4.1 GO Water Revenue Bonds Series 2021A 2021.08.23Bond Sale Summary
City of Otsego, Minnesota
$4,345,000
General Obligation Water Revenue Bonds,
Series 2021A
August 23, 2021
SECURITIES
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
NORTHLAND
N`f. SECURITIES
PURPOSE: Proceeds from the 2021A Bonds will be used to finance anew 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
Nftr SECURITIES
EXHIBIT A MEMO SUMMARY
TABULATION OF BIDS
CITY OF OTSEGO5 MINNESOTA
$4557510001
GENERAL OBLIGATION WATER REVENUE BONDS, SERIES 2021A
AWARD:
DATE OF SALE:
S&P UNDERLYING RATING
ROBERT W. BAIRD & CO., INC.
PURCHASE
PRICE
$4,780,985.30
ROBERT W. BAIRD & CO., INC.
MONDAY, AUGUST 23, 2021
NET
INTEREST COST
$522,376.42
AA+
TRUE
INTEREST
COST (TICI
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
$4,800,491.75 $525,857.81 1.3100944%
$4,780,423.55 $535,596.06 1.3382609%
$4,857,112.98 $566,257.58 1.3980685%
� 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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NORTHLAND
,`r.•< SECURITIES
EXHIBIT B -SOURCES AND USES
Sources Of Funds
Par Amount of Bonds
Reoffering Premium
Total Sources
TTses (1fFnnds
TotalUnderwrite�'s Discount
$4,345,000.00
251,118.05
$4,596,118.05
Costs of Issuance __ """`•`^'
Deposit to Project Construction Fund 4,5002000.00
Rounding Amount 31246,38
Total
EXHIBIT C -PRICING SUMMARY
18.05
Maturity Type ofBond Coupon Yield Maturity Value Ptice YTM Call Date Call Price Dollar Price
02/01/2023 Serial Coupon 3.000% 0.1200/4 2157000,00 103,899% 2232382.85
02/01/2024 Serial Coupon 3.000% 0.150% 250,000,00 106.698% 266,745.00
02/01/2025 Serial Coupon 3.000% 0.250% 260,000.00 109,183% 283,875.80
02/01/2026 Serial Coupon 3.000% 0.400% 26500.00 111.214% - 294,717.10
02/01/2027 Serial Coupon 3.000% 0.520% 275,000.00 113,081% 3102972,75
02/01/2028 Serial Coupon 3.000% 0.650% 28500.00 114.607% 326,629.95
02101/2029 Serial Coupon 3.000% 0.750% 290,000.00 116,071% 33605.90
02/01/2030 Serial Coupon 1.000% 0.850% 3002000,00 101.067% c 0.867% 02/01/2029 100,0000/0 303,201.00
02/01/2031 Serial Coupon 1.000% 0.950% 305,000.00 100.354% c 0.960% 02/01/2029 100,000% 306,079.70
02/01/2032 Serial Coupon_ 1.05001a 1.050% _ 305,000.00 100,000% _ - _ 305,000.00
02/01/2033 Serial Coupon 1.150% 1.150% 3102000,00 100.000% 3102000.00
02/01/2034 Serial Coupon 1.250% 1.250% 31500.00 100.000% 315,000.00
02/01/2035 Serial Coupon 2.000% 1.250% 315,000.00 105,254% c 1.563% 02/01/2029 100,000% 331,550.10
02/01/2036 Serial Coupon 2.000% 1.350% 325,000.00 104,536% c 1.644% 02/01/2029 100,000% 339,742,00
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 - - - $45345,000.00 - - - - - $49596,118.05
Bid Information
Par Amount of Bonds '°'•"'"""""
Reoffering Premiumor(Discount) __ __ __ 251,118.05
Gross Production $4,596,118.05
TotalUndenvriteesDiscount (1.387°/� _ $(60,269.67)
Bid (104.392%) 4,535,848.38
Total Purchase Price $44535,848.38
A4a06! ,
NORTHLAND
mw`psopa SECURITIES
EXHIBIT D -DEBT SERVICE SCHEDULE
Date Principal Coupon Interest TotaIP+I Fiscal Total
09/23/2021
-
-
-
-
-
08/01/2022
