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HomeMy WebLinkAboutA026 - Sources and Uses of Funds - Final - dated September 12, 2017 pfm SOURCES AND USES OF FUNDS City of Ames,Iowa General Obligation Corporate Purpose and Refunding Bonds,Series 2017A FINAL Dated Date 09/12/2017 Delivery Date 09/12/2017 Proposed 2017A- Current Portion Paid Refunding of Sources: by Taxes Series 2009B Total Bond Proceeds: Par Amount 6,985,000.00 3,990,000.00 10,975,000.00 Net Premium/OID 602,484.45 326,513.05 928,997.50 7,587,484.45 4,3 16,5 13.05 11,903,997.50 Proposed 2017A- Current Portion Paid Refunding of Uses: by Taxes Series 2009B Total Project Fund Deposits: Project Fund 7,521,000.00 7,521,000.00 Refunding Escrow Deposits: Cash Deposit 4,285,000.00 4,285,000.00 Delivery Date Expenses: Cost of Issuance 40,287.06 23,012.94 63,300.00 Underwriter's Discount 21,302.92 12,168.74 33,471.66 61,589.98 35,181.68 96,771.66 Other Uses of Funds: Additional Proceeds 4,894.47 -3,668.63 1,225.84 7,587,484.45 4,316,513.05 11,903,997.50 Aug 22,2017 12:23 pm Prepared by PFM Financial Advisors LLC Page 1 pfm BOND SUMMARY STATISTICS City of Ames,Iowa General Obligation Corporate Purpose and Refunding Bonds,Series 2017A FINAL Dated Date 09/12/2017 Delivery Date 09/12/2017 Last Maturity 06/01/2029 Arbitrage Yield 1.667672% True Interest Cost(TIC) 1.785904% Net Interest Cost(NIQ 1.880521% All-In TIC 1.903540% Average Coupon 3.509464% Average Life(years) 5.009 Weighted Average Maturity(years) 4.989 Duration of Issue(years) 4.594 Par Amount 10,975,000.00 Bond Proceeds 11,903,997.50 Total Interest 1,929,359.51 Net Interest 1,033,833.67 Total Debt Service 12,904,359.51 Maximum Annual Debt Service 1,823,875.00 Average Annual Debt Service 1,101,106.76 Underwriter's Fees(per$1000) Average Takedown Other Fee 3.049810 Total Underwriter's Discount 3.049810 Bid Price 108.159689 Par Average Average PV of I by Bond Component Value Price Coupon Life change Bond Component 10,975,000.00 108.465 3.509% 5.009 5,117.85 10,975,000.00 5.009 5,117.85 All-In Arbitrage TIC TIC Yield Par Value 10,975,000.00 10,975,000.00 10,975,000.00 +Accrued Interest +Premium(Discount) 928,997.50 928,997.50 928,997.50 Underwriter's Discount -33,471.66 -3 3,471.66 Cost of Issuance Expense -63.300.00 Other Amounts Target Value 11,870,525.84 11,807,225.84 11,903,997.50 Target Date 09/12/2017 09/12/2017 09/12/2017 Yield 1.785904% 1.903540% 1.667672% Aug 22,2017 12:23 pm Prepared by PFM Financial Advisors LLC Page 2 Pfm BOND PRICING City of Ames,Iowa General Obligation Corporate Purpose and Refunding Bonds,Series 2017A FINAL Maturity Yield to Call Call Premiurn Bond Component Date Amount Rate Yield Price Maturity Date Price (-Discount) Bond Component: 06/01/2018 1,520,000 3.000% 0.800% 101.574 23,924.80 06/O1/2019 1,440,000 4.000% 0,900% 105.276 75,974.40 06/01/2020 1,505,000 5,000% L010% 110.674 160,643.70 06/01/2021 1,575,000 5.000% 1.070% 114.291 225,083.25 