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HomeMy WebLinkAboutA033 - Memo from Dorsey & Whitney dated February 12, 2021 - Opinion and Schedule 0ORSEY DORSEY & WHITNEY LLP MEMORANDUM TO: David D. Grossklaus CC: Robert E. Josten; Emily Hammond; City of Ames FROM: Jessica Vaught DATE: February 12, 2021 RE: City of Ames, Iowa $5,107,055.19 Taxable Sewer Revenue Improvement and Refunding Bond, Series 2021 Our File No. 419370-63 Attached please find our opinion, the executed Taxable Sewer Revenue Improvement and Refunding Bond, and three (3) originals of the First Amendment to Loan and Disbursement Agreement relating to the closing of the City of Ames' Taxable Sewer Revenue Improvement and Refunding Bond, Series 2021 on February 19, 2021. Please notify us when closing has been completed and return two executed originals of the Loan and Disbursement Agreement to us. DORSEY&WHITNEY LLP Estimated Amortization Schedule City of Ames Sewer Revenue Bond CS-1920741-01 &WRR15-004 Loan summary Estimated Draw Schedule SRF Loan Closing Date Oct 19,2018 Initiation Fee- Oct 19,2018 28,500.00 P&D Payoff- Oct 19,2018 318,750.00 Final Maturity Date Jun 1,2038 Draw#I- Dec 7,2018 2,872.905.92 STATE Loan Period in Years 20 Draw#2- Nov 13,2020 1,985,899.27 111_701VIN0FUN0 Annual Interest Rate 0.86%EFF 12J.20 SP Init Fee- Feb 19,2021 1,875.00 Total Interest $ 514,102.80 Est SP Draw- Feb 19,2021 373,125.00 Servicing Fee Rate 0.25% Total Servicing Fees $ 134,026.28 Total Loan costsl $ 676,629.08 Total Loaned Amount 5,581,055.19 Payment Beginning Servicing Total Loan Total Annual Debt Ending Date Balance Principal Interest Fee Payment Service Balance Dec 1,2018 347.250.00 708.97 101.28 810.25 347,250.00 Jun 1,2019 3,220,155.92 235,000.00 27,338.43 3,905.49 266.243.92 267,054.17 2.985,155.92 --.--__. ........._.___.__ _._.. _-----._--... Dec 1,2019 2,985,155.92 26,120.11 3.731.44 29,851.55 2,985,155.92 Jun 1,2020 2,985,155.92 239,000.00 26,120.11 3,731.44 268,851.55 298,703.10 _2,746,155.92_ ..... ......... ......... .... ............ .._ ..... ..... . ....._.... ... - - Dec 1,2020 2,746,155.92 24,028,86 3,432.69 27,461.55 2,746.155.92 Jun 1,2021 5,107.055.19 241,055.19 22,115.52 6,428.93 269,599.64 297,061.19 4.866,000.00 _ ._._..----..._...._.........................................................-_..............................-..........._......----.._........................I-- . .........._......-_...._ ... ._.. . _. Dec 1,2021 4,866,000.00 20,923.80 6,082.50 27,006.30 4,866,000.00 Jun 1,2022 µ 4,866,000.00_ 262,000.00 20,923_80 8,082.50 289,006.30 _ 3.16,012.60 4,604,000.00_ Dec 1,2022 4,604,000.00 19,797.20 5,755.00 25,552.20 4.604,000.00 Jun 1,2023 4,604,000.00 w 2655000.00_- 19,797.20 5.755.00 290,552.20 ^316,104.40 4.339,000.00 Dec 1,2023 4,339,000.00 18,657.70 5.423.75 24.081.45 4,339,000.00 Jun 1,2024 4,339,000.00 267,000.00 18,657.70 5,423.75 291,081:45 315,162.90_ _4:072,000 00 . ..--- ... ....... . .....__....._.. _. _.......... . - --..._......