HomeMy WebLinkAbout11/20/1990, C1B 1 - APPROVAL OF PROJECT FINANCING ��'��►I�I[Q��°V""9lUlll city of san to s osi spo
COUNCIL AGENDA REPORT N
FROM: William C. Statler, Director of Finance
SUBJECT: APPROVAL OF PROJECT FINANCING
CAO RECOMMENDATION
Adopt resolutions of the City Council and the Board of Directors of the San Luis Obispo
Capital Improvement Board approving the sale of $4.5 million in Certificates of
Participation in order to finance the following projects:
■ Fire Station No. 1.Site Acquisition
■ General Fund Share of the Recreation Center Rehabilitation
■ Impending Open Space and Parkland Acquisitions
REPORT-IN-BRIEF
The proposed project financing is in conformance with the policies, objectives, and
projects outlined in the 1989-91 Financial Plan, and is recommended for implementation
at this time due to the following factors:
■ Enables these approved projects to proceed expeditiously in accordance with
approved financing plans.
■ Record keeping and investment earning advantages associated with completing a
small debt issuance (defined by the IRS as $5 million or less) prior to the close
of 1990.
■ Very favorable market conditions for an issuance of this type.
Attachment A provides an overview of the proposed financing including issue size;
anticipated net proceeds, project summary, maturity term, type of issue, projected interest
rate, net annual debt service, and tentative, calendar. As noted in Attachment A, this
financing is to be achieved through the issuance of Certificates of Participation through
the San Luis Obispo Capital Improvement Board,(Board), which was established on April
15, 1986 as a public financing authority for the express purpose of providing financing
for these types of improvements. The City Council serves as the Board of Directors for
this agency.
Under the proposed financing approach, which is very similar to that used for the 1986
Lease Revenue Bonds and 1988 Certificates of Participation, the City will make annual
lease payments to the Board equal to the debt service payments on the Certificates,
which will be issued through the Board. Due to the lease-purchase nature of the
financing between the Board and the City, adoption of resolutions approving the sale and
related documents .is required by both agencies.
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Warne COUNCIL AGENDA REPORT -
DISCUSSION
Summary of Projects
The purpose of the proposed financing is to implement funding for the following projects:
Fut Station No. 1 Site Acquisition
Council approved the purchase of this site from the school district on November 7,
1990 in the amount of $2,640,000. Debt financing of this project was approved by the
Council at that time.
General Fund Share of the Recreation Center Rehabilitation
Council approved general fund support for this project in the amount of $338,000 on
April 10, 1990. Out to bid at this time, the total cost of this project is $972,000, to
be funded as follows:
State Grant 2969000
Park In-Lieu Fees 3389000
General Fund Supported Debt Financing 338.000
TOTAL $972,000
Debt financing of the General Fund's share of this project was approved at that time.
Open Space and Parkland Acquisition
Funding is provided through this financing in the amount of $900,000 to implement
impending open space and parkland acquisitions currently under discussion.
Capital Financing and Debt Management Policy Links
The proposed financing is consistent with the City's adopted capital financing and debt
management policies as provided on pages B-7 and B-8 of the 1989-91 Financial Plan.
Most notably, the proposed financing meets the following key criteria outlined in this
policy:
■ The projects' useful lives exceed the term of the financing (20 years).
■ The proposed financing will support an investment grade rating and will be
conducted on a competitive basis.
■ Current market conditions present favorable interest rates and demand for
municipal financings.
Proposed Financing Structure
Under the proposed financing structure, the debt service payments on the Certificates will
be funded through lease payments from the City to the Board. As security for the lease
payments, the City will transfer its ownership of the Fire Station site and the Recreation
Center to the Board (which is governed by the City Council), which will in turn lease
the facilities back to the City. At the end of the term of the financing (20 years),
m t ;x111►�I��►' ����II MY Of San tuiS_OBISPO
COUNCIL AGENDA REPORT
ownership will revert back to the City. The lease-purchase nature of the proposed issue
is almost identical to the approach used in structuring the 1986 Lease Revenue Bonds
which were used to finance street and parking structure improvements as well as the
1988 Certificates of Participation which were used to finance water system improvements.
Description of Financing Documents
The attached resolutions approve a variety of financing documents which are required
in order to proceed with the project financing. Prepared by the City's Bond Counsel
(Jones Hall Hill & White) and Financial Advisor (Evensen Dodge), the following is a
brief description of these documents which are on file in the City Clerk's office:
Lease Agreement
This document serves as the basic security for the financing. Under the Lease
Agreement, the Board leases the Recreation Center and the Fire Station site back to
the City for a term equal to the term of the Certificates. The City agrees to make
annual lease payments to the Board (which will be equal to the debt service on the
Certificates of Participation issued by the Board), and at the end of the financing
term (20 years), title will revert to the City.
