The URL can be used to link to this page

Home My WebLink About2014-01-09 Workshop Agenda Packet 1 declare under penaity of perjury th2t I am empioyed by the City of Chula Vista in the Office of the City Clerk and that I posted this document on the bulletin board according to �«�� CI�/ Of ChUla VIStB�ownActrequirements. � Dated � � Signe ' �� A Agenda Cheryl Cox, Mayor Patrida Aguilar, Councilmember James D. Sandoval, City Manager Pamela Bensoussan, Councilmember Glen R. Googins, City Attomey Rudy Ramirez, Councilmember � Donna R. Norris, City Clerk Mary Salas, Councilmember Thursday, January 9, 2014 4:00 PM Police Department Community Room 315 FouRh Avenue CITY COUNCIL WORKSHOP Notice is hereby given that the Mayor of the City of Chula Vsta has called and will convene a Special Meeting of the City Council on Thursday, January 9, 2014, at 4:00 p.m. in the Police Department Community Room, located at 315 Fourth Avenue, Chula vsta, California to consider the items on this agenda. CALL TO ORDER ROLL CALL: _ Councilmembers Aguilar, Bensoussan, Ramirez, Salas and Mayor Cox PLEDGE OF ALLEGIANCE TO THE FLAG AND MOMENT OF SILENCE WORKSHOP Council Wo�icshops are for the purpose of discussing matters that require extensive deliberation or are of such length, duration or complexity that the Regular Tuesday Council Meetings would not be conducive to hearing these matters. Unless otherwise noticed on this agenda, final Council actions shall be limited to referring matters to staff If you wish to speak on any item, please fill out a "Request to Speak" form and submit it to the City Clerk prior to the meeting. Comments are limited to five minutes. 1. 14-0003 PRESENTATION ON DISCLOSURE RESPONSIBILITIES UNDER FEDERAL SECURITIES LAW Ciry o/Chula Yuta Page f Prinfed on 7/YZ0f4 City Council Agenda January 9, 2014 2. 13 -0230 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTAADOPTING A CITY DEBT POLICY Staff Recommendation: Council adopt the resolution. Attachments: RESOLUTION.docx ATTACHMENT 1 - Proposed City Debt Policy.docx ATTACHMENT 2 - Debt Portfolio.pdf ATTACHMENT 3 - Disclosure Procedures.docx 3. 14 -0006 UPDATE FROM THE POLICE DEPARTMENT ON ALCOHOL - RELATED ISSUES IN THE CITY ADJOURNMENT to the Regular City Council Meeting on January 14, 2014, at 2:00 p.m., in the Council Chambers. Materials provided to the City Council related to any open- session item on this agenda are available for public review at the City Clerk's Office, located in City Hall at 276 Fourth Avenue, Building A, during normal business hours. In compliance with the AMERICANS WITH DISABILITIES ACT The City of Chula Vista requests individuals who require special accommodations to access, attend, and /or participate in a City meeting, activity, or service, contact the City Clerk's Office at (619) 691-504 1 (California Relay Service is available for the hearing impaired by dialing 711) at least forty -eight hours in advance of the meeting. City of Chula Vista Page 2 Printed on 11312014 2014 -01 -09 Workshop Agenda Packet Page 2 City of Chula Vista cm OF CHULAMSTA Legislation Details (With Text) File M 14 -0003 Name: Type: Workshop Item Status: Agenda Ready File created: 1/2/2014 In control: City Council On agenda: 1/9/2014 Final action: Title: PRESENTATION ON DISCLOSURE RESPONSIBILITIES UNDER FEDERAL SECURITIES LAW Sponsors: Indexes: Code sections: Attachments: Date Ver. Action By Action Result PRESENTATION ON DISCLOSURE RESPONSIBILITIES UNDER FEDERAL SECURITIES LAW City of Chula Vista Page 1 of 1 Printed on 1/3/2014 2014 -01 -09 Workshop Agenda Packet Pa e 3 powergd by LegistarTM City of Chula Vista Master File Number: 14 -0003 File ID: 14 -0003 Item Type: Workshop Item Status: Agenda Ready Version: 1 LARQ: In Control: City Council File Created: 01/02/2014 File Name: Final Action: Title: PRESENTATION ON DISCLOSURE RESPONSIBILITIES UNDER FEDERAL SECURITIES LAW Internal Notes: Per Maria Kachadoorian Sponsors: Attachments: :onflicts Verif By: Drafter: KBigelow @chulavistaca.gov Approval History Agenda Date: 01/09/2014 Agenda Number: 1. Enactment Date: Master Fee Upd? ( *): Hard Deadline: Conflicts Verif On: Version Date Approver Action History of Legislative File Ver- Acting Body: Date: Action: Sent To: Due Date: Return Result: sion: Date: 1 City Council 01/09/2014 Text of Legislative File 14 -0003 City of Chula Vista Page 1 Printed on 11312014 2014 -01 -09 Workshop Agenda Packet Page 4 �t�■ City of Chula Vista crW OF CKULAVISTA Legislation Details (With Text) File #: 13 -0230 Name: City Debt Policy Type: Workshop Item Status: Agenda Ready File created: 12/30/2013 In control: City Council On agenda: 1/9/2014 Final action: Title: RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA ADOPTING A CITY DEBT POLICY Sponsors: Indexes: Code sections: Attachments: RESOLUTION.Ddf ATTACHMENT 1 - Proposed City Debt Policy.pdf ATTACHMENT 2 - Debt Portfolio.pdf ATTACHMENT 3 - Disclosure Procedures.pdf Date Ver. Action By Action Result 1/9/2014 1 City Council RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA ADOPTING A CITY DEBT POLICY RECOMMENDED ACTION Council adopt the resolution. SUMMARY In 2012 the City Council endorsed the City's Fiscal Recovery and Progress Plan report. Included in the report was a goal to review and update the City's Fiscal Policies. Adoption of the proposed resolution establishes a formal City Council approved debt policy which is a recommended best practice by the Government Finance Officers Association (GFOA). ENVIRONMENTAL REVIEW The Environmental Review Coordinator has reviewed the proposed activity for compliance with the California Environmental Quality Act (CEQA) and has determined that the proposed action is not a "Project" as defined under Section 15378 of the State CEQA Guidelines because it will not result in a physical change to the environment; therefore, pursuant to Section 15060(c)(3) of the State CEQA Guidelines the actions proposed are not subject to CEQA. BOARD /COMMISSION RECOMMENDATION Not Applicable. DISCUSSION As the City continues its efforts toward a sustainable budget that will minimize impacts to City services during future economic downturns, it is appropriate that a debt policy be established to provide guidance in the issuance and management of debt issued by the City. The GFOA City of Chula Vista Page 1 of 3 Printed on 1/3/2014 2014 -01 -09 Workshop Agenda Packet Pa e 5 powerfd by Legistar TM File #: 13 -0230, Version: 1 recommends that state and local governments adopt comprehensive written debt management policies that are approved by the governing body to provide transparency and to ensure that there is a common understanding among elected officials and staff regarding the City's approach to debt financing. Establishing a carefully considered policy improves the quality of decisions, articulates policy goals, provides guidelines for the structure of debt issuance, and demonstrates a commitment to long -term capital and financial planning. Adherence to a debt policy also indicates to rating agencies and the capital markets that the City is well managed and is therefore likely to meet its debt obligations in a timely manner. The main objectives of the City's debt policy are: • To establish conditions for the use of debt; • To ensure that debt capacity and affordability are adequately considered; • To minimize the City's interest and issuance costs; • To maintain the highest possible credit rating; • To provide complete financial disclosure and reporting; and • To maintain financial flexibility for the City. The proposed Debt Policy ( "Policy ") is included as Attachment 1, and has six main components: 1. General Policies: this component of the Policy describes general guidelines for the use of debt and selection and descriptions of the Finance Team leading the debt issuance. 