HomeMy WebLinkAbout2015-072 I RESOLUTION NO. 2015-72
2 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY
OF SAN BERNARDINO ACTING AS THE SUCCESSOR AGENCY TO THE
3 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
4 AUTHORIZING THE COMMENCEMENT OF A REFUNDING OF
CERTAIN OUTSTANDING BONDS AND NOTES TO ACHIEVE DEBT
5 SERVICE SAVINGS AND AVOID THE POSSIBILITY OF DEFAULT, AND
APPROVING CERTAIN RELATED ACTIONS.
6
7 WHEREAS, pursuant to Health and Safety Code (the "HSC") § 34172 (a)(1), the
8 Redevelopment Agency of the City of San Bernardino was dissolved February 1, 2012; and
9 WHEREAS, consistent with the provisions of the HSC, on January 9, 2012 the Mayor and
10 Common Council of the City of San Bernardino elected to serve in the capacity of the Successor
11 Agency to the Redevelopment Agency of the City of San Bernardino (the "Successor Agency"); and
12 WHEREAS, the Oversight Board for the Successor Agency (the "Oversight Board") has
13 been established pursuant to HSC § 34179 to assist in the wind-down of the dissolved
14 redevelopment agency; and
15 WHEREAS, pursuant to HSC § 34177.5, successor agencies may undertake to refund bonds
16 or other indebtedness of its former redevelopment agency subject to certain prerequisites including,
17 but not limited to, the approval and direction of its oversight board; and
18 WHEREAS, the purpose of this Resolution is to authorize the commencement of a
19 refunding of enforceable obligations of the Successor Agency, as more particularly described below,
20 to achieve debt service savings, financing debt service spikes, including balloon maturities, so as to
21 avoid the possibility of default on Successor Agency notes, and to approve certain related actions
22 including, but not limited to, requesting Oversight Board concurrence with respect to commencing
23 the proposed refunding of certain outstanding bonds and notes; and
24 WHEREAS, an oversight board may only direct such a refunding so long as its successor
25 agency is able to recover its related costs in connection with the transaction, including costs of
26 financial advisors, consultants, counsel and staff related to the refunding(the"Financing Team"); and
27 WHEREAS, a listing of the members of the Successor Agency's Financing Team is attached
28 hereto as Exhibit"A"; and
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1 WHEREAS, the recovery of such costs in connection with such a refunding transaction shall
2 be supplemental to, and not constrained by, the administrative cost allowance as such allowance is
3 defined in HSC § 34171 (b); and
4 WHEREAS, the former Redevelopment Agency of the City of San Bernardino (the
5 "Former RDA"), had enforceable obligations (the "Prior Obligations") relating to the following bonds
6 and notes, and had caused the issuance, directly or indirectly, of the following bonds and notes, among
7 others (collectively referred to herein as the"Prior Bonds and Notes"):
8 (a) $8,590,000 original principal amount of San Bernardino Joint Powers Financing
9 Authority Subordinated Tax Allocation Bonds, Series 1998B (the "1998B TABS");
10 (b) $30,330,000 original principal amount of San Bernardino Joint Powers Financing
11 Authority Tax Allocation Refunding Bonds, Series 2002 (the "2002 TABS");
12 (c) $3,635,000 original principal amount of San Bernardino Joint Powers Financing
13 Authority Tax Allocation Refunding Bonds, Series 2002A(the "2002A TABS");
14 (d) $26,665,000 original principal amount of San Bernardino Joint Powers Financing
15 Authority Tax Allocation Bonds, Taxable Series 2006 (the "2006 TABS");
16 (e) $15,000,000 original principal amount of Redevelopment Agency of the City of San
17 Bernardino Tax Exempt Promissory Note, Series 2009A (the "2009A Notes");
18 (f) $8,000,000 original principal amount of Inland Valley Development Agency
19 Revenue Bond Series 2010 (the "2010 Notes"), for which the Redevelopment
20 Agency of the City of San Bernardino is the financially responsible party; and
21 (g) $10,000,000 original principal amount of Redevelopment Agency of the City of San
22 Bernardino Promissory Note, Series 2011 (the "2011 Notes" and, together with the
23 2009A Notes and the 2010 Notes, the "Notes"); and
24 WHEREAS, some or all of the Prior Bonds and Notes, and related Prior Obligations, are
25 subject to optional redemption and may be prepaid and refunded on or after: i) July 1, 2008 (for the
26 1998B TABS); ii) April 1, 2012 (for the 2002 TA-Bs); iii) December 1, 2011 (for the 2002A TABS);
27 iv) May 1, 2016 (for the 2006 TABS); v) October 1, 2013 (for the 2009A Notes); vi) April 1, 2014 (for
28 the 2010 Notes); and July 6, 2015 (for the 2011 Notes); and
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I WHEREAS, the Successor Agency's financial advisors have reported that there are potential