Acquisition Agreement
This is the agreement under which the Board acquires the Recreation Center from
the City. The purchase will take place at the Certificate closing in December, and
the full purchase price will be paid from the Certificate proceeds at that time.
Assignment Agreement
Because the Certificates are payable from .the Lease Payments, it is necessary for the
Lease Payments (and various other rights of the Board under the Lease Agreement)
to be assigned to the Trustee; and this is the sole purpose of the Assignment
Agreement.
Trust Agreement
This document contains all of the terms and provisions relating to the Certificates,
including prepayment provisions, maturity schedules, rights, and remedies of the
Certificate owners and the Trustee in the event of a default under the Lease
Agreement.
Official Notice of Sale
The Official Notice of Sale provides all of the terms upon which the City will receive
bids from potential investors for the purchase of the Certificates.
Official Statement
Prepared by the Financial Advisor, the Official Statement (OS) describes the financing
for prospective purchasers of the Certificates, and constitutes the primary marketing
document for the financing..
As reflected in the attached resolutions of the Board and City approving these financing
documents, the City Administrative Officer (who also serves as the Executive Director
for the Board) is authorized to make minor amendments to these documents as
\1
��II; city Of San IUIS OBISPO
WAGe COUNCIL AGENDA REPORT -
recommended by Bond Counsel and the Financial Advisor, and to execute the final
documents.
Professional Assistance
In accordance with service agreements previously executed with these firms, Bond
Counsel services will be provided by the law firm of Jones Hall Hill & White and
Financial Advisor services will be provided by Evensen Dodge. Additionally, Trustee
Services are anticipated to be provided by Security Pacific Bank based on their
experience in serving as the City's trustee for the 1986 Lease Revenue Bonds and 1988
Certificates of Participation. However, to ensure competitiveness, proposals will be
solicited from other firms providing this service.
CONCURRENCES
The Fire Chief] Recreation Director, and Community Development Director concur with
the proposed financing which will enable them to implement key priority projects
affecting their departments.
FISCAL IMPACT
The net lease payments (debt service) to be made by the City will be approximately
$375,000 annually and will be paid' from the General Fund beginning in Fiscal Year
1991-92. This represents approximately 1.5% of current General Fund expenditures.
Accommodating this increase in next year's budget in order to fund key high pn_ority
1r iects is within the City's current financial capability.
The following detail schedules regarding the financial terms of the Certificate issuance
are provided in Attachment B:
■ Source and Use of Funds (Attachment B-1)
■ Debt Service Schedule (Attachment B-2)
■ Interest Rate Summary (Attachment B-3)
m Net Debt Service Requirements (Attachment B4)
ALTERNATIVES
The recommended financing is in accordance with adopted Council financial management
policies, objectives, and projects. Accordingly, there are no viable alternatives to the
proposed financing which will achieve project objectives in a timely manner that is
consistent with the sound and prudent financial management policies currently in effect.
Failure to adopt the attached resolutions implementing the proposed financing will:
■ Delay or prevent implementation of approved high-priority projects, which are
dependent upon the proceeds from the financing for funding as identified in the
1989-91 Financial Plan, Facilities Master Plan, and recent Council actions.
I �
211city of San Luis OBIspo
COUNCIL AGENDA REPORT
Ce Result in a lost opportunity to conduct a small issue (less than $5,000,000)
financing during 1990, which provides significant record keeping and interest
earning advantages to the City.
■ Result in a potential lost opportunity to benefit from current market conditions
which are especially favorable at this time for an issuance of this type.
SUMMARY
In order to provide the funding required to implement three high-priority projects, it is
recommended that the Council and the Board adopt the proposed resolutions which
authorize the issuance of $4.5 million in Certificates of Participation for this purpose.
ATTACHMENTS:
Resolutions of the City Council and Board of Directors of the San Luis Obispo Capital
Improvement Board (two separate documents)
A. Summary of the Proposed Project Financing
B. Detail Financial Schedules
1. Source and Use of Funds
�- 2. Debt Service Schedule
3. Interest Rate Summary
4. Net Debt Service Requirements
PF/9000PS.W F
2W2&11 JMWX AJ4 uioa90
iLmAo
RESOLUTION NO.
