Award of the Electric Revenue Refunding Bonds Series 2013A

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Presentation transcript:

Award of the Electric Revenue Refunding Bonds Series 2013A Vic Erganian Deputy Finance Director/Treasurer November 18, 2013 City Council

Background Council approved the issuance of the 2013A Electric Revenue Refunding Bonds on Sept 30, 2013 Authorized a not-to-exceed amount of $85 million Bonds sold on competitive basis on November 18, 2013 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 Merrill Lynch 4.246142% Winner 2- J.P. Morgan Securities LLC 4.250871% Cover 3- Morgan Stanley 4.281954% 4- Citigroup Global Markets 4.309244% 5- Goldman Sachs & Co 4.320406% 6- Wells Fargo Bank 4.349899% 7- Barclays Capital 4.361639% 8- Stifel, Nicolaus & Co 4.366001% 9- Fidelity Capital Markets 4.380869% 10- Robert W. Baird 4.407111% 11- Hutchinson, Shockey, Erley 4.425249% 12- Mitsubishi UFJ Securities 4.432130%

Financial Results True Interest Cost = 4.246142% Refunding portion NPV Savings = $538,043 NPV % Savings = 15.22%

Electric Revenue Refunding Bonds Section 3 of the Resolution: “The exact aggregate principal amount of the 2013A Bonds to be issued and sold is $80,485,000.”

Electric Revenue Refunding Bonds Section 4 of the Resolution: “The Director of Finance is authorized and directed to deliver the 2013A Bonds at a purchase price of $84,639,244.38.”