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C I T
~ F SAN B ERN A R dC) N 0
INTEROFFICE MEMORANDUM
8805-1704
...
TO:
The Honorable Mayor and Common Council
FROM:
James E. RObbins, Acting city Administrator
SUBJECT: General Obligation Bond Issue for November 1988
Ballot
DATE:
May 13, 1988
Fred Wilson
(7439)
COPIES:
-------------------------------------------------------------
INTRODUCTION
The Ways and Means Committee requested the Acting City
Administrator to submit a report to the Mayor and Council
regarding the potential for a General Obliqation Bond Issue
on the November 1988 ballot.
Consideration of a G. O. Bond Issue to assist the City in
funding various infrastructure-related needs has been
discussed by the Ways and Means Committee during the past few
months. This issue was prompted in part due to a recognition
that inadequate funding sources are available to address the
capital improvement and infrastructure needs of the City.
DISCUSSION
At the request of the Ways and Means Committee, the Director
of Public Works prepared a report which is attached that
identifies departmental capital improvement needs by major
funding sources including:
1. Projects which could be considered for inclusion in
a G. O. Bond Issue:
2. Projects listed on the proposed capital improvement
program which have the potential to be funded by
City funds: and
3. RDA projects.
A summary of the projected departmental needs that were
considered for inclusion in a G. O. Bond Issue are listed
below:
Parks, Recreation and
$9,675,000
2. Public Works - $50,756,900
1.
Community
Services
*/f7A
, .
.
INTEROFFICE MEMOJ:)DUM:
General Obliqation Bond
May 13, 1988
paqe 2
8805-1704
Issue for November 1988 Ballot
o
3. Public Services - $9,100,000
4. RDA - -0-
Total - $69,531,900
The summary prepared by the Director of Public Works does not
prioritize the projects within the departmental totals:
rather, it simply cateqorizes projects by fundinq sources.
Public Buildinq projects were
lists. The followinq Public
identified for consideration as
not included on any fundinq
Buildinq needs have been
eliqible projects:
1. Police Station - $20,000,000
2. Fire Station (2) - $3,000,000
3. Library (3) - $3,000,000
Total - $26,000,000
In addition, the RDA has requested that the City consider a
loan from the G.O. Bond Issue to assist the Aqency in
fulfillinq their development-related needs. The list
submitted by RDA includes such projects as street scapinq on
Hospitality Lane and a new Tri-City north/south arterial.
Other RDA proposed projects were identified as not tax exempt
and have been removed from consideration.
This cursory overview of projected departmental capital
improvement needs clearly indicates that a qap exists between
available funds and capital improvement needs of the city. It
should also be noted that some of the project costs included
on this list are only rouqh estimates as they were derived
from lonq term capital project lists. These projects were
proposed based upon stronq financial conditions and need as a
result of qrowth. Consequently, little effort had been made
to accurately forecast the costs.
Althouqh it becomes difficult to quantify the cost of
deferrinq maintenance or construction of a capital
improvement project that may be needed but-lacks a fundinq
source, as inflationary adjustments cannot be predicted, an
example of the increased costs for deferral is evidenced by
enqineerinq construction cost index increases over the past 3
years. A capital project budqeted in March 1985 would cost
approximately 7% more if actually constructed in March 1988.
In addition, a study by the World Bank on annual maintenance
costs per square foot of pavement revealed that maintenance
costs at fifteen year intervals averaqed $.53 per square foot
as opposed to $1.44 per square foot if completed at twenty
five year intervals -- nearly a 3 times increase in cost due
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INTEROFFICE MEMO~DUM:
General Obligation Bond
May 13, 1988
Page 3
8805-1704
Issue for November 1988 Ballot
o
to maintenance deferral to 25 years as opposed to 15 years.
As an example, 40th Street between Kendall and Electric was
recently rehabilitated at a cost of approximately $110,000.
Assuming this was a 15 year interval maintenance project, if
this project was deferred for an additional ten years, the
cost would triple to almost $330,000.
In order to illustrate the financial impact on landowners on
the issuance of either a $50,000,000 or $100,000,000 G. O.
Bond Issue, for example, Miller and Schroeder have prepared
the attached debt service schedule. As noted on this
schedule, for a landowner with an assessed valuation of
taxable property of $100,000, the annual ad valorem tax levy
would be $345 for the first year. On a $50,000,000 G. O. Bond
Issue, a landowner with an assessed valuation of taxable
property of $100,000 would pay $173 for the first year.
