Page 9 - Moreno Valley Citizen's Guide to the Budget

Subordinate Tax Allocation

revenue bonds

description
2017 Station 99 (Morrison Park), the Nason/U.S. Route 60 Bridge
The 2017 Subordinate Tax Allocation Refunding Bonds

Original Issue were issued in August 2017 to refund the outstanding
balance from the 2007 Redevelopment Agency (RDA) Tax
AMOUNT Allocation Bonds. The 2007 bonds were used to construct
public facilities and for improvements to existing City
infrastructure. Projects included the construction of Fire
$38,045,000 and other street improvements.

repayment source
Issuance The bonds are payable by the Successor Agency from
DATE the Redevelopment Property Tax Trust Fund (RPTTF) as
approved on the Recognized Obligation Payment Schedule

09/13/2017 (ROPS) by the California Department of Finance.
prepayment provisions
Optional prepayment continuously after 8/1/27 with no
Maturity prepayment premium.
DATE security

The bonds are secured with bond insurance and a reserve
08/01/2038 account funded with a surety bond both purchased through
Ambac Assurance Corporation. The bonds are also secured
by the pledge of future Tax Increment revenues.
Interest debt service schedule
RATES The annual debt service requirements for the 2017

Subordinate Tax Allocation Refunding Bonds outstanding
3%-5% at June 30, 2023, are as follows:

2017 SUBORDINATE TAX ALLOCATION
REFUNDING BONDS

YEAR ENDING GOVERNMENTAL ACTIVITIES MORENO VALLEY UTILITY TOTAL DEBT SERVICE INTEREST YEAR ENDING PRINCIPAL INTEREST INTEREST RATE
JUNE 30, RATE JUNE 30,
PRINCIPAL INTEREST PRINCIPAL INTEREST PRINCIPAL INTEREST 2024 0 1,506,881 4%
2024 1,297,170 976,903 152,830 115,097 1,450,000 1,092,000 5% 2025 0 1,506,881 4%
2025 1,355,319 910,591 159,681 107,284 1,515,000 1,017,875 5% 2026 1,395,000 1,478,981 4%
2026 1,426,887 841,036 168,113 99,089 1,595,000 940,125 5% 2027 2,045,000 1,399,956 5%
2027 1,489,509 768,126 175,491 90,499 1,665,000 858,625 5% 2028 2,145,000 1,295,206 5%
2028 1,574,496 691,526 185,504 81,474 1,760,000 773,000 5% 2029-2033* 12,745,000 4,699,781 5%
2029-2033* 9,066,771 2,251,306 1,068,229 265,244 10,135,000 2,516,550 5%-4% 2034-2038* 16,175,000 1,829,391 3%-3.125%
55,313
3.125%
2039
3,540,000
2034-2036* 6,391,917 390,493 753,083 46,007 7,145,000 436,500 4%
$38,045,000 $13,772,390
$22,602,069 $6,829,981 $2,662,931 $804,694 $25,265,000 $7,634,675
*Represents the total amount due during the specified period.