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Home My WebLink About12- Development Department DEVE . jPMENT DEPARTMENT OF THE CITY OF SAN BERNARDINO REQUEST FOR COMMISSION/COUNCIL ACTION FROM: KENNETH J. HENDERSON SUBJECT: CENTRAL POLICE STATION FINANCING Executive Director DATE: August 31, 1993 -------------------------------------------- ------------------------------------ ----- Synoasis of Previous Commissi4on/Council/COmmittee Action s On August 9, 1993,the Community Development Commission allocated tax exempt bond proceeds totaling $9,800,000 for construction of the station. -------------------------------------------- Recommended Motions : Ma or and Common Council MOTION: That the Mayor and Common t direct staff pation financingefor necessary he new Central Police resolutions to provide for Facility in an amount sufficient to provide for construction and furnishing of the facility. A strator KENNETH J. HE ERSON Executive Director ----------------- - ---------------------------- ----------------------------- - 5081 ----------------------- Phone: Contact Person(s): Kenneth J_Henderson/ John Hoeaer — Project Area(s): Central Cit North (CCNI Ward(s): One f 11 Supporting Data Attached: Staff Re ort FUNDING REQUIRE1vIENTS: Amount: $To be determined Source: Cert. of Partic�n Budget Authority: August 9 1993 Commission/Council Notes: ----------------------------------------------------------- -- ---------- KJH JBH:lag:cntrlplc.cdc COMMISSION MEETING AGENDA MEETING DATE: 09/07/1993 Agenda Item Number: l� . DEVELC ` MENT DEPARTMENT STAFF REPORT ---------------------------------- Central Police Station This item would provide that staff cause the preparation of the neces allow fo C rtoc me s for review and approval by the Mayor and Common Council t participation (COPS) to be issued to finance the coste of uioment fornthe news Central Police acquisition, and the cost of furnishings, fixtures and q p Station. CERTIFICATES OF PARTICIPATION FINANCING pt forward On August 19, 1993, the Redevelopment Committee police Station ice a of Y the Mayor that the City consider financing the Central COPs secured by the City's general fund and by IoCity's e City eto wait until October The 1995 Certificates could be issued in such a way as to all before making the first payment. At the request of staff, Miller & Schroeder Financial, Inc., calculated the attached t hle issue s to illustrate a representative COP issue. By providing for a Capitalized Interest Fund, will make its own payments for two (2) years. A construction fund is established in an amount of approximately $9.g million. Due to interest earned over a 25 f year , ti is r oduces total construction draws of $10,000,000. The Certificates extend Briefly, the tables show: 92% Effective Interest Rate 5.5. years Term Oct 1, 1995 First Payment Due $ 930,000 Approximate Annual Payment $ 12,000,000 Total Principal $ 10,000,000 Construction Draws The above is based upon the approximate cost to construct the station. In addition to this amount, there is a need for funds for final site acquisition is includes security and surveillance for equipment and other furnishings for the station ( ing equipment and emergency electrical generator equipment,W document hile these amounts willantoltal equipment and the necessary furniture and computers). significantly more than the $10,000,00illustrated, da awhile construction drawings are completed. accurately determined during s Y ng the next from the sale or Another factor could be that, eventually, there