Award of the Water Revenue Refunding Bonds Series 2017A

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Presentation transcript:

Award of the Water Revenue Refunding Bonds Series 2017A Vic Erganian Deputy Finance Director/Treasurer March 13, 2017 City Council

Background Council approved the issuance of the 2017A Water Revenue Refunding Bonds on January 23, 2017 Authorized a not-to-exceed amount of $17.37 million Bonds sold on competitive basis on March 13, 2017 Pursuant to Section 1414 of the Charter, Council must accept the bid and fix the rate on the bonds

Bid Results 1- Bank of America ML 3.249968% Winner 2- J.P. Morgan Securities LLC 3.272173% Cover 3- Janney Montgomery Scott 3.272711% 4- Piper Jaffray 3.315344% 5- Raymond James 3.318364% 6- Morgan Stanley 3.319539% 7- Hilltop Securities 3.328433% 8- Robert W. Baird 3.335271% 9- Wells Fargo Bank, N.A. 3.353999% 10- Hutchinson, Shockey, Erley 3.377135% 11- Citigroup Global Markets 3.379402%

Financial Results True Interest Cost = 3.249968% Gross savings = $1.67 Million NPV Savings = $1.225 Million NPV % Savings = 7.05% Annual debt service savings: $92,000

2017A Water Revenue Refunding Bonds Section 3 of the Resolution: “The exact aggregate principal amount of the 2017A Bonds to be issued and sold is $15,395,000.”

2017A Water Revenue Refunding Bonds Section 4 of the Resolution: “The Director of Finance is authorized and directed to deliver the 2016A Bonds at a purchase price of $17,767,718.95.”

Recommendation Award the bonds to Bank of America Merrill Lynch at a price of $17,767,718.95 at a True Interest Cost of 3.249968%.