2. Types of Debt Instruments: this section describes various types of debt that may be used as financing options, however does not limit the City to those described. 3. Debt Affordability and Limitations: describes how debt capacity and affordability will be determined. 4. Debt Structuring: describes allowable debt structure methods (not limited to those listed) and the maximum maturity of the debt obligation. 5. Debt Issuance: provides guidance regarding the issuance process such as criteria for determining a bond sales method. 6. Debt Management Practices: includes descriptions for ongoing administrative activities such as disclosure practices, investment of bond proceeds, and records retention requirements. Approval of this resolution will establish a City Council adopted debt policy, which is a recommended best practice by the GFOA. The approved policy will be reviewed periodically, and updated to include any necessary adjustments. Accompanying the Policy, as Attachment 2, is the City's Debt Portfolio which is intended for informational use. The debt portfolio is a summary of the City's outstanding bonded indebtedness by issuance. Also included within the debt portfolio are Redevelopment Agency /Successor Agency obligations, and other City debt such as Special Tax District liabilities and HUD Section 108 Loan repayments. Some information incorporated in this report includes annual debt service payments, information regarding each bond issuance, and descriptions of improvements funded. The debt City of Chula Vista Page 2 of 3 Printed on 1/3/2014 2014 -01 -09 Workshop Agenda Packet Pa e 6 powergd by LegistarTM File #: 13 -0230, Version: 1 policy will be available for informational purposes only, on the City's website. All required annual disclosure documents are available on the informational repositories such as the Electronic Municipal Market Access (EMMA) at http: / /emma.msrb.org/ or the City's Disclosure Consultant's website at: <http://disclosure.nbsgov.com/default.aspx> . For additional information regarding the City's disclosure procedures, Attachment 3, Administrative Disclosure Procedures, is included as a supplement to this report. DECISION -MAKER CONFLICT Staff has determined that the action contemplated by this item is administrative in nature and, as such, does not require the City Council members to make or participate in making a governmental decision, pursuant to California Code of Regulations Title 2, section 18702.4(x). Consequently, this item does not present a conflict under the Political Reform Act (Cal. Gov't Code 87100, et seq.). Staff is not independently aware, and has not been informed by any City Council member, of any other fact that may constitute a basis for a decision maker conflict of interest in this matter. LINK TO STRATEGIC GOALS The City's Strategic Plan has five major goals: Operational Excellence, Economic Vitality, Healthy Community, Strong and Secure Neighborhoods and a Connected Community. The adoption of a formal City debt policy supports the Operational Excellence and Economic Vitality goals, as it is a critical element in strong financial management practices. The development of a City debt policy was a next step item identified in the City's Fiscal Recovery and progress Plan issued in January 2012. CURRENT YEAR FISCAL IMPACT Approval of the resolution results in no fiscal impact in the current fiscal year. ONGOING FISCAL IMPACT There is no fiscal impact from adopting the resolution approving the City debt policy. The fiscal impact of future debt issuances will be disclosed at the time the debt is being issued. However, one of the objectives of the debt policy is to minimize interest and issuance costs to the City. The policy will help to establish more transparent guidelines for issuing and administering debt, which will help to achieve this purpose. ATTACHMENTS Attachment 1: Proposed City Debt Policy Attachment 2: City of Chula Vista Debt Portfolio Attachment 3: Administrative Disclosure Procedures City of Chula Vista Page 3 of 3 Printed on 1/3/2014 2014 -01 -09 Workshop Agenda Packet Pa e 7 powerfd by LegistarTM RESOLUTION NO. 2014- RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA ADOPTING A CITY DEBT POLICY WHEREAS, developing a formal debt policy will provide guidance in the issuance and management of debt issued by the City; and WHEREAS, establishing a carefully considered policy improves the quality of decisions, articulates policy goals, and demonstrates a commitment to long -term capital and financial planning; and WHEREAS, the proposed policy objectives include (1) to establishes conditions for the use of debt; (2) to ensure that debt capacity and affordability are considered; (3) to minimize the City's interest and issuance costs; (4) to maintain the highest possible credit rating; (5) to provide complete financial disclosure and reporting; and (6) to maintain financial flexibility for the City; and WHEREAS, the Council wishes to adopt a City Debt Policy. NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Chula Vista does hereby adopt the City of Chula Vista Debt Policy, as presented, a copy of which is on file with the City Clerk's Office. Presented by Maria Kachadoorian Director of Finance /Treasurer Approved as to form by Glen R. Googins City Attorney 2014 -01 -09 Workshop Agenda Packet Page 8 ATTACHMENT I COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: City Debt Policy POLICY EFFECTIVE NUMBER DATE PAGE 1 of 8 ADOPTED BY: Resolution No. I DATED: January 9, 2014 AMENDED BY: BACKGROUND The following policies have been developed to provide guidance in the issuance and management of debt by the City of Chula Vista. The main objectives are to establish conditions for the use of debt; to ensure that debt capacity and affordability are adequately considered; to minimize the City's interest and issuance costs; to maintain the highest possible credit rating; to provide complete financial disclosure and reporting and; to maintain financial flexibility for the