2 debt service savings that can be achieved, in accordance with the authority provided by HSC §
3 34177.5 (a) (1), through a prepayment of the Prior Obligations relating to, and the resulting, current
4 refunding of the 1998B TABS, the 2002 TABS and the 2002A TABS and advance refunding of the
5 2006 TABS; and
6 WHEREAS, the Successor Agency's financial advisors have reported that the refunding of
7 the Notes will enable the Successor Agency to avoid the possibility of defaulting on one or more of
8 the 2009A Notes, 2010 Notes and the 2011 Notes; and
9 WHEREAS, the Notes are refundable pursuant to the authority provided by HSC §
10 34177.5 (a) (2), wherein successor agencies are authorized to issue refunding bonds or other
11 indebtedness to finance debt service spikes, including balloon maturities, on existing indebtedness,
12 provided that: i) the existing indebtedness is not accelerated, except to the extent necessary to
13 achieve substantially level debt service; and ii) the principal amount of the bonds or other
14 indebtedness shall not exceed the amount required to finance the debt service spikes, including
15 establishing customary debt service reserves and paying related costs of issuance; and
16 WHEREAS, summary information depicting the potential financial effects of refunding the
17 Prior Obligations relating to or constituting the Prior Bonds and Notes is included within the "Prior
18 Bonds and Notes Refunding Summary", attached hereto as Exhibit`B"; and
19 WHEREAS, an overview of the fiscal reasons supporting the refunding of the 2009A, 2010
20 and 2011 Notes is included within the "Fiscal Summary Supporting the Refunding of the Notes",
21 attached hereto as Exhibit"C"; and
22 WHEREAS, interest rates are at historically low levels and it is beneficial to all taxing
23 entities to undertake a refunding of the Prior Obligations relating to or constituting the Prior Bonds
24 and Notes conditioned upon the requirements set forth in HSC § 34177.5 (a) (1) being met and the
25 subsequent approval by the Successor Agency and the Oversight Board; and
26 WHEREAS, based on the foregoing, this resolution shall confirm the Successor Agency's
27 request that the Oversight Board approve and direct the commencement of the process required for
28 the refunding of all or a portion of the Prior Obligations relating to or constituting the outstanding
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I Prior Bonds and Notes, and such other obligations of the Former RDA for the benefit of the Successor
2 Agency as may be hereafter identified, to achieve debt service savings and to avoid the possibility of a
3 default; and
4 WHEREAS, the purpose of this Resolution is only to authorize the commencement of the
5 process required for the refunding of all or a portion of the Prior Obligations relating to or
6 constituting the outstanding Prior Bonds and Notes and is not an authorization to issue bonds; and
7 WHEREAS, the approval of the issuance of refunding bonds to refinance the refunding of
8 the Prior Obligations relating to or constituting the Prior Bonds and Notes, if any, will require a
9 subsequent authorization by the Successor Agency and the Oversight Board; and
10 WHEREAS, all of the prerequisites with respect to the approval of this Resolution have
11 been met.
12 NOW, THEREFORE, BE IT RESOLVED by the Successor Agency to the
13 Redevelopment Agency of the City of San Bernardino, as follows:
14 Section 1. Recitals. The Recitals set forth above are true and correct and are incorporated
15 into this Resolution by this reference.
16 Section 2. Authorization to Initiate the Refunding Process. Pursuant to HSC § 34177.5
17 (f), the Successor Agency authorizes the initiation and preparation needed to issue bonds (the
18 "Refunding Bonds"), which bonds may be sold at a public or private sale or to a joint powers
19 authority pursuant to the Marks-Roos Local Bond Pooling Act (Article 4 [commencing with § 6584]
20 of Chapter 5 of Division 7 of Title 1 of the Government Code) following a determination by the
21 Successor Agency to refund all or a portion of the Prior Obligations relating to or constituting the
22 Prior Bonds and Notes; provided that this request shall not offer any assurance that bonds will be
23 sold by the issuer or Successor Agency and provided further that the Successor Agency approves of
24 such refunding at a subsequent meeting. The Successor Agency: i) may determine to request
25 subordinations permitted pursuant to HSC § 33417.5 (c); ii) requests that the Oversight Board
26 authorize and direct the initiation and preparation needed to issue the Refunding Bonds for the
27 purposes described in this Resolution; and iii) approves the members of the Financing Team, as
28 described on Exhibit"A".
