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HomeMy WebLinkAboutA010 - Pre-Sale Analysis prepared by PFM (Public Financial Management)TABLE OF CONTFINTS City of'Antes, Iowa General Obligation Bonds, Series 2008A Pre -Sale Analysis Report 11"lee Sources and Uses ot'Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . I Bond Summary Statistics . . . . . . . . . . . . . . . 2 Bond Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Bond Debt Service . . . . . . . . . . . . . . . . . . 5 Form 8038 Statistics 0 Proofot'Arbitrage Yield . . . . . . . . . . . . . I . . . . . . . 7 Bond Debt Service Breakdown . . . . . . . . . . 8 Bond Debt Service . . . . . . . . . . . . . . . . . . . . 9 Aug 11, 2008 2:06 pm Prepared by Public Financial Management (Finance 6.005 ames:2008) SOURCES AND [ISFS OF 1'[JNI)S City of -Ames, Iowa General Obligation Bonds, Series 2008A Pre -Sale Analysis Sources: Pool Water General 'Total Bond Proceeds: Par Airiorart 5,340,000.00 2,530,000.00 485,000.00 8,355,000.00 5,340,000.00 2,530,000.00 485,000.00 8,355,000.00 Uses: Pool Water General Total Protect Fund Deposits: Project Fund 5,278,000.00 2,500,000.00 480,000.00 8,258,000.00 Delivery hate HApenses: Cost of Issuance 27,102.67 12,840.78 2,461.55 42,405.00 LJnderwriter'> Discount 34,710.00 16,445.00 3,152.50 54„307.50 61,812.67 29,285.78 5,614.05 90,712.50 Other Uses of Funds: Additional Proceeds 187.33 714.22 28T50 5,340,000.00 2,530,000.00 485,000.00 8,355,000.00 Aug 1 I, 2008 2:06 pin Prepared by Public Financial Management (Finance 6.005 atnes:2008) Page I BOND SUMMARY STuTSVCs City ^f&mco./owu General Obligation Bonds, Serim2008A Pre -Sale Analysis Dated Date 10/15/2008 Delivery Date 10/15/2008 Last Maturity 00/01/2020 Arbitrage Yield 4»25670% TmoInterest Cost (T|C) 4.140452% Net Interest Cost (N|C) 4.146870'/'o N|C«8ntems|only 4.049979'N) N|C*y|merest &_Olo 4.049979;6 N|Cvy|nureu O|D&Und.Diuoum 4.1468704 All -In TIC 4230824% Avcm&oCoupon 4.049979Yo x,omge Li6(youu) 6.709 Duration nf|nmo(yms) 5.791 ParAmnoot 8,355,000.00 Bond Pn,c*cdo 8`355.000»O Total Interest 2`270`01648 Net Interest 2.324`32190 Bond Years from Dated Date 56,050.08333 Bond YcaoDon Delivery Date 56.00.083.33 Total Debt Service 10.625.016.40 k1uximumAnnua|Debt Service 9|7.276.00 Average &unuu|Debt Set -vice 913.701�56 Undenwi/c(nFees (per $|008) x,om&xTukedvwu Other Fee 0.500000 Total Underwriter's Discount 6500000 Bid Price 99.350000 Par Avo,u&c Average Bond Component Value - -- -' '-- Price Cuopou - Life! Serial Bonds 8.355`000.00 100.000 4.050(X� 6.709 8.355.000.00 6J09 Aug 11, 2008 2:06 pm Prepared by Public Financial Management (Finance 6.005 aines:2008) Page 2 BONDSUMMARY STATISTICS City ^fxoey.Iowa