City. Debt, properly issued and managed, is a critical element in any financial management program. It assists in the City's effort to allocate limited resources to provide the highest quality of service to the public. The City understands that poor debt management can have ripple effects that hurt other areas of the City. On the other hand, a properly managed debt program promotes economic growth and enhances the vitality of the City of Chula Vista for its residents and businesses. PURPOSE To establish a formal City debt policy. P0111 CV GENERAL POLICIES The Finance Team All debt issued by the City of Chula Vista shall be under the direction of the City Manager or Finance Director /Treasurer, with the Mayor and City Council providing final approval at a public meeting. The City Manager or Finance Director /Treasurer will determine the composition of the "Finance Team" involved in each issuance. The Finance Team may consist of both City Staff and outside finance professionals. The Finance Director /Treasurer shall decide which City Staff to include on the Finance Team. Critical outside finance professionals include: • Underwriter: markets and sells debt to investors • Financial Advisor: independent financial expert providing advice to the City on all aspects of debt • Bond Counsel: legal counsel that prepares the resolutions, ordinances, agreements and other legal documents required • Disclosure Counsel: provides legal advice on all disclosure documents and issues in connection to the financing. May be same entity that provides Bond Counsel services. • Trustee: typically a commercial bank or trust company responsible for the collection and repayment of principal and interest to bondholders, as well as administering the investment of reserve funds, accounting and disbursement of bond proceeds • District Consultant: provide special district expertise, statistics, data analysis, and disclosure 2014 -01 -09 Workshop Agenda Packet Page 9 COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: City Debt Policy POLICY EFFECTIVE NUMBER DATE PAGE 2of8 ADOPTED BY: Resolution No. DATED: January 9, 2014 AMENDED BY: support in the issuance of Special District debt. Selection of Outside Professionals When identifying members of the Financing Team, the selection of underwriters and financial consultants providing professional services shall be based upon qualifications, experience, and cost; typically through a formal Request for Proposal (RFP) Process. Procurement of other services related to the issuance of debt shall be through a competitive bidding process whenever reasonable. Depending on circumstances it may be advantageous for the City to participate in a pooled debt issuance with a number of local agencies where issue costs are shared and the underwriters and /or financial consultants are pre - selected by the managing organization. Due to the overall cost savings involved, programs such as the California Statewide Communities Development Authority's "Tax and Revenue Anticipation Note" program are options for the City to consider. Use of Debt The City will consider the use of debt financing primarily for capital improvement projects (CIP) when the project's useful life will exceed the term of the financing and when resources are identified sufficient to fund the debt service requirements. Some exceptions to this CIP driven focus are the issuance of debt such as Pension Obligation Bonds, where the financial benefits are significantly greater than the costs and where the benefits are determined to be a financially prudent option; and short -term instruments such as tax and revenue anticipation notes, which are to be used for prudent cash management purposes. Bonded debt should not be issued for projects with minimal public benefit or support, or to finance normal operating expenses. If a department has any project which is expected to use debt financing, the department director is responsible for expeditiously providing the Finance Department with reasonable cost estimates, including specific revenue accounts that will provide payment for the debt service. This will allow the Finance Department to do an analysis of the project's potential impact on the City's debt capacity and limitations. TYPES OF DEBT INSTRUMENTS In order to maximize the financial options available to benefit the public, it is the policy of the City of Chula Vista to allow for the consideration of issuing all generally accepted types of debt, including, but not exclusive to the following: • General Obli ation (GO) Bonds: General Obligation Bonds are suitable for use in the construction or acquisition of improvements to real property that benefit the public at large. Examples of projects include libraries, parks, and public safety facilities. All GO bonds require a 2/3 vote in order to pass. • Revenue Bonds: Revenue Bonds are limited - liability obligations tied to a specific enterprise revenue stream where the broi ects financed clearlv benefit or relate to the enterprise. An 2014 -01 -09 Workshop Agenda Packet Page 10 COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: City Debt Policy POLICY EFFECTIVE NUMBER DATE PAGE 3 of 8 ADOPTED BY: Resolution No. I DATED: January 9, 2014 AMENDED BY: example of projects that would be financed by a Revenue Bond would be improvements to the sewer system, which would be paid back with money raised from the property owner's sewer bills. Generally, no voter approval is required to issue this type of obligation but must comply with proposition 218 regarding rate adjustments. • Lease - Backed Debt /Certificates of Participation (COPT: Issuance of COP debt is a commonly used form of debt that allows a City to finance projects where the debt service is secured via a lease or installment agreement and where the payments are budgeted in the annual budget appropriation by the City from the general fund. Lease - Backed debt does not constitute indebtedness under the state or the City's constitutional debt limit and does not require voter approval. • Special Assessment /Special District Debt: the City will consider requests from developers for the use of debt financing secured by property based assessments or special taxes in order to provide for necessary infrastructure for new development only under strict guidelines adopted by City Council, which may include minimum value -to -lien ratios and maximum tax burdens. Examples of this type of debt are Assessment Districts (AD) and Community Facilities Districts (CFD) or more commonly known as Mello -Roos Districts. In order to protect bondholders as well as the City's credit rating, all Rate and Method of Apportionment (RMA) documents must include the provision that the maximum projected annual special tax revenues must equal 110% of the projected annual gross debt service on any bonds of the community facilities district. The City will also comply with all State