HomeMy WebLinkAbout07.C- Successor Agency RESOLUTION (ID # 3769) DOC ID: 3769 A
CITY OF SAN BERNARDINO — REQUEST FOR COUNCIL ACTION
Budget
From: Lisa Connor M/CC Meeting Date: 04/06/2015
Prepared by: Lisa Connor, (909) 663-
1044
Dept: Successor Agency Ward(s): All
Subject:
Resolution of the Mayor and Common Council of the City of San Bernardino Acting as
the Successor Agency to the Redevelopment Agency of the City of San Bernardino
Authorizing the Commencement of a Refunding of Certain Outstanding Bonds and
Notes to Achieve Debt Service Savings and Avoid the Possibility of Default, and
Approving Certain Related Actions. (#3769)
Current Business Registration Certificate: Not Applicable
Financial Impact:
Summary information depicting the potential financial effects of refunding the Prior
Bonds and Notes is included within the "Prior Bonds and Notes Refunding Summary",
included as Exhibit "B" to the attached Resolution. An overview of the fiscal reasons
supporting the refunding of the 2009A, 2010 and 2011 Notes is included within the
Fiscal Summary Supporting the Refunding of the Notes", included as Exhibit "C" to the
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attached Resolution.
Interest rates are at historically low levels and it is beneficial to all taxing entities to
undertake a refunding of the Prior Bonds and Notes assuming certain debt service
refinancing thresholds are met as determined by the Successor Agency and the
Oversight Board upon approval of the refunding documents and meeting the conditions
set forth in HSC § 34177.5 (a) (1).
Motion: Adopt the Resolution.
Synopsis of Previous Council Action:
None
Background:
Pursuant to Health and Safety Code ("HSC') § 34172 (a)(1), the Redevelopment
Agency of the City of San Bernardino was dissolved on February 1, 2012. Consistent
with the provisions of the HSC, on January 9, 2012 the Mayor and Common Council of
the City of San Bernardino elected to serve in the capacity of the Successor Agency to
the Redevelopment Agency of the City of San Bernardino ("Successor Agency"). The
Oversight Board for the Successor Agency ("Oversight Board") has been established
pursuant to HSC § 34179 to assist in the wind-down of the dissolved redevelopment
agency.
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3769
Pursuant to HSC § 34177.5, successor agencies may undertake to refund bonds or other
indebtedness of its former redevelopment agency subject to certain prerequisites
including, but not limited to, the approval and direction of its oversight board. The
purpose of the attached Resolution is to authorize the commencement of a refunding of
enforceable obligations of the Successor Agency, as more particularly described below,
to achieve debt service savings, financing debt service spikes, including balloon
maturities, so as to avoid the possibility of default on Successor Agency notes, and to
approve certain related actions including, but not limited to, requesting Oversight Board
concurrence with respect to commencing the proposed refunding of certain outstanding
bonds and notes.
An oversight board may only direct such a refunding so long its successor agency is able
to recover its related costs in connection with the transaction, including costs of financial
advisors, consultants, counsel and staff related to the refunding (the "Financing Team").
A listing of the members of the Successor Agency's Financing Team is included as
Exhibit "A" to the attached Resolution. The recovery of such costs in connection with
such a refunding transaction shall be supplemental to, and not constrained by, the
administrative cost allowance as such allowance is defined in HSC § 34171 (b).
The former Redevelopment Agency of the City of San Bernardino (the "Former RDA"),
had enforceable obligations (the "Prior Obligations") relating to the following bonds and
notes, and had caused the issuance, directly or indirectly, of the following bonds and
notes, among others (collectively referred to herein as the "Prior Bonds and Notes"):
1. $8,590,000 original principal amount of San Bernardino Joint Powers Financing
Authority Subordinated Tax Allocation Bonds, Series 1998B (the "1998B TABs");
2. $30,330,000 original principal amount of San Bernardino Joint Powers Financing
Authority Tax Allocation Refunding Bonds, Series 2002 (the "2002 TABs");
3. $3,635,000 original principal amount of San Bernardino Joint Powers Financing
Authority Tax Allocation Refunding Bonds, Series 2002A (the "2002A TABs");
4. $26,665,000 original principal amount of San Bernardino Joint Powers Financing
Authority Tax Allocation Bonds, Taxable Series 2006 (the "2006 TABs");
5. $15,000,000 original principal amount of Redevelopment Agency of the City of San
Bernardino Tax Exempt Promissory Note, Series 2009A (the "2009A Notes");
6. $8,000,000 original principal amount of Inland Valley Development Agency Revenue
Bond Series 2010 (the "2010 Notes"), for which the Redevelopment Agency of the
City of San Bernardino is the financially responsible party; and
7. $10,000,000 original principal amount of Redevelopment Agency of the City of San
Bernardino Promissory Note, Series 2011 (the "2011 Notes" and, together with the
2009A Notes and the 2010 Notes, the "Notes"); and).