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I Section 3. Not an Authorization to Issue Bonds. This Resolution only constitutes an
2 authorization to initiate a process needed to issue the Refunding Bonds pursuant to HSC § 34177.5
3 (f), including a request for the Oversight Board's authorization and direction for the initiation and
4 preparation needed to issue the Refunding Bonds. This Resolution does not constitute an approval
5 to issue bonds. Therefore, subsequent to the Oversight Board's authorization and direction for the
6 initiation and preparation needed to issue the Refunding Bonds and once all of the prerequisite
7 documents have been prepared and are ready for consideration, said documents shall be submitted to
8 the Successor Agency and thereafter to the Oversight Board for consideration for approval to issue
9 the Refunding Bonds pursuant to HSC §§ 34180 (b) and 34177.5.
10 Section 4. Validation Action. The commencement of a validation proceeding pursuant
11 HSC § 34177.5(d) and § 860 of the Government Code, if the Successor Agency or its counsel
12 determines to initiate such action, is authorized.
13 Section 5. Recovery of Costs. The Successor Agency may recover its reasonable and
14 related costs incurred in connection with the issuance of the bonds from the proceeds of the
15 Refunding Bonds or, if such bond proceeds are insufficient to cover such costs, by including such
16 costs in a future Recognized Obligation Payment Schedule. The recovery of such costs shall be in
17 addition to and shall not count against any administrative cost allowance of the Successor Agency as
18 such allowance is defined in HSC § 34171 (b). The Successor Agency shall provide information and
19 appropriate contractual obligations in connection with the costs of issuance at the time of approval of
20 the documents relating to the refunding.
21 Section 6. Severability. If any provision of this Resolution or the application of any such
22 provision to any person or circumstance is held invalid, such invalidity shall not affect other
23 provisions or applications of this Resolution that can be given effect without the invalid provision or
24 application, and to this end the provisions of this Resolution are severable. The Successor Agency
25 declares that it would have adopted this Resolution irrespective of the invalidity of any particular
26 portion of this Resolution.
27 Section 7. Effective Date. This Resolution shall take effect upon: i) its adoption and
28 execution in the manner as required by the City Charter; and ii) the approval of the subject matter
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1 contained herein by the Oversight Board and California Department of Finance consistent with HSC
2 § 34179 (h).
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I
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY
2 OF SAN BERNARDINO ACTING AS THE SUCCESSOR AGENCY TO THE
3 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
AUTHORIZING THE COMMENCEMENT OF A REFUNDING OF
4 CERTAIN OUTSTANDING BONDS AND NOTES TO ACHIEVE DEBT
SERVICE SAVINGS AND AVOID THE POSSIBILITY OF DEFAULT, AND
5 APPROVING CERTAIN RELATED ACTIONS.
6 I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Successor
7 Agency to the Redevelopment Agency of the City of San Bernardino, at a meeting thereof, held
8 on the 6t" day of April, 2015,by the following vote, to wit:
9
10 Council Members Ayes Nays Abstain Absent
11 MARQUEZ X
BARRIOS X
12
VALDIVIA X
13
SHORETT X
14 NICKEL X
15 JOHNSON X
16 MULVIHILL X
17
18
G City erk
19
20 The foregoing Resolution is hereby approved this day of April 2015.
21
22 V e"
R. Carey DIvis, Chairman
23 Successor Agency to the
24 Redevelopment Agency of the
City of San Bernardino
25 Approved as to Form:
Gary D. Saenz, City Attorney
26
27 By.
28
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2015-72
1
EXHIBIT "A"
2
3 SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY
4 OF THE CITY OF SAN BERNARDINO
5 LISTING OF FINANCING TEAM MEMBERS
6 SUCCESSOR AGENCY STAFF
7 Allen J. Parker, City Manager/Executive Director
Bill Manis, Deputy City Manager
8 Nita McKay, Deputy City Manager
9 BOND COUNSEL
Orrick, Herrington & Sutcliffe LLP
10 Los Angeles, California
11 DISCLOSURE COUNSEL
12 Stradling Yocca Carlson &Rauth
A Professional Corporation
13 Newport Beach, California
14 ISSUER'S COUNSEL
15 Gary D. Saenz, City Attorney/General Counsel
Office of the City Attorney
16 City of San Bernardino
San Bernardino, California
17
18 TRUSTEE
U.S. Bank National Association
19 Los Angeles, California
20 VERIFICATION AGENT
Causey Demgen &Moore P.C.