RESOLUTION OF THE CITY COUNCIL OF THE MY OF SAN LUIS
OBISPO APPROVING THE SALE OF MUNICIPAL LAND AND
IMPROVEMENTS To THE CITY OF SAN Luis OBISPO CAPITAL
IMPROVEMENT BOARD AND THE LEASE OF SUCH LAND
IMPROVEMENTS BACK-FROM SUCH BOARD,APPROVING RELATED
AGREEMENTS,OFFICIAL STATEMENT AND COMPETITIVE SALE OF NOT
TO EXCEED$4,500,000 CERTIFICATES OF PARTICIPATION
WHEREAS, the City of San Luis Obispo (the "City') is currently proceeding to finance
the costs of various municipal improvements,consisting of the acquisition of land for open space
purposes, the acquisition of land to be used as the site'of a fire station, and the renovation and
rehabilitation of the recreation center of the City(the'Projeco;and
WHEREAS, the Cityof San Luis Obispo Capital Improvement Board (the '!Board")has
been formed for the purpose of assisting the City in financing the acquisition, construction and
improvement of property which is of benefit to the City;and
WHEREAS, to accomplish such financing of the Project, the City has proposed to sell
such recreation center facilities (the "Facilities") to the Board pursuant to the Acquisition
Agreement dated as of December 1, 1990, (the"Acquisition Agreement")and to lease the Facilities
C and such fire station site from the Board pursuant to the Lease Agreement dated as of December 1,
1990(the"Lease Agreement");and
WHEREAS, for the purpose of obtaining the moneys required to finance the acquisition
of the Facilities under the Acquisition Agreement,the Board proposes to assign and transfer certain
of its rights under the Lease Agreement to a trustee bank (the 'Trustee") pursuant to that certain
Asdsignment Agreement dated as of December 1, 1990, by and between the Board and the Trustee;
an
WHEREAS, in consideration of such assignment and the execution of that certain Trust
Agreement dated as of December 1, 1990, (the 'Trust Agreement") by and among the Board, the
City and the Trustee, the Trustee will execute and deliver Certificates of Participation in the
principal amount of not to exceed$4,500,000(the"Certificates of Participation'),each evidencing
an undivided fractional interest in the Lease Payments made by the City under the Lease
Agreement; and
WHEREAS, the City and the Board have determined to sell the Certificates of
Participation at competitive sale, and the firm of Evensen Dodge,Inc.(the"Financial Adviser')is
assisting the City and the Board in such sale of the Certificates of Participation and has caused to
be prepared an Official Statement describing the Certificates of Participation, to be used in
connection with such sale;and
WHEREAS, the City Council approves of said transactions as being in the public
interests of the City,
• NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of San
Luis Obispo as follows:
SECTION 1. Sale of Facilities; Approval of Acquisition Agreement. Ilse City
Council hereby approves the sale of the Facilities by the City to the Board pursuant to,and subject
to the terms and conditions of,the Acquisition Agreement in substantially the form on file with the
City Clerk, together with any changes therein or additions thereto deemed advisable by the City
Administrative Officer, whose execution thereof shall be conclusive evidence of his approval of
such changes and additions. The Board hereby authorizes and directs the City Administrative
Officer to execute,and the City Clerk to attest and affix the seal of the City to, said form of the
Acquisition Agreement for and in the name of the City.
SECTION 2. Lease of Facilities and Fire Station Site; Approval of Lease
Agreement. The City Council hereby approves the lease of-the Facilities and fire station site by
the City from the Board pursuant to, and subject to the terms and conditions of, the Lease
Agreement in substantially the form on file with the City Cleric,together with any changes therein
or additions thereto deemed advisable by the City Administrative Officer,whose execution thereof
shall be conclusive evidence of his approval of such changes and additions. The City Council
hereby authorizes and directs the City Administrative Officer to execute,and the City Clerk to attest
and affix the seal of the City to,said form of the Lease Agreement for and in the name of the City.
The schedule of lease payments set forth in the Lease Agreementshall conform to the schedule of
principal and interest payments represented by the Certificates of Participation as determined
pursuant to Section 4 hereof.
SECTION 3. Approval of Trust Agreement. The City Council hereby approves the
Trust Agreement in substantially the form on file with the City Clerk together with any changes
therein or additions thereto deemed advisable by the City Administrative Officer,whose execution
thereof shall be conclusive evidence of his approval of such changes and additions. The City
Council hereby authorizes and directs the City Administrative Officer to execute,and the City Clerk
to attest and affix the seal of the City to, said form of the Trust Agreement for and in the name of
the City.
