HomeMy WebLinkAboutX-E-01 2024 Bonding
To: Mayor Fasbender & City Councilmembers
From: Chris Eitemiller, Finance Manager
Date: January 16, 2024
Item: GO Charter Bonds, Series 2024A
City Council Memorandum
Council Action Requested:
Discussion only tonight; future action item.
Background Information:
The purpose of this agenda item is to allow the City Council advance notice of plans to sell general
obligation bonds to finance the 2024 Neighborhood Project as well as betterment projects for City
Hall and the Hastings Civic Arena. A portion of the bonds would be repaid through special
assessments on benefitting properties.
To provide flexibility in the use of bond proceeds within the three planned projects, the City intends
to issue Charter Bonds pursuant to Section 5.16 of the City Charter. This type of debt requires a
resolution to issue the bonds (the “Resolution) be published twice and provide a 10-day petition
period. The petition period begins after the second publication of the Resolution within which
members of the public may request an election to approve these bonds. The City has retained
financial advisor Northland Securities and retained bond counsel Taft Law to assist in the bond sale.
The Resolution was prepared by Taft.
The Council will be asked to consider approval of the Resolution on February 20, among other actions
on this date for the bond sale. The bond sale is scheduled for March 18. A representative of Northland
Securities will attend the City Council meeting on February 20 to review the proposed finance plan for
the bond sale. A representative from Northland will also attend the March 18 meeting to present the
results of the bond sale.
Financial Impact:
Pending bond sale March 18, with debt service payments over 10 r up to 20 years. Amounts will depend
on debt structure and interest amount.
Committee Discussion:
Not Applicable
Attachments:
• Resolution Providing for Issuance and Sale of $10,335,000 General Obligation Charter
Bonds, series 2024A
• 2024 Bond Issuance Overview
• Bond Estimates with all projects paid over 10 years
• Bond Estimates with Arenda project paid over 20 years and other projects paid over 10
years
X-E-01
EXTRACT OF MINUTES OF MEETING OF
THE CITY COUNCIL OF THE
CITY OF HASTINGS, MINNESOTA
HELD: February 20, 2024
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of
Hastings, Minnesota, was duly held at the City Hall in said City on the 20th day of February, 2024, at
7:00 o'clock P.M.
The following members were present:
and the following were absent:
Member ___________________ introduced the following resolution and moved its adoption:
RESOLUTION DETERMINING TO ISSUE
$10,335,000 GENERAL OBLIGATION BONDS, SERIES 2024A
WHEREAS, this Council has investigated the facts and does hereby find, determine and
declare that it is necessary and expedient to issue $10,335,000 General Obligation Bonds, Series
2024A to finance (a) the betterment of the (i) Hastings Civic Arena and (ii) City Hall and (b)
improvements to (i) various streets located within the City and (ii) the municipal water, sanitary
sewer and storm water systems (collectively, the "Project"); and
WHEREAS, Section 5.16 of the City Charter authorizes the City to borrow money for such
purposes, in such manner, and to such extent as permitted by the laws of the State of Minnesota;
WHEREAS, Section 5.16 of the City Charter further provides that if said laws require prior
approval of the electors for any borrowing, such approval shall not be required if the City Council
adopts a resolution by a vote of at least three-fourths (3/4ths) of all its members, unless within 10
days after the second publication of the resolution in the official newspaper of the City, a petition
signed by voters equaling not less than 5 percent of the number voting in the last general election is
filed with the City Clerk requesting an election;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Hastings, as
follows:
1. The City Council hereby determines to issue general obligation bonds of the City in
the principal amount not to exceed $10,335,000 to finance the Project as authorized by Section 5.16
of the City Charter and Minnesota Statutes, Chapter 475.
2. The actions of the City Clerk in causing this Resolution to be published twice in the
official newspaper of the City on February 1, 2024, and February 8, 2024, are hereby ratified.
The following motion was seconded by member ___________________ and the following
voted in favor thereof:
and the following against the same:
whereupon the resolution was declared duly passed and adopted.
X-E-01
STATE OF MINNESOTA
COUNTIES OF DAKOTA AND WASHINGTON
CITY OF HASTINGS
I, the undersigned, being the duly qualified and acting City Clerk of the City of Hastings,
Minnesota, DO HEREBY CERTIFY that I have carefully compared the attached and foregoing
extract of minutes with the original minutes of a meeting of the City Council duly called and held on
the date therein indicated, which are on file and of record in my office, and the same is a full, true
and correct transcript therefrom insofar as the same relate to a resolution of the City Council
determining to issue general obligation bonds of the City.
WITNESS my hand as such Clerk this 20th day of February 2024.
________________________________
City Clerk
X-E-01
2024 Bond Issuance Overview
January 16, 2024
X-E-01
2024 Bond Issue
•Total: $10,335,000
•$5,200,000 – Arena
•$600,000 – City Hall Dome Project
•$4,125,000 – Annual Neighborhood Street project
•$191,651 – issuance costs
•$218,349 – Deposit to Capitalized Interest Fund
X-E-01
Council Action Needed
•Tonight, no action is needed
•The purpose of this information is to bring to Council’s attention the
factors driving the proposed cost of this year’s bond issue and explain
the differences in the process for Charter bonds v. that for GO Bonds
which are the type of bonds the City most often issues.
X-E-01
Charter Bonds
•Rather than General Obligation Bonds, the plan is to issue Charter
Bonds
•In order to issue Charter Bonds, notice must be published twice, and
allow for a 10-day petition period that could require a public vote if
conditions are met.
•Adjusting allocations planned among the multiple projects is allowed,
should it become necessary.
X-E-01
Charter Bonds continued
•Charter Bonds offer more flexibility, which is needed because:
•By necessity (for long lead times, design, and construction schedules) contracts have been signed and materials ordered for these projects.
•The city may, or may not, obtain partial funding from the State of MN bonding bill for the Arena and/or City Hall projects.
•If the State provides some funding for these projects, and there are bond proceeds left unspent in 2024, those remaining funds can be spent on the 2025 street project if issued as Charter Bonds.
•If the Council chooses, it may issue 10-year pay back periods for the Dome and Street portions of these bonds and extend the Arena payments to 20 years.
•If lowering annual payments and slightly reducing the debt levy is a priority, this is an option to consider.
•Overall debt payments would be lowered by about $288,000 per year for the first 10 years but would also continue payments for 10 additional years.
•The Dome and Street projects’ debt payments would be completed in 10 years.
X-E-01
Projections - different payback periods
•10-year payback period for all projects
•Average annual payment - $1,154,400
•Total Interest paid - $2,363,210
•20-year payback for Arena, and 10 years for all others
•Average annual payment years 1-10- $890,100
•Average annual payment years 11-20- $386,926
•Total Interest paid - $3,325,093
•Additional interest paid in this scenario - $961,883
X-E-01
City of Hastings, Minnesota
$10,335,000 General Obligation Charter Bonds, Series 2024A
(Preliminary AA+, NBQ Rates as of 9/25/23)
Total Issue Sources And Uses
Dated 04/17/2024 | Delivered 04/17/2024
Ice Arena
Improvements
Street
Improvements
City Hall
Improvements
(Dome)
Water
Improvements
Sewer
Improvements
Stormwater
Improvements Issue Summary
Sources Of Funds
Par Amount of Bonds $5,440,000.00 $2,465,000.00 $630,000.00 $865,000.00 $525,000.00 $410,000.00 $10,335,000.00
Total Sources $5,440,000.00 $2,465,000.00 $630,000.00 $865,000.00 $525,000.00 $410,000.00 $10,335,000.00 Uses Of Funds
Deposit to Project Construction Fund 5,200,000.00 2,355,000.00 600,000.00 850,000.00 520,000.00 400,000.00 9,925,000.00
Deposit to Capitalized Interest (CIF) Fund 151,581.06 68,668.83 17,560.67 ---237,810.56
Costs of Issuance 44,712.22 20,260.23 5,178.06 7,109.57 4,315.06 3,369.86 84,945.00
Total Underwriter's Discount (0.800%)43,520.00 19,720.00 5,040.00 6,920.00 4,200.00 3,280.00 82,680.00
Rounding Amount 186.72 1,350.94 2,221.27 970.43 (3,515.06)3,350.14 4,564.44
Total Uses $5,440,000.00 $2,465,000.00 $630,000.00 $865,000.00 $525,000.00 $410,000.00 $10,335,000.00
2024A GO Charter Bonds NB | Issue Summary | 9/25/2023 | 12:44 PM
Northland Securities, Inc.
