Page 8 - Moreno Valley Citizen's Guide to the Budget

refunding lease
revenue bonds

description
The 2014 Refunding Lease Revenue Bonds were issued in
November 2014 to refund the remaining portion of the 2005
Lease Revenue Bonds. The 2005 Lease Revenue Bonds Original Issue
were issued to fund the construction of improvements to AMOUNT
various roadways, expansion of the Public Safety Building,
construction of electric utility infrastructure and construction
of Fire Station 58 (Moreno Beach).
$25,325,000
repayment source
The repayment source for these bonds is the General
Fund. The General Fund may seek reimbursement from Issuance
the Development Impact Fee Funds and the Moreno Valley DATE
Utility as funds are available.
prepayment provisions 11/20/2014
2014
Optional prepayment continuously after 11/1/24 with no
prepayment premium.
Maturity
security DATE
These bonds are secured by City-owned property. This
asset pool consists of the City Hall, Public Safety Building/ 11/01/2035
Emergency Operations Center, Fire Station 99 (Morrison
Park), Sunnymead Park and John F. Kennedy Park. This
asset pool is shared by the 2013 Refunding Bonds matured
in 2022 and the 2014 Refunding Bonds. Interest
RATES
debt service schedule

The annual debt service requirements for the 2014
Refunding Lease Revenue Bonds outstanding at June 30, 2% - 5%
2023, are as follows:

2014 REFUNDING LEASE
REVENUE BONDS

YEAR ENDING GOVERNMENTAL ACTIVITIES MORENO VALLEY UTILITY TOTAL DEBT SERVICE INTEREST
JUNE 30, RATE
PRINCIPAL INTEREST PRINCIPAL INTEREST PRINCIPAL INTEREST
2024 1,297,170 976,903 152,830 115,097 1,450,000 1,092,000 5%
2025 1,355,319 910,591 159,681 107,284 1,515,000 1,017,875 5%
2026 1,426,887 841,036 168,113 99,089 1,595,000 940,125 5%
2027 1,489,509 768,126 175,491 90,499 1,665,000 858,625 5%
2028 1,574,496 691,526 185,504 81,474 1,760,000 773,000 5%
2029-2033* 9,066,771 2,251,306 1,068,229 265,244 10,135,000 2,516,550 5%-4%
2034-2036* 6,391,917 390,493 753,083 46,007 7,145,000 436,500 4%

$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.