SECTION 4. Sale of Certificates of Participation. The City Council hereby
approves the competitive sale of the Certificates of Participation,and hereby calls for the receipt of-
bids on the Certificates of Participation on Thursday, December 13, 1990, at the hour of 10:00
a.m. in the office of Jones Hall Hill & White at Four Embarcadero Center, Suite 1950, San
Francisco, California. The Director of Finance is hereby authorized and directed for and in the
name and on behalf of the City to accept the bid of the best responsible bidder, provided that the
purchase price to be paid for the Certificates of Participation shall be at least ninety-eight percent
(98%) of the par value thereof, and the weighted average rate of interest represented by the
Certificates of Participation shall not exceed eight and three-quarters percent(8-3/4%)per anftum.
The Certificates of Participation shall be sold pursuant to and in accordance with the provisions of
the Official Notice of Sale in substantially the form on file with the City Clerk, which is hereby
approved as the official notice of sale of the Certificates of Participation.
SECTION S. Publication of Notice of Intention. In accordance with the
requirements of Section 53692 of the California Government Code, the Director of Finance is
hereby authorized and directed to execute, and Jones Hall Hill & White, A Professional Law
Corporation, as bond counsel to the City, is hereby authorized and directed to cause to be
published, the Notice of Intention to Sell Certificates of Participation in substantially the form on
file with the City Cleric. Such publication shall be made once no later than November 28, 1990,in
a financial journal published in the State of California.
SECTION 6. Official Statement. The City Council hereby approves, and hereby
deems nearly final within the meaning of Rule 15c2-12 of the Securities Exchange Act of 1934,the --
preliminary Official Statement describing the Certificates in the form submitted by the Financial
Adviser and on file with the City Clerk, together with any changes therein or additions thereto
A
deemed advisable by the Director of Finance,whose execution thereof shall be conclusive evidence
of his approval of any such changes or additions. The City Council hereby approves and
authorizes the distribution by the Financial Adviser and by the purchaser of the Certificates of
Participation of said Official YStatement to prospective purchasers of the Certificates of
Participation. The Director of Finance is hereby authorize to execute an appropriate certificate
stating the City Council's determination that the Preliminary Official Statement has been deemed
nearly final within the meaning of such Rule. The Director of Finance is ftuther hereby authorized
and directed to approve any changes in or additions to the final form of such Official Statement as
the Director of Finance shall deem advisable,and to execute said final Official Statement for and in
the name and on behalf of the City.
SECTION 7. Official Actions. The City Administrative Officer, the Director of
Finance,the City Clerk, the City Attorney and all other officers and representatives of the City are
each authorized and directed in the name and on behalf of the City to make any and all
assignments,certificates,requisitions,agreements, notices,consents, instruments of conveyance,
warrants and other documents,which they or any of them might deem necessary or appropriate in
order to consummate any of the transactions contemplated by the documents approved pursuant to
this Resolution.
C
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SECTION 8. Effective Date. This Resolution shall take effect from and after the date 1
of its passage and adoption. J
On motion of ,seconded by
PASSED AND ADOPTED this 20th day of November,1990,by the following vote:
AYES:
NOES:
ABSENT:
Mayor
ATTEST:
City Clerk
APPROVED:
City Administrative Officer
r City orn
Director of Finance
i
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1
.29M&11 11/0W
11AIN90
RESOLMON NO.
RESOLUTION OF THE BOARD OF DIRECTORS OF THE CRY OF SAN LUIS
OBISPO CAPITAL IMPROVEMENT BOARD APPROVING THE PURCHASE
OF MUNICIPAL LAND AND IMPROVEMENTS FROM THE CITY OF SAN
LUIS OBISPO AND THE.LEASE OF SUCH IMPROVEMENTS BACK TO THE
CITY,APPROVING RELATED AGREEMENTS,OFFICIAL STATEMENT
AND COMPETITIVE SALE OF NOT TO EXCEED$4,500,000 CERTIFICATES
OF PARTICIPATION
WHEREAS, the City of San Luis Obispo (the "City") is currently proceeding to finance
the costs of various municipal improvements,consisting of the acquisition of land for open space
purposes, the acquisition of land to be used as the site of a fine station, and the renovation and
rehabilitation of the recreation center of the City(the'Projece);and
WHEREAS, the City of San Luis Obispo Capital Improvement Board (the "Board") has
been formed for the purpose of assisting the City in'fmancing the acquisition, construction and
improvement of property which is of benefit to the City;and
WHEREAS, to accomplish such financing of the Project, the City has proposed to sell
such recreation center facilities (the "Facilities") to the Board pursuant to the Acquisition
Agreement dated as of December 1, 1990, (the"Acquisition Agreement') and to lease the Facilities
O and such fire station site from the Board pursuant to the Lease Agreement dated as of December 1,
1990(the"Lease Agreement");and
WHEREAS,for the purpose of obtaining the moneys required to finance the acquisition
of the Facilities under the Acquisition Agreement,the Board proposes to assign and transfer certain
of its rights under the Lease Agreement to a trustee bank (the 'Trustee") pursuant to that certain
Assignment Agreement dated as of December 1, 1990, (the "Assignment Agreement") by and
between the Board and the Trustee;and
WHEREAS, in consideration of such assignment and the execution of that certain*Trust
Agreement dated as of December 1, 1990, (the 'Trust Agreement") by and among the Board, the
City and the.Trustee, the Trustee will execute and deliver Certificates of Participation in the
principal amount of not to exceed$4,500,000(the"Certificates of Participation'j,each evidencing
an undivided fractional interest in the Lease Payments made by the City under the Lease
Agreement;and
WHEREAS, the City and the Board have determined to sell the Certificates of
Participation at competitive sale,and the firm of Evensen Dodge,Inc.(the"Financial Adviser")is
assisting the City and the Board in such sale of the Certificates of Participation and has caused to
be prepared an Official Statement describing the Certificates of Participation, to be used in
connection with such sale; and
WHEREAS, the Boatd of Directors approves of said transactions as being in the public
interests of the Board;
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the City of
OSan Luis Obispo Capital Improvement Board as follows:
-r
SECTION 1. Purchase of Facilities; Approval of Acquisition Agreement.