Public Finance Page 1
X-E-01
City of Hastings, Minnesota
$10,335,000 General Obligation Charter Bonds, Series 2024A
(Preliminary AA+, NBQ Rates as of 9/25/23)
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
04/17/2024 - - - - -
02/01/2025 170,000.00 3.600% 287,595.36 457,595.36 457,595.36
08/01/2025 - - 179,218.75 179,218.75 -
02/01/2026 885,000.00 3.500% 179,218.75 1,064,218.75 1,243,437.50
08/01/2026 - - 163,731.25 163,731.25 -
02/01/2027 915,000.00 3.400% 163,731.25 1,078,731.25 1,242,462.50
08/01/2027 - - 148,176.25 148,176.25 -
02/01/2028 945,000.00 3.400% 148,176.25 1,093,176.25 1,241,352.50
08/01/2028 - - 132,111.25 132,111.25 -
02/01/2029 985,000.00 3.400% 132,111.25 1,117,111.25 1,249,222.50
08/01/2029 - - 115,366.25 115,366.25 -
02/01/2030 1,010,000.00 3.400% 115,366.25 1,125,366.25 1,240,732.50
08/01/2030 - - 98,196.25 98,196.25 -
02/01/2031 1,055,000.00 3.400% 98,196.25 1,153,196.25 1,251,392.50
08/01/2031 - - 80,261.25 80,261.25 -
02/01/2032 1,090,000.00 3.500% 80,261.25 1,170,261.25 1,250,522.50
08/01/2032 - - 61,186.25 61,186.25 -
02/01/2033 1,125,000.00 3.650% 61,186.25 1,186,186.25 1,247,372.50
08/01/2033 - - 40,655.00 40,655.00 -
02/01/2034 1,160,000.00 3.750% 40,655.00 1,200,655.00 1,241,310.00
08/01/2034 - - 18,905.00 18,905.00 -
02/01/2035 995,000.00 3.800% 18,905.00 1,013,905.00 1,032,810.00
Total $10,335,000.00 - $2,363,210.36 $12,698,210.36 -
Yield Statistics
Bond Year Dollars $66,043.17
Average Life 6.390 Years
Average Coupon 3.5782814%
Net Interest Cost (NIC)3.7034723%
True Interest Cost (TIC)3.7144030%
Bond Yield for Arbitrage Purposes 3.5698313%
All Inclusive Cost (AIC)3.8646016% IRS Form 8038
Net Interest Cost 3.5782814%
Weighted Average Maturity 6.390 Years
2024A GO Charter Bonds NB | Issue Summary | 9/25/2023 | 12:44 PM
Northland Securities, Inc.
Public Finance Page 2
This scenario utilizes a 10-year payback period for all projects.
X-E-01
City of Hastings, Minnesota
$5,440,000 General Obligation Charter Bonds, Series 2024A
Ice Arena Improvements
Sources & Uses
Dated 04/17/2024 | Delivered 04/17/2024
Sources Of Funds
Par Amount of Bonds $5,440,000.00
Total Sources $5,440,000.00
Uses Of Funds
Deposit to Project Construction Fund 5,200,000.00
Deposit to Capitalized Interest (CIF) Fund 151,581.06
Costs of Issuance 44,712.22
Total Underwriter's Discount (0.800%)43,520.00
Rounding Amount 186.72
Total Uses $5,440,000.00
2024A GO Charter Bonds NB | Ice Arena Improvements | 9/25/2023 | 12:44 PM
Northland Securities, Inc.
Public Finance Page 3
X-E-01
City of Hastings, Minnesota
$5,440,000 General Obligation Charter Bonds, Series 2024A
Ice Arena Improvements
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
04/17/2024 -----
02/01/2025 --151,581.06 151,581.06 151,581.06
08/01/2025 --96,072.50 96,072.50 -
02/01/2026 465,000.00 3.500%96,072.50 561,072.50 657,145.00
08/01/2026 --87,935.00 87,935.00 -
02/01/2027 480,000.00 3.400%87,935.00 567,935.00 655,870.00
08/01/2027 --79,775.00 79,775.00 -
02/01/2028 495,000.00 3.400%79,775.00 574,775.00 654,550.00
08/01/2028 --71,360.00 71,360.00 -
02/01/2029 515,000.00 3.400%71,360.00 586,360.00 657,720.00
08/01/2029 --62,605.00 62,605.00 -
02/01/2030 530,000.00 3.400%62,605.00 592,605.00 655,210.00
08/01/2030 --53,595.00 53,595.00 -
02/01/2031 550,000.00 3.400%53,595.00 603,595.00 657,190.00
08/01/2031 --44,245.00 44,245.00 -
02/01/2032 570,000.00 3.500%44,245.00 614,245.00 658,490.00
08/01/2032 --34,270.00 34,270.00 -
02/01/2033 590,000.00 3.650%34,270.00 624,270.00 658,540.00
08/01/2033 --23,502.50 23,502.50 -
02/01/2034 610,000.00 3.750%23,502.50 633,502.50 657,005.00
08/01/2034 --12,065.00 12,065.00 -
02/01/2035 635,000.00 3.800%12,065.00 647,065.00 659,130.00
Total $5,440,000.00 - $1,282,431.06 $6,722,431.06 -
Yield Statistics
Bond Year Dollars $35,761.56
Average Life 6.574 Years
Average Coupon 3.5860606%
Net Interest Cost (NIC)3.7077555%
True Interest Cost (TIC)3.7182978%
Bond Yield for Arbitrage Purposes 3.5698313%
All Inclusive Cost (AIC)3.8646080% IRS Form 8038
Net Interest Cost 3.5860606%
Weighted Average Maturity 6.574 Years
2024A GO Charter Bonds NB | Ice Arena Improvements | 9/25/2023 | 12:44 PM
Northland Securities, Inc.
Public Finance Page 4
X-E-01
City of Hastings, Minnesota
$5,440,000 General Obligation Charter Bonds, Series 2024A
Ice Arena Improvements
105% Levy
Less: Less: Equals:
Date Total P+I CIF 105% Levy
Hastings
Public Schools
ISD #200
Payments
Net Operating
Revenue for
Ice Arena
Fund Net Levy Levy Year Collection Year
02/01/2025 151,581.06 (151,581.06)------
02/01/2026 657,145.00 -690,002.25 --690,002.25 2024 2025
02/01/2027 655,870.00 -688,663.50 --688,663.50 2025 2026
02/01/2028 654,550.00 -687,277.50 --687,277.50 2026 2027
02/01/2029 657,720.00 -690,606.00 --690,606.00 2027 2028
02/01/2030 655,210.00 -687,970.50 --687,970.50 2028 2029
02/01/2031 657,190.00 -690,049.50 --690,049.50 2029 2030
02/01/2032 658,490.00 -691,414.50 --691,414.50 2030 2031
02/01/2033 658,540.00 -691,467.00 --691,467.00 2031 2032
02/01/2034 657,005.00 -689,855.25 --689,855.25 2032 2033
02/01/2035 659,130.00 -692,086.50 --692,086.50 2033 2034
Total $6,722,431.06 (151,581.06) $6,899,392.50 - - $6,899,392.50
CIF = Capitalized Interest fund
2024A GO Charter Bonds NB | Ice Arena Improvements | 9/25/2023 | 12:44 PM
Northland Securities, Inc.
Public Finance Page 5
X-E-01
City of Hastings, Minnesota
$2,465,000 General Obligation Charter Bonds, Series 2024A
Street Improvements
Sources & Uses
Dated 04/17/2024 | Delivered 04/17/2024
Sources Of Funds
Par Amount of Bonds $2,465,000.00
Total Sources $2,465,000.00
Uses Of Funds
Deposit to Project Construction Fund 2,355,000.00
Deposit to Capitalized Interest (CIF) Fund 68,668.83
Costs of Issuance 20,260.23
Total Underwriter's Discount (0.800%)19,720.00
Rounding Amount 1,350.94
Total Uses $2,465,000.00
2024A GO Charter Bonds NB | Street Improvements | 9/25/2023 | 12:44 PM
Northland Securities, Inc.