O6/01/2022 540,000 4,000% 1,170% 112.955 69,957.00 06/01/2023 560,000 4.000% 1.310% 114.774 82,734.40 06/01/2024 580,000 5.000% 1.500% 122,290 129,282.00 06/O1/2025 610,000 5.000% 1.660% 124.103 147,028.30 06/01/2026 640,000 2.000% 2.000% 100.000 06/01/2027 655,000 2.000% 2,150% 98.689 -8,587.05 06/01/2028 670,000 2.250% 2300% 99.525 -3,182.50 06/01/2029 680,000 3.000% 2,450% 103.844 C 2.617% 06/01/2025 100.000 26,139.20 10,975,000 928,997.50 Dated Date 09/12/2017 Delivery Date 09/12/2017 First Coupon 06/01/2018 Par Amount 10,975,000.00 Premium 928,997.50 Production 11,903,997.50 108.464670% Underwriter's Discount -+3,471.ob -0 3,04981(% Purchase Price 11,870,525.84 108.159689% Accrued Interest Net Proceeds 11,870,525.84 Aug 22,2017 12:23 pm Prepared by PFM Financial Advisors LLC Page 3 pfm SUMMARY OF REFUNDING RESULTS City of Ames,Iowa Proposed Current Refunding of Series 2009B Dated Date 09/12/2017 Delivery Date 09/12/2017 Arbitrage yield 1.667672% Escrow yield 0.000000% Value of Negative Arbitrage Bond Par Amount 3,990,000.00 True Interest Cost 1.129481% Net Interest Cost 1.199379% Average Coupon 4.666826% Average Life 2.272 Par amount of refunded bonds 4,285,000.00 Average coupon of refunded bonds 3.369334% Average life of refunded bonds 2.264 PV of prior debt to 09/12/2017 a 1.667672% 4,441,573.55 Net PV Savings 183,980.16 Percentage savings of refunded bonds 4.293586% Percentage savings of refunding bonds 4.611032% Aug 22,2017 12:23 pm Prepared by PFM Financial Advisors LLC Page 4 ''IM PfM SAVINGS City of Ames,Iowa General Obligation Corporate Purpose and Refunding Bonds,Series 2017A FINAL Present Value Prior Refunding Annual to 09/12/2017 Date Debt Service Debt Service Savings Savings a 1.6676725% 09/22/2017 -43.058.75 -43,058.75 -43,038.89 12/01/2017 69,825.00 69,825.00 69,570.99 O6/01/2018 1,084,825.00 1,063,025.00 21,800.00 48,566.25 21,541.08 12/01/2018 54,600.00 71,400.00 -16.900.00 -16.463.19 06/01/2019 1,104,600.00 1,041,400.00 63,200.00 46,400.00 61,420.80 12/01/2019 38,850.00 52,000.00 -13,150.00 -12.674.12 06/01/2020 1,128,850.00 1,067,000.00 61,850.00 48,700.00 59,118.78 12/01/2020 19,775.00 26,625.00 -6.850.00 -6,49 3.37 06/01/2021 1,149,775.00 1,09 1,625.00 58,150.00 51,300.00 54,666.71 4,608,041.25 4,413,075.00 194,966.25 194,966.25 187,648.79 Savings Summary PV of savings from cash flow 187,648.79 Plus:Refunding funds on hand -3.668.6 Net PV Savings 183,980.16 Aug 22,2017 12:23 pm Prepared by PFM Financial Advisors LLC Page 5 <--> pfm BOND DEBT SERVICE City of Ames,Iowa General Obligation Corporate Purpose and Refunding Bonds,Series 2017A FINAL Period Annual Ending Principal Coupon Interest Debt Service Debt Service 06/01/2018 1,520,000 3.000% 303,659.51 1,823,659.51 1,823,659.51 12/01/2018 188,237.50 188,237.50 06/01/2019 1,440,000 4.000% 188,237.50 1,628,237.50 1,816,475.00 12/01/2019 159,437.50 159,437.50 06/01/2020 1,505,000 5.000% 159,437.50 1,664,437.50 1,823,875.00 