HomeMy WebLinkAboutRDA #5 8-03-87 RES 87-8 REDEVELOPMENT AGENCY
DATE- aur.¥ 24, 1987
~STON, EXECUTIVE DIRECTOR, TUSTIN COMMUNITY
ADOPTION OF
SUBJECT: RESOLUTION RDA 87-8 AUTHORIZING INVOICE
REFUNDING BONDS, SERIES 1987.
RECOMMENDATION:
Adopt Resolution RDA No. 87-8, of the Tustin Community
Redevelopment Agency authorizing the issuance of $8,060,000
principal amount of Tustin Community Redevelopment Agency Town
Center Area Redevelopment Project Tax Allocation Refunding Bonds,
Series 1987.
DISCUSSION:
As reported at the Agency's last meeting, the Agency's
underwriter, E.F. Hutton and Company, Inc., has successfully
marketed the 1987 Refunding Bonds at a net interest cost of
7.09%, a 268 basis point savings on the original 1982 issue.
Lora Stovall, partner in Bartle Wells Associates, has represented
the City as financial consultant. Lora would like to make a brief
presentation to the Agency that will cover our expectations and
the results of our refinancing.
Bond counsel has prepared an excellent flow of funds quide that I
have attached for 'your review.
RAN:ls
MUDGE ROSE GUTHRIE ~?.~.XANDER & FERDON
MEHORANDUM
FOR Ronald A. Nault July 22, 1987
Finance Director
City of Tustin
FROM David S. Tan
Tustin Community Redevelopment Agency
Tax Allocation Refunding Bonds
Sources and Uses of Proceeds
The following memorandum will outline the projected
sources and uses of funds related to the Tax Allocation Refunding
Bonds that will be issued by Tustin Community Redevelopment
Agency (the "Agency") with a Closing date of August 5, 1987.
Source
Principal Amount of Bonds $8,060,000.00
Accrued Interest 51,439.17
<Original Issue Discount> <5,849.70>
<Underwriter"s Discount> <161,200.00>
(portion)
Net Proceeds $7.944.389.47
USe
Escrow Fund for Investment $7,892,950.30
Interest Account (accrued interest) 51,439.17
Total Uses of P~0ceeds $7,944,389.47
B.EXCESS FROM 1982 RESERVE ACCOUNT
Source
Current Balance $1.050.000.00
Use
Escrow Fund for Investment 131,849.70
Reserve Account for 1987 Bonds 805,500.00
Redevelopment Fund of Agency as
Contingency 5,862.00
Agency Contribution Fund 106,788.30
(for the following:
to MBIA $61,000.00
to Hutton 24,180.00
balance remains in Fund
to pay Agency costs
related to Bonds)
Total Uses of Excess Rese~ve $1.050.000.00
C.EXCESS 1982 SPECIAL FUND
source
Current Balance $~
Use
Escrow Fund for Investment $1,219,537.03
Interest Account for 1987 Bonds 462.97
Total Use of Special Fund $1.220.000.00
Subsequent Deposit from Tax Revenues $ 17.551.97
US~
Interest Account for 1987 Bonds $ 17,551.97
Total Use of Subsequent DePosit $ 17.551.97
D.AGENCY CONTRIBUTION
Agency Contribution $
Use
Agency Contribution Account $ 139.180.00
(used to pay Agency costs
related to Bonds)
E.TOTALS TO FUNDS AND ACCOUNTS
To Escrow Fund $9,244,337.03
To Interest Account 69,454.11
To Reserve Account 805,500.00
To Redevelopment Fund 5,862.00
To Agency Contribution Fund 245,968.00