Public Finance Page 6
X-E-01
City of Hastings, Minnesota
$2,465,000 General Obligation Charter Bonds, Series 2024A
Street Improvements
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
04/17/2024 -----
02/01/2025 --68,668.83 68,668.83 68,668.83
08/01/2025 --43,522.50 43,522.50 -
02/01/2026 210,000.00 3.500%43,522.50 253,522.50 297,045.00
08/01/2026 --39,847.50 39,847.50 -
02/01/2027 220,000.00 3.400%39,847.50 259,847.50 299,695.00
08/01/2027 --36,107.50 36,107.50 -
02/01/2028 225,000.00 3.400%36,107.50 261,107.50 297,215.00
08/01/2028 --32,282.50 32,282.50 -
02/01/2029 235,000.00 3.400%32,282.50 267,282.50 299,565.00
08/01/2029 --28,287.50 28,287.50 -
02/01/2030 240,000.00 3.400%28,287.50 268,287.50 296,575.00
08/01/2030 --24,207.50 24,207.50 -
02/01/2031 250,000.00 3.400%24,207.50 274,207.50 298,415.00
08/01/2031 --19,957.50 19,957.50 -
02/01/2032 260,000.00 3.500%19,957.50 279,957.50 299,915.00
08/01/2032 --15,407.50 15,407.50 -
02/01/2033 265,000.00 3.650%15,407.50 280,407.50 295,815.00
08/01/2033 --10,571.25 10,571.25 -
02/01/2034 275,000.00 3.750%10,571.25 285,571.25 296,142.50
08/01/2034 --5,415.00 5,415.00 -
02/01/2035 285,000.00 3.800%5,415.00 290,415.00 295,830.00
Total $2,465,000.00 - $579,881.33 $3,044,881.33 -
Yield Statistics
Bond Year Dollars $16,174.61
Average Life 6.562 Years
Average Coupon 3.5851331%
Net Interest Cost (NIC)3.7070525%
True Interest Cost (TIC)3.7175960%
Bond Yield for Arbitrage Purposes 3.5698313%
All Inclusive Cost (AIC)3.8641404% IRS Form 8038
Net Interest Cost 3.5851331%
Weighted Average Maturity 6.562 Years
2024A GO Charter Bonds NB | Street Improvements | 9/25/2023 | 12:44 PM
Northland Securities, Inc.
Public Finance Page 7
X-E-01
City of Hastings, Minnesota
$2,465,000 General Obligation Charter Bonds, Series 2024A
Street Improvements
105% Levy
Date Total P+I CIF 105% Levy Levy Year Collection Year
02/01/2025 68,668.83 (68,668.83)---
02/01/2026 297,045.00 -311,897.25 2024 2025
02/01/2027 299,695.00 -314,679.75 2025 2026
02/01/2028 297,215.00 -312,075.75 2026 2027
02/01/2029 299,565.00 -314,543.25 2027 2028
02/01/2030 296,575.00 -311,403.75 2028 2029
02/01/2031 298,415.00 -313,335.75 2029 2030
02/01/2032 299,915.00 -314,910.75 2030 2031
02/01/2033 295,815.00 -310,605.75 2031 2032
02/01/2034 296,142.50 -310,949.63 2032 2033
02/01/2035 295,830.00 -310,621.50 2033 2034
Total $3,044,881.33 (68,668.83) $3,125,023.13
2024A GO Charter Bonds NB | Street Improvements | 9/25/2023 | 12:44 PM
Northland Securities, Inc.
Public Finance Page 8
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City of Hastings, Minnesota
$630,000 General Obligation Charter Bonds, Series 2024A
City Hall Improvements (Dome)
Sources & Uses
Dated 04/17/2024 | Delivered 04/17/2024
Sources Of Funds
Par Amount of Bonds $630,000.00
Total Sources $630,000.00
Uses Of Funds
Deposit to Project Construction Fund 600,000.00
Deposit to Capitalized Interest (CIF) Fund 17,560.67
Costs of Issuance 5,178.06
Total Underwriter's Discount (0.800%)5,040.00
Rounding Amount 2,221.27
Total Uses $630,000.00
2024A GO Charter Bonds NB | City Hall Improvements (D | 9/25/2023 | 12:44 PM
Northland Securities, Inc.
Public Finance Page 9
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City of Hastings, Minnesota
$630,000 General Obligation Charter Bonds, Series 2024A
City Hall Improvements (Dome)
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
04/17/2024 -----
02/01/2025 --17,560.67 17,560.67 17,560.67
08/01/2025 --11,130.00 11,130.00 -
02/01/2026 55,000.00 3.500%11,130.00 66,130.00 77,260.00
08/01/2026 --10,167.50 10,167.50 -
02/01/2027 55,000.00 3.400%10,167.50 65,167.50 75,335.00
08/01/2027 --9,232.50 9,232.50 -
02/01/2028 55,000.00 3.400%9,232.50 64,232.50 73,465.00
08/01/2028 --8,297.50 8,297.50 -
02/01/2029 60,000.00 3.400%8,297.50 68,297.50 76,595.00
08/01/2029 --7,277.50 7,277.50 -
02/01/2030 60,000.00 3.400%7,277.50 67,277.50 74,555.00
08/01/2030 --6,257.50 6,257.50 -
02/01/2031 65,000.00 3.400%6,257.50 71,257.50 77,515.00
08/01/2031 --5,152.50 5,152.50 -
02/01/2032 65,000.00 3.500%5,152.50 70,152.50 75,305.00
08/01/2032 --4,015.00 4,015.00 -
02/01/2033 70,000.00 3.650%4,015.00 74,015.00 78,030.00
08/01/2033 --2,737.50 2,737.50 -
02/01/2034 70,000.00 3.750%2,737.50 72,737.50 75,475.00
08/01/2034 --1,425.00 1,425.00 -
02/01/2035 75,000.00 3.800%1,425.00 76,425.00 77,850.00
Total $630,000.00 - $148,945.67 $778,945.67 -
Yield Statistics
Bond Year Dollars $4,152.00
Average Life 6.590 Years
Average Coupon 3.5873235%
Net Interest Cost (NIC)3.7087107%
True Interest Cost (TIC)3.7192701%
Bond Yield for Arbitrage Purposes 3.5698313%
All Inclusive Cost (AIC)3.8652674% IRS Form 8038
Net Interest Cost 3.5873235%
Weighted Average Maturity 6.590 Years
2024A GO Charter Bonds NB | City Hall Improvements (D | 9/25/2023 | 12:44 PM
Northland Securities, Inc.
Public Finance Page 10
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City of Hastings, Minnesota
$630,000 General Obligation Charter Bonds, Series 2024A
City Hall Improvements (Dome)
105% Levy
Date Total P+I CIF 105% Levy Levy Year Collection Year
02/01/2025 17,560.67 (17,560.67)---
02/01/2026 77,260.00 -81,123.00 2024 2025
02/01/2027 75,335.00 -79,101.75 2025 2026
02/01/2028 73,465.00 -77,138.25 2026 2027
02/01/2029 76,595.00 -80,424.75 2027 2028
02/01/2030 74,555.00 -78,282.75 2028 2029
02/01/2031 77,515.00 -81,390.75 2029 2030
02/01/2032 75,305.00 -79,070.25 2030 2031
02/01/2033 78,030.00 -81,931.50 2031 2032
02/01/2034 75,475.00 -79,248.75 2032 2033
02/01/2035 77,850.00 -81,742.50 2033 2034
Total $778,945.67 (17,560.67) $799,454.25
2024A GO Charter Bonds NB | City Hall Improvements (D | 9/25/2023 | 12:44 PM
Northland Securities, Inc.
Public Finance Page 11
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City of Hastings, Minnesota
$865,000 General Obligation Charter Bonds, Series 2024A
Water Improvements
Sources & Uses
Dated 04/17/2024 | Delivered 04/17/2024
Sources Of Funds
Par Amount of Bonds $865,000.00
Total Sources $865,000.00
Uses Of Funds
Deposit to Project Construction Fund 850,000.00
Costs of Issuance 7,109.57
Total Underwriter's Discount (0.800%)6,920.00
Rounding Amount 970.43
Total Uses $865,000.00
2024A GO Charter Bonds NB | Water Improvements | 9/25/2023 | 12:44 PM
Northland Securities, Inc.
Public Finance Page 12
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City of Hastings, Minnesota
$865,000 General Obligation Charter Bonds, Series 2024A
Water Improvements
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
04/17/2024 -----
02/01/2025 80,000.00 3.600%23,925.03 103,925.03 103,925.03
08/01/2025 --13,723.75 13,723.75 -
02/01/2026 75,000.00 3.500%13,723.75 88,723.75 102,447.50
08/01/2026 --12,411.25 12,411.25 -
02/01/2027 80,000.00 3.400%12,411.25 92,411.25 104,822.50
08/01/2027 --11,051.25 11,051.25 -
02/01/2028 80,000.00 3.400%11,051.25 91,051.25 102,102.50
08/01/2028 --9,691.25 9,691.25 -
02/01/2029 85,000.00 3.400%9,691.25 94,691.25 104,382.50
08/01/2029 --8,246.25 8,246.25 -
02/01/2030 85,000.00 3.400%8,246.25 93,246.25 101,492.50
08/01/2030 --6,801.25 6,801.25 -
02/01/2031 90,000.00 3.400%6,801.25 96,801.25 103,602.50
08/01/2031 --5,271.25 5,271.25 -
02/01/2032 95,000.00 3.500%5,271.25 100,271.25 105,542.50
08/01/2032 --3,608.75 3,608.75 -
02/01/2033 95,000.00 3.650%3,608.75 98,608.75 102,217.50
08/01/2033 --1,875.00 1,875.00 -
02/01/2034 100,000.00 3.750%1,875.00 101,875.00 103,750.00
Total $865,000.00 - $169,285.03 $1,034,285.03 -
Yield Statistics
Bond Year Dollars $4,787.39
Average Life 5.535 Years
Average Coupon 3.5360618%
Net Interest Cost (NIC)3.6806082%
True Interest Cost (TIC)3.6939623%
Bond Yield for Arbitrage Purposes 3.5698313%
All Inclusive Cost (AIC)3.8654300% IRS Form 8038
Net Interest Cost 3.5360618%
Weighted Average Maturity 5.535 Years
2024A GO Charter Bonds NB | Water Improvements | 9/25/2023 | 12:44 PM
Northland Securities, Inc.