_ Dec 1,2024 4,072,000.00 17,509.60 5.090.00 22,599.60 4,072,000.00 Jun 1,2025 4,072,000_.0_0....._. ......2.7...0..,.0_0._0_.0.0..._. 1.7....,.5...09 60 5 090.00 ... __... . _.._... ._.... Dec 1,2025 3,802,000.00 16,348.60 4,752.50 21,101.10 3,802,000.00 Jun 1,2026 3,80200.00 273,000.00 16,348.60 4,752.50 294,101.10 315,202.20 3,529,000.00 Dec 1,2026 3,529,000.00 15,174.70 4,411.25 19,585.95 3,529,OOD.00 Jun 1,2027 3,529,000.00 277,000.00 15,174.70 4,411.25 296,585.95 316,171.90 3.252,000.00 ._... ........ ......_...... ......... ..-. ....... .... .... ......-.._..._.. ..... ......-- Dec 1,2027 3.252,000.00 13,983.60 4,065.00 18,048.60 3,252,000.00 _.....Jun 1,_2026.............3.252,000.00......................._280,000.00..............._...._.._13,983,60....__........._._4,0............................. ..... ..._ - -_.. ......... Dec 1,2028 2,972,000.00 12.779.60 3,715.00 16,494.60 2,972,000.00 Jun 1.2029 2L 772 000.00 283,000.00 12,779.69 3,715.00 299,494.60 315 989.20 2,689,000.00 _.. ._ _z._ _ ___ Dec 1,2D29 2,689,000.00 11,562.70 3,361.25 14,923.95 2,689.000.00 Jun 1,2030 2,689,00.................... _............... ..... ... _.... ......_ _......._.. _ ........ �..._.__ Dec 1,2030 2,403,000.00 10,332.90 3,003.75 13,336.65 2,403,000.00 Jun 1,2031 2,403,000.00 289,000.00 10.332.90 3,003 75 302,336.65 315 673.30 2,114 000.00 -. ....... ............ .. ..._...... ...... ................ .... ... --..... ..... Dec 1,2031 2,114.000.00 9,090.20 2,642.50 11,732.70 2,114,000.00 Jun 1,2032 2,114,000.00 292,000.00 9.090.20 2,642.50 303,732.70 315,465.40 1,822,000.00 Dec 1,2032 1,822,000,00 7,834.60 2,277.50 10,112.10 1,822,000.00 Jun 1,2033 1,822,000.00 295,000.00 7,834.60 2,277.50 305,112.10 311,224.20 1,527,000.00 Dec 1,2033 1,527,000.00 6.566.10 1,908.75 8,474.85 1,527.000.00 Jun 1,2034 1,527,000.00 299,000.00 6,566.10 1,908.75 307,474.85 315,949.70 1,228,000.00 .__...__ . .............. .... .... ._. ...._.._ .._.._.... ........ ..._.... .-- -- _ ._.....__. ..._._....__ Dec 1,2034 1,228.000.00 5,280.40 1,535.00 6,815.40 1,228,000.00 Jun 1,2035 1,228,000.00 302,000.00 5,280.40 1,535.00 308,815.40 315,630.80. 926.000.00 .....................--....._......_.........---.._............................_....__......_._..__................._._........._..._.._...- ......_..._....._ ......... ._.__...... ..... ........ ._......._.... Dec 1,2035 926,000.00 3,981.80 1,157.50 5,139.30 926,000.00 Jun 1,2036 926,000.00 305,000,00 3,981.80 1,157.50 310,139.30 315,278.60 621,000.00 Dec 1,2036 621.000.00 2.670,30 776.25 3,446.55 621.000.00 Jun 1,2037 621 000.00 309,000 00 2,670 30 776.25 312,446 55 315,893.10 312.000.00 ..,._..._....... _...._. . .......__,....... .. . .................. ....._... _....._..... ......_..__._. ._.... _. Dec 1,2037 312,000.00 1,341 60 390.00 1,731.60 312,000.00 Jun 1,2038 312,000.00 312,000.00 1.341.60 390.00 313,731.60 315,463.20. . .. 0.00 INVESTING IN IOWA'S WATER As of 2/9/2021 wwwj-'rf.-