I-1 - Finance Plan - 2025 GO Bond

Issue Overview Purpose Proceeds from the Bonds will be used to finance the costs of the North Park Road improvement project and to pay costs associated with the issuance of the Bonds. The Bonds have been sized based on the not to exceed amount of $5,500,000. The table below contains the sources and uses of funds for the bond issue. S ources Of Funds Par Amount of Bonds $5,500,000.00 Total Source s $5,500,000.00 Uses Of Funds Deposit to Project Fund 5,385,100.00 T otal Underwriter's Discount (1.400%) 77,000.00 Costs of Issuance 37,900.00 Total Use s $5,500,000.00 Authority The Bonds will be issued pursuant to the authority of Code of Iowa, Section 384.24A. Structure The Bonds have been structured with a maximum principal and interest of $330,000 in fiscal year 2026, and $425,000 in fiscal year 2027 level debt service payments thereafter over fifteen years with a not-to-exceed principal amount of $5,500,000. The proposed structure for the bond issue and preliminary debt service projections are illustrated in Attachment 1. Issuing Process The City has engaged Northland to act as underwriter for the Bonds pursuant to federal securities regulations. Northland will purchase the Bonds in an “arm’s length” negotiated sale. The calendar of events for the issuing process can be found on page 3. Underwriter: Northland Securities, Inc., Minneapolis, Minnesota Bond Counsel: Dorsey & Whitney LLP, Des Moines, Iowa Paying Agent: UMB Bank, N.A., West Des Moines, Iowa Northland Securities, Inc. Page 2