Public Finance Page 13
X-E-01
City of Hastings, Minnesota
$525,000 General Obligation Charter Bonds, Series 2024A
Sewer Improvements
Sources & Uses
Dated 04/17/2024 | Delivered 04/17/2024
Sources Of Funds
Par Amount of Bonds $525,000.00
Total Sources $525,000.00
Uses Of Funds
Deposit to Project Construction Fund 520,000.00
Costs of Issuance 4,315.06
Total Underwriter's Discount (0.800%)4,200.00
Rounding Amount (3,515.06)
Total Uses $525,000.00
2024A GO Charter Bonds NB | Sewer Improvements | 9/25/2023 | 12:44 PM
Northland Securities, Inc.
Public Finance Page 14
X-E-01
City of Hastings, Minnesota
$525,000 General Obligation Charter Bonds, Series 2024A
Sewer Improvements
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
04/17/2024 -----
02/01/2025 50,000.00 3.600%14,523.44 64,523.44 64,523.44
08/01/2025 --8,305.00 8,305.00 -
02/01/2026 45,000.00 3.500%8,305.00 53,305.00 61,610.00
08/01/2026 --7,517.50 7,517.50 -
02/01/2027 45,000.00 3.400%7,517.50 52,517.50 60,035.00
08/01/2027 --6,752.50 6,752.50 -
02/01/2028 50,000.00 3.400%6,752.50 56,752.50 63,505.00
08/01/2028 --5,902.50 5,902.50 -
02/01/2029 50,000.00 3.400%5,902.50 55,902.50 61,805.00
08/01/2029 --5,052.50 5,052.50 -
02/01/2030 55,000.00 3.400%5,052.50 60,052.50 65,105.00
08/01/2030 --4,117.50 4,117.50 -
02/01/2031 55,000.00 3.400%4,117.50 59,117.50 63,235.00
08/01/2031 --3,182.50 3,182.50 -
02/01/2032 55,000.00 3.500%3,182.50 58,182.50 61,365.00
08/01/2032 --2,220.00 2,220.00 -
02/01/2033 60,000.00 3.650%2,220.00 62,220.00 64,440.00
08/01/2033 --1,125.00 1,125.00 -
02/01/2034 60,000.00 3.750%1,125.00 61,125.00 62,250.00
Total $525,000.00 - $102,873.44 $627,873.44 -
Yield Statistics
Bond Year Dollars $2,909.17
Average Life 5.541 Years
Average Coupon 3.5361824%
Net Interest Cost (NIC)3.6805537%
True Interest Cost (TIC)3.6939216%
Bond Yield for Arbitrage Purposes 3.5698313%
All Inclusive Cost (AIC)3.8651996%
IRS Form 8038
Net Interest Cost 3.5361824%
Weighted Average Maturity 5.541 Years
2024A GO Charter Bonds NB | Sewer Improvements | 9/25/2023 | 12:44 PM
Northland Securities, Inc.
Public Finance Page 15
X-E-01
City of Hastings, Minnesota
$410,000 General Obligation Charter Bonds, Series 2024A
Stormwater Improvements
Sources & Uses
Dated 04/17/2024 | Delivered 04/17/2024
Sources Of Funds
Par Amount of Bonds $410,000.00
Total Sources $410,000.00
Uses Of Funds
Deposit to Project Construction Fund 400,000.00
Costs of Issuance 3,369.86
Rounding Amount 3,350.14
Total Underwriter's Discount (0.800%)3,280.00
Total Uses $410,000.00
2024A GO Charter Bonds NB | Stormwater Improvements | 9/25/2023 | 12:44 PM
Northland Securities, Inc.
Public Finance Page 16
X-E-01
City of Hastings, Minnesota
$410,000 General Obligation Charter Bonds, Series 2024A
Stormwater Improvements
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
04/17/2024 -----
02/01/2025 40,000.00 3.600%11,336.33 51,336.33 51,336.33
08/01/2025 --6,465.00 6,465.00 -
02/01/2026 35,000.00 3.500%6,465.00 41,465.00 47,930.00
08/01/2026 --5,852.50 5,852.50 -
02/01/2027 35,000.00 3.400%5,852.50 40,852.50 46,705.00
08/01/2027 --5,257.50 5,257.50 -
02/01/2028 40,000.00 3.400%5,257.50 45,257.50 50,515.00
08/01/2028 --4,577.50 4,577.50 -
02/01/2029 40,000.00 3.400%4,577.50 44,577.50 49,155.00
08/01/2029 --3,897.50 3,897.50 -
02/01/2030 40,000.00 3.400%3,897.50 43,897.50 47,795.00
08/01/2030 --3,217.50 3,217.50 -
02/01/2031 45,000.00 3.400%3,217.50 48,217.50 51,435.00
08/01/2031 --2,452.50 2,452.50 -
02/01/2032 45,000.00 3.500%2,452.50 47,452.50 49,905.00
08/01/2032 --1,665.00 1,665.00 -
02/01/2033 45,000.00 3.650%1,665.00 46,665.00 48,330.00
08/01/2033 --843.75 843.75 -
02/01/2034 45,000.00 3.750%843.75 45,843.75 46,687.50
Total $410,000.00 - $79,793.83 $489,793.83 -
Yield Statistics
Bond Year Dollars $2,258.44
Average Life 5.508 Years
Average Coupon 3.5331323%
Net Interest Cost (NIC)3.6783650%
True Interest Cost (TIC)3.6918312%
Bond Yield for Arbitrage Purposes 3.5698313%
All Inclusive Cost (AIC)3.8640293% IRS Form 8038
Net Interest Cost 3.5331323%
Weighted Average Maturity 5.508 Years
2024A GO Charter Bonds NB | Stormwater Improvements | 9/25/2023 | 12:44 PM
Northland Securities, Inc.
Public Finance Page 17
X-E-01
City of Hastings, Minnesota
$10,335,000 General Obligation Charter Bonds, Series 2024A
(Preliminary AA+, NBQ Rates as of 1/4/24)
Total Issue Sources And Uses
Dated 04/17/2024 | Delivered 04/17/2024
Ice Arena
Improvements
Street
Improvements
City Hall
Improvements
(Dome)
Water
Improvements
Sewer
Improvements
Stormwater
Improvements Issue Summary
Sources Of Funds
Par Amount of Bonds $5,450,000.00 $2,455,000.00 $630,000.00 $865,000.00 $530,000.00 $405,000.00 $10,335,000.00
Contribution From Water Funds ---99,909.58 --99,909.58
Contribution From Sewer Funds ----62,196.22 -62,196.22
Contribution from Stormwater Funds -----49,320.72 49,320.72
Total Sources $5,450,000.00 $2,455,000.00 $630,000.00 $964,909.58 $592,196.22 $454,320.72 $10,546,426.52 Uses Of Funds
Deposit to Project Construction Fund 5,200,000.00 2,355,000.00 600,000.00 850,000.00 520,000.00 400,000.00 9,925,000.00
Deposit to Capitalized Interest (CIF) Fund 146,384.25 57,267.42 14,697.00 ---218,348.67
Deposit to Debt Service Fund ---99,909.58 62,196.22 49,320.72 211,426.52
Total Underwriter's Discount (1.000%)54,500.00 24,550.00 6,300.00 8,650.00 5,300.00 4,050.00 103,350.00
Costs of Issuance 46,194.47 20,808.71 5,339.90 7,331.79 4,492.32 3,432.81 87,600.00
Rounding Amount 2,921.28 (2,626.13)3,663.10 (981.79)207.68 (2,482.81)701.33
Total Uses $5,450,000.00 $2,455,000.00 $630,000.00 $964,909.58 $592,196.22 $454,320.72 $10,546,426.52
2024A GO Charter Bonds NB | Issue Summary | 1/10/2024 | 11:40 AM
Northland Securities, Inc.
Public Finance Page 1
This scenario utilizes a 20-year payback period for the Arena project, with a 10-year payback for the other projects.
