2018-130 Council Resolution - Laserfiche WebLink

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SCHEDULES ATTACHED: Schedules attached for the Bonds include: • Sources and uses of funds • Pricing Summary • Net debt service for the Bonds as a whole • Net debt service for the West Shadow Utility Portion • Debt service for the West Shadow Utility Portion broken out by water fund and sewer fund pledge • Debt service for the Street Reconstruction Portion and Lake Drive Utility Portion • Projected assessment income • Aggregate outstanding debt supported by the City's water fund RISKS/SPECIAL The Bonds have been structured to result in additional proceeds generated from a CONSIDERATIONS: premium bid. There is no guaranty that the winning bidder will price this issue with a premium in the amount that we have estimated, which could result in less or more proceeds than estimated. Adjustments will be made on the day of sale to allocate any excess premium received to either cover interest costs for the Street Reconstruction Portion of the Bonds in excess of $200,000 through February 1, 2020 or to provide additional project cost moneys. The outcome of this financing will rely on the market conditions at the time of the sale. Any projections included herein are estimates based on current market conditions. Principal payments on the West Shadow Utility Portion of the Bonds have been structured with the assumption of future assessment collections. If actual assessment collections are different than projected (lower annual collections due to delinquencies or prepayments), the debt service requirements net of the assessments will differ from what is shown in these Recommendations. SALE TERMS AND Variability of Issue Size: A specific provision in the sale terms permits modifications to the MARKETING: issue size and/or maturity structure to customize the issue once the price and interest rates are set on the day of sale. Bid Parameters: In order to maximize the amount of bond proceeds for the Street Reconstruction Project, the Bonds are being marketed with a minimum permitted bid requirement of par (100%). This bid requirement is in alignment with the not -to -exceed principal amount identified in the "AUTHORITY" section of the Recommendations. The attached schedules illustrate one potential result reflecting these constraints, but actual results will vary PREPAYMENT PROVISIONS: Springed Bonds maturing on or after February 1, 2029 may be prepaid at a price of par plus accrued interest on or after February 1, 2028. Bank Qualification: The City does not expect to issue more than $10 million in tax-exempt obligations that count against the $10 million limit for this calendar year; therefore, the Bonds are designated as bank qualified. Page 5