000000000
Assessments
Less:Special
61,47859,79858,11861,68859,79857,90861,74060,16558,45961,93759,916
105%
TaxLevy
Subjectto
58,55056,95055,35058,75056,95055,15058,80057,30055,67558,98857,063
P&I
629,525661,001
TaxLevy
Subjectto
Total
58,55056,95055,35058,75056,95055,15058,80057,30055,67558,98857,063
629,525
8,8007,3005,6753,9882,063
18,55016,95015,35013,75011,95010,150
Interest
114,525
Rates
DEBTSERVICEPAYMENTS
40,0004.000%40,0004.000%40,0004.000%45,0004.000%45,0004.000%45,0003.000%50,0003.000%50,0003.250%50,0003.375%55,0003.500%55,0003.750%
515,000
Principal
G.O.SewerRevenueBonds,Series2013B FinancetheCity'sportionoftheinterceptorrepairs(SISPhaseIV)fortheSt.CloudWastewaterTreatmentFacility.60211/01/13$650,000February1$515,000February1,2022February1,2029B
ondsarepayablefromnetrevenuesfromtheSaniatarySewerFundandsecuredbyanunlimitedadvaloremtaxpledge.
12TheBondsarereportedasaliabilityoftheSanitarySewerFund.
N
M
,
NOTES
h
p
e
s
o
Total
J 20192020202120222023202420252026202720282029
.
t
S
f
o
YearPrincipalDue
y
ExistingDebt-G.O.SewerRevenueBonds,Series2013BPurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity:
t
i
C
188
7,6304,9191,336
74,01151,45727,95022,93719,27514,128
Cash
Ending
Balance
Page29of41
90,000105,638148,535
105,000119,424103,125125,000138,321135,000147,381130,671148,178152,000162,622155,000164,923155,000164,238155,000163,537160,000167,823160,000167,147163,000169,462
NetTaxLevyTotal
00000000000001,685,6711,818,696
Less:
Other
Revenues
764913
740515279229193141
2,0501,4851,0316,803
Less:
Income
Interest
0000000000000
Tax
Revenue
Less:Sales
0000000000000
Water
Less:Storm
0000000000000
Less:
Water
SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS
9,6949,0458,3967,7477,0986,449
13,58812,93912,29011,64116,99210,343
126,222
Assessments
Less:Special
105%
$101,941
TaxLevy
Subjectto
P&I
162,135170,242164,835173,077167,435175,807169,935178,432171,685180,269167,635176,017168,585177,014169,385177,854170,035178,537170,535179,062170,730179,267170,610179,141
TaxLevy
Subjectto
Total
162,135164,835167,435169,935171,685167,635168,585169,385170,035170,535170,730170,610
5,610
47,13544,83542,43539,93536,68532,63528,58524,38520,03515,53510,730
Interest
348,5402,023,5402,023,5402,124,717
DEBTSERVICEPAYMENTS
115,0002.000%120,0002.000%125,0002.000%130,0002.500%135,0003.000%135,0003.000%140,0003.000%145,0003.000%150,0003.000%155,0003.100%160,0003.200%165,0003.400%
PrincipalRates
1,675,000
G.O.Bonds,Series2014A-ImprovementPortion FinancetheParkTerraceStreetimprovementproject.35006/01/14$2,010,000December1$1,675,000December1,2021December1,2030theminimum105%requirement.ThetaxlevyforthisF
und350maybeadjustedannuallyasneededtoachievethe105%requirementandtheCity'soverallobjectivesfortaxlevy.
1Debtservicescheduleisthe"ImprovementPortion"ofthe2014ABondsonlyandsecuredbyspecialassessmentsandadvalorempropertytax.2Specialassessmentprincipaloutstandingasof12/31/2018:3Cashbalancewasaccumultedfro
mprepaymentofspecialassessmentsanddepositofunspentprojectcontingencyintothedebtservicefund.4TaxlevyisadjustedinthisscheduletohelpmanagetheCity'soveralltaxlevyfordebtwhilemaintainingthatFund350isproje
ctedtohaveannualrevenueandendingcashatorabove
N
M
,
h
NOTES
p
e
s
o
J
Total
201920202021202220232024202520262027202820292030
.
