HomeMy WebLinkAboutCouncil Resolution 1406RESOLUTION NO. ly b 6
A RESOLUTION OF THE CITY OF CENTRAL POINT, OREGON
AUTHORIZING FULL FAITH AND CREDIT BORROWINGS TO
REFINANCE OUTSTANDING OBLIGATIONS FOR THE CITY
RECITALS:
A. The City previously issued a loan agreement dated September 29, 2004 related to
the City's Full Faith and Credit Obligations, Series 2004 (the "2004 Financing") to
finance constructing, furnishing and equipping a new Council Chambers and new
City Hall offices which is located on the second floor above the new City of Central
Point/Jackson County Library (the "2004 Project"), a financing agreement dated
June 6, 2007 (the "2007 Financing") to finance modifying intersections related to
Upton Road, Scenic Avenue, North loth Street, and North 3rd Street, extending
Upton Road to provide access to planned development, and purchasing rights-of-
way related to these improvements (the "2007 Project"), and a financing agreement
dated September 4, 2oo8 (the "2oo8 Financing", and collectively with the 2004
Financing and 2007 Financing the "Outstanding Borrowings") to finance designing
and constructing the Don Jones Memorial Park (the "2oo8 Project" and collectively
with the 2004 Project and 2007 Project, the "Projects"); and
B. Oregon Revised Statutes ("ORS") Section 271.390 and 287A.360-287A.38o
authorizes Oregon governments to refund outstanding borrowings; and
C. Current interest rates may be lower than the interest rates that are payable on the
Outstanding Borrowings and the City may be able to reduce debt service costs or
favorably restructure its Outstanding Borrowings by refunding all or a portion of the
Outstanding Borrowings;
THE CITY OF CENTRAL POINT RESOLVES:
Section 1. Determination of Need. The City Council hereby determines that the Projects
were needed at the time they were financed and that they remain needed.
Section 2. Financing Authorized. The City is hereby authorized to enter into one or more
financing agreements (the "Financing Agreements") to refinance all or any portion of the
Projects pursuant to ORS Section 271.390 and the relevant provisions of ORS Chapter 287A.
The Financing Agreements may be issued in an amount that is sufficient to refund all or any
portion of the Outstanding Borrowings and to pay costs related to issuing the Financing
Agreements and refunding the Outstanding Borrowings, including paying any prepayment
premium.
Section 3. Delegation. The Mayor or the City Manager, or the person designated by the
Mayor or the City Manager to act on behalf of the District under this resolution (each of whom
Page 1
is referred to in this resolution as a "City Official") may, on behalf of the City and without
further action bythe Council:
a. Select the Outstanding Borrowings to be refunded;
b. Determine the final principal amount, interest rates, payment dates,
maturity dates, prepayment rights and all other terms of the Financing
Agreements;
C. Negotiate, execute and deliver notes to evidence amounts due underthe
Financing Agreements;
d. Select Key Government Finance, Inc. or another commercial bank or
investor with which to negotiate, execute and deliver the Financing
Agreements. Subject to the limitations of this Resolution, the Financing
Agreements may be in such form and contain such terms as the City
Official may approve;
e. Enter into additional covenants for the benefit of the purchasers of the
Financing Agreement which the City Official determines are desirable to
obtain more favorable terms for the Financing Agreements;
f. Enter into escrow deposit agreements and take any other actions to
prepay any of the Outstanding Borrowings;
g. Engage the services of escrow agents and any other professionals whose
services are desirable for the financing;
h. Covenant for the benefit of the owner of the Financing Agreements to
comply with all provisions of the Internal Revenue Code of 1986, as
amended (the "Code") which are required for the interest paid under the
Financing Agreements to be excluded from gross income for federal
income tax purposes;
i. If the United States Congress authorizes federal interest rate subsidies,
such as the subsidies that were authorized for "Build America Bonds,"
and those subsidies reduce the cost of the Financing Agreements, issue
the Financing Agreements under these provisions, apply for and receive
federal interest rate subsidies and covenant to take any actions
necessary to maintain those subsidies;
Designate each of the Financings Agreements as a "qualified tax-exempt
obligation" pursuant to Section 265(b)(3) of the Code, if applicable;
Page 2
k. Execute and deliver any other certificates or documents and take any
other actions which the City Official determines are desirable to carry
out this Resolution.
Section 4. Security. The Financing Agreements may constitute unconditional obligations
of the City, which are payable from all legally available funds of the City. The City Official may
pledge the City's full faith and credit and taxing power within the limitations of Sections ii and
iib of Article XI of the Oregon Constitution pursuant to ORS 287A.315.
Section 5. Effective Date. This resolution is effective immediately upon adoption.
Passed by the Council and signed by me in authentication of its passage this 14th day of
August, 2014.
Attest:
City Recorder
City of Central Point
Jackson County, Oregon
Mayor
Page 3
FINANCING AGREEMENT
$[2,693,2001
City of Central Point, Oregon
2014 Financing Agreement (Refunding Various Projects)
Dated August 20, 2014
This 2014 Financing Agreement (Refunding Various Projects) is entered into between City of
Central Point, Oregon (the "City") and Key Government Finan�Ine. (the "Lender") as of this
20th day of August, 2014. Ar
1. Definitio
For purposes of this Financing Agreement, the
following meanings, unless the context clearly
"Banking Day" means any day except a Saturday,"
commercial banks in Oregon are authorized or req
"City" means City of Central Point,
"City Official" means
either of those individ
"Closing Date" mean
"Code"
"Event (AF)efault" means tW
or interest thatgls required to b�
by the Internal Revenue Servi<
income under the Code; (iii) a
r
perform any of its duties, under
clauses (i) or (ii) of thisAdefrni
VIM/
than 60 days after the Lender I
City
otherwise:
, other
close.
shall have the
designated by the
of] 986, as amended.
