|
<br />Table 5
<br />Redwood City Water Financing Plan
<br />Debt Service Estimates
<br />
<br />2004 Update
<br />
<br />2005
<br />Bonds
<br />
<br />2006
<br />Bonds
<br />
<br />2007
<br />Bonds
<br />
<br />2008
<br />Bonds
<br />
<br />2009
<br />Bonds
<br />
<br />Total
<br />
<br />Anticipated Issuance Date
<br />
<br />Feb-05
<br />
<br />Feb-06
<br />
<br />Feb-07
<br />
<br />Feb-08
<br />
<br />Feb-09
<br />
<br />Target Project Funding Requirement
<br />
<br />$32,621,500
<br />
<br />$16,477,000
<br />
<br />$15,331,500
<br />
<br />$6,858,500
<br />
<br />$12,774,500
<br />
<br />$84,063,000
<br />
<br />Bond Issue Size $35,800,000 $18,250,000 $17,035,000 $7,715,000 $14,220,000 $93,020,000
<br />Proceeds for Project 32,622,000 16,481,000 15,334,000 6,859,000 12,775,000 84,071,000
<br />Issuance Costs*
<br />Underwriter's Discount (0.75%) 269,000 137,000 128,000 58,000 107,000 699,000
<br />Costs of Issuance 150,000 150,000 150,000 150,000 150,000 750,000
<br />Bond Insurance (0.70%) 478,000 256,000 246,000 112,000 205,000 1,297,000
<br />Reserve Fund 2,276,000 1,221,000 1,172,000 531,000 978,000 6,178,000
<br />M isc/conti ngency /rou ndi ng 5,000 5,000 5,000 5,000 5,000 25,000
<br />Total 3,178,000 1,769,000 1,701,000 856,000 1,445,000 8,949,000
<br />Bond Terms*
<br />Term (years) 30 30 30 30 30
<br />Est. Average I nterest Rate 4.80% 5.25% 5.50% 5.50% 5.50%
<br />Debt Service
<br />Gross Annual Payment 2,276,000 1,221,000 1,172,000 531,000 978,000 6,178,000
<br />Less Interest on Rsrv Fund (at bond rate) (109,000). (64,000)- (64,000). .(29,000). (54,000). .(320,000)-
<br />Net Annual Payment 2,167,000 1,157,000 1,108,000 502,000 924,000 5,858,000
<br />Total Payments Over Life of Bonds 68,280,000 36,630,000 35,160,000 15,930,000 29,340,000 185,340,000
<br />Total Net Payments Over Life of Bonds 62,734,000 33,489,000 32,068,000 14,529,000 26,742,000 169,562,000
<br />
<br />* Estimated for planning purposes; assumes availability of bond insurance and a cash-funded reserve fund.
<br />
<br />BARTLE WELLS ASSOCIA TES
<br />F:\Jobs\Redwood City\1921\ \Redwood City Tables 12-20-04\Financing,12/21/2004,5:54 PM
<br />
|