-
781159,28
782159,28
02/01/2023
21500.00
3.000%
45,677.50
260,677.50
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/O1/2024
382702,50
38,702,50
-
02/01/2025
2%000.00
3.000%
38,702.50
298,702.50
337,405,00
O8/01/2025
-
3402.50
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
275,000.00
3.000%
302827,50
305,827.50
3362655,00
08/O1/2027
-
26,702,50
26,702.50
-
02/01/2028
2852000,00
3.000%
26,702.50
311,702.50
338,405.00
08/O1/2028
-
22,427.50
222427,50
-
02/01/2029
290,000,00
3.000%
22,427.50
312427.50
3342855.00
08/01/2029
-
18,077.50
18,077.50
-
02/01/2030
300,000.00
1.000%
182077,50
318,077.50
336,155.00
08/01/2030
-
16,577.50
16,577.50
-
02/01/2031
305,000.00
1.0000/0
16,577.50
321,577.50
338,155,00
08/01/2031
-
15,052.50
15,052.50
-
02/01/2032
3055000,00
1.050%
15,052.50
320,052.50
335,105.00
08/01/2032
-
13,451.25
132451,25
-
02/01/2033
310,000,00
1.150%
13,451.25
323451.25
336,902.50
08/O1/2033
-
11,668.75
1108.75
-
02/01/2034
315,000,00
1.250%
117668675
3262668.75
338,337.50
08/01/2034
-
93700,00
91700,00
-
02/01/2035
31500.00
2.000%
92700,00
324,700.00
334,400.00
08/01/2035
-
-
6,550.00
62550,00
-
02/01/2036
325,000,00
2.000%
6,550.00
3312550,00
338,100.00
08/O1/2036
-
3,300.00
3,300.00
-
02/01/2037
330,000.00
2.000%
3,300.00
333,300.00
336,600.00
Total $49345,000.00 - $704,421.78 S5,0491421.78 -
Yield Statistics
_Bond Year Dollars
Average Coupon 1.8442828%
Net Interest Cost (NIC) 1.3446129%
True Interest Cost (T'IC) __ 1.3130699%
on Yield forArbitra_ge Purposes 0.9827504%
All Inclusive Cost (AIC) 1.4031374%
IRS Form 8038
Net Interest Cost 1.1355722%
Weighted Average Maturity _ 8.685 Years
Rede
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NORTHLAND
SECURITIES
EXHIBIT E -MUNICIPAL MARKET CONDITIONS
Bond Buyer's Index Trends
4,5096
4,0096
m 35096 — — - • -- "•
2021
O
Lj zozo
m 2019
a
b 3.00% ---- 2018
ry
------• 2017
2,50% AA
2,00%
r a
E
c a
Source: Data compiled by Northland Securities from published Bond Buyer's Index
150 South Sth Street, Suite 3300, Minneapolis, MN 55402
NORTHLAND Main 612-851-5900 / www.northlandsecurities.com
sealames MemberFlNRAand 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 or guaranteed
by
Northland
Securities, Inc. (RC 19-14A/Muni 19-_ 10A)
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NORTHLAND
SECURITIES
Bond Buyer's Index 2000 to Present
6,25%
6,00%
5,75%
5.50%
5,25%
5.00%
4,75%
w
m 4.50%
z
4,25%
O
4,00%
w
c 3,75%
N
3,50%
3,25%
3,00%
2.75%
2,50%
2, 25%
V
2.00.6
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
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Source: Data compiled by Northland Securities from published Bond Buyer's GO 20-Bond Index
NORTHLAND
`�r� SECURITIES
150 South Sth Street, Suite 3300, Minneapolis, MN 55402
Main 612-851-5900 / www.northla ndsecurities.com
Member FINRA and SIPC, Registered with SEC and MSRB
Chart for illustration only. This is no[ an offer to buy orsell securities .
Based on sources believed to be reliable ,but not warranted or guaranteed by Northland Securities, Inc. (RC 19-15A/ Muni 19-11A)
Page 7