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

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

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

5. 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.”

6. 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, ”