X-E-01
City of Hastings, Minnesota
$10,335,000 General Obligation Charter Bonds, Series 2024A
(Preliminary AA+, NBQ Rates as of 1/4/24)
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
04/17/2024 - - - - -
02/01/2025 170,000.00 2.950% 259,775.19 429,775.19 429,775.19
08/01/2025 - - 162,138.75 162,138.75 -
02/01/2026 630,000.00 2.900% 162,138.75 792,138.75 954,277.50
08/01/2026 - - 153,003.75 153,003.75 -
02/01/2027 645,000.00 2.800% 153,003.75 798,003.75 951,007.50
08/01/2027 - - 143,973.75 143,973.75 -
02/01/2028 670,000.00 2.800% 143,973.75 813,973.75 957,947.50
08/01/2028 - - 134,593.75 134,593.75 -
02/01/2029 690,000.00 2.800% 134,593.75 824,593.75 959,187.50
08/01/2029 - - 124,933.75 124,933.75 -
02/01/2030 705,000.00 2.800% 124,933.75 829,933.75 954,867.50
08/01/2030 - - 115,063.75 115,063.75 -
02/01/2031 730,000.00 2.850% 115,063.75 845,063.75 960,127.50
08/01/2031 - - 104,661.25 104,661.25 -
02/01/2032 745,000.00 2.950% 104,661.25 849,661.25 954,322.50
08/01/2032 - - 93,672.50 93,672.50 -
02/01/2033 775,000.00 3.050% 93,672.50 868,672.50 962,345.00
08/01/2033 - - 81,853.75 81,853.75 -
02/01/2034 795,000.00 3.200% 81,853.75 876,853.75 958,707.50
08/01/2034 - - 69,133.75 69,133.75 -
02/01/2035 610,000.00 3.300% 69,133.75 679,133.75 748,267.50
08/01/2035 - - 59,068.75 59,068.75 -
02/01/2036 270,000.00 3.400% 59,068.75 329,068.75 388,137.50
08/01/2036 - - 54,478.75 54,478.75 -
02/01/2037 280,000.00 3.500% 54,478.75 334,478.75 388,957.50
08/01/2037 - - 49,578.75 49,578.75 -
02/01/2038 285,000.00 3.600% 49,578.75 334,578.75 384,157.50
08/01/2038 - - 44,448.75 44,448.75 -
02/01/2039 300,000.00 3.650% 44,448.75 344,448.75 388,897.50
08/01/2039 - - 38,973.75 38,973.75 -
02/01/2040 310,000.00 3.700% 38,973.75 348,973.75 387,947.50
08/01/2040 - - 33,238.75 33,238.75 -
02/01/2041 320,000.00 3.750% 33,238.75 353,238.75 386,477.50
08/01/2041 - - 27,238.75 27,238.75 -
02/01/2042 330,000.00 3.800% 27,238.75 357,238.75 384,477.50
08/01/2042 - - 20,968.75 20,968.75 -
02/01/2043 345,000.00 3.850% 20,968.75 365,968.75 386,937.50
08/01/2043 - - 14,327.50 14,327.50 -
02/01/2044 360,000.00 3.900% 14,327.50 374,327.50 388,655.00
08/01/2044 - - 7,307.50 7,307.50 -
02/01/2045 370,000.00 3.950% 7,307.50 377,307.50 384,615.00
Total $10,335,000.00 - $3,325,092.69 $13,660,092.69 -
Yield Statistics
Bond Year Dollars $97,483.17
Average Life 9.432 Years
Average Coupon 3.4109404%
Net Interest Cost (NIC)3.5169587%
True Interest Cost (TIC)3.5056591%
Bond Yield for Arbitrage Purposes 3.3753206%
All Inclusive Cost (AIC)3.6176947% IRS Form 8038
Net Interest Cost 3.4109404%
Weighted Average Maturity 9.432 Years
2024A GO Charter Bonds NB | Issue Summary | 1/10/2024 | 11:40 AM
Northland Securities, Inc.
Public Finance Page 2
X-E-01
City of Hastings, Minnesota
$10,335,000 General Obligation Charter Bonds, Series 2024A
(Preliminary AA+, NBQ Rates as of 1/4/24)
105% Levy
Less: Less: Less: Less:
Date Total P+I CIF
Contribution
From Utility
Funds 105% Levy Water Revenues Sewer Revenues
Stormwater
Revenues
Special
Assessment
Revenues* Net Levy Levy Year Collection Year
02/01/2025 429,775.19 (218,348.67)(211,426.52)--------
02/01/2026 954,277.50 --1,001,991.38 108,021.38 61,934.25 47,916.75 143,072.74 641,046.26 2024 2025
02/01/2027 951,007.50 --998,557.88 105,585.38 65,814.00 46,851.00 143,072.75 637,234.75 2025 2026
02/01/2028 957,947.50 --1,005,844.88 103,233.38 64,344.00 51,072.00 143,072.74 644,122.76 2026 2027
02/01/2029 959,187.50 --1,007,146.88 106,131.38 62,874.00 49,896.00 143,072.75 645,172.75 2027 2028
02/01/2030 954,867.50 --1,002,610.88 103,632.38 66,654.00 48,720.00 143,072.75 640,531.75 2028 2029
02/01/2031 960,127.50 --1,008,133.88 106,383.38 65,037.00 47,544.00 143,072.74 646,096.76 2029 2030
02/01/2032 954,322.50 --1,002,038.63 103,690.13 63,391.13 51,597.00 143,072.74 640,287.64 2030 2031
02/01/2033 962,345.00 --1,010,462.25 106,152.38 66,937.50 50,203.13 143,072.73 644,096.52 2031 2032
02/01/2034 958,707.50 --1,006,642.88 108,360.00 65,016.00 48,762.00 143,072.74 641,432.14 2032 2033
02/01/2035 748,267.50 --785,680.88 ---143,072.74 642,608.14 2033 2034
02/01/2036 388,137.50 --407,544.38 ----407,544.38 2034 2035
02/01/2037 388,957.50 --408,405.38 ----408,405.38 2035 2036
02/01/2038 384,157.50 --403,365.38 ----403,365.38 2036 2037
02/01/2039 388,897.50 --408,342.38 ----408,342.38 2037 2038
02/01/2040 387,947.50 --407,344.88 ----407,344.88 2038 2039
02/01/2041 386,477.50 --405,801.38 ----405,801.38 2039 2040
02/01/2042 384,477.50 --403,701.38 ----403,701.38 2040 2041
02/01/2043 386,937.50 --406,284.38 ----406,284.38 2041 2042
02/01/2044 388,655.00 --408,087.75 ----408,087.75 2042 2043
02/01/2045 384,615.00 --403,845.75 ----403,845.75 2043 2044
Total $13,660,092.69 (218,348.67) (211,426.52) $13,891,833.38 $951,189.75 $582,001.88 $442,561.88 $1,430,727.42 $10,485,352.46
* Special assessment revenue is based on assessments totaling $1,114,650 assessed at a rate of 4.70% (1.50%
over the true interest cost), with equal annual payments over 10 years.
2024A GO Charter Bonds NB | Issue Summary | 1/10/2024 | 11:40 AM
Northland Securities, Inc.
Public Finance Page 3
X-E-01
City of Hastings, Minnesota
$5,450,000 General Obligation Charter Bonds, Series 2024A
Ice Arena Improvements
Sources & Uses
Dated 04/17/2024 | Delivered 04/17/2024
Sources Of Funds
Par Amount of Bonds $5,450,000.00
Total Sources $5,450,000.00
Uses Of Funds
Deposit to Project Construction Fund 5,200,000.00
Deposit to Capitalized Interest (CIF) Fund 146,384.25
Total Underwriter's Discount (1.000%)54,500.00
Costs of Issuance 46,194.47
Rounding Amount 2,921.28
Total Uses $5,450,000.00
2024A GO Charter Bonds NB | Ice Arena Improvements | 1/10/2024 | 11:40 AM
Northland Securities, Inc.
