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<br />1 | Page <br /> <br />July 31, 2017 <br /> <br /> <br />Brenda Davitt <br />Finance Director, City of New Brighton, MN <br />803 Old Highway 8 NW <br />New Brighton, MN 55112 <br /> <br />CC: <br />Jason Aarsvold <br />Municipal Advisor <br />Ehlers <br /> <br /> <br />Dear Brenda: <br /> <br />We are pleased to express our interest in considering the credit accommodation described <br />below. This letter is not intended to constitute a commitment or offer to lend on the part of <br />Wells Fargo Bank, National Association, but only to summarize, for discussion purposes, the <br />credit accommodation we are interested in considering at this time. <br /> <br /> <br />Issuer: City of New Brighton, Minnesota (the “Issuer” or the “City”). <br /> <br />Purchaser: Wells Fargo Municipal Capital Strategies, LLC, a wholly owned <br />subsidiary of Wells Fargo Bank, N.A, Wells Fargo Bank, N.A., or <br />any other wholly owned subsidiary of Wells Fargo Bank, N.A. <br />(“Wells Fargo” or the “Bank”). <br /> <br />Par Amount: Up to $5,100,000 in principal. <br /> <br />Structure: The Bank will purchase bonds (the “Bonds”) that bear interest <br />at a fixed rate (the “Fixed Rate”). <br /> <br />Purpose: The Bonds will be used to re-finance a portion of the City’s <br />Series 2007B General Obligation Tax Increment Bonds. <br /> <br />Term: The Bonds will have a final maturity date of February 1, 2025 <br />(the “Maturity Date”). <br /> <br />Amortization: The Bonds will be subject to amortization with first principal <br />payment due on February 1, 2018 and annually on February 1 <br />thereafter through maturity. Interest will be due semi-annually <br />on February 1 and August 1, beginning February 1, 2018. <br /> <br /> The final amortization schedule will be structured substantially <br />the same as the existing debt service requirements on the Series <br />2007B Bonds which are to be refunded. <br /> <br />