Ge`un| UbUAui"n Bonds, Series 2008A pre'xu|,&nu|ysia All -In Arbitrage TIC T|[ Yield Par Value 8.355.000.00 8`355`000V0 8.355.000.00 +&cu`udInterest +pmmium(Diouvvno Underwriter's Discount Cost ^flSSuume2xp= ue Other Amounts Target Value 8.300.692.50 8.258.287,50 8`355,000x0 Target Date 10/15/2008 10/15/2008 10/15/2008 Yield 4.148452'Vo 4230824'Yo 4.8256709t Au�',}(.28U8 2:06pm Prepared hyvuWicFinancial Management (Finance h.0U5a^ev:2O08) Page BOND PRICING City ol'mues,\ww General Obligation 800dsSeries 2OO8A Pre -Sale Analysis m�ItUrity Bond Component Date Serial Bonds: O6N\/2009 0h0|/2O|0 06/0\/2N} oom|/20i2 060|/20|3 V60|/20|4 060|/28|5 06X|/2V|6 06m|%0(7 06m|/2V\8 06K)%0|9 06/01/2020 Dated Date Delivery Date First Coupon Pur&mnunt Original \mucDiuoount, Production Oodon,,ito'oDiscount Purchase price Accrued Interest Net Proceeds AMOUFA Rate Yield 375/000 2.0800/ 610.080 2.610% 625,000 3o8O10 645/000 3310% 665.000 I510% 690.000 368nYo 710.000 18301NO 745.000 3,980% 775.088 4�1200/lo 800.00O 4240% 840.000 4.390Y6 875.000 4�5200//O 8.355`000 |0|5/2008 |V/|5/2808 0N0|/2V09 8,355,000.00 2.080� 2.h0(M) 3.080% 3.3|0% 3.5|0% 3.6800/0 3.830% l98�N,4 4]20% 4.24n0 4.390% 4.5209/0 8,355,000.00 100.000000� 8,300,692.50 Note: Aug 8, 2008 AAA MMD adjfusted [br potential credit spread and 40bp for timing, Price |w0.000 100.000 |00mm \00.000 |0O]00 \00.000 |00,OOO |OOMOO 100.000 Aug il.2008 2:06pm prepared byPublic Financial Management (Finance 61m5uoes:2Nm) Page BOND0£BTSGRVlCE City uf&mm.|^xm 0u`erdObligation Bonds, Series 20U8A Pre -Sale Analysis Period AxIlUal euu/mu Principal Couyw^ Interest Debt Service Debt Service 06N1/2009 375`000 2.080% 195`975.90 570`975.90 570'97590 12N1/2009 152.187.00 152.187.00 0601/2010 610,000 261OIYO 152.187.00 702`187M8 914.374.80 12N1%010 144,22650 1*4,226j0 0001/2011 625,080 3.080% 144,22658 769226.50 913,45310 1201/2011 84,601.50 84.601.50 00X |/2o|Z 645^000 3310% 134,601.50 779,001,50 914,203.00 12m1/2012 123,926J5 /23,926J5 00m1C013 665/00 3�5104 123,926J5 788,92675 912,853.58 12/01/208 112.256.00 /12.256.00 06/01/2014 690,000 3.680% 112256.00 80225610 914,512/0 12N1/20(4 99,560.00 99.560.00 00N1/2015 710^000 3.830(Yo *9,560.00 809.560.00 909.120.00 12/01/2015 85.963.50 85.963.50 06/01/2016 745.000 3�980% 85.963.50 830.963.50 916.927.00 12m1/2016 71.138.00 71.138.00 06X1/207 775,000 4]20& 71.88.80 846.88.00 917.276.00 1201/2017 55.17700 55.17310 0601/208 80U/XX 4.240% 55,17310 855.173/0 910,340l0 12/01/2018 38.213.00 38.213.00 06X1/2019 840,000 4.398(Yo 38,21310 878,213.00 910,42610 12/01/2019 19,77I00 19,775M0 06/01/2020 875,000 4.520% 19,775.00 894775lm 914,550.00 xug 11.2008 2:86pm Prepu-edhyPub|iCFinancial Management (Finuno6U05*nc :2008) Page FORM 8038 STATISTICS City ol'Ames, Iowa General Obligation Bonds, Series 2008A Pre -Sale Analysis Dated Date 10/15/2008 Delivery Date 10/15/2008 Redemption Bond Component Date Principal Coupon Price. Issue Price at Maturity Serial Bonds: 06/01/2009 375,000.00 2.080`Yn 100.000 375,000.00 375,000.00 06/01/2010 610,000.00 2.610% 100.000 610,000.00 610,000.00 06/01/2011 625,000.00 3.080`Yo 100.000 625,000.00 625,000.00 06/01 /2012 645,000.00 3.310% 100.000 645,000.00 645,000.00 06/01 /2013 665,000.00 3.510`Yr 100.000 665,0000) 065,000.00 00/01 /2014 690,000.00 3.680'Yo 100,000 690,000.00 690,000,00 06/01/2015 710,000.00 3.830% 100.000 710,000.00 710,000.00 06/01/2016 745,000.00 3.980% 100.000 745,000.00 745,000.00 06/01/2017 775,000,00 4.12W'�O 100.000 775,000.00 775,000.00 06/01/2018 8(1O,000.UO 4.240% 100.000 800,000,00 80(),0()0.00 06/01/2019 840,000.00 4.3901YO 100.000 840,000.00 840,000.00 06/01/2020 875,000.00 4.520% 100.000 875,000.00 875,000.00 8,355,000.00 8,355,000.00 8,355,000,00 Stated Weighted Net Maturity Interest Issue Redemption Average Interest Date Rate Price at Maturity Maturity Yield Cost Final Maturity 06/01 /2020 4.520`Yo 875,000.00 875,000.00 I ntire Issue 8,355,000.00 8,355,000.00 6.7086 4.0257'Y, 4.0500'Y, Proceeds used for accrued interest Proceeds used for bond issuance costs (including underwriters' discount) Proceeds used for credit enhancement Proceeds allocated to reasonably required reserve or replacement fund 0.00 96,712.50 0.00 0.00 Aug 1 I, 2008 2:06 pm Prepared by Public Financial Management (Finance 6.005 anres:2008) Page 6 City ofAmes, Iowa General Obligation Bonds, Series 2008A Pm-8u|uxnu|yuiv Present \aILIC to 10/15/2008 Date Debt Service Total (q�4.o250695'Yo 06m1/2009 570^975.90 570,97590 556.860.01 12/01D009 152.18T00 152.187.00 145,497J0 06/01/2010 762,187.00 762,187.00 714,387.65 12m1/2010 144.226.50 144.226.50 132.499.43 0681/2011 769226.50 769,226,50 692736.98 12N1/2011 134.601.50 1}4.64(.50 118.825.38 06/01D012 779,601.50 779,601.50 674,647.89 1201/2012 123`926J5 123.926J5 105.127]1 06m1/2013 788,920.75 788,92675 656,041.86 12m1/208 112`256.00 112,256.00 91,506.01 0601/2014 802,25610 02256.00 641,05931 12/01/2014 99,500.00 99.560.00 77,98576 86/01/2015 809.560x0 889.560.00 621.619.52 12/01/2015 85.96158 85`963.50 64`704�56 0001/2016 830`963.50 830`963.50 013.123.44 12/01/2016 71`138x0 71.138.00 51.453.25 0681/2017 846.138.00 846.88.00 599`925.80 12m1/2017 55.173M 55,173.00 38`346J1 06A1/2018 855.173{00 855.173.00 582,64053 12/01/208 38.213,00 38,213.00 25`52131 06/01/2019 878,213.00 878,213.00 574,959.08 1201/2019 19,775M 19.775.00 12.691 08 06x |/202U 894775V0 894,775.00 562,9130 Delivery date Par