21 Denver, Colorado
22 FINANCIAL ADVISOR AND DISSEMINATION AGENT
23 Urban Futures, Inc.
Orange, California
24
UNDERWRITER
25 Stifel Nicolas & Company, Inc.
26 Los Angeles, California
27
28
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2015-72
1
2
EXHIBIT "B"
3
4
SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY
5 OF THE CITY OF SAN BERNARDINO
6 PRIOR BONDS AND NOTES REFUNDING SUMMARY
7
8 The attached spreadsheets depict four (4) refunding scenarios with respect to the Prior Bonds and
9 Notes. These refunding scenarios are as follows:
10 1. Scenario No. 1 assumes that only the 1998A TABS, 2002 TABS, 2002A TABs and 2006 TABS
11 are refunded. As noted within the Scenario No. 1 spreadsheet,based on the conservative interest
12 rate assumptions used, the cumulative cash-flow savings is projected to be $5,559,604;
13 2. Scenario No. 2 is the same as Scenario No. 1 with the addition of the refunding of the 2009A
14 Notes;
15 3. Scenario No. 3 is the same as Scenario No. 2 with the addition of the refunding of the 2010
16 Notes; and
17 4. Scenario No. 4 is the same as Scenario No. 3 with the addition of the refunding of the 2011
18 Notes.
19 with respect to the refunding of the Notes, the attached spreadsheets assume that the Notes will be
20 refunded by Successor Agency refunding bonds for which the applicable principal and interest will
21 be paid during the period of December 2015 through December 2031. There are several matters
22 pending before the California Department of Finance that may enable the Successor Agency to
23 apply up to approximately $5 million of additional current cash to help repay the Notes. This
24 possibility together with the Successor Agency's overall goal of only extending the repayment
25 period for the Notes by the shortest fiscally feasible period of time may result in the portion of the
26 Refunding Bonds related to the Notes requiring fewer fiscal years to repay than are currently
27 projected.
28 (See Attachment)
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2015-72
Successor Agency to the Redevelopment Agency of the City of San Bernardino
SCENARIO 1:Refunding of the Agency's Outstanding Tax Allocation Bonds
" Refunding Results Reflect Market Conditions as of March 13,2015
SCENARIO 1:SAVINGS SUMMARY
San Dernar in® SENIOR LIEN Aggrepte JUNIOR LIEN Aggregate
Refunded Bonds
Refunded Par Amount $2,780,000 $17,305,000 $20,085,000 $3,330,000 $17,420,000 $20,750,000
Average Coupon of Refunded Bonds 6.18% 6.14% 6.15% 1 6.00% 6.50% 6.44%
Avg.Life(Years) 10.30 5.64 6.29 3.46 5.62 5.27
Tax-Status Tax-Exempt Taxable T-E/Taxable Tax-Exempt f Tax-Exempt Tax-Exempt
Refunding Bonds € j
Refunding Type Current Advance Current/Advance I Current Current Current
Refunding Par Amount $2,615,000 $17,840,000 $20,455,000 $2,925,000 $17,110,000 $20,035,000
Refunding Interest Rate(Tax-Exempt) 3.54% n.a. 3.54% 2.26% 2.94% 2.87%
Refunding Interest Rate(Taxable) n.a. 3.80% 3.80% n.a. n.a. n.a.
Avg.Life(Years) 9.92 5.84 6.36 3.90 5.96 5.66
Present Value Savings($) $530,728 $672,133 $1,202,861 $306,338 $2,543,549 $2,849,887
Present Value Savings(%) 19.09% 3.88% 5.99% 9.20% 14.60% 13.73% j
Avg.Annual CF Savings through Maturity $41,636 $128,417 $139,405 $108,998 $211,311 $265,810
Approx.Cumulative CF Savings $707,806 $1,669,426 $2,369,884 $653,987 $2,535,734 $3,189,720
i
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2015-72
Successor Agency to the Redevelopment Agency of the City of San Bernardino
sk
SCENARIO 2:Refunding of the Agency's Outstanding'Tax Allocation Bonds and 2009 Notes
Refunding Results Reflect Market Conditions as of March 13,2015
SCENARIO 2:SAVINGS SUMMARY
W�33
San Bern ino SENIOR
Refunded Bonds
Refunded Par Amount $2,780,000 $17,305,000 $20,085,000 $3,330,000 $17,420,000 $15,000,000 $35,750,000 I
Average Coupon of Refunded Bonds 6.18% 6.14% 6.15% 6.00% 6.50% 5,25% 6.41%
Avg.Life(Years) 10.30 5.64 6.29 3.46 5.62 0,21 3.15
Tax-Status Tax-Exempt Taxable T-E/Taxable Tax-Exempt Tax-Exempt Tax-Exempt j Tax-Exempt
Refunding Bonds i
Refunding Type Curren[ Advance Current/Advance Current Current Current Current
Refunding Par Amount $2,610,000 $17,800,000 1 $20,410,000 $2,895,000 $16,935,000 $7,775,000 $27,605,000
Refunding Interest Rate(Tax-Exempt) 3.54% n.a. 3.54% 2.27% 2.93% {a{ 3.46% 3.10%
Refunding Interest Rate(Taxable) n.a. 3.80% 3.80% n.a. n.a. I n.a. - n.a.
