11-11-1986 HUCM7111
Special Meeting
November 11, 1986
All Commissioners were present; also present were Mgr. Hakel,
Counsel Peterson, Brad Farnham of Juran and Moody and Ivan
Larson and Jane Hodgins, Hutchinson Leader staff writer.
President Daggett called the meeting to order at 8:00 a.m.
Brad Farnham discussed time table and presented analysis
no. 3 for bond issue (copy attached).
After discussion, a motion was made by Commissioner Beatty,
seconded by Commissioner Lyke to approve analysis no. 3 as
presented by Brad Farnham. Motion was unanimously carried.
There being no further business, the meetir_g was adjotrned.
at 9:00 a.m.
J
ATTEST
E. Daggett, ident
Thomas B. Lyke,
PAR AMOUNT OF ISSUE 3920000.00
LESS:
DISCOUNT FACTOR(2.50 PT) - 98000.00
LEGAL OPINION (EST.) - 9000.00
REGRISTRATION (EST,) - 3500.00
RESERVE FUND - 392000.00
BOND PRINTING (EST.) - 1500.00
FISCAL & RATING (EST.) - 22000.00
AMOUNT AVAILABLE FOR CONSTR. 3394000.00
ecllxi= = == ==
(1) A RESERVE FUND EQUAL TO 10% OF THE ISSUE
SIZE MUST BE PLEDGED FROM THE PROCEEDS OF THE
BOND SALE.
AVERAGE INTEREST RATE ------ - - - - ->
NET EFFECTIVE INTEREST RATE - - - - ->
BOND YEARS-- ---- ------ ----- - ---- ->
BONDS DATED:
BONDS MATURE:
INTEREST:
OPTION:
PURCHASE PRICE:
ESTIMATED DATE OF CLOSING:
BOND SALE:
DATE:
TIME:
PLACE:
NOTICE OF BOND SALE PUBLILCATION:
LOCAL PAPER:
COMMERCIAL WEST:
FINANCE & COMMERCE
5.72%
6.15%
22640
DECEMBER 1, 1986
DECEMBER 1, 1988 -1996
DECEMBER 1, 1987 & SEMIANNUALLY THEREAFTER
ON EACH DUNE 1 AND DECEMBER 1.
DECEMBER 1, 1990 L& PAR
$3,900,000
DECEMBER 30, 1986
DECEMBER 9, 1986
12:15 P.M.
CITY HALL
NOVEMBER 25, 1986
NOVEMBER 29, 1986
NOVEMBER 28, 1986
e
CITY OF HUTCHINSON,
MINNESOTA
ANALYSIS #3
CASH FLOW BOND ANALYSIS
$3,920,000 ELECTRIC
REVENUE BONDS OF
1986 DATE OF ANALYSIS:
NOVEMBER 10, 1986
BONDS DATED: DECEMBER
1,
1986
PREPARED BY:
BRAD FARNHAM
COVERAGE
RATIO
(12 -1) INTEREST
TOTAL DEBT
NET INCOME
1AR,%
PRINCIPAL
RATE
INTEREST
SERVICE
BEFORE DEPRECIATION
YEAR
-----------------------------------------------------------------------------------------------------
1986
0.00
0.00
1986
1987
217190.00
217190.00
X
1987
1988
410000.00
4.75
217190.00
627190.00
2.07X
1988
1989
425000.00
5.00
197715.00
622715.00
2.09X
1989
1990
450000.00
5.25
176465.00
626465.00
2.08X
1990
1991
470000.00
5.40
152840.00
622840,00
2.09X
1991
1992
495000.00
5.60
127460.00
622460.00
2.09X
1992
1993
525000.00
5.80
99740.00
624740.00
2.08X
1993
1994
555000.00
6.00
69290.00
624290.00
2.08X
1994
1995
590000.00
6.10
35990.00
625990.00
2.08X
1995
1996
0.00
0.00
0.00
0.00
X
1996
1997
0.00
0.00
0.00
0.00
X
1997
1998
0.00
0.00
0.00
0.00
X
1998
1999
0.00
0.00
0.00
0.00
X
1999
2000
0.00
0.00
0.00
0.00
X
2000
2001
0.00
0.00
0.00
0.00
X
2001
2002
0.00
0.00
0.00
0.00
X
2002
-----------------------------------------------------------------------------------------------------
3920000.00
1293880.00
5213880.00
2.08X < - -4 112 YEAR
,AVG.
ccc =cr.c ccs= �zxr.= clsxzes==
as st =ce =axezzzc!
=csac =acat=ceaecl =zee
= =c = =a = =xcieiccicsiccc
FIRST 6 MONTHS
4 112 YEAR
YEAR ENDING
12 -31 ------------ - -
- - ->
1986
1985 1984
1983 1982
AVERAGES
------------------------------------------------------------------------------------------------------------
TOTAL SALES
4361661.00
8650586.00 8894201.00
8947519.00 8173454.00
8188131.22
LESS:
OPERATING EXPENSES
- 3261522.00 -
6583938.00 - 6458441.00
- 6516070.00 - 5739223.00
- 5984096.22
MAINTENANCE EXPENSES
- 116075.00
- 190378.00 - 362893.00
- 226896.00 - 700003.00
- 341823.89
ACCOUNTING EXPENSES
- 31665.00
- 62709.00 - 60297.00
- 69237.00 - 61857.00
- 59985.00
ADMINISTRATIVE EXPENSES
- 307018.00
- 549251.00 - 521345.00
- 491816.00 - 544391.00
- 502291.56
NET INCOME BEFORE DEPRECIATION
------------------------------------------------------------------------
645381.00
CiiiicCiLCiilili
1264310.00 1491225.00
ilai =iiaaC=i = =ite= =aSaaC===!!!i
1643500.00 1127980.00 1299934.56
=!!= a = =Cl ======'!la == = =ta
PAR AMOUNT OF ISSUE 3920000.00
LESS:
DISCOUNT FACTOR(2.50 PT) - 98000.00
LEGAL OPINION (EST.) - 9000.00
REGRISTRATION (EST,) - 3500.00
RESERVE FUND - 392000.00
BOND PRINTING (EST.) - 1500.00
FISCAL & RATING (EST.) - 22000.00
AMOUNT AVAILABLE FOR CONSTR. 3394000.00
ecllxi= = == ==
(1) A RESERVE FUND EQUAL TO 10% OF THE ISSUE
SIZE MUST BE PLEDGED FROM THE PROCEEDS OF THE
BOND SALE.
AVERAGE INTEREST RATE ------ - - - - ->
NET EFFECTIVE INTEREST RATE - - - - ->
BOND YEARS-- ---- ------ ----- - ---- ->
BONDS DATED:
BONDS MATURE:
INTEREST:
OPTION:
PURCHASE PRICE:
ESTIMATED DATE OF CLOSING:
BOND SALE:
DATE:
TIME:
PLACE:
NOTICE OF BOND SALE PUBLILCATION:
LOCAL PAPER:
COMMERCIAL WEST:
FINANCE & COMMERCE
5.72%
6.15%
22640
DECEMBER 1, 1986
DECEMBER 1, 1988 -1996
DECEMBER 1, 1987 & SEMIANNUALLY THEREAFTER
ON EACH DUNE 1 AND DECEMBER 1.
DECEMBER 1, 1990 L& PAR
$3,900,000
DECEMBER 30, 1986
DECEMBER 9, 1986
12:15 P.M.
CITY HALL
NOVEMBER 25, 1986
NOVEMBER 29, 1986
NOVEMBER 28, 1986