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Home My WebLink AboutG01 Final NumbersSTIFEL SOURCES AND USES OF FUNDS Tustin Public Financing Authority Water Revenue Bonds, Series 2024 (Subordinate Lien) **************************************************************************************************** Reflects Terms from Capital One **************************************************************************************************** Dated Date 02/14/2024 Delivery Date 02/14/2024 Sources: Bond Proceeds Par Amount 4,125,000.00 4,125,000.00 Uses: Project Fund Deposits: Project Fund Delivery Date Expenses: Cost of Issuance 4,000,000.00 125,000.00 4,125, 000.00 Notes: 1. Preliminary, subject to change 2. Analysis reflects financing necessary to raise $4 million in project funds 3. Capital One provided interest rate from RFP on January 18, 2024 4. Cost of issuance provided by Fieldman on January 22, 2024 Prepared by Stifel, Nicolaus & Company, Inc. (I-C) Page 1 STIFEL BOND SUMMARY STATISTICS Tustin Public Financing Authority Water Revenue Bonds, Series 2024 (Subordinate Lien) **************************************************************************************************** Reflects Terms from Capital One **************************************************************************************************** Dated Date 02/14/2024 Delivery Date 02/14/2024 First Coupon 10/01/2024 Last Maturity 04/01/2044 Arbitrage Yield 4.818944% True Interest Cost (TIC) 4.818944% Net Interest Cost (NIC) 4.820000% All -In TIC 5.173513% Average Coupon 4.820000% Average Life (years) 12.242 Duration of Issue (years) 8.951 Par Amount 4,125,000.00 Bond Proceeds 4,125,000.00 Total Interest 2,434,029.71 Net Interest 2,434,029.71 Total Debt Service 6,559,029.71 Maximum Annual Debt Service 330,183.00 Average Annual Debt Service 325,824.58 Average Par Average Average Maturity PV of 1 by Bond Component Value Price Coupon Life Date change Term Bond 2044 4,125,000.00 100.000 4.820% 12.242 05/12/2036 5,280.00 4,125,000.00 12.242 5,280.00 Notes: 1. Preliminary, subject to change 2. Analysis reflects financing necessary to raise $4 million in project funds 3. Capital One provided interest rate from RFP on January 18, 2024 4. Cost of issuance provided by Fieldman on January 22, 2024 Prepared by Stifel, Nicolaus & Company, Inc. (LC) Page 2 STIFEL BOND DEBT SERVICE Tustin Public Financing Authority Water Revenue Bonds, Series 2024 (Subordinate Lien) **************************************************************************************************** Reflects Terms from Capital One **************************************************************************************************** Dated Date 02/14/2024 Delivery Date 02/14/2024 Period Ending Principal Interest Debt Service 04/01/2025 105,000 224,782.71 329,782.71 04/01/2026 135,000 193,764.00 328,764.00 04/01/2027 140,000 187,257.00 327,257.00 04/01/2028 145,000 180,509.00 325,509.00 04/01/2029 155,000 173,520.00 328,520.00 04/01/2030 160,000 166,049.00 326,049.00 04/01/2031 170,000 158,337.00 328,337.00 04/01 /2032 180,000 150,143.00 330,143.00 04/01/2033 185,000 141,467.00 326,467.00 04/01/2034 195,000 132,550.00 327,550.00 04/01 /2035 205,000 123,151.00 328,151.00 04/01/2036 215,000 113,270.00 328,270.00 04/01/2037 225,000 102,907.00 327,907.00 04/01/2038 235,000 92,062.00 327,062.00 04/01/2039 245,000 80,735.00 325,735.00 04/01/2040 260,000 68,926.00 328,926.00 04/01/2041 270,000 56,394.00 326,394.00 04/01/2042 285,000 43,380.00 328,380.00 04/01/2043 300,000 29,643.00 329,643.00 04/01 /2044 315,000 15,183.00 330,183.00 4,125,000 2,434,029.71 6,559,029.71 Notes: 1. Preliminary, subject to change 2. Analysis reflects financing necessary to raise $4 million in project funds 3. Capital One provided interest rate from RFP on January 18, 2024 4. Cost of issuance provided by Fieldman on January 