The Board of Directors hereby approves the purchase of the Facilities by the Board from the City
pursuant to,and subject to the terms and conditions of,the Acquisition Agreement in substantially
the form on file with the Secretary,together with any changes therein or additions thereto deemed
advisable by the Executive Director. The Board hereby authorizes and directs the President to
execute,and the Secretary to attest and affix the seal of the Board to, said form of the Acquisition
Agreement for and in the name of the Board.
SECTION 2. Lease of Facilities and Fire Station Site; Approval of Lease
Agreement. The Board of Directors hereby approves the lease of the Facilities.and fine station
site by the Board to the City pursuant to, and subject to the terms and conditions of, the Lease
Agreement in substantially the form on file with the Secretary,together with any changes therein or
additions thereto deemed advisable by the Executive Director. The Board of Directors hereby
authorizes and directs the President to execute,and the Secretary to attest and affix the seal of the
Board to, said form of the Lease Agreement for and in the name of the Board. The schedule of
lease payments set forth in the Lease Agreement shall conform to the schedule of principal and
interest payments represented by the Certificates of Participation as determined pursuant to Section
5 hereof.
SECTION 3. Approval of Assignment Agreement. The Board of Directors hereby
approves the Assignment Agreement in substantially the form on file with the Secretary together
with any changes therein or additions thereto deemed advisable by the Executive Director. The
Board of Directors hereby authorizes and directs the President to execute, and the Secretary to
attest and affix the seal of the Board to, said form of the Assignment Agreement for and in the
name of the Board.
SECTION 4. Approval of Trust Agreement. The Board of Directors hereby
approves the trust Agreement in substantially the form on file with the Secretary together with an --
changes therein or additions thereto deemed advisable by the Executive Director. The Board of
Directors hereby authorizes and directs the President to execute, and the Secretary to attest and
affix the seal of the Board to,said form of the Trust Agreement for and in the name of the Board.
SECTION S. Sale of Certificates of Participation. The Board of Directors hereby
approves the competitive sale of the Certificates of Participation,and hereby calls for the receipt of
bids on the Certificates of Participation on Thursday, December 13, 1990, at the hour of 10:00
am. in the office of Jones Hall Hill & White at Four Embarcadero Center, Suite 1950, San
Francisco,California. The Chief Financial Officer is hereby authorized and directed for and in the
name and on behalf of the Board to accept the bid of the best responsible bidder,provided that the
purchase price to be paid for the Certificates of Participation shall be at least ninety-eight percent
(98%) of the par value thereof, and the weighted average rate of interest represented by the
Certificates of Participation shall not exceed eight and three-quarters percent(8-3/4%)per annum.
The Certificates of Participation shall be sold pursuant to and in accordance with the provisions of
the Official Notice of Sale in substantially the form on file with the Secretary, which is hereby
approved as the official notice of sale of the Certificates of Participation.
