2012 Bond Sale and Refunding

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2012 Bond Sale and Refunding

  1. 1. City of College Station2012 Bond Sale and Refunding City of College Station
  2. 2. Outline 2012 Bond Sale Calendar Negotiated Sale 2012 Bond Issue 2012 Refunding City of College Station
  3. 3. 2012 Bond Sale Calendar• March 22 – Workshop Presentation on 2012 Bond Sale and Refunding• March 22 - Authorize Publication of Notice of Sale for Certificates of Obligation• April 26 – Approve sale parameters, Appoint Paying Agent/Registrar, Appoint Underwriters, Adopt Bond Ordinances and Authorize preparation of Official Statement• May - October – Potential Pricing Window• June - November – Closing Window City of College Station
  4. 4. Negotiated Sale• Negotiated Sale Underwriters are chosen through an RFP process Maximum bond par parameters are set Maximum interest rate and maturities are set for new money Must have at least a 5% net present value savings on refunded bond City Manager or Executive Director of Business Services is given authority to execute sale through adoption of Bond City of College Station Ordinance
  5. 5. 2012 Bond Sale (new money) General Obligation Bonds• Streets and Transportation – Oversize Participation $ 440,000 – Traffic Signals 650,000 – Street Projects 2,870,000 – Lincoln Sidewalk Project 200,000 – Lick Creek Hike and Bike Trail 100,000 City of College Station Streets and Transportation Total
  6. 6. 2012 Bond Sale (new money) General Obligation Bonds• Parks and Recreation – Lick Creek Park Trail $ 100,000 – Lincoln Center Addition 75,000 Parks and Recreation Total $ 175,000General Obligation Bond Total $ 4,435,000 City of College Station
  7. 7. 2012 Bond Sale (new money) Certificates of Obligation• Information Technology Project $ 100,000• Electric Projects 8,000,000• Water Projects 3,000,000• Wastewater Projects 6,000,000• Debt Issuance Cost* 300,000Certificates of Obligation Total $17,400,000 City of College Station *Debt Issuance cost is 0.59% of the total bond issue and
  8. 8. 2012 Bond Sale (new money) New Money Total• General Obligation Bonds $4,435,000• Certificates of Obligation $17,400,000 Total $21,835,000 City of College Station
  9. 9. 2012 Bond Refunding Option 1 Refunding Series 2003, 2004 and 20052003 Bonds (GO/CO/URB) $ 8,225,0002004 Bonds (GO/CO/URB) $10,645,0002005 Bonds (GO/CO/URB) $11,430,000Maximum Refunded Total $ 30,300,000 City of College Station
  10. 10. 2012 Bond Refunding Option 1 Refunding Series 2003, 2004 and 2005 Projected Savings (as of 3/21/2012)Par Amount $29,415,000Gross Savings $ 2,170,722Net Present Value Savings $ 1,765,754Percent Savings Projected 5.84% City of College Station
  11. 11. 2012 Bond Refunding Option 2 Refunding Series 2003 and 2004 Only2003 Bonds (GO/CO/URB) $ 8,225,0002004 Bonds (GO/CO/URB) $10,645,000Maximum Refunded Total $ 18,870,000 City of College Station
  12. 12. 2012 Bond Refunding Projected Savings (as of 3/21/2012)Par Amount $18,150,000Gross Savings $ 1,670,953Net Present Value Savings $ 1,370,575Percent Savings Projected 7.27% City of College Station
  13. 13. 2012 Bond Refunding Incl 2005 Excl 2005Par Amount $29,415,000 $18,150,000Percent Savings 5.84% 7.27% City of College Station
  14. 14. 2012 Bond Refunding• Conclusions – Maintain flexibility to issue the maximum amount of refunding bonds. – As sale date approaches assess market conditions and determine whether to refund the 2005 bonds now or next year. City of College Station
  15. 15. Questions ? City of College Station

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