Page 10 - Moreno Valley Citizen's Guide to the Budget

lease

revenue bonds (taxable)
description
The proceeds of the 2019 Lease Revenue Bonds financed
electric utility projects consisting of three categories of
electric infrastructure improvements: (1) the installation of
approximately 5.8 miles of 12kV backbone infrastructure
including conduit and cable, 17 vaults, 2 surface operable Original Issue
equipment enclosures, 13 manholes, 2 gas switches, and AMOUNT
1 pad mounted switch, in addition to pavement restoration
work that is all designed to support increasing demand
for electricity and improve reliability and the flexibility of
the City’s electrical distribution system; (2) the retrofit 2019 $15,830,000
and/or replacement of switches to build automation,
communication, and protection to circuits and improve
reliability; and (3) the installation of smart meters and
associated data collection system, providing customers Issuance
more detailed feedback regarding their energy use while
improving system reliability through faster outage detection DATE
and restoration of service.
repayment source 04/11/2019

The repayment source for these bonds is
the Electric Utility Fund.
prepayment provisions Maturity
Optional prepayment continuously after 5/1/26 with no DATE
prepayment premium.
security 05/01/2049
These bonds are secured with bond insurance purchased
from Assured Guaranty Municipal Corporation as well as
City-owned property. This asset pool consists of the Moreno
Beach substation, the Kitching substation, the Conference Interest
& Recreation Center and the Corporate Yard. This asset
pool is shared between the 2015 Lease Revenue Bonds, RATES
the 2016 Refunding Lease Revenue Bonds and the 2019
Lease Revenue Bonds.
4%
debt service schedule
The annual debt service requirements for the 2019 Lease
Revenue Bonds outstanding at June 30, 2023, are as follows:

2019 LEASE
REVENUE BONDS (taxable)

YEAR ENDING PRINCIPAL INTEREST INTEREST RATE
JUNE 30,
2024 0 633,200 4%
2025 0 633,200 4%
2026 0 633,200 4%
2027 0 633,200 4%
2028 0 633,200 4%
2029-2033* 0 3,166,000 4%
2034-2038* 0 3,166,000 4%
2039-2043* 5,545,000 2,740,000 4%
2044-2048* 8,070,000 1,512,000 4%
2049 2,215,000 88,600 4%
$15,830,000 $13,838,600

*Represents the total amount due during the specified period.
*Represents the total amount due during the specified period.