SECTION 6. Official Statement. The Board hereby approves, and hereby deems
nearly final within the meaning of Rule 15c2-12 of the Securities Exchange Act of 1934, the
preliminary Official Statement describing the Certificates in the form submitted by the Financial
Adviser and on file with the Secretary, together with any changes therein or additions thereto
deemed advisable by the Chief Financial Officer, whose execution thereof shall be conclusive
evidence of his approval of any such changes or additions. The Board hereby approves and
authorizes the distribution by the Financial Adviser and by the purchaser of the Certificates of --,\
Participation of said Official Statement to prospective purchasers of the Certificates of
Participation. The Chief Financial Officer is hereby authorized to execute an appropriate certificate
-2-
stating the Board's determination that the Preliminary Official Statement has been deemed nearly
`J final within the meaning of such Rule. The.Chief Financial Officer is further hereby authorized
and directed to approve any changes in or additions to the final form of such Official Statement as
the Chief Financial Officer shall deem advisable, and to execute said final Official Statement for
and in the name and on behalf of the Board
SECTION 7. Official Actions. The Executive Director, the Chief Financial Officer,
the Secretary,the Board Attorney and all other officers and representatives of the Board are each
authorized and directed in the name and on behalf of the Board to make any and all assignments,
certificates,requisitions, agreements, notices,consents,instruments of conveyance,warrants and
other documents, which they or any of them might deem necessary or appropriate in order to
consummate any of the transactions contemplated by the documents approved pursuant to this
Resolution.
SECTION 8. Effective Date. This Resolution shall take effect from and after the date
of its passage and adoption.
On motion of , seconded by
PASSED AND ADOPTED this 20th day of November, 1990,by the following vote.
AYES:
NOES:
O ABSENT:
President
ATTEST:
Secretary
APPROVED:
Executive Director
B A01mey
Chief Financial Officer
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SUMMARY OF PROPOSED PROJECT FINANCING /®1tt8Cf1R1811�
■ Policy links Implements Various Elements of:
1987-89' Financial Plan
1989-91 Financial Plan
Council Work Program
Facilities Master Plan
Comprehensive Financial
Managment, Plan: 1989-2000
Recent Council Actions.
Approval of_Fire Station. Site
Acquisition (11/7/90)
Approval of Recreation Center
Rehabilitation (4/10/90)
■ Issue Size $4,5009000
a Anticipated Net Proceeds After Debt
Service Reserve Requirements and Issuance
Costs: $39925,000
■ Project Cost Summary
Fire Station No. 1 Site Acquisition 2,640,000
Recreation Center Rehabilitation
(General Fund Share) 340,000
Open Space and Parkland Acquisition 900.000
Total Estimated Project Costs $3,880,000
a Type of Debt Instrument Certificates of Participation
■ Issued Through San Luis Obispo
Capital Improvement Board'
■ Maturity Period 20 years
® Estimated Interest Rate 7.0% to 7.5%
■ Estimated Net Annual Debt Service $3759000
■ Source of Funding Annual appropriation from the
General Fund for lease payments
o Schedule of Key Events
Council Approval of the Financing November 20, 1990
Rating Agency Presentation December 3, 1990
Underwriter Bid Closing December 13, 1990
Receipt of Proceeds December 27, 1990
° Public facilities financing corporation established on April 15, 1986; the City
Council serves. as its Board of Directors.
PF/2PRPFINA.WPF
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CITY OF BAR Luis OB1=P0, CALIFORNIA
86,480,000 CERTIFICATE; OF PARTICIPATION
•
o.P.R�ELaINoeIAseaRYr=JetBasE iI2INt (a11/ a9■®)
eAI oneoen Attachment
I a u R C I I AMO u812: OF FUNDI
smw.�.�■..aa�sies'e'saaes.m�asee.®.00e
OELIYERY DATE; 12/ 1/90
Sources of fundi
tasia.�ea®aa
Par AwAu t of Bonds, 06,480,000.00
efrseliul /•Ofae"t.u..u. .......... tO.t10
Band Proceeds....................... .....:.....:::.:... 4,480,000.00
...................
04,480,000.00
usw of Funds
mwo...sam
Fire Station Bo.1
underrtlters Ofseault. (x ori).......::a 2.000OOOL7... 89,600.00
Cost of lseuenes. ...........: ......:...........::..... 100,000.00
Aec Canter Rebabilitation (6.F. then)........:......... 340 000.00
Open Space and Parkland Acquis(tfah...............@..... 900:000.`00
Debt sarvfee Reserve.*.................................. 406,3Jf.si
Cont1n0encr........:.................................... 4,022.50
••• •E4,480,000.00
Prepared M Evanson OadOe; Inc.
ORUNDAfE; 11.08.1990 0 14&11132 FILEMAMEs BLO KEYS 90
•
SENT BY: ^:11- U-SU : 14.07 tvtnacw UWUQCC QUO 040 IfUb,B a
r
CITY OF SAW LUIS OBISPO, CALIFORNIA, _
84,680.000 CERTIFICATES-QF PARTICIPATION
PRtum-jMART ism 312IN0 111/8/90)
m.msam.aaam■m Aumchm®n
DEBT SERVICE, iCNE0U68
ss�smie�eimemeassmu
DATE PRINCIPAL COUPON INTEREST PERIOD TOTAL FISCAL TOTAL
... . .............. .......... ......... .... .............. ..........