12/01/2020 121,812.50 121,812.50 06/01/2021 1,575,000 5.000% 121,812.50 1,696,812.50 1,818,625.00 12/01/2021 82,437.50 82,437.50 06/01/2022 540,000 4.000% 82,437.50 622,437.50 704,875.00 12/01/2022 71,637.50 71,637.50 06/01/2023 560,000 4.000"% 71,637.50 631,637.50 703,275.00 12/01/2023 60,437.50 60,437.50 06/01/2024 580,000 5.000% 60,437.50 640,437.50 700,875.00 12/01/2024 45,937.50 45,937.50 06/01/2025 610,000 5.000% 45,937.50 655,937.50 701,875.00 12/01/2025 30,687.50 30,687.50 06/01/2026 640,000 2.000% 30,687.50 670,687.50 701,375.00 12/01/2026 24,287.50 24,287.50 06/01/2027 655,000 2.000% 24,287.50 679,287.50 703,575.00 12/01/2027 17,737.50 17,737.50 06/01/2028 670,000 2.250% 17,737.50 687,737.50 705,475.00 12/01/2028 10,200.00 10,200.00 06/01/2029 680,000 3.000% 10,200.00 690,200.00 700,400.00 10,975,000 1,929,359.51 12,904,359.51 12,904,359.51 Aug 22,2017 12:23 pm Prepared by PFM Financial Advisors LLC Page 6 4-0� p f m BOND DEBT SERVICE City of Ames,Iowa 2017A-Portion Paid by Taxes Period Annual Ending Principal Coupon Interest Debt Service Debt Service 06/01/2018 580,000 3.000% 180,634.51 760,634.51 760,634.51 12/01/2018 116,837.50 116,837.50 06/01/2019 470,000 4.000% 116,837.50 586,837.50 703,675.00 12/01/2019 107,437.50 107,437.50 06/01/2020 490,000 5.000% 107,437.50 597,437.50 704,875.00 12/01/2020 95,187.50 95,187.50 06/01/2021 510,000 5.000"% 95,187.50 605,187.50 700,375.00 12/01/2021 82,437.50 82,437.50 06/01/2022 540,000 4.000% 82,437.50 622,437.50 704,875.00 12/01/2022 71,637.50 71,637.50 06/01/2023 560,000 4.000"% 71,637.50 631,637.50 703,275.00 12/01/2023 60,437.50 60,437.50 06/01/2024 580,000 5.000% 60,437.50 640,437.50 700,875.00 12/01/2024 45,937.50 45,937.50 06/01/2025 610,000 5.000% 45,937.50 655,937.50 701,875.00 12/01/2025 30,687.50 30,687.50 06/01/2026 640,000 2.000% 30,687.50 670,687.50 701,375.00 12/01/2026 24,287.50 24,287.50 06/01/2027 655,000 2.000% 24,287.50 679,287.50 703,575.00 12/01/2027 17,737.50 17,737.50 06/01/2028 670,000 2.250% 17,737.50 687,737.50 705,475.00 12/01/2028 10,200.00 10,200.00 06/01/2029 680,000 3.000% 10,200.00 690,200.00 700,400.00 6,985,000 1,506,284.51 8,491,284.51 87491,284.51 Aug 22,2017 12:23 pm Prepared by PFM Financial Advisors LLC Page 7 IM pfm BOND DEBT SERVICE City of Ames,Iowa Proposed Current Refunding of Series 2009B Annual Period Debt Debt Ending Principal Coupon Interest Service Service 06/01/2018 940,000 3.000% 123,025 1,063,025 1,063,025 12/01/2018 71,400 71,400 06/01/2019 970,000 4.000% 71,400 1,041,400 1,112,800 12/01/2019 52,000 52,000 06/01/2020 1,015,000 5.000"% 52,000 1,067,000 1.119,000 12/01/2020 26,625 26,625 06/01/2021 1,065,000 5.000% 26,625 1,091,625 1,118,250 3,990,000 423,075 4,413,075 4,413,075 Aug 22,2017 12:23 pm Prepared by PFM Financial Advisors LLC Page 8 ID pfm PRIOR BOND DEBT SERVICE City of Ames,Iowa General Obligation Corporate Purpose and Refunding Bonds,Series 2017A FINAL Period Annual