(4.00%).
urretrce of any of the following: (i) a failure to pay any principal
rid under�this Financing Agreement; (ii) a final determination
V0.
hat interest on this Financing Agreement is includable in gross
Le by the City to comply with any of its obligations or to
is Financing Agreement, other than a failure described in
ii,, which failure continues and is not cured for a period of more
made written demand on the City to cure such failure
"Financing Agreement" means this 2014 Financing Agreement (Refunding Various Projects).
"Fiscal Year" means the period beginning on July 1 of each year and ending on the next
succeeding June 30, or as otherwise defined by Oregon Law.
"Government Obligations" means direct obligations of the United States, or obligations the
principal of and interest on which are fully and unconditionally guaranteed by the United States.
Page 1 - Financing Agreement
23559632 038760 AGMT
"Interest Rate" means a fixed annual interest tate of Two and Forty -Nine Hundredths Percent
(2.49%) per annum, calculated on the basis of [a 360 -day year consisting of twelve 30 -day
months].
"Lender" means Key Government Finance, Inc., or its successors.
"Maturity Date" means December 1, 2024.
"Outstanding Balance" means, at any time, the Principal
repayments that have been received by the Lender.
"Principal Amount" means $[2,693,200].
"Projects" means the Projects defined in the
"Resolution" means the City's Resolution No �N�b adopted August
Financing Agreement. �w
"Securities Act" means the Securitiq,'Act of 1933,
"Special Counsel" means Hawkins Delafield€& Wood
2.1. The Lender
the sunt of all principal
14, authorizing this
the Closing Date.
2.2. The OutstandiiMBalance shall bear intcfes£ at the Interest Rate from the date of this
��.RKAW
Financing Agreement Interesthis,payable semiannually on June 1 and December 1 of
eac} yeacommencmg`Deceniber12014. The City sliall repay the Principal Amount
f°`�N
/a1144he mteres6iri jhe following installmgnts on the following dates:
`Date
Payment
01 Interest
Component
Principal
Component
Principal
Balance
12/1?%2014
620S i
0
12/1/2015
6/1/2016
12/1/2016
6/1/2017
12/1/2017
6/1/2018
12/1/2018
6/1/2019
12/1/2019
6/1/2020
Page 2 - Financing Agreement
2355963.2 038760 AGN1T
12/1/2020
6/1/2021
12/1/2021
6/1/2022
12/1/2022
6/1/2023
12/1/2023
6/1/2024
A
12/1/2024
Adw
2.3. All unpaid principal, plus accrued interest, shalk
11
3. Prepayment.
3.1. The City may prepay the Outstanding Balance in
prepayment date, on any Banking Day. Pre'paym
subject to a prepayment fee equal to 1.01 o of t e
require the Cit to give 60 da sew itten notice t
9 Y g 3 ,� .�.r.........
4.S
than the Maturity Date.
plus interest
=or before Au
dine Balance.
zed to the
19, 2017 are
payment will
Pursuant to ORS 287A�315\nth6TCity hereby pledges�its�fullafaith and=credit and taxing power
within the limitations of Sections 11 and 11 bof Art le XI o\\f th ;Oregon Constitution to pay the
and interestd�ue to the Lender under his Financin Agreement. The Cit shall a the
principal "�a'� P VH g g Y pay
amounts due under this Financing Agreement from<any and all of its legally available taxes,
ge,
revenues yd othfunds Thipl�edge ofh\tty sfll faith and credit and taxing power shall
not entitle the'Lenderito any llen�on or pledge of, specific properties or revenues of the City.
�� I
Accounting and Billing.
Upon written request by City, t1iLender sfiall provide the City with a written accounting of all
payments and other transactions relating to this Financing Agreement semi-annually. The Lender
0b
shall send the City a li41 �f'_ th ount due on each Financing Agreement payment date not later
than seven (7) Banking"Days,pr>or to that payment date.
IM
6""Use of Financing Agreement Proceeds.
The City shall apply the amount it receives under this Financing Agreement solely as described
in the Resolution to refinance the Projects and pay costs related to this Financing Agreement.
7. Tax -Exemption.
7.1. The City agrees to comply with all representations in the Tax Certificate for this
Financing Agreement. The City further covenants for the benefit of the Lender to comply
with all provisions of the Code that are required for interest paid pursuant to this
Financing Agreement to be excluded from gross income for federal income tax purposes.
Page 3 - Financing Agreement
2355963.2038760 AGMI'
7.2. [The City hereby designates this Financing Agreement as a "qualified tax-exempt
obligation" under Section 265(b) of the Code.]
7.3. Interest paid pursuant to this Financing Agreement is exempt from State of Oregon
personal income taxes.
8. Representations of the City.
By executing this Financing Agreement in the space provided below, the City represents to the
Lender that:
8.1. The City is duly created and existing under the MViT6f the State of Oregon, has all
05 -
necessary power and authority to enter into this FinancingAgreement and perform its
duties under this Financing Agreement. ~off
8.2. The adoption of the Resolution, the execution of this Financing Agreement and the
performance of the City's obligations and r"this Financing Agreemeni�does not conflict in
t o..
any material respect with, or constitute amaterial bro�\each of or default under, any law,
t000�'\... VF
court decree, administrative regulation resoluuon�orother agreement to which the City is
<;
a party or by which itis bound Fy
8.3. There is no action, suit\proceeding r mvestig\t at lacy rein equity before or by any
court or governs ientaragency havingJurisdictyon\eer the City that is pending or, to the
O � \A\�
best of the kn& ledge of -die City, is threatened against the City to restrain or enjoin the
execution of t}i �F,,inancing� greement t Oadoption of the Resolution, or the collection
R� Mink%
and application ofthe fund918 contemplated by the Resolution and this Financing
�o\�N6�
a.
Agreement;su
that if ch.•matteK re adversely, decided against the City would, in the
reasonable �udgmeent of th\City, have maatterial and adverse effect on the ability of the
dity to pay the amounts due under this Financing Agreement.