t
S
f
o
YearPrincipalDue
y
t
ExistingDebt-G.O.Bonds,Series2014A-ImprovementPortionPurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity:
i
C
Cash
Ending
Balance
Page30of41
052,09639,997051,36142,442050,62644,853049,70747,220048,60549,535047,50251,797046,40054,006050,54756,413049,28758,760047,98561,045046,64163,266050,46365,669048,85767,996
22,50052,83137,51622,500692,906
NetTaxLevyTotal
000000000000000
Less:
Other
Revenues
000000000000000
Less:
Income
Interest
000000000000000
Tax
Revenue
Less:Sales
000000000000000
Water
Less:Storm
23,33146,09645,36144,62643,70743,60542,50241,40045,54744,28742,98541,64145,46344,857
Less:
Water
7,0006,0006,0006,0006,0005,0005,0005,0005,0005,0005,0005,0005,0004,000
75,000595,406
Less:
Sewer
Sanitary
SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS
000000000000000
Assessments
Less:Special
52,83152,09651,36150,62649,70748,60547,50246,40050,54749,28747,98546,64150,46348,857
105%
TaxLevy
Subjectto
50,31549,61548,91548,21547,34046,29045,24044,19048,14046,94045,70044,42048,06046,530
P&I
659,910692,906
TaxLevy
Subjectto
Total
50,31549,61548,91548,21547,34046,29045,24044,19048,14046,94045,70044,42048,06046,530
659,910
9,1908,1406,9405,7004,4203,0601,530
15,31514,61513,91513,21512,34011,29010,240
Interest
129,910
Rates
2.000%2.000%2.000%2.500%3.000%3.000%3.000%3.000%3.000%3.100%3.200%3.400%3.400%3.400%
DEBTSERVICEPAYMENTS
35,00035,00035,00035,00035,00035,00035,00035,00040,00040,00040,00040,00045,00045,000
530,000
Principal
G.O.Bonds,Series2014A-SystemPortion Financewatertowerrefurbishmentandsewermainliftstationcosts.60106/01/14$660,000December1$530,000December1,2021December1,2032Debtservicescheduleisthe"SystemPortion"o
fthe2014ABondsonlyarepayablefromnetrevenuesplus5%fromtheSanitarySewerFundandWaterFundandsecuredbyanunlimitedadvaloremtaxpledge.BondswereissuedunderMS444.Taxrevenueshouldbeusedonly,andthenonatemporary
basis,topaygeneralobligationswhentheotherrevenuesareinsufficient.Citymadeacovenanttomaintainratesandchargessufficienttocover105%ofdebtservice.
123Taxlevyiseliminatedin2020.Cityanticipatesrevenuefromutilitywillbesufficienttocoverwithouttaxlevy.
N
M
NOTES
,
h
p
e
s
Total
20192020202120222023202420252026202720282029203020312032
o
J
.
t
S
f
YearPrincipalDue
o
ExistingDebt-G.O.Bonds,Series2014A-SystemPortionPurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity:
y
t
i
C
79,02355,93237,89624,96617,79411,436
Cash
Ending
Balance
Page31of41
15,00037,305102,16820,00046,00520,00044,85925,00048,71430,00052,62035,00056,57840,00060,592
185,000346,673
NetTaxLevyTotal
00000000
Less:
Other
Revenues
790559379250178
1,3491,0224,527
Less:
Income
Interest
00000000
Less:
Revenue
SalesTax
00000000
Water
Less:Storm
00000000
Less:
Water
SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS
20,95624,98324,06923,15522,24121,32820,414
157,146
Assessments
Less:Special
73,55372,60871,34870,08868,82866,93870,298
105%
$130,460
TaxLevy
Subjectto
70,05069,15067,95066,75065,55063,75066,950
P&I
470,150493,658
TaxLevy
Subjectto
Total
70,05069,15067,95066,75065,55063,75066,950
9,1507,9506,7505,5503,7501,950
10,05045,150470,150
Interest
Rates
1.500%2.000%2.000%2.000%3.000%3.000%3.000%
DEBTSERVICEPAYMENTS
60,00060,00060,00060,00060,00060,00065,000
425,000
Principal
G.O.Bonds,Series2015A-ImprovementPortion FinancetheClintonVillage,NorthlandandJasmineLaneimprovementprojects.35108/01/15$595,000December1$425,000December1,2022December1,2025
1Debtservicescheduleisthe"ImprovementPortion"ofthe2015ABondsonlyandsecuredbyspecialassessmentsandadvalorempropertytax.2Specialassessmentprincipaloutstandingasof12/31/2018:3Cashbalancewasaccumulatedfr
omprepaymentofspecialassessmentsanddepositofunspentprojectcontingencyintothedebtservicefund.