guidelines regarding the issuance of special district or special assessment debt. For further information, refer to the City of Chula Vista Statement of Goals and Policies Regarding the Establishment of Community Facility Districts. • Industrial Development Bonds — Industrial Development Bonds (IDBs) are tax - exempt securities which can fund manufacturing businesses or energy development projects which provides a public benefit. While the authorization to issue IDBs is provided by a state statute, the tax - exempt status of these bonds is derived from federal law (IRS Code Section 103(b) (2). • Tax Allocation Bonds-- Tax Allocation Bonds are special obligations that are secured by the allocation of tax increment revenues that were generated by increased property taxes in the designated redevelopment area. Tax Allocation Bonds are not debt of the City. Due to changes in the law affecting California Redevelopment agencies with the passage of ABX1 26 as codified in the California Health and Safety Code, the City of Chula Vista Redevelopment Agency (RDA) was dissolved as of February 1, 2012, and its operations substantially eliminated but for the continuation of certain enforceable RDA obligations to be administered by the City of Chula Vista Successor Agency. The terms of ABX 1 26 requires successor agencies perform all obligations with respect to enforceable debt obligations, which include Tax Allocation Bonds. • Multi - Family Mortgage Revenue Bonds —The City Housing Authority is authorized to issue mortgage revenue bonds to finance the development, acquisition and rehabilitation of multi- family rental projects. The interest on the bonds can be exempt from Federal and State 2014 -01 -09 Workshop Agenda Packet Page 11 COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: City Debt Policy POLICY EFFECTIVE NUMBER DATE PAGE 4of8 ADOPTED BY: Resolution No. DATED: January 9, 2014 AMENDED BY: taxation. As a result, bonds provide below market financing for qualified rental projects. In addition, the bonds issued can qualify projects for allocations of Federal low- income housing tax credits, which can provide a significant portion of the funding necessary to develop affordable housing. For further information, refer to the Chula Vista Housing Authority — Multi- Family Administrative Bond Policies. • HUD Section 108 Loan Guarantee Pro rg am — The U.S. Department of Housing and Urban Development (HUD) Section 108 Loan Guarantee Program allows cities to use their annual Community Development Block Grant (CDBG) entitlement grants to obtain federally guaranteed funds large enough to stimulate or pay for major community development and economic development projects. The program does not require a pledge of the City's General Fund, only of future CDBG entitlements. By pledging future CDBG entitlement grants as security, the City can borrow at favorable interest rates because of HUD's guarantee of repayment to investors. DEBT AFFORDABILITY AND LIMITATIONS Debt capacity and affordability will be determined by conducting various analyses prior to the issuance of bonds. The analysis of debt capacity should cover a broad range of factors including but limited to the following: • Statutory or constitutional limitations affecting the amount that can be issued, such as legally authorized debt limits and tax or expenditure ceilings • Other legal limitations, such as coverage requirements or additional bonds tests imposed by bond covenants • Evaluation of trends relating to the government's financial performance, such as revenues and expenditures, net revenues available after meeting operating requirements, reliability of revenues expected to pay debt service and unreserved fund balance levels • Debt service as a percentage of total General Fund Revenues The City will attempt to limit the total amount of annual debt service payments payable by the General Fund to no more than 10% of estimated total General Fund revenues. Under State Law, general obligation bonds shall not exceed 15% of total assessed valuation within the City. An analysis using current market rates and conservative projections showing compliance with the debt affordability limitations included in this Debt Policy shall be conducted before the issuance of any debt with a maturity longer than two years from date of issue. Data showing direct and overlapping debt levels for the City of Chula Vista and surrounding agencies that affect the residents of the City shall be compiled for inclusion in the Comprehensive Annual Financial Report (CAFR) of the City. 2014 -01 -09 Workshop Agenda Packet Page 12 COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: City Debt Policy POLICY EFFECTIVE NUMBER DATE PAGE 5 of 8 ADOPTED BY: Resolution No. I DATED: January 9, 2014 AMENDED BY: DEBT STRUCTURING In order to maximize financial flexibility in a constantly- changing debt market, the City shall be allowed to structure its debt issuances using generally accepted methods. The guiding principal shall be to structure debt issuances so that the City's overall costs are minimized while still maintaining or increasing the City's credit rating. Allowable structures include, but are not limited to the issuance of: • Serial and /or Term Bonds: Serial Bonds are those in an issue that mature in consecutive years, whereas Term Bonds comprise a large part or all of a particular issue that come due in a single maturity but are prepared in part each year. • Fixed and Variable Rate Debt: Fixed rate debt is when an interest rate on a security does not change for the remaining life of the security, where Variable rate debt or "floating rate" changes at intervals according to market conditions or a predetermined index or formula. • Zero Coupon: Zero Coupon is an original issue discount bond on which no periodic interest payments are made but is issued at a deep discount from par, accreting (amortized) to its full value at maturity. • Capital Appreciation: Capital Appreciation occurs when the investment return on an initial principal amount is reinvested at a stated compounded rate until bond maturity. The investor receives a single payment (maturity value), representing both the initial principal amount and the total investment return. • Bonds with Capitalized Interest: Bonds with capitalized interest have a portion of the proceeds of an issue set aside to pay interest on securities for a specified period of time. • Senior and Junior Lien Structures: Senior Lien bonds have a priority claim against pledged revenues, while Junior Lien bonds have a subordinate claim against pledged revenues or other security. Debt service should be structured so that annual combined principal and interest payments do not dramatically vary year over year. This provides greater budget stability. Limited exceptions from level debt service will be allowed for individual debt issues when level debt service is unsuitable; for instance in the case of some refunding of debt. Redemption provisions should generally be included in most issuances, providing they are structured in a reasonable and cost - efficient manner as determined by the Financing Team. Redemption options include but are not limited to: • Optional Redemption: a call or prepayment provision option that is giving to the issuer, often only on or after a specified date. • Mandatory Redemption: to require the issuer to redeem or call the bond "in -whole redemption" which is all at once, or "partial redemption" which is only a portion on a scheduled basis. 