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3769
Some or all of the Prior Bonds and Notes, and related Prior Obligations, are subject to
optional redemption and may be prepaid and refunded on or after:
a) July 1, 2008 (for the 1998B TABs);
b) April 1, 2012 (for the 2002 TABs);
c) December 1, 2011 (for the 2002A TABs);
d) May 1, 2016 (for the 2006 TABs);
e) October 1, 2013 (for the 2009A Notes)
f) April 1, 2014 (for the 2010 Notes); and
g) July 6, 2015 (for the 2011 Notes).
The Successor Agency's financial advisors (i.e., Urban Futures, Inc.) have reported that
there are potential debt service savings that can be achieved, in accordance with the
authority provided by HSC § 34177.5 (a) (1), through a prepayment of the Prior
Obligations relating to, and the resulting, current refunding of the 1998B TABs, the 2002
TABs and the 2002A TABs and advance refunding of the 2006 TABs. Further, the
Successor Agency's financial advisors have reported that the refunding of the Notes will
enable the Successor Agency to avoid the possibility of defaulting on one or more of the
2009A Notes, 2010 Notes and the 2011 Notes. The Notes are refundable pursuant to
the authority provided by HSC § 34177.5 (a) (2), wherein successor agencies are
authorized to issue refunding bonds or other indebtedness to finance debt service
spikes, including balloon maturities, on existing indebtedness, provided that: i) the
existing indebtedness is not accelerated (i.e., paid off early), except to the extent
necessary to achieve substantially level debt service; and ii) the principal amount of the
bonds or other indebtedness shall not exceed the amount required to finance the debt
service spikes, including establishing customary debt service reserves and paying
related costs of issuance.
Based on the foregoing, the attached resolution will confirm the Successor Agency's
request that the Oversight Board approve and direct the commencement of the process
required for the refunding of all or a portion of the Prior Obligations relating to or
constituting the outstanding Prior Bonds and Notes, and such other obligations of the
Former RDA for the benefit of the Successor Agency as may be hereafter identified, to
achieve debt service savings and to avoid the possibility of a default.
Further, approval of the attached Resolution will only authorize the commencement of the
process required for the refunding of all or a portion of the Prior Obligations relating to or
constituting the outstanding Prior Bonds and Notes and is not an authorization to issue
bonds. Moreover, the approval of the issuance of refunding bonds to refinance the Prior
Obligations relating to or constituting the outstanding Prior Bonds and Notes, if any, will
require a subsequent authorization by the Successor Agency and the Oversight Board.
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3769
FISCAL IMPACT:
Summary information depicting the potential financial effects of refunding the Prior
Obligations relating to or constituting the Prior Bonds and Notes is included within the
"Prior Bonds and Notes Refunding Summary", included as Exhibit "B" to the attached
Resolution. An overview of the fiscal reasons supporting the refunding of the Notes is
included within the "Fiscal Summary Supporting the Refunding of the Notes", included as
Exhibit "C to the attached Resolution.
Interest rates are at historically low levels and it is beneficial to all taxing entities to
undertake a refunding of the Prior Obligations relating to or constituting the Prior Bonds
and Notes conditioned upon the requirements set forth in HSC § 34177.5 (a) (1) being
met and the subsequent approval by the Successor Agency and the Oversight Board.
City Attorney Review:
Supporting Documents:
Resolution Initiating TABs and Notes Refunding V1 3 (DOC)
Ex B - Summary of 2015 Refunding TABs - 4 Scenarios Exhibt B V1 0 (PDF)
Ex C-1 Schedule of Expenditures Compared to RPTTF FY15-16 Thru FY2031-32
Assumes No Refunding V1 0 (PDF)
Ex C-2 Schedule of Expenditures Compared to RPTTF FY15-16 Thru FY31-32
Including Scenario 4 2015 Refunding TABs V1 0 (PDF)
Updated: 4/2/2015 by Georgeann "Gigi" Hanna A Packet Pg. 500
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1 RESOLUTION NO.