will be a return to the Agency lease of the Pacific Federal Building toward the original area.acquisition These factors could costs to rehabilitate the building and provide for its parking to the scope of the discussions regarding the proposed issue. ---------------------------------------------------------------------------COMMISSION MEETING AGENDA KJH:JgH:lag:cntrlplc.cdc MEETING DATE: 09/07/1993 Agenda Item Number: DEVELOPMENT DEPARTNffil STAFF REPORT Central Police Station August 30, 1993 Page Number -2- -----_---- _ __----------------------------------- Certificates of Participation are issued by made lb ty and must be cured by the the City and the City's budget wish need to resources. Payments on the issue will be Y provide funds for this purpose. Based upon the $10,000,000 construction fund less than sizing, the City's first payment, due in 1995, will be approximately subsequent payments because a final draw from the capitalized Mould equal about $930make an early interest payment in that year. Subsequently, payments per year. Adoption of the form motion will allow staff to issue nwhile oupdated costa nformcation is being develop the necessary documentation for a COP completed by the architect and the general contractor. is would bddi g for issue project ready for action at the time of completion of the specialty sub-contract which time firm bids for all construction work will be known. On August 9, 1993, the Redevelopment Commmuniconsidered this Command, after discussion, recommended approval to the Community Staff recommends adoption of the form motion. �ENNETH J. HENDERSON, Executive Director evelopment epartment --------------------------------------------------- ------------ __________________________ COMMISSION MEETING AGENDA KJH:JgH:lag:cntrlplc.cdc MEETING DATE: 09/07/1993 Agenda Item Number: _ FROM MILLER & SCHROEDER (TUE)08. 24' 93 14:04/ST. 14:U�/NU. dDOUD(Ub3O r CITY OF SAN uERNAROtNO POLICE STATION COP (A RATED) SMRCES AND USES Delivery 70/01/1943 Dated 10/07J1493 512,0 ,000.00 Par Awwt of Bonds........................ s12,OQ0,000.00 , Total Sources g180,000.00 Total underwriters DiscWnt 11.500'/•):•... ......- 932 00 .00 5.00 Costs of leauence......, 866,164-61 pepocit to Debt 5ervice Reaervt Fund•(09RF)-••.•.' 9r8Z6,3b4.23 peposit to Capitalized Interest Fund (CIF)-•-••••• Deposit to Project Construction Fund- 2,820.96 ... Contimency ... S12,000,000-00 Iotel Uses r FILE = SBPOLC10 Hiller & Schroeder Firwyncfal, Inc. 8/24/1493 12:58 PM Pubtio Finance I Q� FROM MILLER & SCHAOEDEA (TUE)08. 24' 93 14:04/ST. 14:WNU. d�OUO(U030 CITY of SAN 6ERMARDINO POLICE STATION CCP (A RATED) DEBT SERVICE SCHEDULI PRINCIPAL COUPON tNTEREST DEBT SERVICE DATE ^ 663,532.50 663,532.50 10/01/1993 - 663,532.50 928,532.50 10!01/1994 7 ,000.00 4.QO00% 653,595.00 928'��; 10/01/1995 ' / 275,000-00.. leg r� cQO' . `qut 1�%G9Jb ' ' ►bt3d 4.6 6,r2B5.00 929,789-00 ko,000.00 615,485.00 930,485.00 10/01/1998 315,000.00 4.75000% 6pq,522.50 930,SZZ.50 10/01!1999 330,000.00 L.90000% qZq 352.50 10101/'1000 345,000.00 5.00000% 5941352;50 s.. 10/01/2001 ,y �tJ.# �':�f �a ilQ�. ' 50 �48 925 4S7.50 1VOMM2'> '" 000,oD 5.z00005G 546 487-50 gZg,7Zt.'50 10/01/2003 ,000.00 5.30000% 528,727.50 932,527.50 10/01/20 ' 5.40000% 507,527.50 429,571,50 10/01/20 00 ?5`0 0.00 5,500004 4a4 577.50 ;� ; �y+ 10/ot/2��00006i 6 0:�� "' S ODS:": Y�l 932,607.50 ,Jom�«. A i + 0��0.00 5.85000% 432, 928,357.50 t0+/_0112008 525,000.00 5.850007G 403,35-f.50 932,6&5.00 10/01/2009 560,000.00 5,65000% 379,6&5.00 855.00 10/0112010 ,• 5901000.00 5,850080 i -3 00 �' +1 VD. ,7,65,507 50 928,807.50 10I11�;' : 660,000.00 5.850009: 230,197.50 930,197-50 10/01!2013 700,000,00 5.85000% 109,247.50 929,247.50 10!0112014 740,000.00 5.6500050 145 957.50 9,�30/�.957-50/. 