N
M
,
h
NOTES
p
e
s
o
J
Total
2019202020212022202320242025
.
t
S
f
o
YearPrincipalDue
y
t
ExistingDebt-G.O.Bonds,Series2015A-ImprovementPortionPurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity:
i
C
830139
Cash
Ending
Balance
Page32of41
36,00036,01035,00035,00871,00071,019
NetTaxLevyTotal
000
Less:
Other
Revenues
8
1019
Less:
Income
Interest
000
Less:
Revenue
SalesTax
000
Water
Less:Storm
000
Less:
Water
000
Less:
Sewer
Sanitary
SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS
000
Assessments
Less:Special
38,03637,48575,521
105%
TaxLevy
Subjectto
36,22535,70071,925
P&I
TaxLevy
Subjectto
Total
36,22535,70071,925
700
1,2251,925
RatesInterest
1.500%2.000%
DEBTSERVICEPAYMENTS
35,00035,00070,000
Principal
G.O.Bonds,Series2015A-EquipmentPortion Financetheacquisitionofaplowtruck,wingdeckmower,1tontruck,squadcar,equipment,portableradios,tasers,utilitytruck,squadcarvideoandcomputer.35212/12/17$165,000Dece
mber1$70,000December1,2022December1,2020
1Debtservicescheduleisthe"EquipmentPortion"ofthe2015ABondsonlyandsecuredbyadvalorempropertytax.
N
M
,
NOTES
h
p
e
s
Total
o
20192020
J
.
t
S
f
o YearPrincipalDue
ExistingDebt-G.O.Bonds,Series2015A-EquipmentPortionPurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity:
y
t
i
C
Cash
Ending
Balance
Page33of41
0162,68236,0980160,26743,7300163,10251,4960160,58259,1430163,31266,9200160,03174,5400161,99982,2550163,15490,0240158,90297,5910154,649104,9550150,397112,1170146,073119,07201,905,149
NetTaxLevyTotal
0000000000000
Revenues
Less:Other
0000000000000
Less:
Income
Interest
162,682160,267163,102160,582163,312160,031161,999163,154158,902154,649150,397146,073
Tax
Revenues
Less:Sales
00000000000001,905,149
Water
Less:Storm
0000000000000
Less:
Water
0000000000000
SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS
Assessments
Less:Special
Levy
105%Tax
P&I
154,935162,682152,635160,267155,335163,102152,935160,582155,535163,312152,410160,031154,285161,999155,385163,154151,335158,902147,285154,649143,235150,397139,118146,073
TaxLevy
Subjectto
Total
154,935152,635155,335152,935155,535152,410154,285155,385151,335147,285143,235139,118
8,2354,118
39,93537,63535,33532,93530,53527,41024,28520,38516,33512,285
Interest
289,4281,814,4281,814,4281,905,149
Rates
2.000%2.000%2.000%2.000%2.500%2.500%3.000%3.000%3.000%3.000%3.050%3.050%
DEBTSERVICEPAYMENTS
115,000115,000120,000120,000125,000125,000130,000135,000135,000135,000135,000135,000
Principal
1,525,000
G.O.TaxAbatementBonds,Series2015B FinancetheacquisitionofColtsAcademytouseasaCommunityCenter.35308/01/15$1,840,000December1$1,525,000December1,2022December1,2030
N
1Citycertifiedanabatementlevyfordebtservice.Theannualabatementlevymaybecancelledanddebtpaidfromotherrevenue.TheCityplanstousesalestaxrevenuetopaydebtservice.
M
,
h
p
NOTES
e
s
o
J
.