8.4. The City hereby certifies; recitesand declares that all things, conditions and acts required
by the'Constitution andStatutes otlthc State of Oregon and by this Financing Agreement
to exist, to h ve happened] and to have been performed precedent to and in the execution
and the deliver, of this Fiinnancing Agreement, do exist, have happened and have been
performed in due time„form and manner, as required by law, and that this Financing
Agreement is a vaha,and binding obligation of the City that is enforceable against the
City in accordance with its terms, except to the extent that enforceability may be limited
by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and
other laws affecting creditors' rights generally; (ii) the application of equitable principles
and the exercise of judicial discretion in appropriate cases; (iii) common law and statutes
affecting the enforceability of contractual obligations generally; and (iv) principles of
public policy concerning, affecting or limiting the enforcement of rights or remedies
against governmental entities such as the City.
9. Covenants of the City.
The City covenants for the benefit of the Lender that:
Page 4 - Financing Agreement
23559632 038760 AGMT
9.1
10.1
While this Financing Agreement is in effect and until full and final payment of the
Outstanding Balance and all accrued and unpaid interest and fees the City shall provide
the Lender with:
(a) A complete copy of the City's audited annual financial statements for each Fiscal
Year, within 180 days following the end of each Fiscal Year.
(b) A complete copy of the City's budget for each Fiscal Year promptly after it is
adopted by the City Council ��
(c) Such other information as the Lender
10. Fees, Costs
Lender Fees and Charges.
(a) The City will pay up to $2,000
connection with this Financine Aereei
(b) The Lender will not
Financing Agreement.
and
any
y request.
the LeddENs_counsel in
or costs in connection with this
10.2. Costs of Enforcent\an\\\I�f\neither partyt\curs\ �xpensesin connection with enforcing
this Financtng«.`greeme t or if the Lenderkes collection action under this Financing
Agreement tfilosing party shall pay
\\\\\A
o tlprevailing party, on demand, the prevailing
�
��
party's reasonab� VO\\
le=costs andgreasonable attorneys' fees, whether at trial, on appeal, in any
Z v
bankruptcy or insolvency,proeeeding or otherwise, including any allocated costs ofin-
• .0 q \�:.
fuse,counsel X y
l
10.3 Other Fees and Costs The City�shall pay the fees and costs of Special Counsel, and any
oth�evlexpenses and co is that th&IV, it incurs in connection with this Financing
Agreement \\
V g
11. Default.
11.1. Upon the occu Ke of any Event of Default the Lender may exercise any remedy
available at law or in equity. However, the amounts due from the City under this
Financing Agreement shall not be subject to acceleration.
11.2. Upon the occurrence and continuation of an Event of Default described in clause (i) of the
definition of "Event of Default," the due but unpaid principal amount shall bear interest at
the Default Rate until such Event of Default is remedied. Upon the occurrence and
continuation of an Event of Default described in clause (i) of the definition of "Event of
Default" for longer than 90 days, the Outstanding Balance shall bear interest at the
Default Rate until such Event of Default is remedied.
Page 5 - Financing Agreement
2355963203$760 AGMT
113. All rights, powers and remedies of the Lender may be exercised at anytime after the
occurrence of an Event of Default, are cumulative and shall not be exclusive, and shall be
in addition to any other rights, powers or remedies provided by law or equity.
11.4. The Lender may waive any Event of Default, but no such waiver shall extend to a
subsequent Event of Default.
12. Defeasance.
12.1. The City shall be obligated to pay any portion of the Outstanding Balance defeased
pursuant to this Section solely from the money andernment Obligations deposited in
escrow in accordance with this Section with ai�escrowcagent or independent trustee as
provided in this Section, and the City shall have"'
A&W—M
payments from any source except the ai oounts de
Agreement shall be deemed defeased iftheCity:
(a) irrevocably deposits money or non"ca
with an independent trustee or=escrow agent
WMAW IN
payment of the portion of the Outstanding B
reinvestment; andIIEN, ,"11,
(b) files with
public accountan
An
the
obl
that
to the Obligations of
,r obligation to make those
is
in the escroH. This Financing
umigations in escrow
to be sufficient for the
is to be defeased without
an independent, certified
is correct.
this Financing Agreement unless the
to the effect that:
inancmg Agreement is a valid and legally binding full faith and credit
ationbf the City that is enforceable against the City in accordance
its terms subject to customary exceptions;
pursuant to this Financing Agreement is excludable from
under the Code; and
(iii) interest paid pursuant to this Financing Agreement is exempt from State of
Oregon personal income tax.
(b) The certificate of a City Official to the effect that:
(i) There is no action, suit, proceeding or investigation at law or in equity
before or by any court or governmental agency having jurisdiction over the
City that is pending or, to the best of the knowledge of the City, is
threatened against the City to restrain or enjoin the execution of this
Page 6 - Financing Agreement
2355963.2 038760 AGMT
Financing Agreement, the adoption of the Resolution, or the collection and
application of the funds as contemplated by the Resolution and this
Financing Agreement, that, if such matter were adversely decided against
the City, would, in the reasonable judgment of the City, have a material
and adverse effect on the ability of the City to pay the amounts due under
this Financing Agreement.
(ii) The adoption of the Resolution and the execution and delivery of this
Financing Agreement do not and will notonfliet in any material respect
with or constitute on the part of the City�a breach of or default under any
law, charter provision, court decree administrative regulation, resolution
or other agreement or instrument which the City is a party or by which it
is bound. y:
(c) Such additional legal opinions certificates, proceedings,istruments or other
documents as the Lender, its counsel or Special Counsel may reasonably request to
evidence compliance by the City with the legal quiz menu for execution and delivery of
this Financing Agreement
agreements then to be per]
14.
14.1. No official statemenn
t or
ONO,
this Financia' W emei
u
Financing Agreement to
material events to thyM
�--y�
aeeritfi~�s`,>,Tl"e City is obli
14.2. TKILender may i
'Q
witli6tge prior,
14.3. The City iiin not assi
without the p ior�writ]
due
tisfaction by th7City of of
to be satisfied by the City.
iisclosure document has,been"prepared in connection with
the Ciry�,hia�s-ono obligatib>1 in connection with this
le any disclosure regarding operating information or
al,Securitie Rulemaking Board or any dissemination
o\o
proutde info6
rmation to the Lender in connection with this
pecifieal y stated in this Financing Agreement.
and obligations under this Financing Agreement
the City.
and obligations under this Financing Agreement
of the Lender.
