Page 10 - Moreno Valley City Manager's Report for 2021

2019 LEASE REVENUE 2020 TOTAL ROAD IMPROVEMENT PROGRAM

C er tific at e s of P ar ticipation (C OP s)
Bonds (t ax able)

Original Issue Issuance Maturity Interest Original Issue Issuance Maturity Interest
AMOUNT DATE DATE RATES AMOUNT DATE DATE RATES

$15,830,000 04/11/2019 05/01/2049 4% $20,970,000 10/08/2020 06/01/2039 0.435% - 3.238%

DESCRIPTION DESCRIPTION
The proceeds of the 2019 Lease Revenue Bonds financed electric utility projects consisting of three categories of electric The 2020 Total Road Improvement Program Certificates of Participation (COPs) were issued in August 2020 to refund the
infrastructure improvements: (1) the installation of approximately 5.8 miles of 12kV backbone infrastructure including conduit 2013 Total Road Improvement Program Certificates of Participation (COPs). The original bonds funded the construction of
and cable, 17 vaults, 2 surface operable equipment enclosures, 13 manholes, 2 gas switches, and 1 pad mounted switch, in certain roadway improvements, including the extension of Nason Street between Cactus Avenue and Fir Avenue and the
addition to pavement restoration work that is all designed to support increasing demand for electricity and improve reliability Perris Boulevard widening between Ironwood Avenue and Manzanita Avenue.
and the flexibility of the City’s electrical distribution system; (2) the retrofit and/or replacement of switches to build automation,
communication, and protection to circuits and improve reliability; and (3) the installation of smart meters and associated data REPAYMENT SOURCE
collection system, providing customers more detailed feedback regarding their energy use while improving system reliability
through faster outage detection and restoration of service. The repayment source for these bonds is the Measure A Fund.
REPAYMENT SOURCE PREPAYMENT PROVISIONS

The repayment source for these bonds is the Electric Utility Fund. Optional prepayment continuously after 6/1/30.
PREPAYMENT PROVISIONS SECURITY
Optional prepayment continuously after 5/1/26 with no prepayment premium. The bonds are secured by the pledge of future Measure A revenues.
SECURITY DEBT SERVICE SCHEDULE

These bonds are secured with bond insurance purchased from Assured Guaranty Municipal Corporation as well as City-
owned property. This asset pool consists of the Moreno Beach substation, the Kitching substation, the Conference & The annual debt service requirements for the 2020 Total Road Improvement Program COPs outstanding at June 30, 2024, are as
Recreation Center and the Corporate Yard. This asset pool is shared between the 2021 Refunding Lease Revenue Bonds follows:
and the 2019 Lease Revenue Bonds.
DEBT SERVICE SCHEDULE
The annual debt service requirements for the 2019 Lease Revenue Bonds outstanding at June 30, 2024, are as follows:

2019 LEASE 2020 TOTAL ROAD IMPROVEMENT
REVENUE BONDS (taxable) CERTIFICATES OF PARTICIPATION

YEAR ENDING PRINCIPAL INTEREST INTEREST RATE YEAR ENDING PRINCIPAL INTEREST INTEREST RATE
JUNE 30, JUNE 30,
2025 0 633,200 4% 2025 980,000 415,093 1.061%
2026 0 633,200 4% 2026 990,000 404,695 1.402%
2027 0 633,200 4%
2028 0 633,200 4% 2027 1,005,000 390,815 1.602%
2029 0 633,200 4% 2028 1,015,000 374,715 1.919%
2030-2034* 0 3,166,000 4% 2029 1,040,000 355,237 2.019%
2035-2039* 1,025,000 3,166,000 4%
2040-2044* 5,765,000 2,518,200 4% 2030-2034* 5,550,000 1,424,978 2.119%-2.669%
2045-2049* 9,040,000 1,189,200 4% 2035-2039* 6,355,000 624,834 2.769%-3.238%
$15,830,000 $13,205,400 $16,935,000 $3,990,367

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