1. City of Port Hueneme Tax Allocation Refunding Bond Analysis
Joseph Yew Director 50 California Street, Suite 2650 San Francisco, California Phone:
Phillip Curls
Director
16000 Ventura Blvd., Suite 1100
Encino, California 91436
Phone:
Tax Allocation Refunding Bond Analysis
City of Port Hueneme

2. Current RDA Tax Allocation Debt
Original Issue Amount
$3,320,000
$12,210,000
Issue Description
R-76 Project 1993 Tax Allocation Refunding Bonds
Central Community Project 2004 Subordinate Tax Allocation Refunding Bonds
Underlying Ratings (M/SP/F)
Baa3 / A- / -
Dated Date
May 13, 1993
April 8, 2004
 Total Aggregate Debt Service of
R-76 & Central Community Center Projects 
Year
Principal
Coupon
Interest
Combined DS
2018
175,000
6.500%
79,950
1,190,000
4.150%
343,950
1,365,000
423,900
1,788,900
2019
185,000
68,575
1,240,000
4.250%
294,565
1,425,000
363,140
1,788,140
2020
195,000
56,550
1,295,000
4.300%
241,865
1,490,000
298,415
1,788,415
2021
210,000
43,875
1,350,000
4.350%
186,180
1,560,000
230,055
1,790,055
2022
225,000
30,225
1,410,000
4.400%
127,455
1,635,000
157,680
1,792,680
2023
240,000
15,600
1,470,000
4.450%
65,415
1,710,000
81,015
1,791,015
2024
2025
2026
2027
TOTALS
$1,230,000
$294,775
$7,955,000
$1,259,430
$9,185,000
$1,554,205
$10,739,205
Currently Refundable 1

3. Preliminary Interest Rate Comparison
Short term interest rates in June & early July have remained relatively low. This low range of rates is beneficial to City as it creates an opportunity for refunding savings. 2

4. Preliminary Refunding Result Summary (Public Sale)
Cash Flow savings - $2.4 million
Less upfront cash flow savings than Private Sale
Largest savings (Release of Reserve Fund)
City Share of Residual Dist. = 16%
$43,300/year savings until 2022
$182,400 savings in 2023
Savings go to General Fund 3

5. Preliminary Refunding Result Summary (Private Sale)
Cash Flow savings - $2.4 million
More upfront cash flow savings than Public
Requires less staff time & public disclosure
City Share of Residual Dist. = 16%
$64,000/year savings until 2023
Savings go to General Fund
DSRF Release 4

6. Schedule July 24 July 31 August 7 September 5 September 11 October 9•
Bank Placement RFP from Placement Agent
Selection of Bond Counsel
July 24
Receive Bank Placement Bids
July 31
Placement Bank Selection
Distribution of Bond Documents
August 7
SA Board Approval of Refunding Transaction
September 5
Oversight Board Approval
Subordination Letter Requests Distributed
September 11
Distribution of Final FCR
October 9
Final Bank Credit Approval
October 16
Deadline for Subordination Letter Approval
October 23
Deadline for DOF Approval
November 13
Execute Term Sheet
November 20
Close Refunding Bond Transaction
November 27 5

7. Refunding Findings/Recommendations
Public Sale
Cash Savings of $2.4M to all of the RPTTF taxing entities
Savings/revenues to General Fund
$43,000 annual cash flow until 2022
$182,000 in 2023 due to Reserve Fund release
Private Sale
Cash Savings of $2.4M to all of the RPTTF taxing entities
Savings/revenues to General Fund
$64,000 annual cash flow through 2023
Less staff time and public disclosure
Private Sale results in $21,000 more in Annual Cash Flow Savings through 2022 to the General Fund 6