Value Target Im yield calculation \0|5/2008 8,355,000.00 8,355,000.00 Aug|\.2O08 2:06pw Prepared hypuh|icFinancial Management (Finance G.005vmu :2008) Page BOND D[U[SEkVICE Qk£AKDOWN City v[muus,Iowa General Obligation Bonds, Series 20O8& Yu~Su|cAoa|yois Series 2008A Scdns2V08a Suion200DA Corporate Aunuu| Date Pool Portion Water Portion PurpuocPoniou T^mi Total 0601/2009 365,261.44 174.321»6 31.392.00 570.975�90 570.97590 12N1/2009 97`269J5 46.051.50 8`865.75 152'187.00 06w1/20/0 487.269.75 231.051.50 43`865.75 762'187.00 914`374.00 1201/2010 92.18825 43.03725 8.409.00 144.220.50 0601D011 492.18025 233.63725 43,409.00 769.226�50 9)3.453.00 1201/2011 86.02025 40.71125 7.870.00 134.601�50 06/01/2012 196.02025 235.71125 47.870M 779,601.50 914.28.80 (2N1/2012 79,234.75 37.484.00 7.208.00 123,926J5 0601/2013 504`234J5 237,484M 47`208.00 788,926.75 912^853.0 1201/208 71.776»0 33.974.00 6,506.00 112.250M 0601/2014 511J76.00 243,974l0 46,506l0 802,256l0 914,51110 12w12014 63.680»0 30.110.00 5.770x0 99.500M 06/01/2015 518.680M 245.110xO 45.770.00 809.560D0 909.120.00 12m1/2015 54,966.75 25.99175 5»04M 85`963.50 06*1/2016 529.96675 250`992J5 50.004.00 830.963.50 916,927.00 12/01/2016 45.514.25 21.51525 4.108.50 71.138.00 06/01/2017 540.51425 256.51i25 49.108.50 846`138M 917,276.00 12m1/2017 35.31T25 10.074.25 3.10j0 55`173.00 06m1C018 550,31725 256,67425 48,181.58 855`17310 00,34610 12/01/2018 24.39925 11`58625 2`227.0 38.213M 06x |/20i9 559,39925 26658625 52,227.50 878,213M 916,420l0 12m1/2019 12.656,00 5`989.00 1.130.00 19.775.00 0601/2020 572156.00 270,989.00 51`130.00 89477510 914,550{0 6,791290,44 3,210.772.86 016,953.10 10,625,06.40 10,625.01040 Aug i|.280O 2:06nm Prepared hyPublic Financial Management (Finance 6.005umu :2008) Page x{NDof8TS8Kv|C2 City nf&mes^Iowa Series 20O0APool Portion Period AnmUal Cndiug, phn6pu| Cnupmn Interest Debt Scmioo Debt Service 06/01/2009 240.000 2.080% 125.26144 365.26144 365.26144 12o1/2809 97.269.75 97.269,75 06/01/2010 390.000 2610Y4 97.20vJ5 487`26975 584,539.50 12/01/2010 92.18025 92.18025 06m1/2011 400.000 3.080% 92.18025 492`18025 584.360.50 12/01/2011 86.02025 86.02025 86/01/2012 410.000 3.310:4 86.02025 496,02025 582.040�50 12/01/2012 79.234J5 79,234.75 06N1/2013 425.000 3.510Y4 79.234J5 504`22475 583`469.50 12/01/203 71.776x0 71.770x0 06m1/2014 440.000 3.680% 71.776.00 511`776.00 583.552.00 12m1D014 63,680x0 63,680.00 06N1/2815 455,000 1830% 63.680M0 518,680.00 02,360.00 12m1/2815 54,9W75 54,966.75 0601G016 475`000 3.980% 54.96675 529,966J5 584.933.0 12/01/2016 45`51425 45.51425 06m1/2017 495.080 4.120% 45`51425 540.51425 586.028.50 12m1/2017 35.31725 35.31725 00N1/2018 515,000 4240% 35J1725 550,31725 585/84.50 12N1/2018 