ADVANTAGES/DISADVANTAGES OF G. O. BONDS
The League of California Cities has reported that General
Obligation Bonds offer savings to taxpayers over other
conventional bond financing mechanisms such as lease revenue
bonds in financing local public improvements. These savings
are generated through such factors as lower interest rates,
lower underwriting costs, lower legal fees, no reserve fund
requirements and funded interest during construction. The
League report further noted that taxpayers could save up to
$3.2 million or more on the costs of raising $10 million
dollars in capital by using General Obligation Bonds instead
of lease revenue bonds which amounts to a savings of 16.5 %
over the twenty year life of a loan according to the League's
comparison of G. O. Bond financing vs. lease revenue and
revenue bond financing.
The real difficulty in using a G. O. Bond Issue is the 2/3
voter approval requirement. In order to secure a 2/3 vote of
the electorate, a substantial educational effort would be
required to inform the citizenry of the need as well as
benefits of such an Issue. If the Mayor and Council decide
to proceed, a "Blue Ribbon" Committee would be asked to
provide this educational activity. According to the League
of California Cities, the success rate of jurisdictions
attempting to pass such an Issue since 1986 is less than 50%.
ALTERNATIVES
1. To D2t place a General Obligation Bond Issue on the
November 1988 ballot.
2. To proceed with the placement of a General
Obligation Bond Issue on the November ballot.
\
INTEROFFICE MEMORl:bUM:
General Obligatio~ond
May 13, 1988
page 4
8805-1704 C)
Issue for November 1988 Ballot
Should the Council determine to proceed with a G. O. Bond
Issue on the November ballot, the following elements should
be addressed in order to develop an action plan:
a. Recommend the scope and type of projects for
inclusion in a G. O. Bond Issue including the
optimal size of such an Issue. In order to
accomplish this task of project selection and
prioritization, it is recommend that a Blue Ribbon
Committee be established consisting of 2
Councilmembers from the Ways and Means Committee, 1
additional Councilmember, 1 Mayoral appointee, city
staff members and a representative from each Ward
appointed by the Councilmembers. The reason for
recommending a Blue Ribbon Committee is to ensure
that members of the public-at-large will be
actively involved in this process which may lead to
enhancing the chances of a successful bond
election. Such a Committee could also begin to
develop the framework that will be necessary to
educate the public on the value of such an Issue.
b. Retain the services of Bond Counsel and a financial
consultant to assist the City in preparation of
appropriate documentation that will be necessary
for such an election and to advise the Committee on
legal and fiscal issues as it relates to project
eligibility and feasibility.
The proposed election schedule developed in
conjunction with Frank Heston, Assistant Registrar
of Voters, has been prepared and is provided as an
attachment. The schedule recommends that the City
adopt the resolution initiating bond election
proceedings and ordering the election by July 5 or
July 18. August 12, 1988 is the last day for
submittal of this resolution to the Clerk of the
Board.
~~
~~ ROBBINS
Acting City Administrator
JER/md
IUY SCHWE IlZER
To City Administrator
~eport on PrOjects
~eneral Obl igation
Considered for
Bond Issue
o
- MEMORANDUM
~EC'D. ROGER HARDGRAVE, Dir. Of
_~-ADIthi.oDF;ubl1c WorkS/City Engr_
~!J J~at. AJ)r i I 8, 1988
. J ~i Ie NO.9. 021
,
o
CITY OF SAN BERNARDINO
.....bject
ApprOVed
Date
At the meeting of the Ways and Means Committee of 3-28-88, a
request for a report on projects, considered for inclusion in
the General Obligation Bond Issue. was made. I understand the
request was for a report showing the projects that are listed
0" the Proposed Capital Improvement Program, Redevelopment
A;ency, and those which would need to be included in the General
C~ligation Bond issue.
~~tached is a draft of a report showing these 3 categories. I
~~derstand that this matter will be on the Ways and Means Agenda.
for 4-25-88.
F~ease provide your comments so this report can be put in final
f,')rm.
R)GER G. HARDGRAVE
Director of Public Works/City Engineer
R:;H: rs
A~tach.
cc: Glenda Saul
Annie Ramos
Manuel Moreno
/Jim Robbins
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Clr' OF SAN BERNAROINO
P~:=~SED '988 GENERAL OBLI6ATION BONOS
TA' ~ATE COMPUTATIONS
C!TV OF TAX RATEI
SAN BERNARDINO 150,000,000 1100 OF AMOUNT OF TAXES PER HOME
TOTAL TAXABLE DEBT SERVICE TAXABLE WITH A TAXABLE VALUATION OF:
vEAR VALUATION. . 8% UALUATION 150,000 1100,000 1150.000
------------------------------------------------------------------------------.