Ending Principal Coupon Interest Debt Service Debt Service 09/22/2017 -43,058.75 -43.058.75 12/01/2017 69,825.00 69,825.00 06/01/2018 1,015,000 3.000% 69,825.00 1,084,825.00 1,111,591.25 12/01/2018 54,600.00 54,600.00 06/01/2019 1,050,000 3.000% 54,600.00 1,104,600.00 1,159,200.00 12/01/2019 38,850.00 38,850.00 06/01/2020 1,090,000 3.500% 38,850.00 1,128,850.00 1,167,700.00 12/01/2020 19,775.00 19,775.00 06/01/2021 1,130,000 3.500% 19,775.00 1,149,775.00 1,169,550.00 4,285,000 323,041.25 4,608,041.25 4,608,041.25 Aug 22,2017 12:23 pm Prepared by PFM Financial Advisors LLC Page 9 I-a P f m SUMMARY OF BONDS REFUNDED City of Ames,Iowa General Obligation Corporate Purpose and Refunding Bonds,Series 2017A FINAL Maturity Interest Par Call Call Bond Date Rate Amount Date Price General Obligation Series 2009B,200913: SER 06/01/2018 3.000% 1,015,000.00 09/22/2017 100.000 06/01/2019 3.000% 1,050,000.00 09/22/2017 100.000 06/01/2020 3.500% 1,090,000.00 09/22/2017 100.000 06/01/2021 3.500% 1,130,000.00 09/22/2017 100.000 4,285,000.00 Aug 22,2017 12:23 pm Prepared by PFM Financial Advisors LLC Page 10 IM pf m FORM 8038 STATISTICS City of Ames,Iowa General Obligation Corporate Purpose and Refunding Bonds,Series 2017A FINAL Dated Date 09/12/2017 Delivery Date 09/12/2017 Redemption Bond Component Date Principal Coupon Price Issue Price at Maturity Bond Component: 06/01/2018 1,520,000.00 3.000% 101.574 1,543,924.80 1,520,000.00 06/01/2019 1,440,000.00 4.000% 105.276 1,515,974.40 1,440,000.00 06/01/2020 1,505,000.00 5.000% 110.674 1,665,643.70 1,505,000.00 06/01/2021 1,575,000.00 5.000% 114.291 1,800,083.25 1,575,000.00 O6/01/2022 540,000.00 4.000"% 112.955 609,957.00 540,000.00 06/01/2023 560,000.00 4.000"% 114.774 642.734.40 560,000.00 06/01/2024 580,000.00 5.000% 122.290 709,282.00 580,000.00 06/01/2025 610,000.00 5.000% 124.103 757,028.30 610,000.00 06/01/2026 640,000.00 2.000% 100.000 640,000.00 640,000.00 O6/01/2027 655,000.00 2.000% 98.689 646,412.95 655,000.00 06/01/2028 670,000.00 2.250% 99.525 666,817.50 670,000.00 06/01/2029 680,000.00 3.000% 103.844 706,139.20 680,000.00 10,975,000.00 11,903,997.50 10,975,000.00 Stated Weighted Maturity Interest Issue Redemption Average Date Rate Price at Maturity Maturity Yield Final Maturity 06/01/2029 3.000% 706,139.20 680,000.00 Entire Issue 11,903,997.50 10,975,000.00 4.9894 1.6677% Proceeds used for accrued interest 0.00 Proceeds used for bond issuance costs(including underwriters'discount) 96,771.66 Proceeds used for credit enhancement 0.00 Proceeds allocated to reasonably required reserve or replacement fund 0.00 Proceeds used to currently refund prior issues 4,285,000.00 Proceeds used to advance refund prior issues 0.00 Remaining weighted average maturity of the bonds to be currently refunded 2.2701 Remaining weighted average maturity of the bonds to be advance refinded 0.0000 Aug 22,2017 12:23 pm Prepared by PFM Financial Advisors LLC Page I 1 M pf