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ORIGINAL
CITY OF SAN BERNARDINO - REQUEST FOR COUNCIL ACTION
Dept: City Administrator's Office
Subject: Discuss and take possible
action concerning the VLF Gap Loan
Financing Program
From: Fred Wilson, City Administrator
Date: January 18, 2005
MICC Meeting Date: January 24, 2005
Synopsis of Previous Council Action:
January 24, 2005 - Ways and Means Committee recommends participation in the VLF
Gap Loan Financing Program
Recommended Motion:
That the City's participation in the California Statewide Communities Development
Authority Vehicle License Fee Gap Loan Financing Program be approved in concept,
and that staff be directed to bring back the necessary documents for final approval at
the February 7 Council meeting.
Contact person: I=rE'r1 Wil~on
Phone:
5122
Supporting data attached:
staff report --
Ward:
all
FUNDING REQUIREMENTS: Amount: none by this action
Source: (Acct. No.)
(A~~t nAq~rirtinn)
Finance:
Council Notes:
'Agenda Item No.
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ST AFF REPORT
Subiect:
Discuss and take possible action concerning the VLF Gap Loan Financing Program
Back2round:
Vehicle License Fees and VLF Gap Repavment: Vehicle license fees (VLF) were
historically assessed in the amount of 2% of a vehicle's depreciated market value for the
privilege of operating a vehicle on California's public highways. Beginning in 1999, the
VLF paid by vehicle owners was offset (or reduced) to the effective rate of 0.65%. In
connection with the offset of the VLF, the Legislature authorized appropriations from the
State General Fund to "backfill" the offset so that local governments, which receive all of
the vehicle license fee revenues, would not experience any loss of revenues. The
legislation that established the VLF offset program also provided that if there were
insufficient State General Fund moneys to fully "backfill" the VLF offset, the percentage
offset would be reduced proportionately (Le., the license fee payable by drivers would be
increased) to assure that local governments would not be disadvantaged.
In June 2003, the Director of Finance under the Davis Administration ordered the
suspension of VLF offsets due to a determination that insufficient State General Fund
moneys would be available for this purpose, and, beginning in October 2003, the VLF
paid by vehicle owners were restored to the 2% level. However, the offset suspension
was rescinded by Governor Schwarzenegger on November 17, 2003 and State offset
payments to local governments resumed. Local governments received "backfill"
payments totaling $3.80 billion in FY 2002-03. "Backfill" payments totaling $2.65
billion were paid to local governments in FY 2003-04. However, approximately $1.2
billion was not received by local governments during the time period between the
suspension of the VLF offsets and the implementation of higher fees and is still owed
them by the State. The City's share of the VLF Gap Repayment is $3,291,800.
As part of the 2004 Budget Act negotiations, an agreement was made between the State
and local government officials under which the VLF rate will be permanently reduced
from 2% to 0.65%. This state-local agreement also provides for the repayment by August
15,2006 of the approximately $1.2 billion VLF Gap Repayment. In order to protect local
governments, the reduction in VLF revenue to cities and counties from this rate change
will be replaced by an increase in the amount of property tax they receive. Under the
state-local agreement, for FY 2004-05 and 2005-06 only, the replacement property taxes
that cities and counties receive has been reduced by $700 million. Commencing in FY
2006-07, local governments will receive their full share of replacement property taxes
and those replacement property taxes will now enjoy constitutional protection against
transfers by the State due to the approval of Proposition lA at the November 2004
election. .. ,. ..
VLF Program: Authorized under SB 1096, the VLF Program was instituted by the
California Statewide Communities Development Authority (CSCDA) in 2004 to enable
the City of San Bernardino and other cities and counties to sell their respective VLF
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Receivables to CSCDA for an upfront fixed purchase price estimated to be at least 90%
of the VLF Gap repayments. CSCDA is a joint powers authority sponsored by the League
of California Cities and the California State Association of Counties. The member
agencies of CSCDA include approximately 230 cities and 54 counties throughout
California, including San Bernardino.
CSCDA is planning to issue notes and to use the note proceeds to purchase the VLF
Receivables and pay financing costs. The actual purchase price of the VLF Receivables
will depend on the total amount of VLF Receivables that cities and counties sell to
CSCDA and on bond market conditions at the time the VLF Notes are priced. If the City
sells its VLF Receivable under the VLF Program, CSCDA will pledge the City's VLF
Receivable to secure the repayment of a corresponding portion of the VLF Notes.