1 ~:.,-88 12,767,889,751 1 0.00 .0000n
1 =: 8-89 2,823,247,546 4,685,000.00 . 17258% 166 1173 1259
15:9-90 2,879,712,497 4,685,200.00 .1692n 85 169 254
15S~-91 2,937,306,747 4,686,000.00 .16592% 83 166 249
15:1-92 2,996,052,882 4,682,000.00 .16252% 81 163 244
15:2-93 3,055,973,939 4,683,200.00 .15938% 80 159 239
15:3-94 3,117,093,418 4,683,800.00 .15627% 78 156 234
1$;4-95 3,179,435,287 4,683,400.00 . 1532ex 77 153 230
15:7-96 3,243,023,992 4,681,600.00 .15013% 75 150 225
1:::-97 3,307,884,472 4,683,000.00 .14723% 74 147 221
: '=;"'.98 3,374,042,162 4,681,800.00 .14431% 72 144 216
1 $:3-99 3,441,523,005 4,682,600.00 .14150% 71 142 2 I 2.
15:3-00 3,510,353,465 4,684,600.00 . 13879% 69 139 208
2U~-01 3,580.560,534 4,682,000.00 .13599% 68 136 204
2U 1-02 3,652,171,745 4,684,400.00 . 13339% 67 133 200
.~n-03 3,725,215,180 4,685,600.00 .13081% 65 131 196
2l~3-04 3,799,719,483 4,684,800,00 ., 2823% 64 128 192
2~~4-05 3,875,713,873 4,686,200.00 . 12575% 63 126 .89
2t~5-06 3,953,228,151 4,683,600.00 .12321% 62 123 185
2i~6-07 4,032,292,714 4,686,200.00 .12087% 60 121 181
Ze~7-08 4,112,938,568 4,682,400.00 .11840% 59 118 178
2e~8-09 4,195,197,339 4,686,400,00 .11618% 58 116 174
2e~9-10 4,279,101 ,286 4,686,200.00 ,11389% 57 114 171
2e' 0-11 4,364,683,312 4,685,600.00 .11165% 56 112 167
Z'11-'2 4,451,976,978 4.683,000.00 .10940% 55 109 164
21'2-13 4,541,016,518 4,681,800.00 .10n2% 54 107 161
--------------------------------------------------------
TOTALS 1117 ,100,400.00
................
. ~UATION INCREASING AT A 2% RATE PER YEAR
o
o
Clh OF SAN BERNARDINO 80NDS
PRCF JSED 1988 6ENERAL OBLI GA T I ON
TAX RATE COMPUTATIONS
C!Tv OF TAX RATEI
SAN BERNARDINO 1100,000,000 1100 OF AMOUNT OF TAXES PER HOME
TOTAL TAXABLE DEBT SERVICE TAXABLE WITH A TAxABLE VALUATION OF:
yEAR VALUATION . . 8X VALUATION IS0 ,000 1100,000 1150,000
-------------------------------------------------------------------------------
1987-88 12,767,889,751 1 0.00 .00000%
19St!-89 2,823,247,546 9,370,000.00 .345161 1173 1345 1518
1999-90 2,879,712,497 9,365,400.00 .33823% 169 338 507
1990-91 2,937,306,747 9,367,400.00 .33167% 166 332 498
1991 -92 2,996,052,882 9,369,800.00 .32525% 163 325 488
199:-93 3,055,973,939 9,366,800.00 .31877% 159 319 478
1953-94 3,117,093,418 9,368,000.00 .31256% 156 313 469
19:~-95 3,179,435,287 9,367,200.00 .30640% 153 306 460
1957-96 3,243,023,992 9,368,600.00 .30044% 150 300 451
19;;5-97 3,307,884,472 9,366,000.00 .29447% 147 294 .42
1997-98 3,374,042,162 9,368,600.00 .28877% lU 289 433.