Public Finance Page 4
X-E-01
City of Hastings, Minnesota
$5,450,000 General Obligation Charter Bonds, Series 2024A
Ice Arena Improvements
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
04/17/2024 -----
02/01/2025 --146,384.25 146,384.25 146,384.25
08/01/2025 --92,778.75 92,778.75 -
02/01/2026 200,000.00 2.900%92,778.75 292,778.75 385,557.50
08/01/2026 --89,878.75 89,878.75 -
02/01/2027 205,000.00 2.800%89,878.75 294,878.75 384,757.50
08/01/2027 --87,008.75 87,008.75 -
02/01/2028 210,000.00 2.800%87,008.75 297,008.75 384,017.50
08/01/2028 --84,068.75 84,068.75 -
02/01/2029 220,000.00 2.800%84,068.75 304,068.75 388,137.50
08/01/2029 --80,988.75 80,988.75 -
02/01/2030 225,000.00 2.800%80,988.75 305,988.75 386,977.50
08/01/2030 --77,838.75 77,838.75 -
02/01/2031 230,000.00 2.850%77,838.75 307,838.75 385,677.50
08/01/2031 --74,561.25 74,561.25 -
02/01/2032 235,000.00 2.950%74,561.25 309,561.25 384,122.50
08/01/2032 --71,095.00 71,095.00 -
02/01/2033 245,000.00 3.050%71,095.00 316,095.00 387,190.00
08/01/2033 --67,358.75 67,358.75 -
02/01/2034 250,000.00 3.200%67,358.75 317,358.75 384,717.50
08/01/2034 --63,358.75 63,358.75 -
02/01/2035 260,000.00 3.300%63,358.75 323,358.75 386,717.50
08/01/2035 --59,068.75 59,068.75 -
02/01/2036 270,000.00 3.400%59,068.75 329,068.75 388,137.50
08/01/2036 --54,478.75 54,478.75 -
02/01/2037 280,000.00 3.500%54,478.75 334,478.75 388,957.50
08/01/2037 --49,578.75 49,578.75 -
02/01/2038 285,000.00 3.600%49,578.75 334,578.75 384,157.50
08/01/2038 --44,448.75 44,448.75 -
02/01/2039 300,000.00 3.650%44,448.75 344,448.75 388,897.50
08/01/2039 --38,973.75 38,973.75 -
02/01/2040 310,000.00 3.700%38,973.75 348,973.75 387,947.50
08/01/2040 --33,238.75 33,238.75 -
02/01/2041 320,000.00 3.750%33,238.75 353,238.75 386,477.50
08/01/2041 --27,238.75 27,238.75 -
02/01/2042 330,000.00 3.800%27,238.75 357,238.75 384,477.50
08/01/2042 --20,968.75 20,968.75 -
02/01/2043 345,000.00 3.850%20,968.75 365,968.75 386,937.50
08/01/2043 --14,327.50 14,327.50 -
02/01/2044 360,000.00 3.900%14,327.50 374,327.50 388,655.00
08/01/2044 --7,307.50 7,307.50 -
02/01/2045 370,000.00 3.950%7,307.50 377,307.50 384,615.00
Total $5,450,000.00 - $2,423,516.75 $7,873,516.75 -
Yield Statistics
Bond Year Dollars $67,444.44
Average Life 12.375 Years
Average Coupon 3.5933527%
Net Interest Cost (NIC)3.6741599%
True Interest Cost (TIC)3.6694764%
Bond Yield for Arbitrage Purposes 3.3753206%
All Inclusive Cost (AIC)3.7592963%
IRS Form 8038
Net Interest Cost 3.5933527%
Weighted Average Maturity 12.375 Years
2024A GO Charter Bonds NB | Ice Arena Improvements | 1/10/2024 | 11:40 AM
Northland Securities, Inc.
Public Finance Page 5
X-E-01
City of Hastings, Minnesota
$5,450,000 General Obligation Charter Bonds, Series 2024A
Ice Arena Improvements
105% Levy
Less: Less:
Date Total P+I CIF 105% Levy
Hastings
Public Schools
ISD #200
Payments
Net Operating
Revenue for
Ice Arena
Fund Net Levy Levy Year Collection Year
02/01/2025 146,384.25 (146,384.25)------
02/01/2026 385,557.50 -404,835.38 --404,835.38 2024 2025
02/01/2027 384,757.50 -403,995.38 --403,995.38 2025 2026
02/01/2028 384,017.50 -403,218.38 --403,218.38 2026 2027
02/01/2029 388,137.50 -407,544.38 --407,544.38 2027 2028
02/01/2030 386,977.50 -406,326.38 --406,326.38 2028 2029
02/01/2031 385,677.50 -404,961.38 --404,961.38 2029 2030
02/01/2032 384,122.50 -403,328.63 --403,328.63 2030 2031
02/01/2033 387,190.00 -406,549.50 --406,549.50 2031 2032
02/01/2034 384,717.50 -403,953.38 --403,953.38 2032 2033
02/01/2035 386,717.50 -406,053.38 --406,053.38 2033 2034
02/01/2036 388,137.50 -407,544.38 --407,544.38 2034 2035
02/01/2037 388,957.50 -408,405.38 --408,405.38 2035 2036
02/01/2038 384,157.50 -403,365.38 --403,365.38 2036 2037
02/01/2039 388,897.50 -408,342.38 --408,342.38 2037 2038
02/01/2040 387,947.50 -407,344.88 --407,344.88 2038 2039
02/01/2041 386,477.50 -405,801.38 --405,801.38 2039 2040
02/01/2042 384,477.50 -403,701.38 --403,701.38 2040 2041
02/01/2043 386,937.50 -406,284.38 --406,284.38 2041 2042
02/01/2044 388,655.00 -408,087.75 --408,087.75 2042 2043
02/01/2045 384,615.00 -403,845.75 --403,845.75 2043 2044
Total $7,873,516.75 (146,384.25) $8,113,489.13 - - $8,113,489.13
2024A GO Charter Bonds NB | Ice Arena Improvements | 1/10/2024 | 11:40 AM
Northland Securities, Inc.
Public Finance Page 6
X-E-01
City of Hastings, Minnesota
$2,455,000 General Obligation Charter Bonds, Series 2024A
Street Improvements
Sources & Uses
Dated 04/17/2024 | Delivered 04/17/2024
Sources Of Funds
Par Amount of Bonds $2,455,000.00
Total Sources $2,455,000.00
Uses Of Funds
Deposit to Project Construction Fund 2,355,000.00
Deposit to Capitalized Interest (CIF) Fund 57,267.42
Total Underwriter's Discount (1.000%)24,550.00
Costs of Issuance 20,808.71
Rounding Amount (2,626.13)
Total Uses $2,455,000.00
2024A GO Charter Bonds NB | Street Improvements | 1/10/2024 | 11:40 AM
Northland Securities, Inc.
Public Finance Page 7
X-E-01
City of Hastings, Minnesota
$2,455,000 General Obligation Charter Bonds, Series 2024A
Street Improvements
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
04/17/2024 -----
02/01/2025 --57,267.42 57,267.42 57,267.42
08/01/2025 --36,296.25 36,296.25 -
02/01/2026 215,000.00 2.900%36,296.25 251,296.25 287,592.50
08/01/2026 --33,178.75 33,178.75 -
02/01/2027 220,000.00 2.800%33,178.75 253,178.75 286,357.50
08/01/2027 --30,098.75 30,098.75 -
02/01/2028 230,000.00 2.800%30,098.75 260,098.75 290,197.50
08/01/2028 --26,878.75 26,878.75 -
02/01/2029 235,000.00 2.800%26,878.75 261,878.75 288,757.50
08/01/2029 --23,588.75 23,588.75 -
02/01/2030 240,000.00 2.800%23,588.75 263,588.75 287,177.50
08/01/2030 --20,228.75 20,228.75 -
02/01/2031 250,000.00 2.850%20,228.75 270,228.75 290,457.50
08/01/2031 --16,666.25 16,666.25 -
02/01/2032 255,000.00 2.950%16,666.25 271,666.25 288,332.50
08/01/2032 --12,905.00 12,905.00 -
02/01/2033 260,000.00 3.050%12,905.00 272,905.00 285,810.00
08/01/2033 --8,940.00 8,940.00 -
02/01/2034 270,000.00 3.200%8,940.00 278,940.00 287,880.00
08/01/2034 --4,620.00 4,620.00 -
02/01/2035 280,000.00 3.300%4,620.00 284,620.00 289,240.00
Total $2,455,000.00 - $484,069.92 $2,939,069.92 -
Yield Statistics
Bond Year Dollars $16,016.72
Average Life 6.524 Years
Average Coupon 3.0222783%
Net Interest Cost (NIC)3.1755556%
True Interest Cost (TIC)3.1880036%
Bond Yield for Arbitrage Purposes 3.3753206%
All Inclusive Cost (AIC)3.3370560% IRS Form 8038
Net Interest Cost 3.0222783%
Weighted Average Maturity 6.524 Years
2024A GO Charter Bonds NB | Street Improvements | 1/10/2024 | 11:40 AM
Northland Securities, Inc.
Public Finance Page 8
X-E-01
City of Hastings, Minnesota
$2,455,000 General Obligation Charter Bonds, Series 2024A
Street Improvements
105% Levy
Less: Equals:
Date Total P+I CIF 105% Levy
Special
Assessment
Revenues* Net Levy Levy Year Collection Year
02/01/2025 57,267.42 (57,267.42)-----
02/01/2026 287,592.50 -301,972.13 143,072.74 158,899.39 2024 2025
02/01/2027 286,357.50 -300,675.38 143,072.75 157,602.63 2025 2026
02/01/2028 290,197.50 -304,707.38 143,072.74 161,634.64 2026 2027
02/01/2029 288,757.50 -303,195.38 143,072.75 160,122.63 2027 2028
02/01/2030 287,177.50 -301,536.38 143,072.75 158,463.63 2028 2029
02/01/2031 290,457.50 -304,980.38 143,072.74 161,907.64 2029 2030
02/01/2032 288,332.50 -302,749.13 143,072.74 159,676.39 2030 2031
02/01/2033 285,810.00 -300,100.50 143,072.73 157,027.77 2031 2032
02/01/2034 287,880.00 -302,274.00 143,072.74 159,201.26 2032 2033
02/01/2035 289,240.00 -303,702.00 143,072.74 160,629.26 2033 2034
Total $2,939,069.92 (57,267.42) $3,025,892.63 $1,430,727.42 $1,595,165.21
* Special assessment revenue is based on assessments totaling $1,114,650 assessed at a rate of 4.70% (1.50%
over the true interest cost), with equal annual payments over 10 years.