2 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY
OF SAN BERNARDINO ACTING AS THE SUCCESSOR AGENCY TO THE
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AGENCY OF THE CITY OF SAN BERNARDINO z°
4 AUTHORIZING THE COMMENCEMENT OF A REFUNDING OF
CERTAIN OUTSTANDING BONDS AND NOTES TO ACHIEVE DEBT N
5 SERVICE SAVINGS AND AVOID THE POSSIBILITY OF DEFAULT, AND c
APPROVING CERTAIN RELATED ACTIONS. m
6
7 WHEREAS, pursuant to Health and Safety Code (the "HSC") § 34172 (a)(1), the
Redevelopment Agency of the City of San Bernardino was dissolved February 1, 2012; and
8 0
WHEREAS, consistent with the provisions of the HSC, on January 9, 2012 the Mayor and
9
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Common Council of the City of San Bernardino elected to serve in the capacity of the Successor v
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11 Agency to the Redevelopment Agency of the City of San Bernardino (the "Successor Agency"); and -0a)
12 WHEREAS, the Oversight Board for the Successor Agency (the "Oversight Board") has ,Z
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been established pursuant to HSC § 34179 to assist in the wind-down of the dissolved
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14 redevelopment agency; and
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WHEREAS, pursuant to HSC § 34177.5, successor agencies may undertake to refund bonds
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or other indebtedness of its former redevelopment agency subject to certain prerequisites including,
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but not limited to,the approval and direction of its oversight board; and
17
18 WHEREAS, the purpose of this Resolution is to authorize the commencement of a
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19 refunding of enforceable obligations of the Successor Agency, as more particularly described below, '0
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 c
the proposed refunding of certain outstanding bonds and notes; and c
23
24 WHEREAS, an oversight board may only direct such a refunding so long as its successor 0
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agency is able to recover its related costs in connection with the transaction, including costs of
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26 financial advisors, consultants, counsel and staff related to the refunding(the "Financing Team"); and E
WHEREAS, a listing of the members of the Successor Agency's Financing Team is attached
27 a
28 hereto as Exhibit"A"; and
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I 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
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3 defined in HSC § 34171 (b); and z
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4 WHEREAS, the former Redevelopment Agency of the City of San Bernardino (the
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5 "Former RDA"), had enforceable obligations (the "Prior Obligations")relating to the following bonds c
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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"): a
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8 (a) $8,590,000 original principal amount of San Bernardino Joint Powers Financing p
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9 Authority Subordinated Tax Allocation Bonds, Series 1998B (the "1998B TABs");
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10 (b) $30,330,000 original principal amount of San Bernardino Joint Powers Financing o
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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");
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14 (d) $26,665,000 original principal amount of San Bernardino Joint Powers Financing
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15 Authority Tax Allocation Bonds, Taxable Series 2006 (the "2006 TABs");
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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");
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18 (f) $8,000,000 original principal amount of Inland Valley Development Agency z
19 Revenue Bond Series 2010 (the "2010 Notes"), for which the Redevelopment r_
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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 c
22 Bernardino Promissory Note, Series 2011 (the "2011 Notes" and, together with the
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23 2009A Notes and the 2010 Notes, the "Notes"); and
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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
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26 1998B TABs); ii) April 1, 2012 (for the 2002 TABs); 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 a
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 §
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3 34177.5 (a) (1), through a prepayment of the Prior Obligations relating to, and the resulting, current z
4 refunding of the 1998B TABS, the 2002 TABS and the 2002A TABs and advance refunding of the C
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5 2006 TABs; and o
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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 w
8 the 2009A Notes, 2010 Notes and the 2011 Notes; and o
9 WHEREAS, the Notes are refundable pursuant to the authority provided by HSC §
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10 34177.5 (a) (2), wherein successor agencies are authorized to issue refunding bonds or other o
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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
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14 indebtedness shall not exceed the amount required to finance the debt service spikes, including
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15 establishing customary debt service reserves and paying related costs of issuance; and >
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16 WHEREAS, summary information depicting the potential financial effects of refunding the