Total
t
201920202021202220232024202520262027202820292030
S
f
o
y
t
YearPrincipalDue
i
ExistingDebt-G.O.TaxAbatementBonds,Series2015BPurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity:
C
Cash
225,158238,789
Ending
Balance
Page34of41
283,448286,250
270,000270,48949,795252,423252,92131,674262,998263,31422,645290,000290,22639,329282,731283,12552,811283,752284,28066,349284,666285,33079,936295,000295,799103,093286,084287,115116,765281,432282,600130
,222282,032283,335143,714281,950283,387157,209281,749283,322170,700286,198287,905184,410285,137286,981198,076283,304285,285211,661281,331283,998
NetTaxLevyTotal
00000000000000000005,054,7855,075,110
Less:
Other
Revenues
489498317226393528663799
1,0311,1681,3021,4371,5721,7071,8441,9812,1172,252
20,325
Less:
Income
Interest
0000000000000000000
Tax
Revenues
Less:Sales
0000000000000000000
Water
Less:Storm
0000000000000000000
Less:
Water
0000000000000000000
Less:
Sewer
SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS
Sanitary
0000000000000000000
Assessments
Less:Special
283,448286,250
105%
TaxLevy
Subjectto
P&I
269,643283,125271,043284,595272,343285,960273,543287,220269,643283,125270,743284,280271,743285,330272,643286,275273,443287,115269,143282,600269,843283,335269,893283,387269,830283,322274,195287,905273
,315286,981271,700285,285269,950272,619
TaxLevy
Subjectto
Total
269,643271,043272,343273,543269,643270,743271,743272,643273,443269,143269,843269,893269,830274,195273,315271,700269,950272,619
7,619
89,64386,04382,34378,54374,64370,74366,74362,64358,44354,14349,84344,89339,83034,19528,31521,70014,950
Interest
965,2694,885,2694,885,2695,129,532
Rates
2.000%2.000%2.000%2.000%2.000%2.000%2.000%2.000%2.000%2.000%2.250%2.250%2.450%2.450%2.700%2.700%2.875%2.875%
DEBTSERVICEPAYMENTS
180,000185,000190,000195,000195,000200,000205,000210,000215,000215,000220,000225,000230,000240,000245,000250,000255,000265,000
Principal
3,920,000
G.O.CapitalImprovementPlanBonds,Series2016A FinancetheGovernmentServiceCenter.30107/01/16$4,275,000December15$3,920,000December15,2023December15,2036Nooutstandingitemstonote.105%requirement.Thetaxlev
yforthisFund301maybeadjustedannuallyasneededtoachievethe105%requirementandtheCity'soverallobjectivesfortaxlevy.
12TaxlevyisadjustedinthisscheduletohelpmanagetheCity'soveralltaxlevyfordebtwhilemaintainingthatFund301isprojectedtohaveannualrevenueandendingcashatorabovetheminimum
N
M
NOTES
,
h
p
e
s
Total
201920202021202220232024202520262027202820292030203120322033203420352036
o
J
.
t
S
f
YearPrincipalDue
o
ExistingDebt-G.O.CapitalImprovementPlanBonds,Series2016APurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity:
y
t
i
C
6,7844,0152,2181,4031,6302,9105,2529,117
Cash
Ending
Balance
Page35of41
5,00047,18551,0545,00047,02435,228
10,00051,86524,81810,00051,76114,87915,00056,66210,51615,00056,61815,00056,58115,00056,55315,00056,53515,00056,52715,00056,52915,00056,54210,00051,56610,00051,60414,371
170,000753,552
NetTaxLevyTotal
000000000000000
Revenues
Less:Other
6840221416295391
672511352248149105
2,370
Less:
Income
Interest
20,00020,00020,00020,00020,00020,00020,00020,00020,00020,00020,00020,00020,00020,000
280,000
Tax
Revenues
Less:Sales
000000000000000
Water
Less:Storm
000000000000000
$620,613
Less:Water
000000000000000
Less:
SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS
Sewer
Sanitary
21,51321,51321,51321,51321,51321,51321,51321,51321,51321,51321,51321,51321,51321,513
301,182
Assessments
Less:Special
66,51865,99365,38964,78564,07663,36862,31861,26860,21859,11558,01356,91050,08548,668
105%
TaxLevy
Subjectto
63,35062,85062,27561,70061,02560,35059,35058,35057,35056,30055,25054,20047,70046,350
P&I
806,400846,720
TaxLevy
Subjectto
Total
63,35062,85062,27561,70061,02560,35059,35058,35057,35056,30055,25054,20047,70046,350
806,400
9,3508,3507,3506,3005,2504,2002,7001,350
13,35012,85012,27511,70011,02510,350
Interest
116,400
Rates
1.000%1.150%1.150%1.350%1.350%2.000%2.000%2.000%2.100%2.100%2.100%3.000%3.000%3.000%
DEBTSERVICEPAYMENTS
50,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00045,00045,000
690,000
Principal
G.O.ImprovementBonds,Series2016B FinancetheFieldStreetimprovementprojectandCR121to7thAveSE 30411/01/16$740,000December15$690,000December15,2023December15,2032
N
1Specialassessmentprincipaloutstandingasof12/31/2018,includesdeferredspecialassessments:2Asignificantportionofthebalanceoutstandingisfordeferredspecialassessmentsthatmaynotbepayablewithinthenextthirt
yyears.
