Page 9 - Moreno Valley City 2022 Bonded Debt Summary

refunding lease Subordinate Tax Allocation
revenue bonds 2014 2017 revenue bonds

description description
The 2014 Refunding Lease Revenue Bonds were issued in The 2017 Subordinate Tax Allocation Refunding Bonds
November 2014 to refund the remaining portion of the 2005 were issued in August 2017 to refund the outstanding
Lease Revenue Bonds. The 2005 Lease Revenue Bonds balance from the 2007 Redevelopment Agency (RDA) Tax
were issued to fund the construction of improvements to Original Issue Original Issue Allocation Bonds. The 2007 bonds were used to construct
various roadways, expansion of the Public Safety Building, public facilities and for improvements to existing City
construction of electric utility infrastructure and construction AMOUNT AMOUNT infrastructure. Projects included the construction of Fire
of Fire Station 58 (Moreno Beach). Station 99 (Morrison Park), the Nason/U.S. Route 60 Bridge
and other street improvements.
repayment source $25,325,000 $38,045,000 repayment source
The repayment source for these bonds is the General
The bonds are payable by the Successor Agency from
Fund. The General Fund may seek reimbursement from
the Development Impact Fee Funds and the Moreno Valley Issuance Issuance the Redevelopment Property Tax Trust Fund (RPTTF) as
Utility as funds are available. DATE DATE approved on the Recognized Obligation Payment Schedule
(ROPS) by the California Department of Finance.
prepayment provisions prepayment provisions

Optional prepayment continuously after 11/1/24 with no 11/06/2014 08/23/2017
Optional prepayment continuously after 8/1/27 with no
prepayment premium.
prepayment premium.
security Maturity Maturity security
These bonds are secured by City-owned property. This DATE DATE The bonds are secured with bond insurance and a reserve
asset pool consists of the City Hall, Public Safety Building/ account funded with a surety bond both purchased through
Emergency Operations Center, Fire Station 99 (Morrison Ambac Assurance Corporation. The bonds are also secured
Park), Sunnymead Park and John F. Kennedy Park. This 11/01/2035 08/01/2038 by the pledge of future Tax Increment revenues.
asset pool is shared by the 2013 Refunding Bonds and the
2014 Refunding Bonds. debt service schedule
Interest Interest
debt service schedule RATES RATES The annual debt service requirements for the 2017
Subordinate Tax Allocation Refunding Bonds outstanding
The annual debt service requirements for the 2014 at June 30, 2022, are as follows:
Refunding Lease Revenue Bonds outstanding at June 30,
2022, are as follows: 2% - 5% 3%-5%

2014 REFUNDING LEASE 2017 SUBORDINATE TAX ALLOCATION
REVENUE BONDS 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 2023 0 1,506,881 4%
2023 0 1,009,332 0 118,918 0 1,128,250 5% 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 5%
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% 2028-2032* 11,990,000 5,318,156 5%
2028-2032* 8,673,147 2,647,792 1,021,853 311,958 9,695,000 2,959,750 5-4% 2033-2037* 15,640,000 2,341,925 5-3%
2033-2036* 8,360,037 685,532 984,963 80,768 9,345,000 766,300 4% 2038-2039* 6,975,000 219,610 3.125%
$38,045,000 $15,279,271
$22,602,069 $7,839,312 $2,662,931 $923,613 $25,265,000 $8,762,925

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