15. Jury Waiver.
The City and the Lender each agree to irrevocably waive all right to trial by jury in any action,
proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of or
relating to the Financing Agreement or the actions of the City or the Lender in the negotiation,
administration, performance or enforcement thereof.
16. Miscellaneous.
M.I. Any notices required to be given pursuant to this Financing Agreement shall be given to
the following addresses:
Page 7 - Financing Agreement
2355963.2 038760 AGMT
City: City of Central Point
140 South Third Street
Central Point, Oregon 97502
Atm.: Bev Adams, Finance Director
Telephone: 541-664-3321, x226
Lender: Key Government Finance, Inc.
1000 S. McCaslin Blvd.
Superior, Colorado 80027
Attn.: Municipal Operations Manager
Telephone: 720-304-1285`
16.2. All representations, warranties, and agreements contained'+in this Financing Agreement
AXWshall survive the execution, delivery andbpayt ent of this Financing Agreement. This
e �M
Financing Agreement shall constitute a,contract between the Cityand the Lender. The
Lender's extension of credit hereunder is=expressly made in reliancWn such contract.
16.3. This Financing Agreement shallbe governed'and�iriterpreted in ace dancewith the laws
a 111\10
of the State of Oregon. �,�q
.16.4. The Lender and the City each irrevocably consenpersonal jurisdiction of the state
and federal courtslocated in the Stateof Oreg�m any action brought under this
Financing Agre6ment; dfiNn any action based�upon he t transactions encompassed by this
Financing Agreement, whether or not basedrtn contracIVenue for any such action shall
be in Jackson County Oregon
�;r , 17
See ability a&ffaivers.
epi%��'/,,. � •:` .�����
If any partyof this Finan 'ing,Agreement is not enforceable, the rest of the Financing Agreement
a r O,n ofd, KNEW
may be enforced. The Lenaerhretains?all rights, even if it makes a loan after default. If the
at x
Lender waives�aa default, it in enfore mater default Any consent or waiver under this
Financing Agreement must be i riting
s.
18. Counterparts.
This Financing Agreementfn�yrbe executed simultaneously in several counterparts, each of
which shall be an original and all of which shall constitute one and the same agreement.
Page 8 - Financing Agreement
2355963.2038760 AGMT
19. Written Agreements.
Under Oregon law, most agreements, promises and commitments made by the Lender
concerning loans and other credit extensions which are not for personal, familv or
household purposes or secured solely by the borrower's residence must be in writing,
express consideration and be signed by the Lender to be enforceable.
[The remainder of This page is left
Page 9 - Financing Agreement
23559632038760 AG'4T
DATED as of the 20th day of August, 2014.
Key Government Finance, Inc.
By:
Michael O'Hem, SVP, Originations
[The signature of the City appe i on the
Page 10 - Financing Agreement
2355963,2 038760 AGMT
DATED as of the 20th day of August, 2014.
City of Central Point, Oregon
IN
Chris Clayton, City Manager
Page 1 1 - Financing Agreement
2355963.2 038760 AGMT
Jul 24. 2014 4:03 pin Prepared b7 Western Financial Group (Finance 7.008 Central Point: FFC- REFIRE F) Page 1
SOURCES AND USES OF FUNDS
Full Faith & Credit Obligations
2014 Refunding
Debt service may vary from bank's computation by pennies. Rely on schedule in loan document.
Sources-:
Bond Proceeds:
Par Amount
2.693.261.00
2.693.261.00
Uses:
Refunding Escrow Deposits
Cash Deposit
556.400.63
SLGS Purchases
2.112.810.00
1.669.210.63
Delivery Date FNpcnscs:
Cost of Issuance
24.050.37
2.693261.00
Jul 24, 2014 4:03 pm Prepared by Western Financial Group (Finance 7.008 Central POint: FFC-REP3. REF) Page 2
BOND PRICING
Full Faith & Credit Obligations
2014 Refunding
Debt service may vary from bank's computation by pennies. Rely on schedule in loan document.
Mmurity
Bond Component Date Amount Rate Yield Price
Bond Component:
12/01/2014
53,000.00
2.490'%u
2.490°6
100.000
12/01/2015
521.000.00
2.490%
2.490'
100.000
12/012016
535.000.00
2.490%
2.490%
100.000
12/012017
272089.90
2.490%
2.490%
100.000
12/01/2018
289.946.30
2.490%
2.4900N.
100.000
12/01/2019
157.398.60
2.490%
2.490%
100.000
12/01/2020
160.353.80
2.490%
2.4900N)
100.000
12/01/2021
167.667.80
2.490%
2.490%
100.000
12/012022
170.025.30
2.490%
2.490%
100.000
12/01/2023
176703.70
2.490%
2.490%
100.000
12/012024
183.075.60
2.490%
2.490%
100.000
2.693.261.00
Dated Date
08/202014
Delivery Date
08/20/2014
First Coupon
12/012014
Par Amount
2.693_.261.00
Original Issue Discount
Production 2.693.26100 100.000000%
Underwriter's Discount
Purchase Price
Accrued Interest
Net Proceeds
1693-26 1.00 100.000000%
2.693.261.00
Jul 24, 2014 4:03 pat Prepared by Western Financial Group (Finance 7.008 Central Point:FFC-REF3.REF) Page 3
13OND SUMMARY STATISTICS
Full Faith R Credit Obligations
2014 Refunding
Debt service may vary from bank's computation by pennies. Rely on schedule in loan document
Dated Date
08/20/2014
Delivery Dale
08/20/2014
Fast Maturity
12/01/2024
Arbitrage Yield
2.490457'1%
True Interest Cost (TIQ
2.4904570,/.