22, 2024 Prepared by Stifel, Nicolaus & Company, Inc. (LC) Page 3 STIFEL BOND PRICING Tustin Public Financing Authority Water Revenue Bonds, Series 2024 (Subordinate Lien) **************************************************************************************************** Reflects Terms from Capital One **************************************************************************************************** Maturity Bond Component Date Amount Rate Yield Price Term Bond 2044: 04/01/2025 105,000 4.820% 4.820% 100.000 04/01/2026 135,000 4.820% 4.820% 100.000 04/01/2027 140,000 4.820% 4.820% 100.000 04/01/2028 145,000 4.820% 4.820% 100.000 04/01/2029 155,000 4.820% 4.820% 100.000 04/01/2030 160,000 4.820% 4.820% 100.000 04/01/2031 170,000 4.820% 4.820% 100.000 04/01/2032 180,000 4.820% 4.820% 100.000 04/01/2033 185,000 4.820% 4.820% 100.000 04/01/2034 195,000 4.820% 4.820% 100.000 04/01/2035 205,000 4.820% 4.820% 100.000 04/01/2036 215,000 4.820% 4.820% 100.000 04/01/2037 225,000 4.820% 4.820% 100.000 04/01/2038 235,000 4.820% 4.820% 100.000 04/01/2039 245,000 4.820% 4.820% 100.000 04/01/2040 260,000 4.820% 4.820% 100.000 04/01/2041 270,000 4.820% 4.820% 100.000 04/01/2042 285,000 4.820% 4.820% 100.000 04/01/2043 300,000 4.820% 4.820% 100.000 04/01/2044 315,000 4.820% 4.820% 100.000 4,125,000 Dated Date 02/14/2024 Delivery Date 02/14/2024 First Coupon 10/01/2024 Par Amount 4,125,000.00 Original Issue Discount Production Underwriter's Discount Purchase Price Accrued Interest Net Proceeds Notes: 1. Preliminary, subject to change 2. Analysis reflects financing necessary to raise $4 million in project funds 3. Capital One provided interest rate from RFP on January 18, 2024 4. Cost of issuance provided by Fieldman on January 22, 2024 4,125,000.00 100.000000% 4,125, 000.00 100.000000% 4,125,000.00 Prepared by Stifel, Nicolaus & Company, Inc. (LC) Page 4 STIFEL BOND SOLUTION Tustin Public Financing Authority Water Revenue Bonds, Series 2024 (Subordinate Lien) **************************************************************************************************** Reflects Terms from Capital One **************************************************************************************************** Period Ending Proposed Principal Proposed Debt Service Total Adj Debt Service Revenue Constraints Unused Revenues Debt Service Coverage 04/01 /2024 04/01/2025 105,000 329,783 329,783 366,976 37,193 111.28% 04/01/2026 135,000 328,764 328,764 366,976 38,212 111.62% 04/01/2027 140,000 327,257 327,257 366,976 39,719 112.14% 04/01/2028 145,000 325,509 325,509 366,976 41,467 112.74% 04/01/2029 155,000 328,520 328,520 366,976 38,456 111.71% 04/01/2030 160,000 326,049 326,049 366,976 40,927 112.55% 04/01/2031 170,000 328,337 328,337 366,976 38,639 111.77% 04/01/2032 180,000 330,143 330,143 366,976 36,833 111.16% 04/01/2033 185,000 326,467 326,467 366,976 40,509 112.41% 04/01/2034 195,000 327,550 327,550 366,976 39,426 112.04% 04/01/2035 205,000 328,151 328,151 366,976 38,825 111.83% 04/01/2036 215,000 328,270 328,270 366,976 38,706 111.79% 04/01/2037 225,000 327,907 327,907 366,976 39,069 111.91% 04/01/2038 235,000 327,062 327,062 366,976 39,914 112.20% 04/01/2039 245,000 325,735 325,735 366,976 41,241 112.66% 04/01/2040 260,000 328,926 328,926 366,976 38,050 111.57% 04/01/2041 270,000 326,394 326,394 366,976 40,582 112.43% 04/01/2042 285,000 328,380 328,380 366,976 38,596 111.75% 04/01/2043 300,000 329,643 329,643 366,976 37,333 111.33% 04/01/2044 315,000 330,183 330,183 366,976 36,793 111.14% 4,125,000 6,559,030 6,559,030 7,339,523 780,493 Notes: 1. Preliminary, subject to change 2. Analysis reflects financing necessary to raise $4 million in project funds 3. Capital One provided interest rate from RFP on January 18, 2024 4. Cost of issuance provided by Fieldman on January 22, 2024 Prepared by Stifel, Nicolaus & Company, Inc. (LC) Page 5