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17 Prior Obligations relating to or constituting the Prior Bonds and Notes is included within the "Prior W
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18 Bonds and Notes Refunding Summary", attached hereto as Exhibit`B"; and z
19 WHEREAS, an overview of the fiscal reasons supporting the refunding of the 2009A, 2010 C
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20 and 2011 Notes is included within the "Fiscal Summary Supporting the Refunding of the Notes",
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21 attached hereto as Exhibit"C"; and S
22 WHEREAS, interest rates are at historically low levels and it is beneficial to all taxing E
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23 entities to undertake a refunding of the Prior Obligations relating to or constituting the Prior Bonds 2
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
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26 WHEREAS, based on the foregoing, this resolution shall confirm the Successor Agency's M
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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1 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
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3 default; and °
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4 WHEREAS, the purpose of this Resolution is only to authorize the commencement of the CU
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5 process required for the refunding of all or a portion of the Prior Obligations relating to or o
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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
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8 the Prior Obligations relating to or constituting the Prior Bonds and Notes, if any, will require a p
9 subsequent authorization by the Successor Agency and the Oversight Board; and
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10 WHEREAS, all of the prerequisites with respect to the approval of this Resolution have c
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12 NOW, THEREFORE, BE IT RESOLVED by the Successor Agency to the 0
13 Redevelopment Agency of the City of San Bernardino, as follows:
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14 Section 1. Recitals. The Recitals set forth above are true and correct and are incorporated
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15 into this Resolution by this reference. >
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16 Section 2. Authorization to Initiate the Refunding Process. Pursuant to HSC § 34177.5
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17 (f J, the Successor Agency authorizes the initiation and preparation needed to issue bonds (the W
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18 "Refunding Bonds"), which bonds may be sold at a public or private sale or to a joint powers z
19 authority pursuant to the Marks-Roos Local Bond Pooling Act (Article 4 [commencing with § 6584] r_
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20 of Chapter 5 of Division 7 of Title 1 of the Government Code) following a determination by the Q
21 Successor Agency to refund all or a portion of the Prior Obligations relating to or constituting the c
22 Prior Bonds and Notes; provided that this request shall not offer any assurance that bonds will be
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23 sold by the issuer or Successor Agency and provided further that the Successor Agency approves of 2
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
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26 authorize and direct the initiation and preparation needed to issue the Refunding Bonds for the
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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
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3 (f), including a request for the Oversight Board's authorization and direction for the initiation and z
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4 preparation needed to issue the Refunding Bonds. This Resolution does not constitute an approval
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5 to issue bonds. Therefore, subsequent to the Oversight Board's authorization and direction for the o
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6 initiation and preparation needed to issue the Refunding Bonds and once all of the prerequisite
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7 documents have been prepared and are ready for consideration, said documents shall be submitted to a
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8 the Successor Agency and thereafter to the Oversight Board for consideration for approval to issue p
9 the Refunding Bonds pursuant to HSC §§ 34180 (b) and 34177.5.
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10 Section 4. Validation Action. The commencement of a validation proceeding pursuant c
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
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16 costs in a future Recognized Obligation Payment Schedule. The recovery of such costs shall be in
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17 addition to and shall not count against any administrative cost allowance of the Successor Agency as W
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18 such allowance is defined in HSC § 34171 (b). The Successor Agency shall provide information and z
19 appropriate contractual obligations in connection with the costs of issuance at the time of approval of r_
20 the documents relating to the refunding. 0°
21 Section 6. Severability. If any provision of this Resolution or the application of any such c
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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 2
24 application, and to this end the provisions of this Resolution are severable. The Successor Agency 0
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25 declares that it would have adopted this Resolution irrespective of the invalidity of any particular
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26 portion of this Resolution.