The City's sale of its VLF Receivables will be irrevocable. Bondholders will have no
recourse to the City if the State does not make the VLF Gap Repayment. This in effect
transfers risk from the participating cities to the bondholders.
Benefits of Participation in the VLF Program: The City's VLF backfill loan was
recognized as a deferred revenue in FY 2003-04, and the City used the budget reserve to
cover the $3,291,800 revenue shortfall. The sale of the VLF receivable will allow the
City to eliminate the receivable, and the designated budget reserve can be changed to
undesignated.
The reserve amount will also be reduced by the difference between the proceeds from the
receivable sale and the actual VLF loan; that difference is estimated to be no more than
$300,000. The remainder of the reserve will then be available for other uses, including
helping to balance the City's budget, ifso desired by the Mayor and Council.
If the City does not participate in the program, we bear the risk that the State may defer
the repayment of the loan, or not pay it at all. By selling the receivable, the City no
longer bears this risk. It is estimated that approximately 200 cities across the state are
planning to participate in this program.
Estimated Proceeds of the Sale of the City's VLF Receivable: Upon delivery of the VLF
Notes, CSCDA will make available to the City its fixed purchase price. This payment
will equal the City's VLF Receivable amount less capitalized interest costs (to pay
interest on the VLF Notes until maturity), credit enhancement fees and bond issuance
costs. As discussed above, the City's VLF Receivable is $3,291,800. The purchase price
to be paid by CSCDA is estimated to be $3,000,000, but cannot be determined with
specificity until the total number of participants in the VLF Program is known and bond
market conditions are taken into account at the time the VLF Notes are priced. There is a
possibility that if the State pays the VLF Receivable as scheduled on August 15, 2006,
there will be some residual interest earnings on the funds prior to the maturity date of the
VLF Notes, which amount, up to 1 % of the VLF Receivable, would be refunded to the
City.
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If the Mayor and Council wish to move to participate in the VLF Gap Loan Program, the
next step would be to adopt a resolution that authorizes the sale of the VLF Receivable,
approves the form of a Purchase and Sale Agreement with CSCDA, and other related
actions.
Financial Impact:
None by this action.
Recommendation:
It is recommended that the City's participation in the VLF Gap Loan Financing Program
be approved in concept, and that staff be directed to bring back the necessary documents
for final approval at the February 7 Council meeting.
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CITY OF SAN BERNARDINO
CITY ADMINISTRATOR'S OFFICE
INTEROFFICE MEMORANDUM
SUBJECT:
Ways and !i1s Committee
Fred WilS~ Administrator
VLF Gap Loan Financing Program/City Hall Bond Refinancing
TO:
FROM:
DATE:
January 7, 2005
COPIES:
Attached is some background information concerning the VLF Gap Loan financing program that
is being offered through the League of California Cities' CSCDA. Staff met with representatives
from the program in December, and those same representatives will be present at the Committee
meeting to discuss how the program works, and its potential benefits to the City.
In addition, those same representatives from EJ.De La Rosa, Co. will present information
concerning a possible City Hall bond refinancing. Materials concerning this issue will be passed
out at the Committee meeting.
In the meantime, please contact me if you have any questions.
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Article from Priority Focus
Page 1 of2
Article from Priority Focus (IJttp..:llw'y'!'!:!,lm;l.Ken!:~~omjl!rjQfJj:vfoc\!_~L!!_~Q.QQl42-~QV;;fm]')!=!1~.C.2!:L9.e&H);U9G~)
December 30, 2004
Cities Responding to "VLF Gap Loan" Financing Program
City officials facing tight city budgets may want to move quickly to participate in the first round of financing
available in February through the new California Communities' VLF Gap Loan Financing Program.
Background
City officials will recall that in FY 2003-2004 the state failed to make 3 months of VLF backfill payments to cities
and counties, resulting in a VLF funding gap (''VLF Gap Loan"). At that time, the state agreed to make these
VLF gap loan payments by August 15, 2006, but many local officials expressed doubts that repayment would
occur as promised due to the state's continuing deficit.
These concems led the League to focus on getting the strongest possible guarantee of repayment of the ''VLF
. Gap Loan" during the budget negotiations last summer that led to the approval of SCA 4 (Prop. 1A).
In addition to the requirement of SCA 4 (Prop. 1A) that the state repay the VLF Gap Loan before the state can
ever "borrow" local property taxes, we asked for authority for cities and counties to sell this VLF "receivable" to
a joint powers authority in which most cities and counties already participate (California Communities).