M
,
h
NOTES
p
e
s
o
J
.Total
20192020202120222023202420252026202720282029203020312032
t
S
f
o
y
YearPrincipalDue
t
i
ExistingDebt-G.O.ImprovementBonds,Series2016BPurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity:
C
Cash
Ending
Balance
Page36of41
0140,459097,304
036,00089,987036,00077,057036,00065,282036,00054,6620175,572184,769000319,572
NetTaxLevyTotal
00
Less:
Other
Revenues
036,000036,000036,000036,0000175,572000319,572
Less:
Income
Interest
00000000
Tax
Revenues
Less:Sales
00000000
Water
Less:Storm
00000000
Less:
Water
00000000
Less:
Sewer
Sanitary
SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS
00000000
Assessments
Less:Special
52,58951,37750,16448,95147,73846,52645,313
105%
TaxLevy
Subjectto
50,08548,93047,77546,62045,46544,31043,155
P&I
326,340342,657
TaxLevy
Subjectto
Total
50,08548,93047,77546,62045,46544,31043,155
326,340
8,0856,9305,7754,6203,4652,3101,155
32,340
RatesInterest
2.750%2.750%2.750%2.750%2.750%2.750%2.750%
DEBTSERVICEPAYMENTS
42,00042,00042,00042,00042,00042,00042,000
294,000
Principal
G.O.CapitalImprovementPlanBonds,Series2017A AdditionalproceedsfortheGovernmentServiceCenter.30308/30/17$337,000December15$294,000AnydateJanuary15,2025
N
M
,
h
NOTES
p
e
s
o
J
Total
2019202020212022202320242025
.
t
S
f
o
YearPrincipalDue
y
ExistingDebt-G.O.CapitalImprovementPlanBonds,Series2017APurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity:
t
i
C
(45)
393
9,4922,3502,182
Cash
Ending
Balance
Page37of41
15,00020,56130,30420,00031,93219,79520,00031,34920,00030,76625,00035,183(3,523)30,00039,601(2,003)30,00039,01830,00038,43527,00034,852
217,000301,697
NetTaxLevyTotal
0000000000
Less:
Other
Revenues
0000000000
Less:
Income
Interest
0000000000
Tax
Revenues
Less:Sales
0000000000
Water
Less:Storm
0000000000
Less:
Water
0000000000
Less:
Sewer
SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS
Sanitary
5,5619,6019,0188,4357,852
11,93211,34910,76610,18384,697
Assessments
Less:Special
45,38944,56243,73541,85841,05539,98438,91337,84236,771
105%
TaxLevy
Subjectto
43,22842,44041,65339,86539,10038,08037,06036,04035,020
P&I
352,485370,109$75,911
TaxLevy
Subjectto
Total
43,22842,44041,65339,86539,10038,08037,06036,04035,020
352,485
8,2287,4406,6535,8655,1004,0803,0602,0401,020
43,485
Interest
Rates
2.250%2.250%2.250%2.250%3.000%3.000%3.000%3.000%3.000%
DEBTSERVICEPAYMENTS
35,00035,00035,00034,00034,00034,00034,00034,00034,000
309,000
Principal
G.O.Bonds,Series2017B-ImprovementPortion FinancetheCentralBusinessDistrict(CBD),PhaseI,alleyproject.30508/30/17$344,000December15$309,000December15,2022December15,2027
1Debtservicescheduleisthe"ImprovementPortion"ofthe2015ABondsonlyandsecuredbyspecialassessmentsandadvalorempropertytax.2$25,340inprepaidassessmentswerecollectedanddepositedintotheconstructionaccountat
issuance.3Specialassessmentprincipaloutstandingasof12/31/2018:
N
M
,
NOTES
h
p
e
s
o Total
201920202021202220232024202520262027
J
.