2014 -01 -09 Workshop Agenda Packet Page 13 COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: City Debt Policy POLICY EFFECTIVE NUMBER DATE PAGE 6of8 ADOPTED BY: Resolution No. DATED: January 9, 2014 AMENDED BY: Credit enhancement, such as letters of credit or insurance, may be purchased when the cost of enhancement is more than recovered by the debt service savings created. Entering into a financing utilizing letters of credit or insurance must be planned for and determined to be feasible by the Director of Finance /Treasurer. Maximum Maturity Debt obligations shall have a maximum maturity of the earlier of: • the reasonably estimated useful life of the Capital Improvements being financed; or, • thirty years; or, • in the event they are being issued to refinance outstanding debt obligations the final maturity of the debt obligations being refinanced, unless a longer term is recommended by the Finance Team. • Such other terms which meet the financing goals of the debt issuance. DEBT ISSUANCE The City will strive to minimize borrowing costs by: • Seeking the highest credit rating possible; • Maintaining transparency and excellent communications with credit rating agencies regarding the City's fiscal condition; • Purchasing bond insurance or taking action to upgrade the City's current credit rating It shall be the policy of the City to allow the issuance of debt through public sale or private placement, and via competitive or negotiated sales underwriting methods. Consistent with the goal of minimizing costs, competitive sale shall be the primary method of sale considered unless the Financing Team decides that a negotiated sale is warranted. Factors that may impact this decision include: • Issuer /Issue Reco nition: competitive sales are easier for an issuer that investors and underwriters are familiar with. If extensive marketing is needed to educate the market about the issuer, a negotiated sale maybe more appropriate. Similarly, even if the issuer is well - known, if the issue itself has a "story" that needs to be told, a negotiated sale may be needed to enhance the marketing and acceptance of the debt. • Issue Size: very large or very small deals may benefit from a negotiated sale over a competitive sale. • Debt Tom: GO bonds and other well -known and accepted debt structures are suitable for competitive sales. Others such as CFDs, variable rate, or innovative structures may benefit from a negotiated sale. • Credit Ratings: issuers with high credit ratings and insured bonds lend themselves to competitive sales. Uninsured or lower rated issues are often more suitable for negotiated sales. 2014 -01 -09 Workshop Agenda Packet Page 14 COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: City Debt Policy POLICY EFFECTIVE NUMBER DATE PAGE 7of8 ADOPTED BY: Resolution No. I DATED: January 9, 2014 AMENDED BY: • Sale Timing: during times of market uncertainty when conditions are volatile, the flexibility of a negotiated sale may allow an issuer to adjust the sale date and capture additional interest rate savings. The City will seek to issue refunding bonds with the minimum goal of 5% net present value savings of the par value of the proposed bonds. Anything less than an anticipated 5% savings will require additional analysis discussing the benefits of the refunding due to the cost associated with refunding debt. Consideration shall be given to the benefit of delaying a refunding in a declining interest rate environment to capture maximum savings at the least cost. DEBT MANAGEMENT PRACTICES Disclosure The City will comply with Rule 15(c) 2 -12 of the Securities Exchange Commission (SEC) and provide timely disclosure of relevant information on an annual basis as well as any material event notices as required. The City recognizes the importance of accuracy in disclosure documents and will strive to provide full and complete disclosure. To ensure accuracy of stated facts, directors of any department that originally provided or produced any data appearing in a disclosure document will provide a written statement certifying the accuracy of their department's data along with a statement denying knowledge of any misstatements or material omissions in the remainder of the disclosure document. The City will fulfill its obligations as covenanted in all the Continuing Disclosure Agreements associated with any active issuance. Documents are distributed through Electronic Municipal Market Access (EMMA) which can be viewed at any time by the public. The City will determine on a case -by -case basis whether or not to retain the services of an independent disclosure counsel. For additional information regarding disclosure procedures, please refer to Administrative Disclosure Procedures. Arbitrage In the past, agencies took advantage of their ability to borrow at tax - exempt rates and invest the proceeds at higher rates, thus earning positive arbitrage. Since 1986, the federal tax code requires issuers of long -term, tax - exempt debt to rebate positive arbitrage to the federal government. The City will diligently monitor its compliance with all federal arbitrage regulations. Due to the complex nature of arbitrage calculations, the City may elect to hire an outside expert consultant to perform this function. 2014 -01 -09 Workshop Agenda Packet Page 15 COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: City Debt Policy POLICY EFFECTIVE NUMBER DATE PAGE 8of8 ADOPTED BY: Resolution No. DATED: January 9, 2014 AMENDED BY: Compliance with Tax Law Provisions The City will diligently monitor its compliance with all bond legal covenants, as well as Federal and State requirements, with the assistance of its Finance Team and consultants. Furthermore, recognizing that the smallest of mistakes can lead to the appearance of conflicts of interest or wrongdoing, which in turn may lead to severe consequences, including criminal charges, the City will make every effort to ensure its debt financing conduct is above reproach. Investment of Bond Proceeds The City shall comply with Federal and State regulations governing the investment of bond proceeds. Each issue shall detail allowable investments within the Trust Agreements, which the City will adhere to. Where not specifically spelled out, the City will apply the City investment policy guiding principal commonly referred to as "SLY "; Safety, Liquidity, and Yield, in that order of priority. Records Retention The City will retain records sufficient to demonstrate compliance with the requirements of federal and California law necessary to preserve the tax advantage of such City Bonds for the period required by law, presently understood to be the life of the debt obligations or any succeeding refunding obligations plus 3 years. Other Provisions Bond proceeds, reserve, and repayment funds, should have separate accounting from operating or other funds, at a level distinct enough to facilitate arbitrage compliance calculations and ease debt service and expenditure tracking. If any part of this Debt Policy conflict with Federal or State laws, or the City of Chula Vista Municipal Code, or Charter, the regulations will take precedence over this Debt Policy. 