Gap Loan Program Now Available
The League recently notified cities that this program is now available, and the response from local agencies
has been strong. To date, we have received indications of interest from over 100 local agencies with
receivables totaling over $360 million.
The program provides a city or county the opportunity to sell their VLF Gap Loan debt for an upfront fixed price
of about 92 to 95% (estimated) of the amount receivable from the state rather than wait for payment in 2006.
California Communities is planning to issue bonds and use the proceeds to purchase the VLF receivables and
pay financing costs ("VLF Bonds"). California Communities will pledge the VLF receivables to secure payment
on the VLF Bonds. A city's sale of Its VLF receivable Is Irrevocable and investors will have no recourse
to the city If the state does not repay the VLF gap loan.
Many cities find the program attractive because it:
. Provides immediate cash relief.
. Transfers the risk of non-payment by the State to bondholders.
. Levels out cash flow from the State over the next few years.
One city manager summed it up this way:
"This program is great! I wish every city would participate. Besides the immediate benefits to the city, it
effectively ensures full repayment because receivables sold to bondholders are protected by contract. And
even if the state did fail to pay, it would not be the cities' fight. "
How to Participate
For cities that have not yet signed up but would like to do so, there is still time to participate in the first
financing, scheduled for sale in late February. Application materials are available at www.c~con:m,unities.cor:n,_
To participate in the February financing, all required documents must be approved by your city council by
February 18, 2005. Interested cities should initiate the application process no later than January 7.
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Page :L ot L '
You can easily find your city's VLF gap loan amount and more information about the program on the Califomia
Communities website. More questions? Please contact California Communities Program Manager James
Hamill at (925) 933-9229 x216.
published by Leaoue of California Cities
Copyright @ 2005 League of California Cities. All rights reserved.
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CALIFORNIA
COMMUNITIES
Thank you for your interest in the California Communities Vehicle License Fee ("VLF")
Gap Loan Funding Program. This program will allow cities and counties throughout
California to sell the VLF gap loan receivable, a payment due from the State to cities and
counties ("Local Agencies") on or before August 15, 2006. To date, over 65 local
agencies totaling over $250 million in VLF gap loan receivables have completed the
preliminary participation form.
In preparation for the bond offering funding the receivable purchase, California
Communities, along with the California State Association of Counties and the League of
California Cities are holding a number of informational meetings throughout the state
through mid-December 2004. Please see our web site, www.cacommunities.com for the
most recent listing of meeting dates and locations. More detailed program information is
also available on the web site.
SCHEDULE
We plan the following schedule for the program and the bond sale:
Local Agencies complete online VLF preliminary participation form November! December 2004 .
Local Agencies complete online application December 13,2004 - January 10,
2005
Documentation available for Local Agency review December 2004
Determine taxable!tax-exempt status of participant use of funds December 2004
Local Agency governing body approves documentation January 2005
CSCDA sells bonds February 2005
Local Agencies receive proceeds February 2005
DOCUMENT AnON
As an interested Local Agency, you may expect to receive drafts of the following
documents from bond counsel, Orrick, Herrington & Sutcliffe, LLP, ("Bond Counsel")
by the third week of December 2004:
1. Purchase/Sales Agreement
2. Board/Council Resolution
3. Sample Staff Report
You will be required to review and execute documents in January 2005.
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T AXABLErr AX-EXEMPT STATUS
Each Local Agency has the ability to determine the ultimate use of proceeds received
from the VLF gap loan receivable sale. Depending on this use, the funds for California
Communities purchase of the receivable will be raised through the sale of tax-exempt or
taxable bonds. In December 2004 and January 2005, each Local Agency will work with
Bond Counsel to confirm the tax-exempt or taxable status of the expected use of
proceeds.
We look forward to your participation in this program. If you have any questions prior to
receiving the Local Agency draft documentation from Bond Counsel, you may contact
any of the individuals below:
California Communities
James Hamill, Program Manager
UNDERWRITERS
Michael Gomez, Citigroup
Kimberly Quinones, Citigroup
Paul Rosenstiel, EJ. De La Rosa & Co., Inc.
John Kim, EJ. De La Rosa & Co., Inc
BOND COUNSEL
John Knox; Orrick, Herrington & Sutcliffe
David Stevens, Orrick, Herrington & Sutcliffe
Dan Deaton, Orrick, Herrington & Sutcliffe
Best regards,
James F. Hamill
Program Manager
CSCDA
(925) 933-9229 x216
(415) 951-1615
(310) 230-2230
(415) 495-8863
(415) 496-8863
(415)773-5626
(415)773-5503
(213)612-2321
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