The Successor Agency to the Community Development Agency ...€¦ · SUCCESSOR AGENCY TO THE...
Transcript of The Successor Agency to the Community Development Agency ...€¦ · SUCCESSOR AGENCY TO THE...
The Successor Agency to the Community Development
Agency of the City of Coronado
Update on 2018 Tax Allocation Refunding Bonds Presented to the San Diego County
Oversight BoardOctober 18, 2018
Coronado Refunding
• Obtained approval from Successor Agency and Oversight Board
• Department of Finance review and approval
• Tax Allocation Refunding Bonds issued
• ROPS include mandatory “turbo” redemption
Approval from Department of Finance on August 27, 2018
OFFICIAL STATEMENT COVER
2018 Tax Allocation Refunding Bonds
2018 Refunding Issue
Refunded Bonds and Loans
$63.7M Term Bonds
$57.15M Serial Bonds
Average yield, 2.65%
Mandatory Turbo Redemption. The Indenture provides for a special redemption provision (the“Turbo Redemption”) that requires the mandatory redemption of the Term Bonds from tax incrementrevenues that are received in amounts in excess of current levels (“Excess Pledged Tax Revenues,” asdefined below).
TURBO REDEMPTION SCENARIO
All Obligations paid 2027
Coronado ROPS for 2019-20 and
• Interest rate savings (2.65% vs 5.0%)-Dissolution 3 years earlier (2032)
• Turbo redemptions – Dissolution 5 years earlier (2027)
• # of lines for Enforceable Obligations reduced on ROPS
• Enforceable Obligations will change each year (depends on AV growth and mandatory turbo redemptions)