HomeMy WebLinkAboutPOWERPOINT PRESENTATION - CFDrAwl
N LEGACY
City Council Presentation
CITY OF TUSTIN
Community Facilities District No. 04-1
(Tustin Legacy/John Laing Homes)
Special Tax Refunding Bonds
May 21, 2013
E
3
Tonight's Actions
HISFORY
Adopt a resolution authorizing the issuance of
Community Facilities District No. 04-1 (Tustin
Legacy/John Laing Homes) 2013 Special Tax
Refunding Bonds and approving all related
documents including:
■ Fiscal Agent Agreement
■ Escrow Agreement
■ Bond Purchase Agreement
■ Preliminary Official Statement with Continuing
Disclosure Agreement attached as Appendix E
May 21, 2013 2
illsCFD No. 04-1 Summary
HISFORY
' CFD No. 04-1 was formed in 2004 after receipt of a
petition by John Laing Homes
The District issued Bonds on December 4, 2004 in
the amount of $11,415,000 with the final maturity
in 2034 and the proceeds of the bonds were used
to finance public improvements
All of the 563 residential units have been built and
sold to homebuyers
Current bond market conditions allow the
outstanding Bonds to be refunded at lower
interest rates
May 21,
Financing Team
H151URY W
Issuer
Organization M:Fp
City of Tustin Pamela Arends-King, Finance Director
Sean Tran, Administrative Services Manager
Bond/ Quint & Thimmig Paul Thimmig, Esquire
Disclosure Counsel LLP
Financial Advisor Fieldman, Rolapp & Jim Fabian, 'rincipal
Associates
Underwriter Stifel, Nicolaus & Sara Brown, Managing Director
Company Inc.
Special Tax Willdan Financial Beatrice Medina, Project Manager
Consultant Services Candace Heiser, Analyst
May 21, 2013 4
!INSRefunding Br- Summary
Level annual debt service, final maturity of 2034
Savings of approximately $135 per year for
average parcel starting with FY 13-14 levy
Reserve Fund requirement of 75% of MADs
Debt Service coverage at 110% based on Mello-
Roos
law limitation
Standard & Poor's rated the Bonds BBB+ with
stable outlook
May 21, 2013
Refunding Sources and Uses of Funds
H151URY W
or SOURCES
Par Amount $9,625,000.00
Net Premium 191035.50
Release of Debt Service Reserve Funds 7721931.26
Debt Service Fund on Hand 516,137.50
TOTAL SOURCES $10,933,104.26
Refunding Escrow Cash Deposit $10,149,062.50
Debt Service Reserve Fund (75% of MADS) 5241048.45
Cost of Issuance 1751000.00
Underwriter's Discount 821990.00
Additional Proceeds 2,003.31
TOTAL USES $10,933,104.26
Source: Stifel Nicolaus / Fieldman, Rolapp & Associates
May 21, 2013
Financing Schedule
•
May 10
Received
BBB+ Bond
Rating from
S&P
E
June 4
Pricing
May 21
City Council Meeting to
approve financing
C,
June 20
Closing
May 21, 2013 7
Questions and Discussion
May 21, 2013