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6.C. - Page 28 of 57
<br />Bond Allocation and Defeasance .Analysis I December 6, 2019 � pg 4
<br />Allocable Debt Service. The total par amount
<br />(principal) of the outstanding Series 2019 Bonds is
<br />$48,775,000. Of this total, bonds maturing from 2020 —
<br />2029, representing 514.575 million in outstanding par
<br />amount, are non -callable, and bonds maturing from 2030
<br />— 2042, representing $3.1200 million in par amount, are
<br />callable and subject to optional redemption on September
<br />1, 2029. Inclusive of principal and interest, total debt
<br />service through the first call date of September 1, 2029
<br />equates to 536,410,513.89 and total debt service through
<br />the September 1, 2042 maturity equates to S83,739,013,89.
<br />In Attachment A we provide a schedule of the
<br />outstanding maturities of the Series 2019 Bonds. The
<br />schedule to the right details the Town of Atherton's
<br />allocable debt service based on the assumption that 3.25116)
<br />of the outstanding Series 2019 Bonds are attributable to
<br />the Member Agency.
<br />Period
<br />9 1 2(139
<br />1OUM
<br />5 (1005:
<br />Mnual Dept Coll
<br />Ending
<br />Prtnrlpal
<br />Coupon
<br />Interest
<br />S"A" Dnte
<br />91.2020
<br />AND
<br />3 WO".„
<br />39,625
<br />69,6'-5
<br />9.1.2021
<br />41),(0)
<br />51x111%
<br />77,750
<br />117.750
<br />9111022
<br />401(100
<br />5000%
<br />75,750
<br />115,7511
<br />911/-'023
<br />45.1x10
<br />5.00%
<br />73,750
<br />119,750
<br />9112024
<br />50.000
<br />5,0111),"
<br />71,500
<br />1211.500
<br />91 n25
<br />50.000
<br />5 000%
<br />69.000
<br />I I9A00
<br />913026
<br />5n,011115
<br />(x10°.
<br />66.500
<br />116.51x1
<br />9• l 3027
<br />55.000
<br />5,000,
<br />64-000
<br />l KIM
<br />91'0'8
<br />601000
<br />5,IxxW6
<br />(I1250
<br />I21?50
<br />9.'1.2029
<br />600x)
<br />5Mr..„
<br />59,25)
<br />11x,250
<br />9112030
<br />60 (")
<br />5,M)I4
<br />55.250
<br />115.250 91 2029
<br />9112031
<br />65,(x10
<br />5.00(rn
<br />52.250
<br />117?50 9'12029
<br />91/1032
<br />70.000
<br />50M)"'.
<br />49.000
<br />II9.(m 9x2039
<br />9112033
<br />701W0
<br />5.000^,;,
<br />45,500
<br />115,50n 9/I2@9
<br />91!2034
<br />15,1x1(1
<br />5,OWI1
<br />43,000
<br />117,(N)U 91121)21)
<br />W1/1035
<br />x0.000
<br />5.000"x,
<br />38,250
<br />II8,'5n 9?Ir2n?9
<br />9L2036
<br />NJAW)
<br />,5,1100%
<br />34.250
<br />119,250 9.1 ^_11]9
<br />9'12037
<br />911.0110
<br />5.000°6
<br />30.OW1
<br />120,000 91.21139
<br />912039
<br />9).1x10
<br />S0W)^6
<br />25,500
<br />115.50() 912029
<br />First call date of September 1, 2029. The escrow
<br />sufficiency would be the amount necessary to pay principal and interest on the non -callable maturities
<br />through their respective maturity dates plus the total amount of callable principal to be redeemed on
<br />the September 1, 2029 call date.
<br />Escrow Cost. assuming an escrow invested in SLGS bearing interest rates as of December 4, 2019
<br />and an escrow period from March 2, 2020 (a Monday) to the September 1, 2029 call date, a defeasance
<br />of all outstanding Series 2019 Bonds would require an escrow that costs S61,193,433,24. The table
<br />below calculates the Town of Atherton's proportional defeasance cost based on varying approaches to
<br />the application of their allocable percentage of total outstanding bond obligations.