Net Interest Cost (NIC)
2.490000°,6
All -In TIC
2.709075%
Average Coupon
2.49000096
Average Life ()ears)
4.476
Duration of Issue (rears)
4.162
Par Amount
2.69326 1.00
Bond Proceeds
2.69326 1.00
Total Interest
300.175.18
Net Interest
300.175.18
Total Debt Scrvice
2,993.436. 18
Maximum Annual Debt Service
581.108.85
Average Annual Debt Service
291,174.55
Underwriter's Fees (per 51000)
Avorage Takedotrn
Other Fee
Total Underwriter's Discount
Bid Price
100.000000
Par
Average
Average
Bond Component Value
Price Coupon
Life
Bond Component 2,693.261.00
100.000 2.490%
4.476
2.693261.00
4A76
All -In
Arbitrage
TIC
TIC
Yield
Par Value 2_.693,261.00
2,691261.00
+Accrued Interest
+ Premium (Discount)
- Underwriter's Discount
- Cost of Issuance Expense
-24,050.37
- Other Amounts
Target Valuc 2,693,261.00
2;669.210.63
'target Date 08/20/2014
08/20/2014
08/20/2014
Yield 2.490457%
2.7090750,/.
2.490457%
Jul 24, 2014 4:03 pm Prepared by Western Financial Group
(Finance 7.008 Central PoinePFC-RFF3,RHF) Page 4
SAVINGS
Full Faith
& Credit Obligations
2014
Refunding
Debt sen°ice
may van, from
bank's computation
by pennies. Rely
on schedule
it) loan document.
Present Value
Prior
Refunding
Annual
to 08/20/2014
Date
Debt Service
Debt Service
Savings
Savings
n 2.4904568%
09/01/2014
10.700.00
10.700.00
10.691.91
12/01/2014
41.870.25
72.00096
-30.130.71
-29,92221
03/01/2015
10,700.00
10.700.00
10.560.41
06/01/2015
41,870.25
32.871.25
8.999.00
8.826.81
06/30/2015
268.29
09/01/2015
135,700.00
135.700.00
132.282.46
12/01/2015
401.870.25
553_,871.25
-152.00190
-147258.91
03/01/2016
8.200.00
8200.00
7.895.17
06/01/2016
34.650.25
26_,384.80
8_.265.45
7.909.10
06/30/2016
164.45
09/01/2016
138.200.00
138.200.00
131.426.02
12/01/2016
410.650.25
561,384.80
-150.734.55
-142.461.93
03/01/2017
5.600.00
5.600.00
5.260.01
06/01/2017
27.038.75
19,724.05
7.314.70
6.828.23
06/30/2017
380.15
09/01/2017
140,600.00
140.600.00
130.439.61
12/01/2017
172.038.75
298.813.95
-126.775.20
-116.888.34
03/01/2018
2.900.00
2.900.00
2.657.34
(16/01/2018
24,35625
16249.38
8.106.87
7.382.71
06/30/2018
24,831.67
09/012018
147.900.00
147900.00
133.857.66
12/01/2018
174.356.25
306.195.68
-131.839.43
-118585.91
06/01/2019
21506.25
12.639.55
8.866.70
7.877.26
06/30/2019
24,927.27
12/01/2019
176,506.25
170,038.15
6.468.10
5.675.65
06/01/2020
18_,483.75
10.679.94
7.803.81
6.763.49
06/30/2020
14.271.91
12/01/2020
178,483.75
171.033.74
7.450.01
6.377.44
06/01/2021
15,283.75
8.683.53
6.60022
558050
06/30/2021
14.050.23
12/01/2021
185,283.75
176,35133
8,932.42
7,45950
06/01/2022
11.798.75
6.596.07
5.202.68
4291.34
06/30/2022
14.135.10
12/01/2022
186,798.75
176.62157
10,177.38
8,291.39
06/01/2023
8.123.75
-
4,479.25
3.644.50
2.932.61
06/30/2023
13.821-88
12/01/2023
193.123.75
181.182.95
11.940.80
9.490.20
06/01/2024
4.19250
2.279.29
1_.913.21
1.501.86
06/30/2024
13.854.01
12/01/2024
199.192.50
185.354.89
13.837.61
10,728.87
06/30/2025
13,837.61
3.127.978.75 2.993.436.18 134542.57 134.542.57 11 7.870 26
Savines Sununan
PV of savings from cash Ilow
Net PV Suvines
117,870.26
117.870.26
lul 24, 2014 4:03 pm Prepared by Western Financial Group (Finance 7.008 Central Point: FFC-REF3.REF) Pagc 5
BOND DEIST SERVICE
Full Faith & Credit Obligations
2014 Refunding
Debt service may vary from bank's computation by pennies. Rely on schedule in loan document
Period
Annual
Ending
Principal
Coupon
Interest
Debt Service
Debt Service
12/01/2014
53.000.00
2.490';6
19-000.96
72.000.96
06/01/2015
32.871.25
32.871.25
06/30/2015
104.872.21
12/01/2015
521_,000.00
2.490%
32.871.25
553.871 25
06/01/2016
26,384.80
26384.80
06/30/2016
580.256.05
12/01/2016
535.000.00
2.490%
26,384.80
561,384.80
06/01/201
19.724.05
19,724.05
06/30/2017
581.108.85
12/01/2017
279_,089.90
2.490%
19,724.05
298,813.95
06/01/2018
16,249.38
16,249.38
06/30/2018
315.063.33
12/01/2018
289.946.30
2,490%
16.249.38
306.195.68
06/01/2019
12.639.55
12.639.55
06/30/2019
318.83523
12/01/2019
157.398.60
2.490%
12.639.55
170.038.15
06/01/2020
10.679.94
10,679.94
06/30/2020
180,718.09
12/01/2020
160.353.80
2.490%
10.67994
171.033.74
06/01/2021
8.683.53
8.683.53
06/30/2021
179.717.27
12/01/2021
167.667.80
2.490^.6
8.683.53
176.351.33
06/01/2022
6.596.07
6.596.07
06/30/2022
182.947.40
12/01/2022
170_.025.30
2.490';/4
6.596.07
176.621.37
06/01/2023
4.479.25
4.479.25
06/30/2023
181,100.62
12/01/2023
176,703.70
2.490%
4,479.25
181.182.95
06/01/2024
2.279 29
2.279.29
06/30/2024
183.462.24
12/01/2024
181075.60
2.490%
2.279.29
185.354.89
06/30/2025
185,354.89
21693,261.00 300,175.18 2.993.436.18 2.991436.18
Jul 24, 2014 4:03 pm Prepared by Western Financial Group (Finance 7.008 Central Point: FFC-12EF3,REF) Page 6
SU6IMARY OF BONDS REFUNDGD
Full Faith & Credit Obligations
2014 Refunding
Debt service may vaq, from bank's computation by pennies. Rely on schedule in loam document.