m FORM 8038 STATISTICS City of Ames,Iowa General Obligation Corporate Purpose and Refunding Bonds,Series 2017A FINAL Refunded Bonds Bond Component Date Principal Coupon Price Issue Price General Obligation Series 200913: SER 06/01/2018 1,015,000.00 3.000% 102.459 1,039,958.85 SER 06/01/2019 1,050,000.00 3.000% 101.425 1,064,962.50 SER 06/01/2020 1,090,000.00 3500% 103.989 1,133,480.10 SER 06/01/2021 1,130,000.00 3.500% 103.163 1,165,741.90 4,285,000.00 4,404,143.35 Remaining Last Weighted Call Issue Average Date Date Maturity General Obligation Series 2009B 09/22/2017 10/29/2009 2.2701 All Refunded Issues 09/22/2017 2.2701 Aug 22,2017 12:23 pm Prepared by PFM Financial Advisors LLC Page 12 pfm PROOF OF ARBITRAGE YIELD City of Ames,Iowa General Obligation Corporate Purpose and Refunding Bonds,Series 2017A FINAL Present Value to 09/12/2017 Date Debt Service Total a 1.6676724914% O6/01/2018 1,823,659.51 1,823,659.51 1,801,999.66 12/01/2018 188,237.50 188,237.50 184,463.65 O6/01/2019 1,628,237.50 1,628,237.50 1,582,399.44 12/01/2019 159,437.50 159,437.50 153,667.69 O6/01/2020 1,664,437.50 1,664,437.50 1,590,938.09 12/01/2020 121,812.50 121,812.50 115,470.58 06/01/2021 1,696,812.50 1,696,812.50 1,595,170.32 12/01/2021 82,437.50 82,437.50 76,858.47 06/01/2022 622,437.50 622,437.50 575,514.64 12/01/2022 71,637.50 71,637.50 65,689.32 06/01/2023 631,637.50 631,637.50 574,402.01 12/01/2023 60,437.50 60,437.50 54,506.49 06/01/2024 640,437.50 640,437.50 572,812.15 12/01/2024 45,937.50 45,937.50 40,747.08 06/01/2025 1,335,937.50 1,335,937.50 1,175,192.54 12/01/2025 20,487.50 20,487.50 17,873.33 06/01/2026 660,487.50 660,487.50 571,445.62 12/01/2026 14,087.50 14,087.50 12,08754 06/01/2027 669,087.50 669,087.50 569,351.72 12/01/2027 7,537.50 7,537.50 6,360.90 O6/01/2028 677,53750 677,537.50 567,046.25 12,822,759.51 12,822,759.51 11,903,997.50 Proceeds Summary Delivery date 09/12/2017 Par Value 10,975,000.00 Premium(Discount) 928,997.50 Target for yield calculation 11,903,997.50 Aug 22,2017 12:23 pm Prepared by PFM Financial Advisors LLC Page 13 ID pfm PROOF OF ARBITRAGE YIELD City of Ames,Iowa General Obligation Corporate Purpose and Refunding Bonds,Series 2017A FINAL Assumed Call/Computation Dates for Premium Bonds Bond Maturity Call Call Yield To Component Date Rate Yield Date Price Call/Maturity BOND 06/01/2029 3.000% 2.450% 06/01/2025 100.000 2.4496245% Rejected Call/Computation Dates for Premium Bonds Bond Maturity Call Call Yield To Increase Component Date Rate Yield Date Price Call/Maturity to Yield BOND 06/01/2029 3.000% 2.450% 2.616416% 0.1667915% Aug 22,2017 12:23 pm Prepared by PFM Financial Advisors LLC Page 14 40 pfm UNDERWRITER'S DISCOUNT City of Ames,Iowa General Obligation Corporate Purpose and Refunding Bonds,Series 2017A FINAL Underwriter's Discount V1000 Amount Underwriters'Discount 3.04981 33,471.66 3.04981 33,471.66 Aug 22,2017 12:23 pm Prepared by PFM Financial Advisors LLC Page 15