Avg.Life(Years) 9.94 5.64 6.37 3.90 5.96 I 9.65 6.78
Present Value Savings($) $536,308 $709,001 $1,245,309 $311,810 $2,579,822 n.a. $2,891,632
Present Value Savings(%) 19.29% I 4.10% 6.20% 9.36% 14.81% n.a. 6.09% i
Avg.Annual CF Savings through Maturity $41,942 $132,187 $i51,o55 $114,584 $230,138 n.a. $287,430
Approx.Cumulative CF Savings $713,013 $1,718,428 $2,567,941 $687,502 $2,761660 n.a. $3,449,163 i
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2015-72
Successor Agency to the Redevelopment Agency of the City of San Bernardino
SCENARIO 3:Refunding of fist,Agency's t)ntstauditig'rax Allocation Bonds,2009 and 2010 Noter.
„`. Refunding Results Reflect Market Conditions as of March 13,2015
SCENARIO 3:SAVINGS SUMMARY
�P Iii
SENIOR LIEN
JUNIOR LIEN
Ailgresia
Refunded Bonds { ,
Refunded Par Amount $2,780,000 $17,305,000 j $20,085,000 $3,330,000 $17,420,000 $15,000,000 V $8,000,000 $43,750,000
Average Coupon of Refunded Bonds 6.18% 6.14% 6.15% 6.00% 6.50""/u S.25% 5.25% 6.32%
Avg.Life(Years) 10.30 5.64 6.29 3.46 5.62 0.21 1.21 2.79
Tax-Status Tax-Exempt Taxable T-E/Taxable Tax-Exempt i Tax-Exempt Tax-Exempt Tax-Exempt Tax-Exempt
Refunding Bonds
Refunding Type Current Advance Current/Advance I Current Curren[ 3 Current Current Current j
Refunding Par Amount $2,605,000 $17,770,000 $20,375,000 $2,900,000 $16,955,000 $7,785,000 $8,410,000 i $36,050,000
Refunding Interest Rate(Tax-Exempt) 3.54% n.a. i 3.54% 2.26% 2.93% 3,46% 3.66% 3.27%
Refunding Interest Rate(Taxable) n.a. 3.80% 3.80^^/0 n.a. n.a. n.a. n.a. n.a.
Avg.Life(Years) 9,93 5.84 6.36 3.90 5.95 9.64 9.65 7.45
Present Value Savings($) $539,567 $739,389 $1,278,956 $316,094 $2,604,843 n.a, n.a. $2,920,938
Present Value Savings(^^/o) 19.41% 427% 6.37% 9,49% 14.95% — —n.a. n.a. 6.68%
Avg.Annual CF Savings through Maturity $42,462 $135,379 $145,987 $113,716 $228,113 n.a. n.a. $284,971
Approx.Cumulative CF Savings $721,857 $1759926 $2,481,764 $682,296 $2,737358 n.a. n.a. $3419654
2015-72
Successor Agency to the Redevelopment Agency of the City of San Bernardino
SCENARIO 4:Refunding of the Agency's Outstanding T9x Aliowtion Bmuis,2004,2010 and'2011 Notes
Refunding Results Reflect Market Conditions as(March 13,1015
$i1�flpi ir®
SENIOR LIEN JUNIOR LIEN
Refunded Bonds
Refunded Par Amount $2,780,000 $17,305,000 $20,085,000 $3,330,000 $17,420,000 $15,000,000 $8,000,000 $10,000,000 553,750,000
Average Coupon of Refunded Bonds 6.18% i 6.14% 6.15% 6.00% 6.50% 5.25% 5.25% 5.25% 6.14%
Avg.Life(Years) 10.30 5.64 6.29 3.46 5.62 0.21 1.21 2.46 2.73
Tax-Status Tax-Exempt , Taxable T-E/Taxable Tax-Exempt Tax-Exempt Tax-Exempt Tax-Exempt Tax-Exempt Tax-Exempt
Refunding Bonds
Refunding Type Curren[ Advance Current/Advance Current Current Current j Current Current Current
Refunding Par Amount $2,605,000 $17,735,000 $20,340,000 $2,905,000 $16,970,000 $7,795,000 $8,415,000 $10,610,000 $46,695,000
Refunding Interest Rate(Tax-Exempt) 3.54% ! n.a. 3.54% 2.26% 2.93% 3,46% 3.68% 3.68% 3.38%
Refunding Interest Rate(Taxable) n.a. 3.80% 3.80% n.a. n.a. n.a. n.a n.a. n.a.