PRI - Prior Debt
Maturity Interest Par Call Call
Bond Date Rate Amount Date Price
Scenic Tenth Upton, 2007 Final, 07STPP:
SCR 12/01/2015 4.300% 230,000.00 12/012014
12/01/2016 4.300% 241.000.00 12/01/2014
471.000.00
Full Faith & Credit Obligations, Series 2004. 2004
SER 12/01/2015
3.500%
130.000.00
12/01/2014
12/01/2016
3.600".6
135900.00
12/012014
12/01/2017
3.70036
145,000.00
12/01/2014
12/01/2018
3.800%
150,000.00
12/01/2014
12/01/2019
3.900°0
155.1100.00
12/01/2014
12/012020
4.000%
160_000.00
12/01/2014
12/01/2021
4.100%
170.000.00
12/012014
12/01/2022
4.200%
175.000.00
12/01/2014
12/01/2023
4.250'%,
185.000.00
12/01/2014
12/01/2024
4.300%
195.000.00
12/01/2014
1.600.000.00
Series 2008 Parlor. 2008PARK:
SER 09/01/2015
09/01/2016
09/01/2017
09/01/2018
4.00000%
125,000.00
09/01/2014
4.000%
130.000.00
09/01/2014
4.000%
135.000.00
09/01/2014
4.000%
145.000.00
09/01/2014
535900.00
2.606,000.00
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
102,000
102.000
102.000
102.000
Jul 24, 2014 4:03 pm Prepared by Western Financial Group (Finance 7.008 Central Point: FFC-REF3,REF) Page 7
SUNIMARY OF REFUNDING RLSULTS
Full Faith & Credit Obligations
2014 Refunding
Debt service may vary front bank's computation by pennies. Rely on schedule in loan document.
Dated Date
08/20/2014
Delivery Date
08/20/2014
Arbitrage yield
2.490457'%
Escrow yield
0.010058%,
Value OMegative Arbitrage
14.561.26
Bond Par Amount
2.693.261.00
True Interest Cost
2.490457'%,
Net Interest Cost
2.490000%
All -In TIC
2.709075%
Average Coupon
2.490000%
Average Life
4.476
Par amount of refunded bonds
2.606.000.00
Average coupon ofrefuuded bonds
4094415%
Average life ofrefunded bonds
4.626
I'V of prior debt to 08/20/2014 a 2.490457%
2.811.316.43
Net PV Savings
117.870.26
Percentage savings of refunded bonds
4.52303496
Percentage savings of refunding bonds
4.376489%
Jul 24. 2014 4:03 pm Prepared by Western Financial Group (Finance 7.008 Ccntral POint: FFC-REF3. REF) Page 8
ESCROW REQUIREMENTS
Full Faith & Credit Obligmions
2014 Refunding
Debt service may vary from bank's computation by pennies. Rely on schedule in loan document.
Scenic Tenth Upton 2007 Final (07STPP)
Period Principal
Ending Interest Redeemed Total
12/01/2014 10.12650 471.000.00 481.12650
10.126.50 471.000.00 481.12650
.Jul 24. 2074 4:03 pm Prepared by Western Financial Group (Finance 7.008 Central Point: FFC-REF3.REF) Pagc 9
ESCROW R FIQUIREMEN'I'S
Full Faith & Credit Obligations
2014 Rctunding
Debt service may vary, from bank's computation by pennies. Rely on schedule in loan document.
Full Faith & Credit Oblieations Series 2004 (2004)
Period Principal
Ending Interest Redeemed Total
12/01/2014 31.743.75 1.600.000.00 1.631.743.75
31.743.75 1.600.000.00 1.631.743.75
Jul 24. 2014 4:03 pin Prepared by Western Financial Group (Finance 7.008 Central Point: FPC-REF3.REF) Page 10
ESCROW 12EQUIREMENPS
pull Faith & Credit Obligations
2014 Refunding
Debt service map vuD from bank's computation by pennies. Rely on schedule in loan document.
Series 2009 Parks (2008PARK
Period
Ending
Principal
Interest Redeemed
Redemption
Premium
Total
09/01/2014
10.700.00 535.000.00
10.700.00
556,400.00
10.700.00 535.000.00
10.700.00
556,400.00
Jul 24, 2014 4:03 pm Prepared by Western Financial Group (Finance 7.008 Central PoineFFC-RF.F3.REF) Page I l
UNREFUNDED BOND DEBT SERVICE
Full Faith K Credit Obligations
2014 Refunding
Debt service may vary from bank's computation by pennies. Rely on schedule in loan document.
Scenic Tenth Uuton 2007 Final (07STPP)
Period Amoral
Ending Principal Coupon Interest Debt Service Debt Service
12/01/2014 221,000 4.300% 4.75150 225.751.50
06/30/2015 225.751.50
221,000 4,751.50 225.751.50 225,75150
Jul 24, 2014 4:03 pat Prepared by Westem Financial Group (finance 7.008 Central Poira:FFC-REF3,REF) Page 12
W REFUNDED BOND DEBT SERVICE
125.000 2.125 127.125 127,125
Full Faith & Credit Obligations
2014 Relunding
Debt service
may vary from
bank's computation by pennies. Rely on
schedule in
loan document.
