4.1 Bond Sale Summary Series 2021ABond Sale Summary
City of Otsego, Minnesota
$4,345,000
General Obligation Water Revenue Bonds,
Series 2021A
August 23, 2021
�a
�, SECURITIES
r
150 South 5th Street, Suite 3300
Minneapolis, MN 55402
612-851-5900 800-851-2920
www.northlandsecurities. com
Member FINRA and SIPC � Registered with SEC and MSRB
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4ORTHLAND
SECURITIES
PURPOSE: Proceeds from the 2021A Bonds will be used to finance a new water
tower, and pay costs associated with issuing the 2021A Bonds.
FINANCE PLAN:
SECURITY:
RESULTS:
The Bonds have been structured to result in relatively level annual debt
service payments over the 15-year life of the Bonds.
General Obligation of the City payable from net revenues of the City's
water utility
• Method of Sale: Competitive. The Bonds were underwritten by Robert
W. Baird & Co., Inc., Milwaukee, Wisconsin.
• S&P Rating: "AA+"
• Final Maturity: February 1, 2037
• Optional Call: February 1, 2029
Final
on
08 23 2021
Finance
Plan
08 09 2021
Par Amount
$4,345,000
$4,575,000
All Inclusive Cost AIC
1.40%
1.44%
True Interest Cost TIC
1.31 %
1.34%
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NORTHLAND
f .r SECURITIES
EXHIBIT A -BID SUMMARY
TABULATION OF BIDS
CITY OF OTSEGO, MINNESOTA
$4,575,000i'
GENERAL OBLIGATION WATER REVENUE BONDS, SERIES 2021A
AWARD:
DATE OF SALE:
S&P UNDERLYING RATING
PURCHASE
BIDDER PRICE
ROBERT W. BAIRD & CO., INC.
MONDAY, AUGUST 23, 2021
TRUE
NET INTEREST
INTEREST COST COST (TIC'
AA+
ROBERT W. BAIRD & CO., INC. $4,780,985.30 $522,376.42 1.3033469%
Milwaukee, WI
Syndicate: C.L. Kind & Associates; Colliers Securities LLC; Vining -Sparks IBG, Limited Partnership; Fidelity Capital Markets; Crews &
Associates, Inc.; Davenport & Co., L.L.C..; Loop Capital Markets; Country Club Bank; SumRidge Partners; Sierra Pacific Securities; Isaak
Bond Investments, Inc.; United Bankers' Bank; Wintrust Investments, LLC; FMS Bonds Inc.; BNYMellon Capital Markets; Midland
Securities; First Southern LLC; InspereX; Dinosaur Securities; First Bankers' Banc Securities, Inc.; Mountainside Securities LLC; Commerce
Bank, N.A.
PIPER SANDLER & CO.
Minneapolis, MN
D.A. DAVIDSON & CO.
Denver, CO
FHN FINANCIAL CAPITAL MARKETS
Memphis, TN
04800491.75 $525857.81 1.3100944%
$4,780,423.55 $535,596.06 1.3382609%
$4,857,112.98 $566,257.58 1.3980685%
1 Par amount decreased from $4,575,000 to $4,345,000. The adjusted purchase price is $4,535,848.38, plus accrued interest from
the date of issue to the date of delivery, and the adjusted TIC is 1.3130699%.
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4ORTHILAN1103
SECURITIES
EXHIBIT B -SOURCES AND USES
Sources Of Funds
ParArnountofBonds _ $4,345,000.00
Reoffering Prenuum 25IM8,05
Total Sources $455965118A5
Uses Of Funds
Total Undenvritez'sDiscount (1.387%) - _ %269,67
Costs of Issuance 32,602,00
Deposit to Project Construction Fund 4,500,000,00
Roundine Amount 3124638
Total
EXHIBIT C -PRICING SUMMARY
18.05
Maturity Type ofBond Coupon field Matm•ity Value Price YTM CaII Date Ca11 Price Dollar P►•ice
02/01/2023 Serial Coupon 3.000% 0.120% 215,000.00 103,899% - - - 223,382.85
02/Ol/2024 Serial Coupon 3.000% 0.150% 250,000.00 106698% 266,745.00
.