19::-99 3,441,523,005 9,369,800.00 .28315X 1'~ 283 425
1959-00 3,510,353,465 9,368,400.00 .27755% 139 218 416
20i~-01 3,580,560,534 9,368,200.00 .27211% 136 272 408
2ee 1 -02 3,652,171,745 9,367,600.00 .26675% 133 267 400
202:-03 3,725,215,180 9,370,000.00 .26159% 131 262 392
20e3-04 3,799,719,483 9,368.400.00 .25642% 128 256 385
20U-05 3,875,713,873 9,366,200.00 .25133% 126 251 377
2005-06 3,953,228,151 9,366,400.00 .24641% 123 246 370
2006-07 4,032,292,714 9,366,600.00 .24158% 121 242 362
2007-08 4 , 112 ,938,568 9,369,400.00 .23692% 118 237 355
20eS-09 4,195,197,339 9,367,000.00 .23221% 116 232 348
2009-10 4,279,101 ,286 9,367,000.00 .22766% 114 228 341
2010-11 4,364,683,312 9,366,200.00 .22317% 112 223 335
2011-12 4 ,45 I ,976 ,978 9,366,400.00 .21880% 109 219 328
201:?-13 4,541,016,518 9,369,000.00 .21457% 187 215 322
--------------------------------------------------------
TOTALS 1234.194,400.00
................
· V~UATION INCREASING AT A 2% RATE PER YEAR
r..ue Date:
Sett:e"'ent L'ate:
F,r.t Ccup.:>n:
Date
....
I :!/01/89
, 2101190
IV01/91
12/01/9:
12/01/93
12/01/94
'2/01/95
12/01/96
12101/97
'2101/96
12/01/99
12101100
12101/01
12101/02
12101/03
12101/04
12101/05
12101/06
12101/07
12101/08
12101/09
12101110
12101111
12101112
I2I0l113
o
CITY OF 5AN 8ERNARDINO
1988 General OblIgatIon Bond.
Debt ServIce Schedule
12/01/88
12101188
6/01/89
PrInCIpal
.........
685,000.00
740,000.00
800,000.00
860.000.00
930,000.00
1 ,005,000.00
1 ,085,000.00
1 . 1 70 ,000.00
1,265,000.00
1,365,000.00
1.475,000.00
1,595,000.00
1.720,000.00
1,860,000.00
2,010,000.00
2 , 1 70 .000.00
2.345.000.00
2,530,000.00
2,735,000.00
2,950,000.00
3 , 1 90 ,000 . 00
3.445,000.00
3.720.000.00
4,015,000.00
4,335,000.00
Coupon
......
8.000
8.000
8.000
8.000
8.000
8.000
8.000
8.000
8.000
8.000
8.000
8.000
8.000
8.000
8.000
8.000
8,000
8.000
8.000
8.000
8.000
8.000
8.000
8.000
8.000
Intere.t
........
4,000,000.00
3,945,200.00
3,886,000_00
3,822,000.00
3,753,200.00
3,678,800.00
3,598.400.00
3,511,600.00
3,418,000.00
3,316,800.00
3,207,600.00
3,089,600.00
2,962,000.00
2,824,400.00
2,675,600.00
2,514,800.00
2,341,200.00
2 , 1 53 ,600.00
1,951,200.00
1,732,400.00
1.496.400.00
1,241.200.00
965,600.00
668,000.00
346,800.00
o
Debt ServIce
............
4.685,000.00
4,685,200.00
4,686,000.00
4,682,000.00
4.683,200.00
4.683,800.00
4.683,400.00
4,681,600.00
4.683,000.00
4,681,800.00
4,682,600.00
4,684,600.00
4,682,000.00
4,684,400.00
4,685,600.00
4,684.800,00
4,686,200,00
4,683,600.00
4,686,200.00
4.682,400.00
4,686,400.00
4,686,200.00
4,685,600.00
4,683.000.00
4,681,800.00
TOTALS
..................c...............................................
50,000.000.00
67,100,400.00 117,100.400,00
ftccrued Interest to 12/01/88 . 0.00
File: 50MI1. dbt
Prepared by I1ILLER & SCHROEDER FINANCIAL: 4/21/88
Is~ue Date:
Se~tle~ent Date:
I',r~t Coupon:
Date
....
lZ/01/89
12101190
1Z/01/91
12101/92
12101/93
12/01194
12101 i95
12101/96
12101/97
12/01/98
12101/99
12101/00
12101101
12101/02
12101/03
12101/04
12/01/05
12101/06
12101/07
12101/08
IZ/01/09
12101/10
1210\ / 11
12101/12
12101113
o
C!TV OF SAN 8ERt/ARD I NO
1988 6eneral Obllgatlon Bond~
Debt Servlce Scnedule
12/01/88
12/01/88
6/01/89
P'-lnelPal
.........