10101/x015 785 OdD.00 5.85009X 9iDi�r03SiDiYr ,'7J4; -.06" 10!0112016,., aOD.' k,*r St>o04: 51,480.00 931.460.00 <1t11014GIT ' " asa�om.00 5.65000X 10/01/2018 465.00 TOTAL 12,000,000.00 10,96$,465.00 2Z,9�r FILE = 1gpa C� Miller 8 Schroeder Flnancial, Inc. 8/2&/1993 Public Finence YIELD STATISTICS 10101/1993 to 10/01!1993-•- 16 000 YEARS Accrued Interest fray 0-01.1...... 191 995.00 Average Life.. 5.7233079% page Coupon........-1111.. 5.8170603?: nterest Cost (N[C)........................... 5.6863163% Nat [ Arbitrage Purposes.............. .: 5.6391162% Soria yield er for 5.91693 True [nterest GvSt (TIC)...,•............0011.. •- 54x Effective interest Cost (£[C)...... .....•. . FROM MILLER & SCHROEDER (TUE)08. 24' 93 14:04/ST. 14:UJ/NU. �JDOUOtUOOO r w GITTPOLICE STATION iNo COP (A RATED) OPERATION OF WITALIZED INTEREST FLMO ORAUS ERD. BALANCE INTEREST D YIELD RTE BED. BALANCE _ 966,169-81 966,169.81 3,000009: 14,492.55 331,7b6.25 332,6,8M33.30 10/01/1993 866,169.81 331,766.25 4/01/1994 6,896.11 3.00000% 9.733. 331,T66.Z5 10/01/19 * 30 3.0000CM 4.902.95 4/01l19� 326,563• 2 995,298.75 9,128.94 TOTAL FILE , SBPOLC1O Miller 6 Schroeder Financial, ine. 8/24/1993 12:57 PM Public Finance NET SIDED METHOD iOIi EpP1TALIZED INTEREST FUND CC1F) SOLUT 966,169-81 pO Deposit to Capitalizedgidurin9 period......... Capitalize LOC paymen 10/01/1993 4/01/1995 First DeP-it O Qenterest0ste....••••---.•• -'.. 2 PER TEAR Final Capitaliz ir►9... .. of Interact f " Individual Draws FreWeA Balance or indlvidual Draws: Interest an aggregate, Transfer amounts in excess of CIF requireemnta to: Debt Service Fuld FROM MILLER & SCHROEDER (TUE)08. 24' 93 14;05/ST, 14:U3/NU. 'JNUO(U000 j J CITY OF SAN BEP1IARDINO POLICE STATION GOP (A RATED) OPERATION Of PROJECT COSTRUGTTOH FUND DRAWS END. eALANCE YIELD INTEREST DATE BEG. 8ALl�M� ER 76 9,161,697-47 9 a,364.23 3,000OOS'. 0,666.66 B,517,793.20 t0/01l1 1%1,697.47 3.00000: 22 ?6z ��666.66 7,872,2 -14 11!01/1993 9, 3.000009: 21.162-� 6".66 7,225,191.32 , 12/01/1493 a,!iv,�.20 79 558.84 . 6"# � �6�> x")76,40}4 1/01/1994 7,872 �'. 5:%,:'• frQQ�O >':, '�-. .66 5,926 138.42 2J811 ifi' ,''; Y't 16,339. fit, 5,274,195.35 3/01/1994 6,576,465.74 3.000009: 14 666,666. 4620.632.52 4/01/1994 5,926,138,42 3.00000°: 13,103.83 666,666.66 3965,445.90 5/01/1994 5,274,195.35 3.00000% 11 �480y-04 666 W.66 3.000003 6/01/1994 4,620{632.5%:>; `3ep04009 y >9i �Y:'. ••�j� 666 zra0,�385.14 f7jd4J4�9 ,r•''3; ,t+k�.,45 3.0000091 8r�86.k3 666,x.66 1,990,102. 8!01/1994 2�b50,185.14 3.00000% 6,5 65 666,666.66 7,32e,3b0. 9/01/1994 102.91 3.00000'% 4r�+E- 1 i 66 665,014.42 10101/149/* 1.990, 3_00000 E 3 X65 ' 'bb(s +; !1(01/1944 s65:R914-�,.':3=04,0(109 >. '' _ 13/.0.41.15$x• " _ 3.00000% - 7/01/1445 _ 3.00000% x/01/1995 3,000007E - 3101/1995 - - _ - 171,635,77 10,000,000.00 TOTAL FILE = SBPOLCIO Miller g Schroer Financial, Inc- 8/71/1993 12:57 PH pubLic Finance NEi FI1►1Di� PROJECT cANSTRuCTIOM FUND (PCF) SOLUTL011 METh� 9,825,V,4.23 traction Fund..........••" Deposit to Project Cons 70/01/1993 air DatQ.._..-..._• ...... •- 301360 First D 2 PER YEAR Dsycount Method...•,•.......•'�np.,••.,,,......•• Individual Draws FrWtmy of Interest Cornpa Interest on a99fe9ete Balance or individual DraNS: Tran s sfer m0mt in excess of PCF requir +ts tot Debt Service Fund