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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. �i1f1111��willilli�P�' i�li1 MY Of San IDIS OBISPO 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 -3- 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 4- 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 -3- 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 SOT UY: 811- U-au ; WZ4 a NUN uuuuc" DUD 24V 'iivacs z 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