Full Faith & Credit Obligations. Series 2004
(2004)
.Annual
Period
Debt
Debt
Lading
Principal
Coupon Interest
Service
Service
12/01/2014
125.000
3.400% 2.125
127.125
06/30/2015
127.125
125.000 2.125 127.125 127,125
Jul 24, 2014 4:03 pm Prepared by Western Financial Group (Finance 7.008 Central POint: FPC -R F.P3,RRP) Page 13
UNRLFUNDBD BOND DEB I' SERVICF.
Pull Faith & Credit Obligations
2014 Refunding
Debt service may vary front bank's computation by pennies. Rcly on schedule in loan document.
Series 2008 Parks (2008PARK
120.000 2.400 122.400 122.400
Annual
Period
Debt
Debt
Ending
Principal Coupon Interest
Service
Service
09/01/2014
120,000 4.000% 2A00
122.400
06/30/2015
122.400
120.000 2.400 122.400 122.400
Jul 24. 2014 4:03 pm Prepared by Western Financial Group (Finance 7.008 Central Poim:FFC-RFF3,REF) Page 14
FORM 8038 SPA PIST'ICS
Pull Faith & Credit Obligations
2014 Refunding
Debt set -vice may vary from bank's computation by pennies. Rely on schedule in loan document.
Dated Date
Delivery, Date
Bond Component Date Principal
Bond Component:
08/20/2014
08/20/2014
Redemption
Coupon Price Issue Price at Maturity
12/01/2014
53.000.00
2.490%
100.000
53.000.00
53.000.00
12/01/2015
521.000.00
2.4901,
100.000
521.000.00
521.000.00
12/01/2016
535.000.00
2.490%
100.000
535.1100.00
535.000.00
12/01/2017
279.089.90
2,49096
100.000
279.089.90
279.089.90
12/01/2018
289.94630
2.490%
100.000
28994650
289.94630
12/01/2019
157,398.60
2.4900N.
100.000
157.398.60
157398.60
12/01/2020
160.353.80
2.49096
1011.1100
160.353.80
160353.80
12/01/2021
167.667.80
2,49096
100.000
167.667.80
167.667.80
12/01/2022
170.025.30
2.4900'.
100.000
170.025.30
170.02530
12/01/2023
176.703.70
2.4905.
100.000
176.703.70
176.703.70
12/01/2024
183.075.60
2.490%
100.000
183.075.60
183.075.60
2.693.261.00
2.693.261.00
2.693.261.00
Stated Weighted
Maturity Interest Isstic
Redemption Average
Date Rite Price
atMaturity Maturity
Yield
Final Maturity 12/01/2024 2.490% 183.075.60
183,075.60
Entire Issue 2,693.261.00
2,693,261.00 4.4733
2.49050X,
Proceeds used for accrued interest
0.00
Proceeds used for bond issuance costs (including underwriters' discount)
24.050.37
Proceeds used for credit enhancement
0.00
Proceeds allocated to reasonably required reserve or replaeanent fund
0.00
Proceeds used to currently refund prior issues
0.00
Proceeds used to advance refund prior issues
2.669.210.63
Remaining trvighted average maturity ol'the bonds to be current[), refunded
25913
Remaining weighted average maturity of the bonds to be advance refunded
5.1452
Jul 24. 2014 4:03 pm Prepared by Western Financial Group (Finance 7.008 Central Point: FFC-REF3,REF) Page 15
FORA 8038 STATISTICS
Full Faith & Credit Obligations
2014 Refunding
Debt sm,ice may vary from bank's computation by pennies. Rely on schedule in loan document.
Refunded Bonds
Bond
Component
Date
Principal
Coupon
Price
issue Price
Scenic Tenth Upton. 2007 Final:
SER
12/01/2015
230,000.00
4.300%
100.000
230.000.00
SFR
12/01/2016
241.000.00
4.300%
100.000
241.000.00
471,000.00
471,000.00
Full Faith & Credit Obligations.
Series 2004:
SHR
12/01/2015
130900.00
3.50000
99.265
129,044.50
SER
12/01/2016
135,000.00
3.600.
99.217
133,942.95
SER
12/01/2017
145.000.00
3.700%
99.274
143.947.30
SER
12/01/2018
150.000.00
3.800"IS
99.345
149.01T50
SER
12/01/2019
155,000.00
3.900"/"
99.429
154,114.95
SER
12/01/2020
160,000.00
4.000%o
99.523
159,236.80
SER
12/01/2021
170,000.00
4.100°%
99.628
169.367.60
SER
12/01/2022
175,000.00
4.200%,
99.742
174.548.50
SER
12/01/2023
185,000.00
4.250%
99.217
183.551A5
SI?12
12/01/2024
195,000.00
4.300°%
98.798
192.656.10
1.600.000.00
1589,427.65
Series 2008 Parks:
SF,R
09/01/2015
125.000.00
4.000%
100.000
125,000.00
SF,R
09/01/2016
130.000.00
4.000%
100.000
130.000.00
SER
09/01/2017
135.000.00
4.000%
100.000
135.000.00
SER
09/012018
145,000.00
4.000%
100.000
145.000.00
535,000.00
535.000.00
2.606,000.00
2,595.427.65
Remaining
Last
Weighted
Call
Issue
Average
Date
Date
blaturit)
Scenic Tenth Upton. 2007 Final
12/01/2014
06/06/2007
1.7922
Full Faith & Credit Obligations.
Series 2004
12/01/2014
09/29/2004
6.1388
Series 2008 Parks
09/01/2014
09/04/2008
2.5913
All ReFunded Issues
12/01/2014
4.6188
Jul 24, 2014 4:03 pm Prepared by Western Financial Group (Finance 7.008 Central Point:FFC-REF3,REF) Pape 16
PROOF OF ARBITRAGE YIELD
Full Faith & Credit Obligations
2014 Refunding
Debt service may vary t}om bank's computation by pennies. Rely on schedule in loan document.