24.39925 24`39925 0601/2019 535,000 4]90Y6 24.39925 559.39925 583.798.50 1201/2019 12.056D0 12.656x0 06m1/2020 560,000 4.520(No 12.656.00 572.656.80 585.312.00 5.940,000 1.451,29044 0.791.29044 6.791.29044 Aug 11,2008 2i6pm Prepared hyPublic Financial Management (Finance 6.005umo :2008) Page o[xwooeoT&exv|Cc City "fxmm'.Iowa Series 2008AWater Portion Period AnmUal CoW^& Principal Coup"u Inlerest. Debt Service Debt 8u~iuc 06/01/2009 115.000 2.0800/o 59.321.86 174`321,86 174.321.86 12m1/2089 46.051.50 46`051j0 06m1/2010 185.000 2610% 46.051j0 231.051.50 277.10100 12m1/2010 43.03725 43.63725 06/01/2011 190`000 108096 43`63725 233.63725 277.274.50 12m1/2011 40`71125 40.711.25 06N14012 195'000 3.310% 40,71125 235.71125 270,42150 12/012013 37,484.00 37,484u0 06/01/2013 200.000 3.510'Vo 37.484M0 237,484.00 274.96KO0 12N1/2013 33.974M0 33,974.00 06m1/2814 210.000 3�O8OO/o 33`974M0 243`974.00 277.948.00 1201/2014 30.110D0 30.11VM0 06m1/2015 215.008 3.830% 30,110.08 245.110.00 275.220M 12/01%015 25»92J5 25,992.75 0601/206 225.000 3.980% 25,992J5 250.99275 276.985.50 12V1/2016 21.515.25 21.8525 08N1/2017 235,000 4�120% 21,51525 256,51525 278/30.50 12N1/2017 16`67425 10.67425 06/01%018 240,000 4.240% 16,674.25 256,67425 273.34K0 12N1/2018 11`58625 11,58025 06w1D019 255,000 4.390/o 11.58625 26658625 278.172.50 12w12019 5,989.00 5,989.00 06X1/2020 265,808 4.520'Xo 5,989.08 270.989M 276,998.00 2.80.000 686.772.80 3,216,772.86 3.216.772,86 ALIg 11, 2008 2:06 pm Prepared by Public Financial Management (Finance 6.005 ames:2008) Page 10 :oNQufBl80kv{Cc City vfAmm.Iowa Series 2008A Corporate Purpose Portion Period AnmUal I"I'lxing Principal Coupon Interest Debt Service Debt 8,micv 0001/2009 20.000 2.080% 11.39260 31.39260 31.392.60 12m1/2009 8.865.75 8,865.75 06m1/20(0 35.000 2610Y4 8.86i75 43`865J5 52.731,50 12/01/2010 8.409xO 8,409.00 86/01/2011 35`000 3M0yt 8.409.00 43.409,00 51`818v8 12m1/2011 7`870.80 7.870.00 0601/2012 40.800 3310% 7`870u0 47.870.00 55.740.00 12N1/2012 7.208.00 7.208,00 0601/2013 48,000 1510Y4 7`208.00 47^208»0 54.416.00 1201/2013 6.506.00 6.506.00 06N12014 40.000 3.680'Yo 6.506.00 46.506.00 53.012.00 12/01/2014 5,770»0 5.77W00 06/01D015 40.000 3.830Y6 5.770M 45.770.00 51.540.00 12m1/2015 5.004x0 5.004.00 06N1/2016 45.000 398OY4 5.004.00 50`084.00 55.008»0 12/01/2016 4.108.0 4,108.50 06m1/2017 45.800 4]20% 4.08.50 49.108.50 53,217.00 1201%017 3,10j0 3`01�50 06m1/2018 45,000 4240% 3.0i50 48`181.50 51,36310 12N1D018 2227.50 2227.50 06/01/2019 50.000 4390% 2,227.0 52`227j0 54,455.08 1I01/2019 1,130.00 1,80.00 86m1/2020 50,000 4.520% 1.130.00 51.130o0 52,26800 ALIg 11, 2008 2:06 pm Prepared by PUbliC Financial Management (Finance 6.005 arnes:2008) Page I I