27 Section 7. Effective Date. This Resolution shall take effect upon: i) its adoption and Q
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). N
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1
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY
2 OF SAN BERNARDINO ACTING AS THE SUCCESSOR AGENCY TO THE
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REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO 2
3 0
THE COMMENCEMENT OF A REFUNDING OF z
4 CERTAIN OUTSTANDING BONDS AND NOTES TO ACHIEVE DEBT C
SERVICE SAVINGS AND AVOID THE POSSIBILITY OF DEFAULT, AND
5 APPROVING CERTAIN RELATED ACTIONS. o
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6 I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Successor c
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7 Agency to the Redevelopment Agency of the City of San Bernardino, at a meeting thereof, held t°
8 on the 6th day of April, 2015,by the following vote, to wit: 0
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Council Members Ayes Nays Abstain Absent
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MARQUEZ
11
BARRIOS
12
VALDIVIA
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13 SHORETT
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14 NICKEL
15 >
JOHNSON
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16 MULVIHILL
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Georgeann Hanna, City Clerk z
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The foregoing Resolution is hereby approved this 6th day of April 2015. m
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R. Carey Davis, Chairman
23 Successor Agency to the
24 Redevelopment Agency of the o
City of San Bernardino 0
25 Approved as to Form:
Gary D. Saenz, City Attorney
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27 By. Q
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7.C.a
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EXHIBIT "A"
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3 SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY z
4 OF THE CITY OF SAN BERNARDINO
5 LISTING OF FINANCING TEAM MEMBERS o
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6 SUCCESSOR AGENCY STAFF
7 Allen J. Parker, City Manager/Executive Director
Bill Manis, Deputy City Manager Y
8 Nita McKay, Deputy City Manager
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9 BOND COUNSEL
Orrick, Herrington & Sutcliffe LLP v
10 Los Angeles, California o
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DISCLOSURE COUNSEL c
12 Stradling Yocca Carlson &Rauth
A Professional Corporation
13 Newport Beach, California
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14 ISSUER'S COUNSEL M
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Gary D. Saenz, City Attorney/General Counsel j
Office of the City Attorney =
16 City of San Bernardino
San Bernardino, California
17
TRUSTEE
18 U.S. Bank National Association z
19 Los Angeles, California
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20 VERIFICATION AGENT 00
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Causey Demgen &Moore P.C. F'
21 Denver, Colorado c
22 FINANCIAL ADVISOR AND DISSEMINATION AGENT
23 Urban Futures, Inc. o
Orange, California 3
24
UNDERWRITER
25 Stifel Nicolas & Company, Inc.
26 Los Angeles, California s
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EXHIBIT "B" o
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SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY
5 OF THE CITY OF SAN BERNARDINO o
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6 PRIOR BONDS AND NOTES REFUNDING SUMMARY c
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8 The attached spreadsheets depict four (4) refunding scenarios with respect to the Prior Bonds and
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9 Notes. These refunding scenarios are as follows:
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1. Scenario No. 1 assumes that only the 1998A TABS, 2002 TABS, 2002A TABS and 2006 TABS v
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11 are refunded. As noted within the Scenario No. 1 spreadsheet, based on the conservative interest c
12 rate assumptions used, the cumulative cash-flow savings is projected to be $5,559,604;
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13 2. Scenario No. 2 is the same as Scenario No. 1 with the addition of the refunding of the 2009A
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Notes; ~
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15 3. Scenario No. 3 is the same as Scenario No. 2 with the addition of the refunding of the 2010
16 Notes; and a
17 4. Scenario No. 4 is the same as Scenario No. 3 with the addition of the refunding of the 2011
18 Notes. o
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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 m
21 be paid during the period of December 2015 through December 2031. There are several matters c
22 pending before the California Department of Finance that may enable the Successor Agency to 2
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23 apply up to approximately $5 million of additional current cash to help repay the Notes. This o
24 possibility together with the Successor Agency's overall goal of only extending the repayment N
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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 E
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27 projected. a
28 (See Attachment)
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2 EXHIBIT "C"
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3 SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY z°
4 OF THE CITY OF SAN BERNARDINO c
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5 FISCAL SUMMARY SUPPORTING THE REFUNDING OF THE NOTES c
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6 The attached Exhibit C-1 is a cash-flow analysis showing projected costs for payment of debt c
7 service, enforceable obligations ("EOs") and administration expenditures and compares those
8 expenditures to the projected receipt of Redevelopment Property Tax Trust Fund ("RPTTF") o
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 o
11 is caused by the need to repay the Notes. Further, unless there are other funding sources that a
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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 �,
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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 z
19 (in five ROPS periods), it also shows significant projected surpluses in the ROPS periods a
20 immediately preceding each deficit ROPS period. Therefore, the deficits indicated could be fully M
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
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23 would balance the debt service in each affected fiscal year and confirm that the refinancing plan
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24 described in Scenario No. 4 is fiscally feasible. In addition, it is important to note that this approach W
25 is not feasible in the cash-flow depicted in Exhibit C-1.
26 E
(See Attachments)
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