2024A GO Charter Bonds NB | Street Improvements | 1/10/2024 | 11:40 AM
Northland Securities, Inc.
Public Finance Page 9
X-E-01
City of Hastings, Minnesota
$630,000 General Obligation Charter Bonds, Series 2024A
City Hall Improvements (Dome)
Sources & Uses
Dated 04/17/2024 | Delivered 04/17/2024
Sources Of Funds
Par Amount of Bonds $630,000.00
Total Sources $630,000.00
Uses Of Funds
Deposit to Project Construction Fund 600,000.00
Deposit to Capitalized Interest (CIF) Fund 14,697.00
Total Underwriter's Discount (1.000%)6,300.00
Costs of Issuance 5,339.90
Rounding Amount 3,663.10
Total Uses $630,000.00
2024A GO Charter Bonds NB | City Hall Improvements (D | 1/10/2024 | 11:40 AM
Northland Securities, Inc.
Public Finance Page 10
X-E-01
City of Hastings, Minnesota
$630,000 General Obligation Charter Bonds, Series 2024A
City Hall Improvements (Dome)
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
04/17/2024 -----
02/01/2025 --14,697.00 14,697.00 14,697.00
08/01/2025 --9,315.00 9,315.00 -
02/01/2026 55,000.00 2.900%9,315.00 64,315.00 73,630.00
08/01/2026 --8,517.50 8,517.50 -
02/01/2027 55,000.00 2.800%8,517.50 63,517.50 72,035.00
08/01/2027 --7,747.50 7,747.50 -
02/01/2028 60,000.00 2.800%7,747.50 67,747.50 75,495.00
08/01/2028 --6,907.50 6,907.50 -
02/01/2029 60,000.00 2.800%6,907.50 66,907.50 73,815.00
08/01/2029 --6,067.50 6,067.50 -
02/01/2030 60,000.00 2.800%6,067.50 66,067.50 72,135.00
08/01/2030 --5,227.50 5,227.50 -
02/01/2031 65,000.00 2.850%5,227.50 70,227.50 75,455.00
08/01/2031 --4,301.25 4,301.25 -
02/01/2032 65,000.00 2.950%4,301.25 69,301.25 73,602.50
08/01/2032 --3,342.50 3,342.50 -
02/01/2033 70,000.00 3.050%3,342.50 73,342.50 76,685.00
08/01/2033 --2,275.00 2,275.00 -
02/01/2034 70,000.00 3.200%2,275.00 72,275.00 74,550.00
08/01/2034 --1,155.00 1,155.00 -
02/01/2035 70,000.00 3.300%1,155.00 71,155.00 72,310.00
Total $630,000.00 - $124,409.50 $754,409.50 -
Yield Statistics
Bond Year Dollars $4,117.00
Average Life 6.535 Years
Average Coupon 3.0218484%
Net Interest Cost (NIC)3.1748725%
True Interest Cost (TIC)3.1873724%
Bond Yield for Arbitrage Purposes 3.3753206%
All Inclusive Cost (AIC)3.3361812% IRS Form 8038
Net Interest Cost 3.0218484%
Weighted Average Maturity 6.535 Years
2024A GO Charter Bonds NB | City Hall Improvements (D | 1/10/2024 | 11:40 AM
Northland Securities, Inc.
Public Finance Page 11
X-E-01
City of Hastings, Minnesota
$630,000 General Obligation Charter Bonds, Series 2024A
City Hall Improvements (Dome)
105% Levy
Date Total P+I CIF 105% Levy Levy Year Collection Year
02/01/2025 14,697.00 (14,697.00)---
02/01/2026 73,630.00 -77,311.50 2024 2025
02/01/2027 72,035.00 -75,636.75 2025 2026
02/01/2028 75,495.00 -79,269.75 2026 2027
02/01/2029 73,815.00 -77,505.75 2027 2028
02/01/2030 72,135.00 -75,741.75 2028 2029
02/01/2031 75,455.00 -79,227.75 2029 2030
02/01/2032 73,602.50 -77,282.63 2030 2031
02/01/2033 76,685.00 -80,519.25 2031 2032
02/01/2034 74,550.00 -78,277.50 2032 2033
02/01/2035 72,310.00 -75,925.50 2033 2034
Total $754,409.50 (14,697.00) $776,698.13
2024A GO Charter Bonds NB | City Hall Improvements (D | 1/10/2024 | 11:40 AM
Northland Securities, Inc.
Public Finance Page 12
X-E-01
City of Hastings, Minnesota
$865,000 General Obligation Charter Bonds, Series 2024A
Water Improvements
Sources & Uses
Dated 04/17/2024 | Delivered 04/17/2024
Sources Of Funds
Par Amount of Bonds $865,000.00
Contribution From Water Funds 99,909.58
Total Sources $964,909.58
Uses Of Funds
Deposit to Project Construction Fund 850,000.00
Deposit to Debt Service Fund 99,909.58
Total Underwriter's Discount (1.000%)8,650.00
Costs of Issuance 7,331.79
Rounding Amount (981.79)
Total Uses $964,909.58
2024A GO Charter Bonds NB | Water Improvements | 1/10/2024 | 11:40 AM
Northland Securities, Inc.
Public Finance Page 13
X-E-01
City of Hastings, Minnesota
$865,000 General Obligation Charter Bonds, Series 2024A
Water Improvements
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
04/17/2024 -----
02/01/2025 80,000.00 2.950%19,909.58 99,909.58 99,909.58
08/01/2025 --11,438.75 11,438.75 -
02/01/2026 80,000.00 2.900%11,438.75 91,438.75 102,877.50
08/01/2026 --10,278.75 10,278.75 -
02/01/2027 80,000.00 2.800%10,278.75 90,278.75 100,557.50
08/01/2027 --9,158.75 9,158.75 -
02/01/2028 80,000.00 2.800%9,158.75 89,158.75 98,317.50
08/01/2028 --8,038.75 8,038.75 -
02/01/2029 85,000.00 2.800%8,038.75 93,038.75 101,077.50
08/01/2029 --6,848.75 6,848.75 -
02/01/2030 85,000.00 2.800%6,848.75 91,848.75 98,697.50
08/01/2030 --5,658.75 5,658.75 -
02/01/2031 90,000.00 2.850%5,658.75 95,658.75 101,317.50
08/01/2031 --4,376.25 4,376.25 -
02/01/2032 90,000.00 2.950%4,376.25 94,376.25 98,752.50
08/01/2032 --3,048.75 3,048.75 -
02/01/2033 95,000.00 3.050%3,048.75 98,048.75 101,097.50
08/01/2033 --1,600.00 1,600.00 -
02/01/2034 100,000.00 3.200%1,600.00 101,600.00 103,200.00
Total $865,000.00 - $140,804.58 $1,005,804.58 -
Yield Statistics
Bond Year Dollars $4,757.39
Average Life 5.500 Years
Average Coupon 2.9597030%
Net Interest Cost (NIC)3.1415254%
True Interest Cost (TIC)3.1571736%
Bond Yield for Arbitrage Purposes 3.3753206%
All Inclusive Cost (AIC)3.3320205% IRS Form 8038
Net Interest Cost 2.9597030%
Weighted Average Maturity 5.500 Years
2024A GO Charter Bonds NB | Water Improvements | 1/10/2024 | 11:40 AM
Northland Securities, Inc.
Public Finance Page 14
X-E-01
City of Hastings, Minnesota
$865,000 General Obligation Charter Bonds, Series 2024A
Water Improvements
105% Levy
Less:Equals:
Date Total P+I
Contribution
from Water
Funds 105% Levy
Water
Revenues Net Levy Levy Year Collection Year
02/01/2025 99,909.58 (99,909.58)-----
02/01/2026 102,877.50 -108,021.38 108,021.38 -2024 2025
02/01/2027 100,557.50 -105,585.38 105,585.38 -2025 2026
02/01/2028 98,317.50 -103,233.38 103,233.38 -2026 2027
02/01/2029 101,077.50 -106,131.38 106,131.38 -2027 2028
02/01/2030 98,697.50 -103,632.38 103,632.38 -2028 2029
02/01/2031 101,317.50 -106,383.38 106,383.38 -2029 2030
02/01/2032 98,752.50 -103,690.13 103,690.13 -2030 2031
02/01/2033 101,097.50 -106,152.38 106,152.38 -2031 2032
02/01/2034 103,200.00 -108,360.00 108,360.00 -2032 2033
Total $1,005,804.58 (99,909.58) $951,189.75 $951,189.75 -
2024A GO Charter Bonds NB | Water Improvements | 1/10/2024 | 11:40 AM
Northland Securities, Inc.