.6/ 1/91 255,000.00 5.950000 149,321.8 404,321.25 • ••604,321.25
12/ 1/91 141,735.00 141,735.00
6/ 1/92 120,000.00 6.000000 141,735.00 261,735,00 403,470.00
12/ 1/92 136,13540 138,135.00
6/ 1/93_ 130.000.00 6.050000 138,tiS.00 268,135.00 406,270.00
12/ 1/93 136,202.50 134,202.50
6/ 1/94 135,000.00 6.100000 134,202.50 269,202.50 403,405.00
12/ 1/% 130,085.00 130,085.00
6/ 1/95 147,000.00 6.150000 130,085..00 275,085.00 405,170.00
12/ 1/95 125,626.25 18,626.8
6/ 1/% 150,000.00 6.200000 . 123,626.15 275,626.25 401.252.50
12/ 1/% 120,976.25 120,976.25
6/ 1/97 160,000.00 6.250000 120,976.25 280,976.25 401,9S2.50
12/ 1/97 115,976.25 115,976.25 _
6/ 1/98 170,000.00 6.350000 115,976.2! 285,976.25 401;952.50
1211/98 110,518.75 - 110,578:75
6/ 1/99185,000.00 6.400000 110,578.75 295,578.75 406,157.50
12/ 1/99 104,658.75 104,638.75
6/ 1/ 0 195,000.00 6.500000 1041658.73 299+658.75 404,317.50
96,321.25 98,321.8
6/ 1/ 1 205,000.00 6.600000 98,321.8 303,321:25 401,662.50
12/ 1/ 1 91,556.8 910556.25
6/ i/.2 220,000.00 6.700000 41,556.8 311,556.25 403..112.50
12/ 1/ 2 84,186.8 84,186.25
6/ 1/ 3 235,000.00 6.800000 84,186.8 319,186.25 403,372.50
12/ 1/ 3 76,196.8 76,196.25
6/ 1/ 4 250,000.00 6.900000 76,196.8 326,196.8 402,392.50
12/ 1/ 4 67,571.25 671571.25
6/ 1/ 5 270,000.00 6.950000 67,571.8 337,571.8 405,142.50
12/ 1/ 5 58,188.75 58,188.75
6/ 1/ 8 2901000.00 7.000000 S8,188.75 348,188.75 606,377.50
12/ 1/ 6 48,038.75 48,038.75
6/ 1/ 7 310,000.00 7.000000 48,038.75 358,038.75 60.6,077.50
12/ 1/ 7 37,188.75 37,188.75
6/ 1/ 6 330,000.00 7.050000 370188.75 367,188.75 404,377.50
12/ 1/ 825,556.25 25556.25
6/ 1/ 9 350,000.00 7.050000 8,356,8375:5%.25 401,112.50
it/ 1/ 9 13,218.75 13,218.75
6/ 1/10 375,000.00 7.050000 13,218.75 388,218.75 401,437.50
..... ... .............. ...... .......
ACCRUED 4,410,000.00 3,593,313.75 8,073,313.75
4,480,000.00 3,593,313.79 8,073,313.75
oesr_=tsscama ■.eve■.e■■.■oo ®■o■■mmmnms�
Prgmred by Evwwen Dodg4, Ire.
RUNDATE: 11-08-1990 0 14111112 FiLEMANE: SLD RFI: 90
I
SENT BY 11— tl-yU 1400 tvtlratr.'- �uuue- ouo owe i iva.w w
CITY OF,SAN LUIS OBISPO, CALIFORNIA
34,480,0DO CERTIFICATES OF PARTICIPATION
PRELIMINARY ISSUE'E12IE0 i11/am) �j
aasasaassaaaaseaaesaa 1?
DEBT SERVICE tCEN'�ULE Attachment.
=.,
Dated 12/ 1/96 with Delivery M 12/ 1/90
lord rears 52,405.000
Average Coupon 6.856516
Average Life 11.697545
N I C z 7. IMI z using 9a.000000o.
T I C z 7.094715 z Fm Dated Data
Prepared by Everson Dodge, Inc.
