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

2. Background
Council approved the issuance of the 2013A Electric Revenue Refunding Bonds on Sept 30,
Authorized a not-to-exceed amount of $85 million
Bonds sold on competitive basis on November 18,
Pursuant to Section 1414 of the Charter, Council must accept the bid and fix the rate on the bonds

3. Bid Results 1- Bank of America Merrill Lynch 4.246142% Winner
2- J.P. Morgan Securities LLC %
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3- Morgan Stanley %
4- Citigroup Global Markets %
5- Goldman Sachs & Co %
6- Wells Fargo Bank %
7- Barclays Capital %
8- Stifel, Nicolaus & Co %
9- Fidelity Capital Markets %
10- Robert W. Baird %
11- Hutchinson, Shockey, Erley %
12- Mitsubishi UFJ Securities %

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

5. 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.”

6. 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, ”