t
S
f
o
YearPrincipalDue
Purpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity:
y
t
i
C
Cash
Ending
Balance
Page38of41
081,21238,867079,53542,655076,80846,312075,15449,8910312,708
NetTaxLevyTotal
00000
Less:
Other
Revenues
00000
Less:
Income
Interest
00000
Tax
Revenues
Less:Sales
00000
Water
Less:Storm
81,21279,53576,80875,154
Less:
Water
00000312,708
Less:
Sewer
SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS
Sanitary
00000
Assessments
Less:Special
81,21279,53576,80875,154
105%
TaxLevy
Subjectto
77,34575,74873,15071,575
P&I
297,818312,708
TaxLevy
Subjectto
Total
77,34575,74873,15071,575
297,818
6,3454,7483,1501,575
15,818
Interest
(Finalmaturitydateofthe2017B,ImprovementPortionis12/31/2027,calldateprovidesfortheoptionalredemptionforthisportion.)
Rates
2.250%2.250%2.250%2.250%
DEBTSERVICEPAYMENTS
71,00071,00070,00070,000
282,000
Principal
G.O.Bonds,Series2017B-SystemPortion FinanceWaterTreatmentPlantNo.1improvements.60109/01/13$1,875,000December15$282,000December15,2022December15,2022Debtservicescheduleisthe"SystemPortion"ofthe2017BBo
ndsonlyarepayablefromnetrevenuesplus5%fromtheWaterTreatmentFundandsecuredbyanunlimitedadvaloremtaxpledge.
N
12TheBondsarereportedasaliabilityoftheWaterTreatmentFund.
M
,
h
NOTES
p
e
s
o
J
.
Total
2019202020212022
t
S
f
o
y
YearPrincipalDue
t
i
ExistingDebt-G.O.Bonds,Series2017B-SystemPortionPurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity:
C
5,514
93,70499,217
Cash
104,728
Ending
Balance
Page39of41
115,784115,767115,737
0115,7880115,72511,0240115,77316,5370115,80922,0520115,71127,5620115,72433,0730115,72638,5840115,71544,0940115,69249,6030115,77955,1160115,73160,6270115,79266,1410115,71971,6520115,75577,1640115,7788
2,6770115,78888,19100002,199,294
NetTaxLevyTotal
00000000000000000000
Revenues
Less:Other
00000000000000000000
Less:
Income
Interest
00000000000000000000
Tax
Revenues
Less:Sales
00000000000000000000
Water
Less:Storm
00000000000000000000
Less:
Water
115,788115,725115,773115,809115,711115,724115,726115,715115,692115,779115,731115,792115,719115,755115,778115,788115,784115,767115,737
Less:
Sewer
SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS
Sanitary
000000000000000000002,199,294
Assessments
Less:Special
115,784115,767115,737
105%
TaxLevy
Subjectto
P&I
110,274115,788110,215115,725110,260115,773110,294115,809110,201115,711110,214115,724110,215115,726110,205115,715110,183115,692110,265115,779110,220115,731110,278115,792110,209115,719110,243115,755110
,265115,778110,274115,788110,271110,254110,226
TaxLevy
Subjectto
Total
110,274110,215110,260110,294110,201110,214110,215110,205110,183110,265110,220110,278110,209110,243110,265110,274110,271110,254110,226
9,1998,0926,9745,8434,7003,5442,3751,194
20,60519,62418,63217,62816,61415,58914,55313,50512,44611,37610,293
Interest
212,7872,094,5652,094,5652,199,294
Rates
1.095%1.095%1.095%1.095%1.095%1.095%1.095%1.095%1.095%1.095%1.095%1.095%1.095%1.095%1.095%1.095%1.095%1.095%1.095%
DEBTSERVICEPAYMENTS
89,66990,59191,62892,66693,58894,62595,66296,69997,73798,88999,927
101,079102,116103,269104,422105,574106,727107,879109,032
Principal
1,881,779
CityportionofSt.CloudPublic2017FacilitiesAuthority(PFA)Loan St.CloudWastewaterPFANoteforabiosolidstreatmentupdate(CityreferstotheprojectasNR2-newtreatmentmethod)60210/09/17$1,744,736December1$1,881,7
79CallableatanytimeAugust20,2037
N
1TheCityofSt.Josephisresponsiblefor10.44%oftheprojectcosts.
