HomeMy WebLinkAboutRDA #6 7-20-87 TAX Increment~A "- REDEVELOPMENT AGENCY
DATE: July 15, t987
TO:
FROM:
SUBJECT:
Willia~ .Huston, City Manager
Ronald~.~..~]~ector of Finance
CURRENT STATUS: 1982 TAX INCREMENT BOND
RECOMMENDATION:
Receive and file.
DISCUSSION:
The Agency's underwriter, E.F. Hutton and Company, marketed our
Refinancing Bonds on Tuesday, July 14. The final coupon rates
range from a low of 4.40% in 1987/88 to a maximum of 7.50% in
2005/06. The net interest cost to the Agency will be 7.09% over
the life of the bond issue versus 9.77% on the 1982 Bonds.
At this time, the preliminary closing is scheduled for Tuesday,
August 4, with the actual close to be conducted on Wednesday,
August 5. The final documents are being prepared and will be
sent to you by Wednesday July 29.
I will be conducting a mandatory Public Hearing on Thursday, July
23, 1987 at 4 p.m. in the Council Chambers .to receive any
comments regarding the Bonds on the project area. This hearing
is similar in nature to the old proposed use hearings required by
the Department of Revenue Sharing and is required by the IRS Code
to qualify for the exempt status under the 1986 Tax Reform Act.
RAN:is
DATE
T~r[N COHHUNITY REOEVELOPHENT AGENCY
TOMN CENTER AREA REDEVELOPHENT PROJECT
REFUNO[N6 BONOS
SAVINGS REPORT
........ PROPOSEO OEBT
PRINCIPAL COUPON
25,000.00 ~.~00000
255,000.00 ~.600000
270,000.00 &.900000
285,000.00 5.200000 .
SERVICE ........
INTEREST TOTkL
155,875.00
272,$25.00 751,200.00
271,775.00
271~775.00 798,550.00
265,910.00
265,910.00 801,820.00
259,295.00
259,295.00 805,590.00
251,885.00
PRIOR
DIS
509,270.00
898,852.50
90~,002.50
910,602.50
911,165.00
SAVINGS
509,2~0.00
1&7,652.50
10~,~52.50
108,782.50
107,575.00
CUHULATIVE
SAVINGS
509,270.00
656,922.50
761,~75.00
870,157.50
977,752.50
11/ 1/92 ~00,000.00 5.400000 -251,885.00 803,770.00 920,015.00 116,245.00 1,093,977.50
5/ 1/9~ 245,785.00
11/ 1/95 $15,000.00 5.700000 245,785.00 802,570.00 921,202.50 118,6~2.50 1,212,610.00
5/ 1/9{ 25~,807.50
11/ 1/94 S$5,000.00 5.900000 25&,807.50 80&,615.00 925,052.50 120,437.50 1,$$$,0~7.50
5/ 1/95 224,925.00
11/ 1/95 $55,000.00 6.200000 224,925.00 80~,850.00 951,152.50 126,282.50 1,~59,$$0.00
5/ 1/96 215,920.00
11/ 1/96 575,000.00 6.400000 215,920.00 802,840.00 959,162.50 1~6,$22.50 1,595,652.50
5/ 1/97 201,920.00
11/ 1/97 ~O0,O00.OO 6.700000 201,920.00 8~5,8~0.00 945,612.50 159,772.50 1,755,425.00
5/ 1/98 188,520.00
11/ 1/98 425,000.00 7.000000 188,520.00 802,040.00 949,412.50 147,$72.50 1,882,797.50
5/ 1/99 17~,645.00
11/ 1/99 455,000.00 7.100000 175,645.00 802,290.00 950,412.50 148,122.50 2,050,920.00
157,~92.50
157,492.50 80~,985.00
189,852.50
1~9,852.50 80~,705.00
120,690.00
A90,O00.O0 7.200000
525,000.00 7.$00000
152,527.50
160,052.50
5/1/o
111 1/o
81 11 1
11/1/ 1
5/ 11 2
957,512.50
964,757.50
2,185,4&7.50
2,$45,480.00
11/ 1/ 2 560,000.00 7.~00000 120,690.00 801,$80.00 971,600.00 170,220.00 2,515,?00.00
5/ 11 $ 100,250.00
11/ 1/ $ 605,000.00 7.400000 100,250.00 805,500.00 977,612.50 172,112.50 2,685,812.50
5/ 1/ 4 77,865.00
11/ 1/ 4 645,000.00 7.400000 77,865.00 800,750.00 987,287.50 186,557.50 2,872,$70.00
5/ I/ 5 5&,O00. O0
111 1/ 5 695,000.00 7.500000 54,000.00 805,000.00 994,650.00 191,650.00 $,064,020.00
5/ 1/ 6 27,957.50
11/ 1/ 6 745,000.00 7.500000 27,937.50 800,875.00 1,00&,212.50 205,$$7.50 $,267,$57.50
A.'-I.I
OAT[
TUSTIN COMHUNITY REDEVELOPMENT AGENCY
TOWN CENTER AREA REDEVELOPMENT PRO3ECT
REFUNDING BONDS
SAVINGS REPORT
........ PROPOSED DEBT SERVICE ........
PRINCIPAL COUPON INTEREST TOTAL
PRIOR
O/S
SAVINGS
CUMULATIVE
SAVINGS
ACCRUED
8,060,000.00
8,060,000.00
7,143,150.00 15,203,150.00- 18,470,507.50
51,439.17 51,439.17
7,091,710.83 15,151,710.83 18,470,507.50
DATED 7/ 1/87 WITH DELIVERY OF 8/ 5/87
BOND YEARS 100,686.667
AVERAGE COUPON 7.094 '
AVERAGE LIFE 12,492
N I C t 7.094435 t USING 100.0000000
T I C t 7,022206 ~ From Delivery Date
BOND INSURANCE: ... 0.400000 t OF
(TOTAL DEBT SERVICE - ACCRUED - CAP. INT.)
60,606.84
3,267,357.50
51,439.17
3,318,796.67
NET PRESENT VALUE SAVINGS AT: 7.1181~ EOUALS 1,93S,$41.35 OR 24.0117~ OF PAR OF THE CURRENT ISSUE
OR 23.8784~ OF PAR OF THE PRIOR ISSUE
PREPARED BY E.F. HUTTON & COHPANY INC. PUBLIC FZNANCE DIVISION - LOS ANGELES
RUNOATE: 07-14-1987 ! 16:25:38 FILENANE: TUSTIN . KEY: NEWP7
A.'f. 2.