Public Finance Page 15
X-E-01
City of Hastings, Minnesota
$530,000 General Obligation Charter Bonds, Series 2024A
Sewer Improvements
Sources & Uses
Dated 04/17/2024 | Delivered 04/17/2024
Sources Of Funds
Par Amount of Bonds $530,000.00
Contribution From Sewer Funds 62,196.22
Total Sources $592,196.22
Uses Of Funds
Deposit to Project Construction Fund 520,000.00
Deposit to Debt Service Fund 62,196.22
Total Underwriter's Discount (1.000%)5,300.00
Costs of Issuance 4,492.32
Rounding Amount 207.68
Total Uses $592,196.22
2024A GO Charter Bonds NB | Sewer Improvements | 1/10/2024 | 11:40 AM
Northland Securities, Inc.
Public Finance Page 16
X-E-01
City of Hastings, Minnesota
$530,000 General Obligation Charter Bonds, Series 2024A
Sewer Improvements
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
04/17/2024 -----
02/01/2025 50,000.00 2.950%12,196.22 62,196.22 62,196.22
08/01/2025 --6,992.50 6,992.50 -
02/01/2026 45,000.00 2.900%6,992.50 51,992.50 58,985.00
08/01/2026 --6,340.00 6,340.00 -
02/01/2027 50,000.00 2.800%6,340.00 56,340.00 62,680.00
08/01/2027 --5,640.00 5,640.00 -
02/01/2028 50,000.00 2.800%5,640.00 55,640.00 61,280.00
08/01/2028 --4,940.00 4,940.00 -
02/01/2029 50,000.00 2.800%4,940.00 54,940.00 59,880.00
08/01/2029 --4,240.00 4,240.00 -
02/01/2030 55,000.00 2.800%4,240.00 59,240.00 63,480.00
08/01/2030 --3,470.00 3,470.00 -
02/01/2031 55,000.00 2.850%3,470.00 58,470.00 61,940.00
08/01/2031 --2,686.25 2,686.25 -
02/01/2032 55,000.00 2.950%2,686.25 57,686.25 60,372.50
08/01/2032 --1,875.00 1,875.00 -
02/01/2033 60,000.00 3.050%1,875.00 61,875.00 63,750.00
08/01/2033 --960.00 960.00 -
02/01/2034 60,000.00 3.200%960.00 60,960.00 61,920.00
Total $530,000.00 - $86,483.72 $616,483.72 -
Yield Statistics
Bond Year Dollars $2,923.11
Average Life 5.515 Years
Average Coupon 2.9586190%
Net Interest Cost (NIC)3.1399326%
True Interest Cost (TIC)3.1555576%
Bond Yield for Arbitrage Purposes 3.3753206%
All Inclusive Cost (AIC)3.3299070% IRS Form 8038
Net Interest Cost 2.9586190%
Weighted Average Maturity 5.515 Years
2024A GO Charter Bonds NB | Sewer Improvements | 1/10/2024 | 11:40 AM
Northland Securities, Inc.
Public Finance Page 17
X-E-01
City of Hastings, Minnesota
$530,000 General Obligation Charter Bonds, Series 2024A
Sewer Improvements
105% Levy
Less:Equals:
Date Total P+I
Contribution
from Sewer
Funds 105% Levy
Sewer
Revenues Net Levy Levy Year Collection Year
02/01/2025 62,196.22 (62,196.22)-----
02/01/2026 58,985.00 -61,934.25 61,934.25 -2024 2025
02/01/2027 62,680.00 -65,814.00 65,814.00 -2025 2026
02/01/2028 61,280.00 -64,344.00 64,344.00 -2026 2027
02/01/2029 59,880.00 -62,874.00 62,874.00 -2027 2028
02/01/2030 63,480.00 -66,654.00 66,654.00 -2028 2029
02/01/2031 61,940.00 -65,037.00 65,037.00 -2029 2030
02/01/2032 60,372.50 -63,391.13 63,391.13 -2030 2031
02/01/2033 63,750.00 -66,937.50 66,937.50 -2031 2032
02/01/2034 61,920.00 -65,016.00 65,016.00 -2032 2033
Total $616,483.72 (62,196.22) $582,001.88 $582,001.88 -
2024A GO Charter Bonds NB | Sewer Improvements | 1/10/2024 | 11:40 AM
Northland Securities, Inc.
Public Finance Page 18
X-E-01
City of Hastings, Minnesota
$405,000 General Obligation Charter Bonds, Series 2024A
Stormwater Improvements
Sources & Uses
Dated 04/17/2024 | Delivered 04/17/2024
Sources Of Funds
Par Amount of Bonds $405,000.00
Contribution from Stormwater Funds 49,320.72
Total Sources $454,320.72
Uses Of Funds
Deposit to Project Construction Fund 400,000.00
Deposit to Debt Service Fund 49,320.72
Total Underwriter's Discount (1.000%)4,050.00
Costs of Issuance 3,432.81
Rounding Amount (2,482.81)
Total Uses $454,320.72
2024A GO Charter Bonds NB | Stormwater Improvements | 1/10/2024 | 11:40 AM
Northland Securities, Inc.
Public Finance Page 19
X-E-01
City of Hastings, Minnesota
$405,000 General Obligation Charter Bonds, Series 2024A
Stormwater Improvements
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
04/17/2024 -----
02/01/2025 40,000.00 2.950%9,320.72 49,320.72 49,320.72
08/01/2025 --5,317.50 5,317.50 -
02/01/2026 35,000.00 2.900%5,317.50 40,317.50 45,635.00
08/01/2026 --4,810.00 4,810.00 -
02/01/2027 35,000.00 2.800%4,810.00 39,810.00 44,620.00
08/01/2027 --4,320.00 4,320.00 -
02/01/2028 40,000.00 2.800%4,320.00 44,320.00 48,640.00
08/01/2028 --3,760.00 3,760.00 -
02/01/2029 40,000.00 2.800%3,760.00 43,760.00 47,520.00
08/01/2029 --3,200.00 3,200.00 -
02/01/2030 40,000.00 2.800%3,200.00 43,200.00 46,400.00
08/01/2030 --2,640.00 2,640.00 -
02/01/2031 40,000.00 2.850%2,640.00 42,640.00 45,280.00
08/01/2031 --2,070.00 2,070.00 -
02/01/2032 45,000.00 2.950%2,070.00 47,070.00 49,140.00
08/01/2032 --1,406.25 1,406.25 -
02/01/2033 45,000.00 3.050%1,406.25 46,406.25 47,812.50
08/01/2033 --720.00 720.00 -
02/01/2034 45,000.00 3.200%720.00 45,720.00 46,440.00
Total $405,000.00 - $65,808.22 $470,808.22 -
Yield Statistics
Bond Year Dollars $2,224.50
Average Life 5.493 Years
Average Coupon 2.9583376%
Net Interest Cost (NIC)3.1404010%
True Interest Cost (TIC)3.1561265%
Bond Yield for Arbitrage Purposes 3.3753206%
All Inclusive Cost (AIC)3.3311868% IRS Form 8038
Net Interest Cost 2.9583376%
Weighted Average Maturity 5.493 Years
2024A GO Charter Bonds NB | Stormwater Improvements | 1/10/2024 | 11:40 AM
Northland Securities, Inc.
Public Finance Page 20
X-E-01
City of Hastings, Minnesota
$405,000 General Obligation Charter Bonds, Series 2024A
Stormwater Improvements
105% Levy
Less:Equals:
Date Total P+I
Contribution
from
Stormwater
Funds 105% Levy
Stormwater
Revenues Net Levy Levy Year Collection Year
02/01/2025 49,320.72 (49,320.72)-----
02/01/2026 45,635.00 -47,916.75 47,916.75 -2024 2025
02/01/2027 44,620.00 -46,851.00 46,851.00 -2025 2026
02/01/2028 48,640.00 -51,072.00 51,072.00 -2026 2027
02/01/2029 47,520.00 -49,896.00 49,896.00 -2027 2028
02/01/2030 46,400.00 -48,720.00 48,720.00 -2028 2029
02/01/2031 45,280.00 -47,544.00 47,544.00 -2029 2030
02/01/2032 49,140.00 -51,597.00 51,597.00 -2030 2031
02/01/2033 47,812.50 -50,203.13 50,203.13 -2031 2032
02/01/2034 46,440.00 -48,762.00 48,762.00 -2032 2033
Total $470,808.22 (49,320.72) $442,561.88 $442,561.88 -
2024A GO Charter Bonds NB | Stormwater Improvements | 1/10/2024 | 11:40 AM
Northland Securities, Inc.
Public Finance Page 21
X-E-01