I-1 - 2021A Refunding Bond Summary

PURPOSE: Proceeds from the Bonds will be used to current refund the 2022 through 2028 maturities of the City’s General Obligation Annual Appropriation Corporate Purpose Bonds, Series 2015A (the “2015A Bonds”) on June 1, 2021 and to pay costs associated with the issuance of the Bonds. FINANCE PLAN: The Bonds have been structured to result in relatively level annual savings and annual debt service payments over the life of the Bonds, which is similar to the original structure of the 2015A Bonds. SECURITY: Annually appropriated ad valorem taxes. RESULTS: • Method of Sale: Negotiated. The Bonds were underwritten by Northland Securities, Inc., Minneapolis, Minnesota. • Ratings: Non-Rated • Final Maturity: June 1, 2028 • Optional Call: Non-Callable <table> <tr> <th></th> <th>Final on 02/02/2021</th> </tr> <tr> <td>Par Amount</td> <td>$2,510,000</td> </tr> <tr> <td>All Inclusive Cost (AIC)</td> <td>1.29%</td> </tr> <tr> <td>True Interest Cost (TIC)</td> <td>1.07%</td> </tr> <tr> <td>Total Savings ($)</td> <td>$196,757</td> </tr> <tr> <td>Net Present Value Savings (%)</td> <td>6.75%</td> </tr> </table>