IMATEI 11-06.1990 a 140104 FILENAME$ no UTI 90
O
atni <sr: ,.-_ ; 11- D-nu ta:» cvcnac. vuuur auo oaa tiva+e o
CITY OF SAN LUIS OBISPO, CALIFORNIA
86,680,000 CERTIFICATES OF PARTICIPATION
PitELININARr naE aura (11/8/90) Att8ChR1811���
NET DEBT SERVICE REOIIIRENENTS
DELIVERY DATIt 12/ 1/90
PER100 TOTAL CONSTR. FUND DEBT SVC. RES. NET SURPLUS FWIDS
EMDINO PRINCIPAL COUPON INTEREST DEBT SERVICE EAENINSS + CAP. INT. MT SERVICE RENAMING
.. .......... ......... ......... .... .............. .............. .............. .. .............
6/ 1/91 ••255,000.00 S.9Sa000 149,321.25 99,321.25 14,324.81 ••389,9%.44
12/ 1/91 141,735.00 141,735.00 14,324.81 127,410.19
6/ 1/92 120,000.00 6.000000 141,735.00 261,735.00 14,326.81 247,610.19
12/ 1/92 138,135.00 1380135.00 14,324.81 123,810.19
6/ 1/93 130,000.00 6.050000 136,135.00 2ld,135.00 14,324.81 2530810:19
12/ 1/93 134,202.50 134,202..50 161326.81 11908771.69
6/ 1/94 135,000.00 6.1a00a0 134,202.50 269,202.50 14,324.81 2548677.69
12/ 1/94 130,085.00 130,085.00 14,326.81 1151760.19
6/ 1/95 145,000.00 6.150000 130,085.00 275,085.00 14,324.81 260,760.19
12/ 1/95 125,626.25 1251626.25 14,324.81 111,301."
611/96 150,000.00 6.200000 125,626.25 275,626.25 14,324.81 261,301."
12/ 1/96 120,976.25 120,976.25 16,326.81 106,651.66
6/ 1/" 160,000.00 6.250000 1201976.2S 280,976.25 14,324.81 266,631."
12/. 1/97 1158976.25 115,976.25 14,324.81 101,651.44
6/ 1/98 170,000.00 6.350000 115,976.25 285,976.25 14,324.81 271,651."
12/ 1/98 110,578.75 110,578.75 14,324.81 96,25!.94
6/ 1!99 185000.00 6.400000 110,578.75 295,578.75 14,326.81 Z81,253.%
12/ 1/99 104,658.75 104,658.75 14,324.81 90,333.94
6/ 1/ 0 195,000.00 6.500000 104,458.75 299,658.75 14,324.81 285,333.96
12/ 1/ 0 98,321.25 98,321.25 14,326.81 83,996."
6/ 1/ 1 203,000.00 6.600000 98,321.25 303,321.25 14,324.81 288,996." .
12/ 1/ 1 91,556.25 91,556.25 16,324.81 77,231."
6/ 1/ 2 220,000.00 6.700000 91,556.25 311,556.25 14,324.81 297,231."
12/ 1/ 2 84,186.25 86,186.25 14,324.81 69,861."
6/ 1! 3 235,000.00 6.800000 811186.25 319,186.25 14,324.81 304,861.64
12/ 1/ 3 76,196.25 76,196.25 14324.81 61,871."
6/ 1/ 4 250,000.00 6.900000 76,196.25 326.196.25 14;324.81 311,871."
12/ 1/ 6 67,571.25 67,571.25 14,324.81 53,266."
6/ 1/ 5 270,000.00 6.950000 67,571.25 337,571.25 14,324.81 323,246."
12/ 1/ 5 58.188.75 58,188.75 14,324.81 43,863.94
6/ 1/ 6 2",000.00 7.000000 58,188.75 348,188.75 14,324.81 333,863.94
12/ 116 481038.75 181038.75 14,321.81 33,713.94
6/ 1/ 7 310,000.00 7.000000 48,038.75 158,038.75 14,324.81 343,713.94
12/ 1/ 7 37,188.75 37,188.75 14,324.81 22,863.94
6/ 1! 8 330,000.00 7,050000 37.188.75 367,188.75 14,326.81 352,863.94
12/ 1/ 8 231556.25 250556.25 14,324.81 11,231."
6/ 1/ 9 3500000.00 7.050000 25,556.25 373,556.25 14,324.81 361,231."
12/ 1/ 9 131218.75 13,216.75 14,324.81 1,106.06
6/ 1/10 375,000.00 7.050000 13,218.75 388,218.73 4200702.31 33,589.62
... ......... .............. .............. ..............
4,480,000.OD 3,593,313.75 8,073,313.75 965,045.09 7,141,858.28
sw.oum:as t-.�tatws.® ea000.o�aow .t.w.e..®.4 mu=mw.wm. son= .urea
Prepered by EveMan Dodge, Inc.
RUNDATE1 11-08.1990 0 1401t23 FILENANEI BLO S3Yt 90