02/01/2025 Serial Coupon 3,000% 0.250% 26000.00 109,183% 283,875,80
02/01/2026 Serial Coupon 3,000% 0,400% 26500,00 111,214% 294M7.10
02/01/2027 Serial Coupon 3,000% 0,520% 275,000.00 113,081% 310,972,75
02/01/2028 Serial Coupon 3,000% 0,650% 2851000,00 114,607% 326,629,95
02/01/2029 Serial Coupon 3,000% 0,750% 2901000400 1166071% 33605,90
02/01/2030 Serial Coupon 1,000% 0,850% 300,000,00 101.0671/o c 0.867% 02/01/2029 100,000% 303,201,00
02/01/2031 Serial Coupon 1,000% 0,950% 30500,00 100.354% c 0,960% 02/01/2029 100,000% 306,079,70
02/01/2032 Serial Coupon 1,050% 1,050% 305,000,00 100,000% ___ 30500.00
02/01/2033 Serial Coupon 1,150% 1,150% 310,000,00 100,000% 310,000,00
02/01/2034 Serial Coupon 1,250% 1,250% 315,000,00 100,000% 315,000,00
02/01/2035 Serial Coupon 2,000% 1,250% 31500,00 105,254% c 16563% 02/01/2029 100,000% 331550,10
02/01/2036 Serial Coupon 2,000% 1350% 325,000.00 104.536% c 1,644% 02/01/2029 100*000% 33%742,00
02/01/2037 Serial Coupon 2.000% 1.450% 330,000.00 103.823% c 1.716% 02/01/2029 100.000% 342,615,90
Total $4,3453000.00 $4,596,118,05
Rid Tnfnrtmatinn
ParAmountofBonds
Reoffering Prenuumor(Discount) _ _ __ _____ _______._ ___ 251,118.05
Cnoss Production $4,596,118.05
Total Underwriter's Discount 13871/_$(60,269.67)
Bid (104392% _ 4,535,84838
Total Purchase
EXHIBIT D —DEBT SERVICE SCHEDULE
Date Principal Coupon Interest Total P+I Fiscal Total
-
08/01/2022
78,159,28
782159,28
02/01/2023
2151000,00
3.000%
45,677.50
2602677,50
338,836.78
08/01/2023
42,452.50
42,452.50
02/01/2024
250,000.00
3.000%
42,452,50
292,452.50
334,905,00
08/01/2024
38,702.50
38,702.50
02/01/2025
26000.00
3.000%
38,702.50
298,702.50
337,405,00
08/01/2025
-
34,802.50
34,802.50
02/01/2026
265,000.00
3,000%
34,802.50
299,802.50
334,605.00
08/01/2026
-
30,827.50
30,827.50
02/01/2027
27500.00
3,000%
30,827.50
305,827.50
336,655.00
08/01/2027
26302.50
26,702,50
02/01/2028
285,000.00
3,000%
26302.50
3117702,50
338,405.00
08/01/2028
22,427.50
222427,50
02/01/2029
290,000.00
3,000%
22,427.50
312,427.50
334,855.00
08/01/2029
18,077.50
1077.50
02/01/2030
300,000.00
1,000%
18X7,50
318,077.50
336,155.00
08/01/2030
161577,50
161577,50
02/01/2031
30500.00
1.000%
161577,50
321,577.50
338,155.00
08/01/2031
15,052.50
151052,50
-
02/01/2032
305,000.00
1,050%
15,052.50
320,052.50
335,105.00
08/01/2032
131451,25
13451.25
02/01/2033
310,000.00
1,150%
13,451,25
323,451.25
336,902.50
08/01/2033
11,668,75
11,668.75
02/01/2034
315,000,00
L250%
111668,75
3261668,75
338,337.50
08/01/2034
91700,00
9300.00
02/01/2035
315,000.00
2.000%
9,700.00
324,700.00
334,400.00
08/01/2035
6,550.00
6,550.00
02/01/2036
325,000.00
2.000%
6,550.00
331,550.00
338,100.00
08/01/2036
3,300.00
3,300.00
02/01/2037
33000.00
2.000%
3,300.00
333,300.00
33600.00
Total $4,3451000.00 - $7049421.78 $55049,421.78 -
Yield
Statistics
Bend _Year Dollars
A w, ro"A r,.,,.,n., 1.8442828%
Net Interest Cost (DiIC) 1.3446129%
TrueInterest_Cost(TIC) __ __ __ _____ __ 1.3130699%
Bond Yield for Arbitrage Purposes
All Inclusive Cost (AIC) 1,4031374%
IRS Form 8038
Net Interest Cost 1.1355722%
Weighted Average Maturity 8.685 Years
nal Redemption
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EXHIBIT E -MUNICIPAL MARKET CONDITIONS
Bond Buyer's Index Trends
4.50%
4.0046
350% —
2021
2020
m 2019
N
d 3.0046 ---- zota
N
------- 2017
2,50% Oft4 AA
100% _.
2 c
E
c w
Source: Data compiled by Northland Securities from published Bond Buyer's Index
NORTHLAND
SECURITIES
150 South Sth Street, Suite 3300, Minneapolis, MN 55402
Main 612-851-5900/www.northlandsecurities.com
MemberFiNRAand SIPC, Registered with SEC and MSRB
Chart for illustration only. This is not an offer to buy orsell securities ,
Based on sources believed to be reliable, but not warranted orguaranteed by Northland Securltles, Inc. (RC 19-14A/Munl 19-_10A)
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6.25%
6.00%
5, 75%
s.50%
s.25%
s.00%
4.7s%
4.50%
4,25%
0
4.00%
m
3,75%
N
3.50%
3.25%
3.00%
2.75%
2.50%
2.25%
2.00%
L
NORTHLAND
L,
SECURITIES
Bond Buyer's Index 2000 to Present
r
i
0
o
g
o
0
0
0
p
o
o
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N
N
N
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
N
N
N
N
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Source: Data compiled by Northland Securities from published Bond Buyer's GO 10-Bond Index
NORTHLAND
SECURITIES
150 South 5th Street, Suite 3300, Minneapolis, MN 55402
Main 612.851-5900/www.northlandsecuritles.com
Member FINRA and SIPC, Registered with SEC and MSRB
Chart for Illustration only. Th(s fs not an offer to buy orsell securities .
Based on sources believed to be reliable , bu[ not warranted or guaranteed by Northland Securities, Inc. (RC 19-iSA/ Munl 19-11A)
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