1,3;0,000.00
1 ,475,000.00
I ,595 ,000 . 00
1 ,72 S .0130 . 00
1 ,86l ,1300.00
2,010,01313.1313
2 , ! ~~ ,13:10.013
2,34:,\!01il.1il1il
2 ,53~ ,0\113.1313
2,73:,01313.130
2,95:,131313,1313
3 , 1 9C ,131313.00
3,445,1300.00
3,720,000.00
4.020,000.00
4,340,1300.00
4,68:,1300.00
5,060,000.00
5,465,1300.00
5,905,13130,00
6,375,000.00
6,885,0130.00
7,435.01313.00
8,030,13013.00
8 ,675 .000 . 00
Coupon
......
8.000
8.0130
8.000
8.000
8.0130
8.000
8.000
8.000
6.000
8.0013
8.0130
8.000
8.000
8.0013
8.000
8.000
8.000
8.000
8.000
8.000
8.000
8.000
8.000
8.000
8.000
Intere~t
........
8,000,000.00
7,890,400.00
7,772,400.00
7,644 ,800.00
7,506,800.00
7,358,000.00
7,197,2013.00
7,1323,6130.00
6,636,000.130
6,E33.60e.0e
6.414,800.00
6 , I 78 ,400.013
5.923,2013.130
5,647,600.013
5.3513,000.013
5,028,400.00
4.681,2013.00
4.306,400.00
3 .901 ,600. 00
3,464,400.00
2,992,000.00
2,482,000.00
1,931,200.013
1,336,400.00
694,000.00
o
Debt Servlce
............
9,370,000.00
9,365,400.00
9,367,400.00
9,369,800.013
9,366,8013.013
9.368,000.1313
9,367.:00.130
9,368 ,E0e. 013
9.366,000.130
9.368,600.1313
9,369,800.013
9,368,4013.013
9.368,200.00
9,367,6013.013
9,370,0013.1313
9,368,400.013
9,366,200.1313
9,366,400.013
9,366,600.00
9,369,400.00
9,367,0013.00
9,367,1l00.0e
9,366,200.00
9,366,411e.0e
9,369,000.00
TOT AL S
..~.....a...........................=.............................
1013,000,01313.130
134,194,400.00 234,194,400.00
Accrued Intere.t to 12/01/88 . ....
FUe: 100.....dbt
Prepared by ~ILLER & SCHROEDER FINANCIAL: 4/21/88
o
o
RECOMMENDED SCHEDULE FOR PLACING : C~~~~NERAL
BOND ISSUE ON NOVEMBER e. 19 8
April 25, 1988
Kay 9, 1988
Kay 16, 1988
Kay 17, 1988
J'~ne 27, 1988
Ways and Means Committee meetinq reqardinq
proposed action plan.
Ways and Means Committee recommendations
reqardinq action plan tor a qeneral
obliqation bond issue: consideration ot
bond counsel and financial consultant
services.
Mayor and Common Council consideration of
proposed action plan.
Mayor and
placement of
on November
approval ot
inclusion in a
of size/series
bond counsel
services.
Common Council approval of
qeneral obligation bond issue
8, 1988 ballot: review and
projects recommended tor
bond issue: determination
of issue and selection of
and financial consultant
PROPOSED CITY OF SAN BERNARDINO G. O. BONO
ELECTION SCHEDULE
Developed With Frank Heston, Assistant
Reqistrar of Voter.
San Bernardino County
Date
Number of Day. Prior
to Election
Actionl.l
July 5 or 18/88
Auqust 2/88
August 9/88
120
Suqqe.ted date for City
Council to adopt resolution
initiating bond election
proceedings ordering the
election, requestinq
consolidation with
general election and providinq
notice for the last date and
location tor sUbmission ot
arquments.
98
Notice for submission
arquments published.
eeadline for filinq arquments
with City Clerk.
ot
91
~
o
o
Deadl in. for
measure by City
analysis
Attorney.
of
Deadline tor receipt ot bond
statement.
A-..;gust 12/88
88
Last day
orderinq
requestinq
submitted
Board.
for resolution
election and
consolidation to be
to Clerk of the
Sovember 8/88
Election. Day.
A more complete outline and timetable for placing a City General
Obliqation Bond issue on the November 8, 1988 ballot and issuinq
g.~eral obligation bonds followinq a successful election which was
developed by Orrick, Herrington and Sutclitfe is provided as an
attachment.
. ...,
~~~~----.
----./ /~
Fred Wilson
Assistant to the City Administrator
Fioi/ed