Award of the Electric Revenue Refunding Bonds Series 2016A

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Presentation transcript:

Award of the Electric Revenue Refunding Bonds Series 2016A Vic Erganian Deputy Finance Director/Treasurer November 7, 2016 City Council – Item 7

Background Council approved the issuance of the 2016A Electric Revenue Refunding Bonds on Sept 12, 2016 Authorized a not-to-exceed amount of $140 million Bonds sold on competitive basis on November 7, 2016 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 3.184583% Winner 2- J.P. Morgan Securities LLC 3.189578% Cover 3- Well Fargo Bank, NA 3.193310% 4- Citigroup Global Markets 3.211049% 5- Barclay’s Capital, Inc 3.212331% 6- Goldman Sachs & Co. 3.213799% 7- Mesirow Financial, 3.215090% 8- Piper Jaffray 3.233256% 9- Raymond James & Assoc 3.237703% 10- Morgan Stanley & Co, LLC 3.257507%

Financial Results True Interest Cost = 3.184583% Refunding portion NPV Savings = $5,774,781 NPV % Savings = 12.25%

Electric Revenue Refunding Bonds Section 3 of the Resolution: “The exact aggregate principal amount of the 2016A Bonds to be issued and sold is $119,440,000.”

Electric 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 $141,935,281.36.”