2014 -01 -09 Workshop Agenda Packet Page 16 NISTA ejpl, �t ATTACHMENT 2 DEBT PORTFOLIO CIN OF CHULA VISTA 40P OLIG l 2014 -01 -09 Workshop Agenda Packet Page 18 City of Chula Vista Debt Portfolio Table of Contents Introduction 1 City of Chula Vista Bonded Indebtedness — Outstanding Issuances 3 RDA /Successor Agency Bonded Indebtedness — Outstanding Issuances 17 City of Chula Vista Other Bonded Indebtedness HUD Section 108 Loan 29 Special Tax Districts 33 Resources 41 2014 -01 -09 Workshop Agenda Packet Page 20 CITY OF CHULA Debt Portfolio INTRODUCTION This debt portfolio is a summary of the City's outstanding bonded indebtedness by issuance. The purpose of this report is to provide Chula Vista citizens, investors and the general public, information on the City's bonded indebtedness. Also included within this report are Redevelopment Agency /Successor Agency obligations, and other City debt such as Special Tax District liabilities and HUD Section 108 Loan repayments. Each section summarizes the original issuance, the remaining debt of each bond, and describes the improvements funded by the bond proceeds. The projects that the bonds have funded retain a longer useful life than the term of the bonds. The term of each of these bond issuances that have been entered into does vary, but most have a term of 30 years. City of Chula Vista Bonded Indebtedness - Outstanding Bond Issuances Each of the remaining outstanding issuances that the City is responsible for is described within this section. The City of Chula Vista has entered into bonded indebtedness to finance various public facilities throughout the City. Some of these improvements include the Civic Center Complex, Police Facility, Corporation Yard, Western Chula Vista Infrastructure, and improvements to the Nature Center (named changed to Living Coast Discovery Center). The debt service payments (principal and interest payments) for these bonds are paid from the following revenue sources: • General Fund: the City's General Fund is the City's main operating fund. The General Fund revenues consist of mainly discretionary revenue such as Sales &Use Tax, Property Tax, Franchise Fees and Transient Occupancy Tax. • Public Facilities Development Impact Fees (PFDIF): these fees are charged to new development to mitigate the impacts on the City's existing public facilities. More information on the PFDIF can be found in the Chula Vista Municipal Code Chapter 3.50. • Residential Construction Tax (RCT) Fund: this fund contains fees that are charged to new residential units, including hotels and motels, which generate householders who impose a burden upon public facilities and infrastructure of the City. More information on the RCT can be found in the Chula Vista Municipal Code Chapter 3.32. Rede ve %pment Agency /Successor Agency Bonded Indebtedness - Outstanding Bond Issuances This section of the report describes outstanding issuances by the Redevelopment Agency /Successor Agency. The Redevelopment Agency originally issued debts, or more specifically Tax Allocation Bonds (TABS) for the purpose of eliminating blight within the City of Chula Vista. Funding for the debt payments is paid by tax increment revenues. The bonds are not backed by the City's General Fund. City of Chula Vista Other Bonded Indebtedness - HUD Section SOB Loan The Department of Housing and Urban Development (HUD) awarded the City a Section 108 Loan specifically for the Castle Park Infrastructure Improvement Project. The Section 108 Loan is an "advance" 2014 -01 -09 Workshop Agenda Packet Page 21 of future Community Development Block Grant (CDBG) entitlement funds, therefore debt service payments are made with a portion of the City's annual CDBG entitlement revenue fora 20 year period. The anticipated payoff date is 2028. City of Chula Vista Other Bonded Indebtedness — Special Tax Districts Special Tax Districts are created for the purpose of financing public improvements. To pay the debt service on these bonds, parcels within the district are charged a special tax that is included within their property tax bill. This section of the report includes a summary of the special tax districts bonds, as well as descriptions of each of the special tax districts and the public improvements that they financed. The City has two different types of special tax district indebtedness: • Assessment Districts (AD): these types of bonded ADs were formed under the Municipal Improvement Act of 1913. Under this type of special district financing, the cost of the improvements is spread proportionally over every parcel of land within the district that receives a direct and special benefit from the improvements. • Community Facilities Districts (CFD): the City's bonded CFDs were created under the Community Facilities District Act, or the Mello -Roos Act, signed into law in 1982. A CFD needs only find a public benefit to the community at large, in contrast to an AD where a direct /special benefit must be found. Similar to an AD, the CFD debt service payments are paid by the property owners of parcels within the specific district. The City, more specifically the Finance Department, is responsible for administering and managing each debt issuance. In addition to the requirement of the City to make the above bonds debt service payments using their stated funding sources, the City is also required to file continuing disclosures on an annual basis to informational repositories that can be accessed by the general marketplace. Continuing disclosures are annual reports that contain current financial information of the issuer which is the City of Chula Vista, City of Chula Vista Redevelopment Agency /Successor Agency, Chula Vista Public Financing Authority or Chula Vista Municipal Financing Authority. To view copies of the City's disclosure reports, please visit the City's Disclosure Consultant's website at: http: // disclosure .nbsgov.com /default.aspx or the Electronic Municipal Market Access (EMMA) website at: http: / /emma.msrb.or�/ For more information about the City's financial status, please visit the City of Chula vista's Finance Department website at: http://www.chulavistaca.gov/City Services/Administrative Services/Finance/Default.M Data Disclaimer: Every effort has been made to assure the accuracy of the maps and data provided; however, some information may not be accurate or current. The City of Chula vista assumes no responsibility arising from use of this information. 