HomeMy WebLinkAboutAgenda Report - June 15, 1988 (39)C O. .J C I L -C 0 M 'M U N I C A 1 _ O N
YO: THE CITY COUNCIL
FROM: THE CITY MANAGER'S OFFICE
COUNCIL MEETING DATE
JUNE 15, 1988
SUBJECT: REVIEW OF FINANCING OPTIONS FOR V4M 9JOUCEI WATER POLLUTION CONTROL PLANT
EXPANSION PROJECT
PREPARED BY: City Manager
RECOMMENDED ACTION: That the City Council review financing options
for the White Slough Mater Pollution Control Plant
Expansion Project and take action as deemed
appropriate.
BACKGROUND INFORMATION- At the regular adic.urried meeting of Wednesday,
June 8, 1988 during a discussion of the White
Slough project, the topic of financing option was
introduced. Mr. John Fitzgerald, of the firm of
Seidler -Fitzgerald Public Finance, will be in attendance at Wednesday night's
meeting to present these financing options in greater detail for the Council
information and consideration. Attached (Exn;bit A) is a copy of the proposed
schedule of this financing, as weil as a recap of three available options
(Exnibi t B) .
Respectfully submitted;
Thomas A. Peterson
City Manager
TAP: br
Attachments
TXTA.07A
381
C UN
Seidler -Fitzgerald
Public Finance A Dkision of Scirller A-nr cc lbrk Stock E:cchwnge, Ile.
CITY OF LODI
1988 wastewater Treatment Plant Expansion Project
Cartifioates of Participation
Bales Schedule
(As of Jun* 9, 1988)
Date
6/15/88 - City Council presentation on
financing alternatives
- City Council sets July S public
hearing on adequacy of Environmental
Impact Report (EIR)
7/6/88 - Public hearing on adequacy of EIR
City Council certifies adequacy of EIR
7/13/88 Distribute P.O.S. and legal documents
(20 copies) to City Clerk for inclusion
in agenda packet for July 20 City Council
meeting
7/20/88 City council approves financing, P.O.S.
and legal documents, authorizes
distribution of P.O.S. and authorizes
City Manager and Finance Director to
'execute purchase contract subject to
certain not -to -exceed parameters
7/21/88 Print and mail P.O.S.
7/25/88 Price issue
7/27/88 Sale of Certificates: purchase contract
executed
8/24/88 Pre-closing (in Los Angeles)
8/25/88 Closing (in Los Angeles); proceeds
received by City
JUICE 1988 JULY 1988 AUGUST 1988
S N T N T F S S N T N T F S 5 ti T W T F S
1 2 3 4 1 2 1 2 3 4 5 6
5 6 7 8 9 10 11 3 4 5 6 7 8 9 7 8 9 10 11 12 13
12 13 14 1S 96 17 18 10 11 12 13 14 15 16 14 15 16 17 18 19 20
19 20 21 22 23 2L 25 17 18 19 20 21 22 23 21 22 23 24 25 26 27
26 27 28 29 30 24 25 26 27 7.8 29 30 28 29 30 31
31
Responsible
Party
City, S --1F
City
City
City
S - F, JHHW
city
S -F
S -F
City, S -F
J'HFW
All Part4.es
Parties:
city: City of Lodi
JHHW: Jones Hall Hill & White (Special Counsel)
S -F: Seidler -Fitzgerald Public Finance (Underwriter)
MR: Mudge Rose Guthrie Aiexander & Ferdon (Underwriter's Counsel)
516 South Figueroa Street • Los Angeles, Colifionda 90071.3396 • ( 213) 624-4232
Seidler Fitzgerald
Public Finance _A D,,iniun Inc. • Me.mber New Yi:uk Stcwk Exchange, Inc.
CITY OF LOOI
1988 WASTEWATER TREATMENT PLANT EXPANSION PROJECT
FINANCING ALTERNATIVES
:JUNE 9, 1988
Project Costs
City Contribution t.o ?reject
Net Project to be Financed
Date of Financing
Land Acquisition
Construction Period
Start
End
T} -pe Of Financing
Rating
Avr:rage Interest Rate
fife of Issue
Principal Amount
Use of Funds from Issue:
Construction and Lund Acquisition.
Less: City Contribution
a: Interest Earned during Const.
Net Construction from Issue
Debt Service Reserve Fund
Funded Interest
Coat of Issuance
Principal Amount
Annual Cash Flow (Bag. FY 88/89)
Average Net Debt Sorvice
Less: Fund Earnings 0 9.2%
$2.5MH Fund
1.5MH Fund
0.5MM Fund
Net Cost to Sever Enterprise
Financing
Alternatives
A.
910,931,000
5
$10,931,000
C
$10,932,000
<-o->
<1,000,000>
<2,000.000>
10.931 009
9,931,000
8,431,000
7127/$8
7/27/88
7/27188
2/i/69
211189
2/1/89
20 moa.
20 mos.
20 mos.
5/1/89
51,1/89
5/1/89
1/1/91
1/1/91
1/1/91
Cert. of Part.
Cert. of Part.
Cert. of Part.
Unrated
Unrated
Unrated
8.2555
8.25%
8.25%
30 yrs.
30 yrs.
30 yrs.
$21,495,000
$10,345,000
$ 9,200,030
10,931,000
10,931,000
10,931,000
<-0->
c1,000,000>
<2,000,000>
<1,149,000>
0,135,000
<1.122,000>
9,782,000
8,79 6,000
7,809,000
1,036,000
932,000
828,000
677.000
617.000
$I1,495,000
110,1ds.000
$ 9,200,000
$ 963,000
S 867,000
$ 770,000
t230,000>
515 South Figueroa Street - bora Angeles. Cal 0nVa 9W7l-3396 - ( 813) 684;-4 238
< 138,000>
<46,000>
799 nnn