M
,
h
NOTES
p
e
s
o
J
.
Total
2019202020212022202320242025202620272028202920302031203220332034203520362037
t
S
f
o
y
YearPrincipalDue
t
i
ExistingDebt-CityportionofSt.CloudPublic2017FacilitiesAuthority(PFA)LoanPurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity:
C
426
1,0551,4901,7551,373
Cash
Ending
Balance
Page40of41
57,00057,00158,00058,00457,50057,51157,00057,01557,00057,018
286,500286,548
NetTaxLevyTotal
000000
Revenues
Less:Other
14
11151848
Less:
Income
Interest
000000
Tax
Revenues
Less:Sales
000000
Water
Less:Storm
000000
Less:
Water
000000
Less:
Sewer
SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS
Sanitary
000000
Assessments
Less:Special
59,45660,24459,92959,58860,270
105%
TaxLevy
Subjectto
56,62557,37557,07556,75057,400
P&I
285,225299,486
TaxLevy
Subjectto
Total
56,62557,37557,07556,75057,400
285,225
6,6255,3754,0752,7501,400
20,225
Interest
Rates
2.500%2.500%2.500%2.500%2.500%
DEBTSERVICEPAYMENTS
50,00052,00053,00054,00056,000
265,000
Principal
G.O.Bonds,Series2018A-EquipmentCertificates Financeequipmentacquisition.30602/28/18$265,000December15$265,000Non-callableDecember15,2023
N
1Sourceofotherrevenueincludes$5,282ofcapitalizedinterestfundsfrombondproceeds.
M
,
h
NOTES
p
e
s
o
J
.
Total
20192020202120222023
t
S
f
o
y
YearPrincipalDue
t
i
ExistingDebt-G.O.Bonds,Series2018A-EquipmentCertificatesPurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity:
C
-
Cash
Ending
Balance
0
Page41of41
0
91,886591,19528,15282,749560,26254,83189,885552,37981,13591,535539,007106,80298,294530,738132,075
104,822522,233156,944110,880513,256181,384111,221498,556205,125116,456488,744228,399120,995478,230251,171
NetTaxLevyTotal
0000000000001,018,7235,274,599
Revenues
Less:Other
00
282548811
1,0681,3211,5691,8142,0512,284
11,748
Less:
Income
Interest
000000000000
Tax
Revenues
Less:Sales
000000000000
Water
Less:Storm
000000000000
Less:
Water
000000000000
Less:
Sewer
SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS
Sanitary
0
499,309477,231461,946446,661431,376416,091400,806385,521370,236354,951
4,244,128
Assessments
Less:Special
0
105%
TaxLevy
Subjectto
0
P&I
563,043591,195533,583560,262526,075552,379513,340539,007505,465530,738497,365522,233488,815513,256474,815498,556465,470488,744455,458478,230
TaxLevy
Subjectto
0
Total
563,043533,583526,075513,340505,465497,365488,815474,815465,470455,458
0
78,58371,07563,34055,46547,36538,81529,81520,47010,458
Interest
108,043523,4285,023,4285,023,4285,274,599
Rates
0.000%1.600%1.650%1.700%1.750%1.800%1.900%2.000%2.100%2.250%2.350%
0
DEBTSERVICEPAYMENTS
455,000455,000455,000450,000450,000450,000450,000445,000445,000445,000
Principal
4,500,000
G.O.Bonds,Series2019A-PRELIMINARYNOTISSUED Financestreetimprovementssupportedbyspecialassessments 3078/29/2019PRELIMINARYNOTISSUED$4,720,000December15$4,500,000December27,2019December15,2029
N
1Scheduleispreliminaryandassumesnettaxlevyisnotadjustedforpotentialcashavailablewithinthefundinthefuture.2ScheduleisbasedontheCityreducingtheestimatedtaxlevytobecertified,basedonprojectedtotalspecial
assessmentrevenuecollectedforthetwopurposesforthe2019bondissuance.
M
,
h
NOTES
p
e
s
o
J
.
Total
20192020202120222023202420252026202720282029
t
S
f
o
y
YearPrincipalDue
t
i
ExistingDebt-G.O.Bonds,Series2019A-PRELIMINARYNOTISSUEDPurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity:
C