2014 -01 -09 Workshop Agenda Packet Page 22 2 CITY OF CHULA VISTA BONDED INDEBTEDNESS OUTSTANDING ISSUANCES UPDATED DECEMBER 2013 CITY OF CHULAVISTA 3 2014 -01 -09 Workshop Agenda Packet Page 24 CITY OF CHULA VISTA Total Annual Debt Service Payments (Principal and Interest) HU'ROF Fiscal Year 2002 COP 2004 COP 2006 COP 2010 COP Total Principal Total Interest Total FY 2003 $ 3,119,664.44 $ - $ - $ - $ - 3,119,664 $ 3,119,664.44 FY 2004 $ 2,800,696.26 $ - $ - $ - $ - 2,800,696 $ 2,800,696.26 FY 2005 $ 3,925,696.26 $ 741,425.21 $ - $ - $ 1,125,000.00 3,542,121 $ 4,667,121.47 FY 2006 $ 3,926,946.26 $ 1,617,655.00 $ - $ - $ 1,160,000.00 4,384,601 $ 5,544,601.26 FY 2007 $ 3,932,146.26 $ 2,392,655.00 $ 804,727.52 $ - $ 1,975,000.00 $ 5,154,528.78 $ 7,129,528.78 FY 2008 $ 3,936,146.26 $ 2,392,155.00 $ 1,272,288.75 $ - $ 2,465,000.00 $ 5,135,590.01 $ 7,600,590.01 FY 2009 $ 3,936,546.26 $ 2,393,392.50 $ 1,272,498.75 $ - $ 2,550,000.00 $ 5,052,437.51 $ 7,602,437.51 FY 2010 $ 3,934,946.26 $ 2,391,117.50 $ 1,272,198.75 $ - $ 2,635,000.00 $ 4,963,262.51 $ 7,598,262.51 FY 2011 $ 3,941,346.26 $ 2,391,217.50 $ 1,271,388.75 $ 1,505,929.71 $ 2,735,000.00 $ 6,374,882.22 $ 9,109,882.22 FY 2012 $ 3,945,346.26 $ 2,392,361.26 $ 1,270,068.75 $ 1,477,206.26 $ 2,840,000.00 $ 6,244,982.53 $ 9,084,982.53 FY 2013 $ 3,946,946.26 $ 2,391,386.26 $ 1,268,238.75 $ 1,477,206.26 $ 2,945,000.00 $ 6,138,777.53 $ 9,083,777.53 FY 2014 $ 3,951,146.26 $ 2,392,073.76 $ 1,270,388.75 $ 2,492,206.26 $ 4,080,000.00 $ 6,025,815.03 $ 10,105,815.03 FY 2015 $ 3,958,783.76 $ 2,391,448.76 $ 1,271,308.75 $ 2,491,606.26 $ 4,250,000.00 $ 5,863,147.53 $ 10,113,147.53 FY 2016 $ 3,960,743.76 $ 2,394,511.26 $ 1,270,958.75 $ 2,487,318.76 $ 4,415,000.00 $ 5,698,532.53 $ 10,113,532.53 FY 2017 $ 3,962,668.76 $ 2,393,511.26 $ 1,269,583.75 $ 2,494,343.76 $ 4,600,000.00 $ 5,520,107.53 $ 10,120,107.53 FY 2018 $ 3,970,993.76 $ 2,395,911.26 $ 1,272,458.75 $ 2,489,143.76 $ 4,800,000.00 $ 5,328,507.53 $ 10,128,507.53 FY 2019 $ 3,972,887.50 $ 2,395,123.76 $ 1,268,627.50 $ 2,492,718.76 $ 5,020,000.00 $ 5,109,357.52 $ 10,129,357.52 FY 2020 $ 3,983,125.00 $ 2,391,613.76 $ 1,268,227.50 $ 2,492,881.26 $ 5,260,000.00 $ 4,875,847.52 $ 10,135,847.52 FY 2021 $ 3,985,750.00 $ 2,395,613.76 $ 1,271,827.50 $ 2,494,631.26 $ 5,520,000.00 $ 4,627,822.52 $ 10,147,822.52 FY 2022 $ 3,990,500.00 $ 2,390,707.50 $ 1,268,365.00 $ 2,487,981.26 $ 5,765,000.00 $ 4,372,553.76 $ 10,137,553.76 FY 2023 $ 3,999,500.00 $ 2,393,287.50 $ 1,268,871.25 $ 2,490,293.76 $ 6,050,000.00 $ 4,101,952.51 $ 10,151,952.51 FY 2024 $ 4,002,250.00 $ 2,391,862.50 $ 1,272,581.25 $ 2,490,543.76 $ 6,345,000.00 $ 3,812,237.51 $ 10,157,237.51 FY 2025 $ 4,008,750.00 $ 2,392,737.50 $ 1,269,431.25 $ 2,490,081.26 $ 6,655,000.00 $ 3,506,000.01 $ 10,161,000.01 FY 2026 $ 4,018,500.00 $ 2,393,825.00 $ 1,270,006.25 $ 2,490,518.76 $ 6,990,000.00 $ 3,182,850.01 $ 10,172,850.01 FY 2027 $ 4,026,000.00 $ 2,391,675.00 $ 1,104,093.75 $ 2,491,600.00 $ 7,170,000.00 $ 2,843,368.75 $ 10,013,368.75 FY 2028 $ 4,031,000.00 $ 2,394,250.00 $ 1,102,812.50 $ 2,491,225.00 $ 7,535,000.00 $ 2,484,287.50 $ 10,019,287.50 FY 2029 $ 4,038,250.00 $ 2,393,025.00 $ 1,105,218.75 $ 2,490,350.00 $ 7,920,000.00 $ 2,106,843.75 $ 10,026,843.75 FY 2030 $ 4,047,250.00 $ 2,393,000.00 $ 1,106,093.75 $ 2,488,700.00 $ 8,325,000.00 $ 1,710,043.75 $ 10,035,043.75 FY 2031 $ 4,057,500.00 $ 2,394,250.00 $ 1,105,437.50 $ 2,486,000.00 $ 8,755,000.00 $ 1,288,187.50 $ 10,043,187.50 FY 2032 $ 4,063,500.00 $ 2,390,750.00 $ 1,103,250.00 $ 1,051,975.00 $ 7,765,000.00 $ 844,475.00 $ 8,609,475.00 FY 2033 $ - $ 2,392,500.00 $ 1,103,425.00 $ 1,055,000.00 $ 4,095,000.00 $ 455,925.00 $ 4,550,925.00 FY 2034 $ - $ 2,394,000.00 $ 1,106,800.00 $ - $ 3,250,000.00 $ 250,800.00 $ 3,500,800.00 FY 2035 $ - $ - $ 1,103,150.00 $ - $ 1,010,000.00 $ 93,150.00 $ 1,103,150.00 FY 2036 $ - $ - $ 1,107,700.00 $ - $ 1,060,000.00 $ 47,700.00 $ 1,107,700.00 MTMIIM� 117,375,525.84 $ 69,359,042.81 $ 35,992,027.52 $V 51,399,461.11 $ 147,065,000.00 $ 127,061,057.28 $ 274,126,057.28 Note: The above total annual debt service payments include payments made from the General Fund, Public Facilities Development Impact Fee (PFDIF), and Residential Construction Tax (RCT) combined. 2002 Certificates of Participation funded the Police Facility Project 2004 Certificates of Participation funded the Civic Center Phase I Project and Western Chula Vista Infrastructure 2006 Certificates of Participation funded the Civic Center Phase II Project and Nature Center Improvements 2010 Certificates of Participation funded the Civic Center Phase III Project and refunded the 2000 COP which funded the Corporation Facility 2014 -01 -09 Workshop Agenda Packet Page 25 5 CITY OF CHULA VISTA - GENERAL FUND OBLIGATIONS Annual Debt Service Payments (Principal and Interest) N 0 6 j $10.00 O �5 O N $8.00 O +�+ 0 D c� CID S6.00 CL $4.00 $2.40 S- VJ CID N a� C+^i llzt- Ln �m r-� Cea C711 o Cwa C■7 �r•1 -� r C■30 CP1. o 7 CI%4 C+"i � L^ •.o r� w � o GV cm 1W Ln .C■ C3 O C� C� O O O z C� C� C14 C� CV C1i tit Cw {V C-A C C+r7 C�"i C%'i C'm7 C"7 C� Q Q Q Q Q Q Q Q O O Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q O G C 1-f C--4 e-A eIQ CIA CIA c-A eIQ c-4 CIA C-4 el-A C-.i C-.i C--J cl-A Cw+ C-4 e-4 eIQ C-.i c-.i C'-+ C1.1 Cw+ N Cam+ Cw+ Cam+ C1 i CI-4 6.4 6.4 VV VV VV li 6.4 L- ■..A-. LL I..V V&� L" +..4 64 VV 64 li L4 VF li VV VV LV VV VV VF L4 V4 VV 2002 COP z 2044 COP 2006 COP z 2010 COP Geriierai ruiiu UUii aLiur15 General Fund Obligations Date of Original Outstanding Final Interest (Certificates of Participation) Description Issuance Issuance' Balance Purpose Call Date Term Maturity Rate 2002 Police Facility Project Police Headquarters 0612012002 $60,145,000 $52,790,000 New Money 0810112012 30 years 2032 4.93% 2004 Civic Center Phase I /Western CV Infrastructure3 Civic Center Project - Phase 1 0911612004 $37,240,000 $33,180,000 New Money 0310112014 30 years 2034 4.65% 2006 Civic Center Phase II /Nature Center Civic Center Project - Phase 2 0311512006 $20,325,000 $18,495,000 New Money 0310112016 30 years 2036 4.32% 2010 Civic Center Phase III/ Corp Yard Refunding5 Capital Facilities Refunding Projects 0212412010 $29,355,000 $29,355,000 New Money /Refunding 0310112020 30 years 2033 5.51% Total General Fund Obligations $147,065,000 $133,820,000 Notes: Original Issuance only includes Principal amount 20utstanding Balance as of June 30, 2011 32004 COP Includes funding for Civic Center Phase I ($26.7m) and Western CV Infrastructure ($10.5m) 42006 COP Includes funding for Civic Center Phase II ($18.2m) and the Nature Center ($2.1 m) 52010 COP Includes funding for Civic Center Phase III ($12.9m) and refunded the 2000 COP for the Corporation Yard Project ($16.5m) Generai runs UUii anon CUP riea ea Assets General Fund Obligations (Certificates of Participation) Pledged Assets 2002 Police Facility Project Police Facility Project and Site 2004 Civic Center Phase I /Western CV Infrastructure Civic Center Complex and Fire Station No. 7 2006 Civic Center Phase II /Nature Center Civic Center Complex, Fire Station No. 7, Montevalle Park and Community Center, Salt Creek Park and Community Center, and existing improvements. 