<br />Total Cost of Defeasance - Series 2019 Bonds $ 61,193,433.24
<br />Scenario 1: 'Host Recent Calendar fear 2018 'Ibnnage
<br />Allocable Percentage= 3.25",, 5 1,987,908.71
<br />Scenario 2: lvcragc Tonnage Percentage - I ast Three Years
<br />Illocablc Percentage = 3.27),1 5 3,00!,02537
<br />Scenario 3: T1ircc-Year I listoricai Tonnage Rounded
<br />111ocable Percentage = 3.301w 5 3,019,383.30
<br />13011 Clay Street, S4111c 1000 I (Oakland, CA 9#613 I Main 5111-839-8200 I has 510-208-8222
<br />1351 Quail Srrcet, Suite 3110 I Newport Beach, CA 92660 I Nlam 949-346.49011 I I,as 5111-7118-8282
<br />5757 W. Century i4nulecard, Suite 7110 I hos Angeles. CA 90045 I Main 310-318-291)1 I 1,ax 510-208-8282
<br />SBWMA BOD PACKET 8/20/2020
<br />AGENDA ITEM: 5A ATTACHMENT 2 - p4
<br />+t�
<br />9 1 2(139
<br />1OUM
<br />5 (1005:
<br />21 [x)1)
<br />121,000 91 2029
<br />Because Series 2019 Bonds maturing after 2029 are
<br />91 2(140
<br />1000W
<br />5.(W,,4
<br />Ir,.an
<br />116.0m 9 1 2029
<br />callable and can be optionally redeemed by SBWNL-1, a
<br />412041
<br />110,000
<br />5.aal°.o
<br />ILODO
<br />121!9x) 912029
<br />defeasance escrow would therefore be structured to the
<br />91204'
<br />1RONI
<br />L5x5.000
<br />5.'xxw"
<br />5.500
<br />1,0x2.x75
<br />115,500 q 2029
<br />2,667.X71
<br />First call date of September 1, 2029. The escrow
<br />sufficiency would be the amount necessary to pay principal and interest on the non -callable maturities
<br />through their respective maturity dates plus the total amount of callable principal to be redeemed on
<br />the September 1, 2029 call date.
<br />Escrow Cost. assuming an escrow invested in SLGS bearing interest rates as of December 4, 2019
<br />and an escrow period from March 2, 2020 (a Monday) to the September 1, 2029 call date, a defeasance
<br />of all outstanding Series 2019 Bonds would require an escrow that costs S61,193,433,24. The table
<br />below calculates the Town of Atherton's proportional defeasance cost based on varying approaches to
<br />the application of their allocable percentage of total outstanding bond obligations.
<br />Total Cost of Defeasance - Series 2019 Bonds $ 61,193,433.24
<br />Scenario 1: 'Host Recent Calendar fear 2018 'Ibnnage
<br />Allocable Percentage= 3.25",, 5 1,987,908.71
<br />Scenario 2: lvcragc Tonnage Percentage - I ast Three Years
<br />Illocablc Percentage = 3.27),1 5 3,00!,02537
<br />Scenario 3: T1ircc-Year I listoricai Tonnage Rounded
<br />111ocable Percentage = 3.301w 5 3,019,383.30
<br />13011 Clay Street, S4111c 1000 I (Oakland, CA 9#613 I Main 5111-839-8200 I has 510-208-8222
<br />1351 Quail Srrcet, Suite 3110 I Newport Beach, CA 92660 I Nlam 949-346.49011 I I,as 5111-7118-8282
<br />5757 W. Century i4nulecard, Suite 7110 I hos Angeles. CA 90045 I Main 310-318-291)1 I 1,ax 510-208-8282
<br />SBWMA BOD PACKET 8/20/2020
<br />AGENDA ITEM: 5A ATTACHMENT 2 - p4
<br />+t�
<br />
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