Avg.Life(Years) 9.93 5.83 6.36 3,90 5.95 9.64 9.65 9.65 7.95
Presen[Value Savings($) $542,007 5766309 41308317 $320,057 $2,627,359 n.a. n.a. §2,947,417
Present Value Savings(%) 19.50% 4.43% 6 51% 9.61% 15.08% n a. n,a, 5.48%
Avg.Annual CF Savings through Maturity _ $42,462 $138,B42 $148,635 $112,803 $226,480 n n.a. n.a. $282,882
Approx.Cumulative CF Savings $721,857 $1,804945_ �. 52526802 $676820 $2,717,763 n.a. n.a. - 53394583
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2015-72
1
2 EXHIBIT "C"
3 SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY
4 OF THE CITY OF SAN BERNARDINO
5 FISCAL SUMMARY SUPPORTING THE REFUNDING OF THE NOTES
6 The attached Exhibit C-1 is a cash-flow analysis showing projected costs for payment of debt
7 service, enforceable obligations ("EOs") and administration expenditures and compares those
8 expenditures to the projected receipt of Redevelopment Property Tax Trust Fund ("RPTTF")
9 revenues (formerly known as tax increment) over 17 fiscal years (i.e., 34 ROPS periods). This
10 analysis shows a funding deficit of$9,395,702 during fiscal years 2015-16 through 2017-18, which
11 is caused by the need to repay the Notes. Further, unless there are other funding sources that
12 become available (e.g., additional cash raised by refunding the Notes), it is possible that the
13 Successor Agency may be facing a default on one or more of the Notes.
14 The attached Exhibit C-2 depicts the same measuring categories as provided in Exhibit C-1, but also
15 includes the result of the application of the debt service required by the Refunding Bonds (per
16 Scenario No. 4, i.e., refunding all of the Prior Obligations relating to or constituting the Prior Bonds
17 and Notes), including the deletion of the debt service of the Prior Obligations relating to or
18 constituting the Prior Bonds and Notes. Although this analysis also shows certain funding deficits
19 (in five ROPS periods), it also shows significant projected surpluses in the ROPS periods
20 immediately preceding each deficit ROPS period. Therefore, the deficits indicated could be fully
21 offset by increasing the amount of RPTTF needed for debt service from the RPTTF surplus years by
22 the amount of the projected deficit in the immediately following ROPS period. This approach
23 would balance the debt service in each affected fiscal year and confirm that the refinancing plan
24 described in Scenario No. 4 is fiscally feasible. In addition, it is important to note that this approach
25 is not feasible in the cash-flow depicted in Exhibit C-1.