Present Value
to 08/20/2014
Date Debt Service na 2.4904567710%
08/19/2014
-2,693,261.00
-2_,693.446.17
12/01/2014
72.000.96
71502.72
06/01/2015
32.871.25
3224229
12/01/2015
553.87135
536591.72
06/01/2016
26.384.80
25
247.27
12/01/2016
561.384.80
530574.86
06/01/2017
19.724.05
18.412.28
12/01/2017
298.813.95
275.51035
06/01/2018
16.249.38
14.797.87
12/01/2018
306,195.68
275.414.51
06/01/2019
12.63955
11.229.10
12/01/2019
170.038.15
149.205.56
06/01/2020
10.679.94
9.25620
12/01/2020
171-033.74
146.410.19
06/01/2021
8.68353
7.341.95
12/01/2021
176.351.33
147.271.64
06/01/2022
6596.07
5.440.65
12/01/2022
176,621.37
143.891.29
06/01/2023
4.479.25
3.604.31
12/01/2023
181.182.95
143.998.99
06/01/2024
2279.29
1.78923
12/01/2024
185,354.89
143.71352
300,175.18
0.00
Proceeds Summary
Delivery date 08/20/2014
'Target for yield calculation
Jul 24, 2014 4:03 pm Prepared by Western Financial Group (Finance 7.008 Central [loin eFFC-RFF3,REF) Nage 17
COSI 01' ISSUANCE
Full Faith & Credit Obligations
2014 Refunding
Debt service may van, Goat bank's computation by pennies. Rely on schedule in loan document.
Cost of Issuance $/1000 Amount
RC
4.45557
12,000.00
FA
3.24885
8.750.00
MDAC
0.29704
800.00
Rank Counsel
0.55695
L500.00
Escrow Agent
0.18565
500.00
Misc.
0.18579
50037
8,92983 24.05037
Jul 24, 2014 4:03 pm Prepared by Westein Financial Group (Finance 7.008 CcntraI Point: FFC-RGF3,REF) Page 18
ESCROW DESCRIPTIONS
Full Faith & Credit Obligations
2014 Refunding
Debt service may vary firm bank's computation by pennies. Rely on schedule in loan document.
Type of Type of Maturity First Int Par Max
Security SLGS Date Pmt Date Amount Rate Rate
Aug 20. 2014:
SLGS Cerlificate 12/01/2014 12/01/2014 2.112.810 0.010% 0.010%
2,112.810
SLGS Summary
SLGS Rates File 24JULI4
Total Certificates of Indebtedness 2.112.810.00
Jul 24, 2014 4:03 pm Prepared by Western Financial Group (Finance 7.008 Central PointTFC-RITIREF) Page 19
ESCROW COSI'
Full Fault K Credit Obligations
2014 Refunding
Debt service may vary from bank's computation by pennies. Rely on schedule in loan document.
Type of maturity Par Total
Securib, Date Amount Rate Cost
SLGS 12/01/2014 2.112.810 0.010% 2,112.810.00
2,112,810 2.112.810.00
Purchase Cost of Cash "total
Date Securities Deposit EscmwCost Yield
08/20/2014 2.112.810 556,400,63 2669.210.63 0.010058%
2,112.810 556.400.63 2.609.2 J 0.63
Jul 24, 2014 4:03 pm Prepared by Wester Financial Group (Finance 7.008 Central PoineFFC-RIFTIREF) Page 20
ESCROW CASH FLOW
Full Faith R Credit Obligations
2014 Refunding
Debt sen•ice may van, from bank's computation by pennies. Rely on schedule in loan document.
Present Value
Net Escrow to 08/20/2014
Date Principal Interest Receipts r, 0.010058190
12/01/2014 2.112.810.00 59.62 2.112.869.62 2,112.810.00
2.1 12.810.00 59.62 2,1 12.869.62 2.112.810.00
Escrow Cost Summary
Purchase (late
Purchase cost of securities
Target for yield calculation
08/20/2014
2,1 12.810.00
2,1 12.810.00
.tul 24, 2014 4:03 pm Prepared by Western Financial Group (Finance 7.008 Central Point:FFC-REF3,REF) Page 21
F.SCROW SUFFICIENCY
Pull Faith &. Credit Obligations
2014 Refunding
Debt service may vary 6'om bank's computation by pennies. Rely on schedule in loan document.
Escrow Net Escrow Excess Excess
Date Rcquircment Receipts Receipts Balance
08/20/2014 556 400.63 556.400.63 556.400.63
09/01/2014 556,400.00 -556.400.00 0.63
12/01/2014 2.112.87025 2.112.869.62 -0.63
2.669,270.25 2,669270.25 0.00
Jul 24. 2014 4:03 pin Prepm'ed by Western Financial Group (Finance 7.008 Central POint: FFC-REF3, REF) Page 22
ESCROW STA'l ISTICS
Full Faith & Credit Obligations
2014 Refunding
Debt service may vary from bank's computation by pennies. Hely on schedule in loan document.
Modified Yield to Yield to
Total Duration Receipt Disbursement
Escrow Cost (years) Date Date
Global Proceeds Escrow:
2.669.210.63 0.281 0.010058°'0 0.010058%
Perfect Value of
Escrow Negative Cost of
Cost Arbitrage Dead Time
2,654.228.73 14.561.26 420.64
2.669.210.63 2,654,228.73 14,561.26 420.64
Delivery date 08/20/2014
Arbitrage yield 2.490457%
Jul 24. 2014 4:03 pm Prepared by Western Financial Croup (Finance 7.008 Central Point: FFC-REF3,REF) Page 23
PROOF OF COMPOSITE. ESCROW YIELD
Full Faith & Credit Obligations
2014 Refunding
Debt service may vary from bank's computation by pennies. Rely on schedule in loan document.
All restricted escrows funded by bond proceeds
Present Value
Security
to 08/20/2014
Date
Receipts n
OAIOO581347%
12,01/2014
2.112.869.62
2.1 12.810.00
2,111869.62
2,) US 10.00
Escrow Cost Summar'
Purchase date
08/20/2014
Purchase cost of securities
2.112.810.00
Target for yield calculation
2.112.810.00