City of Palm Coast, Florida

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Presentation transcript:

City of Palm Coast, Florida Mark P. Galvin Director Mark.Galvin@hilltopsecurities.com 450 S. Orange Avenue, Suite 460 Orlando, Florida 32801 407.426.9611 Tel December 13, 2016 CRA and Wastewater SRF Loan Refunding Summary City of Palm Coast, Florida

Redevelopment Refunding Revenue Note, State Road 100 Corridor Community Redevelopment Agency (CRA) Debt Profile CRA Redevelopment Refunding Revenue Note, Series 2012 Series 2014 (Taxable) Original Amount $5,448,000 $5,839,000 Par Outstanding $3,795,000 $5,230,000 Interest Rates 2.29% 4.44% Final Maturity 10/1/2024 10/1/2028 Max Annual Debt Service $527,639 $876,004 Callable Payment Date @ 101% Anytime @ 101% Debt Service Reserve None Purpose Refunding of Series 2009 Note and New Money Refund Certain Outstanding Promissory Notes Security CRA Revenues Lead Underwriter / Lender BB&T Ameris Bank Credit N/A Underlying Rating

Revenue Refunding Note, Improvement and Ref. Refunding Bonds, Utility System Debt Profile – Senior Lien Debt Utility System Revenue Refunding Note, Series 2016 Improvement and Ref. Refunding Bonds, Series 2013 Original Amount $40,193,000 $89,600,000 Par Outstanding $39,347,000 $81,250,000 Interest Rates 2.48% 2.00%-5.00% Final Maturity 10/1/2036 Max Annual Debt Service $2,521,887 $6,805,000 Callable Anytime @ 100% 10/1/2023 @ 100% Debt Service Reserve None Purpose Refunding of Series 2007 Bonds Refunding of Series 2003 Bonds Security Net Revenues of the Utility System Sewer System and Water System Capital Facilities Fees Lead Underwriter / Lender Ameris Bank Barclays Credit N/A Underlying Rating NR/A+/A+

State Revolving Loan Fund Utility System Debt Profile – Subordinate Debt – Wastewater SRF Loans SRF Loan #WW903080 2010 SRF Loan #WW903050 2008 SRF Loan #WW90303S 2005 SRF Loan #WW90302S Original Amount $5,999,136 $7,668,560 $13,281,775 $2,734,789 Par Outstanding $3,698,188 $4,871,166 $7,103,524 $1,406,588 Interest Rates 2.54% 2.60% 2.71% Final Maturity 6/15/2028 6/15/2026 12/15/2025 Max Annual Debt Service $372,855 $491,116 $848,708 $177,172 Callable Anytime @ 100% Debt Service Reserve None Purpose New Money Security Net Revenues of Utility System Lead Underwriter / Lender State Revolving Loan Fund Credit N/A Underlying Rating *Source – City of Palm Coast Finance Department