26 (See Attachments)
27
28
-10-
2015-72
Schedule of RPT7F--Expenditures Compared to RPTTF:FY 2015-16 Thru FY 2031.32(Assuming No Debt Refunding) Exhibit"C-2" Page 1 of 2
ROPS ROPS ROPS ROPS ROPS ROPS ROPS ROPS ROPS ROPS ROPS
Uses: 15-16A 15-16B 16-17A 16-178 17.18A 17-18B 18-19A 18-19B 19-20A 19-20B 20-21A
Debt Service $ 16,437,163 $ 12,574,809 $ 12,546,176 $ 13,359,637 $ 13,346,498 $ 8,100,058 $ 7,810,993 $ 7,998,461 $ 7,411,461 $ 8,506,456 $ 7,365,704
EOs 2,022,411 2,351,104 3,087,257 3,310,525 1,815,913 3,780,588 2,568,513 2,611,913 2,577,413 1,403,988 1,389,488
Administration 553,787 447,777 469,003 500,105 454,872 356,419 311,385 318,311 299,666 297,313 262,656
Totals: $ 19,013,361 $ 15,373,690 $ 16,102,436 $ 17,170,267 $ 15,617,283 $ 12,237,065 $ 10,690,891 $ 10,928,685 $ 10,288,540 $ 10,207,757 $ 9,017,848
Projected RPTTF: $ 14,470,100 $ 16,739,474 $ 13,348,159 $ 17,074,263 $ 13,615,122 $ 17,415,749 $ 13,887,425 $ 17,764,064 $ 14,165,173 $ 18,119,345 $ 14,448,477
Suplus/Deficit $ (4,543,261) $ 1,365,784 $ (2,754,277) $ (96,003) $ (2,002,161) $ 5,178,683 $ 3,196,534 $ 6,835,379 $ 3,876,633 $ 7,911,588 $ 5,430,629
Total Deficits ROPS 15-16A Thru ROPS 17-18A: $ (9,395,702) Total Surplus to be Distributed ROPS 15-16A Thru ROPS: $ 366,093,124
ROPS ROPS ROPS ROPS ROPS ROPS ROPS ROPS ROPS ROPS ROPS
Uses: 26-27B 27-ZSA 27-28B 28-29A 28-29B 29-30A 29-30B 30-33A 30-318 31-32A 31.328
Debt Service $ 2,484,621 $ 293,466 $ 1,332,731 $ 259,939 $ 658,894 $ 248,632 $ 692,277 $ 240,615 $ 13,795 $ 458,795 $ -
EOs 113,500 100,000 113,500 100,000 113,500 105,000 118,500 105,000 118,500 110,000 5,323,500
Administration 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 159,705
Totals: $ 2,723,121 $ 518,466 $ 1,571,231 $ 484,939 $ 897,394 $ 478,632 $ 935,777 $ 470,615 $ 257,295 $ 693,795 $ 5,483,205
RPTTF: $ 20,813,432 $ 16,596,758 $ 21,229,701 $ 16,928,693 $ 21,654,295 $ 17,267,267 $ 22,087,380 $ 17,612,613 $ 22,529,128 $ 17,964,865 $ 22,979,711
Surplus/Deficit $ 18,090,311 $ 16,078,292 $ 19,658,470 $ 15,357,462 $ 20,756,901 $ 16,788,635 $ 21,151,603 $ 17,141,998 $ 22,271,833 $ 17,271,070 $ 17,496,506
Note:All Suplus RPTTF will be distributed to the taxing entities per the GTL formula applicable to each TRA.
2015-72
Exhibit"C-1" Page 2 of 2
ROPS ROPS ROPS ROPS ROPS ROPS ROPS ROPS ROPS ROPS ROPS ROPS
20-21B 21-22A 21-22B 22-23A 22-238 23-24A 23.24B 24-25A 24-258 25.26A 25-26B 26-27A
$ 6,515,184 $ 4,528,765 $ 3,854,724 $ 4,534,184 $ 3,824,812 $ 4,544,671 $ 3,814,016 $ 4,051,078 $ 3,560,578 $ 4,053,981 $ 3,893,206 $ 360,046
1,405,513 687,013 166,213 687,713 141,225 712,725 130,275 716,775 103,500 95,000 108,500 95,000
237,621 156,473 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000
$ 8,158,318 $ 5,372,251 $ 4,145,937 $ 5,346,897 $ 4,091,037 $ 5,382,396 $ 4,069,291 $ 4,892,853 $ 3,789,078 $ 4,273,981 $ 4,126,706 $ 580,046
$ 18,481,732 $ 14,737,446 $ 18,851,367 $ 15,032,195 $ 19,228,394 $ 15,332,839 $ 19,612,962 $ 15,639,496 $ 20,005,221 $ 15,952,286 $ 20,405,325 $ 16,271332
$ 10,323,414 $ 9,365,195 $ 14,705,430 $ 9,685,298 $ 15,137,357 $ 9,950,443 $ 15,543,671 $ 10,746,643 $ 16,216,143 $ 11,678,305 $ 16,278,619 $ 15,691,286
2015-72
Schedule of RPTTF--Expenditures Compared to RPTTF:FY 2015-16 Thru FY 2031-32(Assuming Scenario 4--2015 Refunding Bonds) Exhibit"C-2" Page 1 of 2
ROPS ROPS ROPS ROPS ROPS ROPS ROPS ROPS ROPS ROPS ROPS
Uses: 15-16A 15-16B 16-17A 16-178 17-18A 17.188 18-19A 18-198 19-20A 19.20B 20-21A
Debt Service $ 8,753,838 $ 4,656,716 $ 13,355,758 $ 4,490,508 $ 13,530,566 $ 4,291,910 $ 13,453,025 $ 4,083,169 $ 13,156,250 $ 3,862,638 $ 13,869,623
EOS 2,022,411 2,351,104 3,087,257 3,310,525 1,815,913 3,780,588 2,568,513 2,611,913 2,577,413 1,403,988 1,389,488
Administration 323,287 210,235 493,290 234,031 460,394 242,175 480,646 200,852 472,010 157,999 457,773
Totals: $ 11,099,536 $ 7,218,055 $ 16,936,305 $ 8,035,064 $ 15,806,873 $ 8,314,673 $ 16,502,184 $ 6,895,934 $ 16,205,673 $ 5,424,625 $ 15,716,884
Projected RPTTF: $ 14,470,100 $ 16,739,474 $ 13,348,159 $ 17,074,263 $ 13,615,122 $ 17,415,749 $ 13,887,425 $ 17,764,064 $ 14,165,173 $ 18,119,345 $ 14,448,477
Suplus/Deficit $ 3,370,564 $ 9,521,419 $ (3,588,146) $ 9,039,199 $ (2,191,751) $ 9,101,076 $ (2,614,759) $ 10,868,129 $ (2,040,500) $ 12,694,720 $ (1,268,408)
Total Deficits ROPS 16-17A Thru ROPS 20-21A: $ (11,703,564) Total Surplus to be Distributed ROPS 15-16A Thru ROPS 31-31B: $ 367,748,566
ROPS ROPS ROPS ROPS ROPS ROPS ROPS ROPS ROPS ROPS ROPS
Uses: 26-27B 27-28A 27-28B 28-29A 28-29B 29-30A 29-305 30-31A 30-318 31-32A 31-32B
Debt Service $ 1,606,601 $ 3,374,733 $ 1,535,216 $ 2,402,424 $ 814,049 $ 2,443,787 $ 797,662 $ 2,481,000 $ 67,125 $ 2,752,125 $ -
EOs 113,500 100,000 113,500 100,000 113,500 105,000 118,500 105,000 118,500 110,000 5,323,500
Administration 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 159,705
Totals: $ 1,845,101 $ 3,599,733 $ 1,773,716 $ 2,627,424 $ 1,052,549 $ 2,673,787 $ 1,041,162 $ 2,711,000 $ 310,625 $ 2,987,125 $ 5,483,205
RPTTF: $ 20,813,432 $ 16,596,758 $ 21,229,701 $ 16,928,693 $ 21,654,295 $ 17,267,267 $ 22,087,380 $ 17,612,613 $ 22,529,128 $ 17,964,865 $ 22,979,711
Surplus/Deficit $ 18,968,331 $ 12,997,025 $ 19,455,985 $ 15,154,977 $ 20,601,746 $ 14,593,480 $ 21,046,218 $ 14,901,613 $ 22,218,503 $ 14,977,740 $ 17,496,506
Note:All Suplus RPTTF will be distributed to the taxing entities per the GTL formula applicable to each TRA,
2015-72
Exhibit"C-2" Page 2 of 2
ROPS ROPS ROPS ROPS ROPS ROPS ROPS ROPS ROPS ROPS ROPS ROPS
20-21B 21-22A 21-22B 22-23A 22-23B 23-24A 23-24B 24-25A 24-258 25-26A 25-26B 26-27A
$ 2,148,073 $ 10,859,837 $ 1,991,438 $ 8,359,209 $ 1,827,142 $ 8,509,642 $ 1,602,548 $ 8,224,206 $ 1,477,696 $ 8,101,140 $ 1,200,968 $ 5,017,441
1,405,513 687,013 166,213 687,713 141,225 712,725 130,275 716,775 103,500 95,000 108,500 95,000
106,608 346,406 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000
$ 3,660,194 $ 11,893,256 $ 2,282,651 $ 9,171,922 $ 2,093,367 $ 9,347,367 $ 1,857,823 $ 9,065,981 $ 1,706,196 $ 8,321,140 $ 1,434,468 $ 5,237,441
$ 18,481,732 $ 14,737,446 $ 18,851,367 $ 15,032,195 $ 19,228,394 $ 15,332,839 $ 19,612,962 $ 15,639,496 $ 20,005,221 $ 15,952,286 $ 20,405,325 $ 16,271,332
$ 14,821,538 $ 2,844,191 $ 16,568,716 $ 5,860,273 $ 17,135,027 $ 5,985,472 $ 17,755,139 $ 6,573,515 $ 18,299,025 $ 7,631,146 $ 18,970,857 $ 11,033,891