2010 Civic Center Phase III/ Corp Yard Refunding Cor poration Yard, Fire Station No. 4, Fire Station No. 6, and Fire Station No. 8 4W4��l f/ CITY OF CHULAVISTA Name of Debt Issued: 2002 Certificates of Participation - Police Facility Project µ PAR Amount: $60,145,000 Y True Interest Cost: 4.93% f Purpose of Debt (Project): Construction of Police Headquarters cNU�' PIST a,e pOLICE Sources of Funds: Uses of Funds: PAR Amount: $60,145,000.00 Project Fund: $49,065,746.74 OID (Discount): ($650,956.15) Capitalized Interest: $5,281,559.19 OIP (Premium): $0.00 Cost of Issuance: $1,083,237.92 Debt Service Reserve Fund: $4,063,500.00 TOTAL SOURCES: $59,494,043.85 TOTAL USES: $59,494,043.85 Prepayment Periods (Call Dates): Disclosure Due Dates: August 1, 2012 through July 31, 2013: 101.00% February 1 - Financial Statements and Tables 1 -4, 6, 7, 9 & 11 August If 2013 through July 31, 2014: 100.50% in Official Statement (page G -2) August 1, 2014 and thereafter 100.00% Financing Team: • Finance Director: Robert Powell • City Attorney: John Kaheny • Financial Advisor: Suzanne Harrell, Harrell & Company Advisors, LLC • Bond Counsel: Bob Whalen, Stradling, Yocca Carlson & Rauth • Bond Insurer: MBIA Insurance Corporation • Competitive Bid Purchaser: Banc of America Securities, LLC • Investment Providers: MBIA (Reserve Fund) • Dissemination Agent: US Bank, N.A. • Disclosure Counsel: Stradling Yocca Carlson & Rauth • Trustee: US Bank, N.A. • Disclosure Administrator: NBS S4s% Sim SM use 2002 COP Debt Share by fund4nq Source 2014 -01 -09 Workshop Agenda Packet Page 27 7 .. N 0 6 3 1 O 0 0 D to M CL X, M rMIL c0 CD N 00 2002 Certificates of Participation (Police Facility) Scheduled Debt Service I Debt Share by Funding Source Period' Principal Interest Annual Total Fiscal Year General Fund (55.65 %) PFDIF (44.35 %) Capitalized Interest2 Annual Total 2003 $ - $ 3,119, 664.44 $ 3,119, 664.44 FY2003 $ - $ - $ 1, 719, 316.31 $ 1, 719, 316.31 2004 $ - $ 2, 800, 696.26 $ 2, 800, 696.26 FY2004 $ - $ - $ 2, 800, 696.26 $ 2, 800, 696.26 2005 $ 1,125,000.00 $ 2,800,696.26 $ 3,925,696.26 FY2005 $ 725,380.33 $ 674,967.80 $ 1,400,348.13 $ 2,800,696.26 2006 $ 1,160,000.00 $ 2,766,946.26 $ 3,926,946.26 FY2006 $ 2,024,769.41 $ 1,884,051.85 $ - $ 3,908,821.26 2007 $ 1,200,000.00 $ 2,732,146.26 $ 3,932,146.26 FY2007 $ 2,025,144.96 $ 1,884,401.30 $ - $ 3,909,546.26 2008 $ 1,240,000.00 $ 2,696,146.26 $ 3,936,146.26 FY2008 $ 2,178,222.39 $ 1,735,923.87 $ - $ 3,914,146.26 2009 $ 1,290,000.00 $ 2,646,546.26 $ 3,936,546.26 FY2009 $ 2,176,664.19 $ 1,734,682.07 $ - $ 3,911,346.26 2010 $ 1,340,000.00 $ 2,594,946.26 $ 3,934,946.26 FY2010 $ 2,176,330.29 $ 1,734,415.97 $ - $ 3,910,746.26 2011 $ 1,400,000.00 $ 2,541,346.26 $ 3,941,346.26 FY2011 $ 2,174,883.39 $ 1,733,262.87 $ - $ 3,908,146.26 2012 $ 1,460,000.00 $ 2,485,346.26 $ 3,945,346.26 FY2012 $ 2,177,777.19 $ 1,735,569.07 $ - $ 3,913,346.26 2013 $ 1,520,000.00 $ 2,426,946.26 $ 3,946,946.26 FY2013 $ 2,179,335.39 $ 1,736,810.87 $ - $ 3,916,146.26 2014 $ 1,585,000.00 $ 2,366,146.26 $ 3,951,146.26 FY2014 $ 2,179,557.99 $ 1,736,988.27 $ - $ 3,916,546.26 2015 $ 1,660,000.00 $ 2,298,783.76 $ 3,958,783.76 FY2015 $ 2,180,069.28 $ 1,737,395.73 $ - $ 3,917,465.01 2016 $ 1,735,000.00 $ 2,225,743.76 $ 3,960,743.76 FY2016 $ 2,182,739.78 $ 1,739,523.98 $ - $ 3,922,263.76 2017 $ 1,815,000.00 $ 2,147,668.76 $ 3,962,668.76 FY2017 $ 2,182,429.53 $ 1,739,276.73 $ - $ 3,921,706.26 2018 $ 1,905,000.00 $ 2,065,993.76 $ 3,970,993.76 FY2018 $ 2,182,499.10 $ 1,739,332.16 $ - $ 3,921,831.26 2019 $ 1,995,000.00 $ 1,977,887.50 $ 3,972,887.50 FY2019 $ 2,185,342.46 $ 1,741,598.17 $ - $ 3,926,940.63 2020 $ 2,100,000.00 $ 1,883,125.00 $ 3,983,125.00 FY2020 $ 2,184, 544.23 $ 1,740,962.02 $ - $ 3, 925, 506.25 2021 $ 2,205,000.00 $ 1,780,750.00 $ 3,985,750.00 FY2021 $ 2,188,123.22 $ 1,743,814.28 $ - $ 3,931,937.50 2022 $ 2,320,000.00 $ 1,670,500.00 $ 3,990,500.00 FY2022 $ 2,187,392.81 $ 1,743,232.19 $ - $ 3,930,625.00 2023 $ 2,445,000.00 $ 1,554,500.00 $ 3,999,500.00 FY2023 $ 2,188,436.25 $ 1,744,063.75 $ - $ 3,932,500.00 2024 $ 2,570,000.00 $ 1,432,250.00 $ 4,002,250.00 FY2024 $ 2,191,705.69 $ 1,746,669.31 $ - $ 3,938,375.00 2025 $ 2,705,000.00 $ 1,303,750.00 $ 4,008,750.00 FY2025 $ 2,191,497.00 $ 1,746,503.00 $ - $ 3,938,000.00 2026 $ 2,850,000.00 $ 1,168, 500.00 $ 4,018, 500.00 FY2026 $ 2,193, 236.06 $ 1, 747, 888.94 $ - $ 3,941,125.00 2027 $ 3,000,000.00 $ 1,026,000.00 $ 4,026,000.00 FY2027 $ 2,196,644.63 $ 1,750,605.38 $ - $ 3,947,250.00 2028 $ 3,155,000.00 $ 876,000.00 $ 4,031,000.00 FY2028 $ 2,198,731.50 $ 1,752,268.50 $ - $ 3,951,000.00 2029 $ 3,320,000.00 $ 718,250.00 $ 4,038,250.00 FY2029 $ 2,199,357.56 $ 1,752,767.44 $ - $ 3,952,125.00 2030 $ 3,495,000.00 $ 552,250.00 $ 4,047,250.00 FY2030 $ 2,201,096.63 $ 1,754,153.38 $ - $ 3,955,250.00 2031 $ 3,680,000.00 $ 377,500.00 $ 4,057,500.00 FY2031 $ 2,203,670.44 $ 1,756,204.56 $ - $ 3,959,875.00 2032 $ 3,870,000.00 $ 193,500.00 $ 4,063,500.00 FY2032 $ 2,206,800.75 $ 1,758,699.25 $ - $ 3,965,500.00 FY2033 $ 2,207,496.38 $ 1,759,253.63 $ - $ 3,966,750.00 TOTAL $ 860,145,000.00 $ R_57,230,525.84 $ IL117,375F525.84 rTOTAL $ 61,669,878.84 $ 49,785,286.30 $ 5,9201360.70 $ 117,375,525.84 'Period represents Calendar Year, whereas Fiscal Year represents timeframe from July 1 st to June 30th of the following year. `Capitalized Interest funded out of bond proceeds. Civic Center Total (All Phases)' Debt Share by Funding Source Fiscal Year General Fund PFDIF Annual Total FY2005 $ - $ - $ - FY2006 $ 14,630.06 $ 115,995.44 $ 130,625.50 FY2007 $ 192,077.43 $ 1,522,899.61 $ 1,714,977.04 FY2008 $ 399,016.16 $ 2,107,316.95 $ 2,506,333.11 FY2009 $ 432,781.38 $ 2,389,069.27 $ 2,821,850.65 FY2010 $ 432,224.93 $ 2,385,585.08 $ 2,817,810.01 FY2011 $ 475,588.01 $ 2,731,871.90 $ 3,207,459.92 FY2012 $ 474,949.00 $ 2,726,308.83 $ 3,201,257.83 FY2013 $ 474,265.72 $ 2,721,153.33 $ 3,195,419.05 FY2014 $ 549,993.84 $ 3,325,521.58 $ 3,875,515.42 FY2015 $ 549,726.85 $ 3,323,660.59 $ 3,873,387.44 FY2016 $ 550,100.73 $ 3,325,366.81 $ 3,875,467.54 FY2017 $ 550,259.88 $ 3,327,003.39 $ 3,877,263.27 FY2018 $ 550,455.08 $ 3,327,528.44 $ 3,877,983.52 FY2019 $ 549,949.69 $ 3,323,681.87 $ 3,873,631.56 FY2020 $ 549,877.51 $ 3,324,913.20 $ 3,874,790.71 FY2021 $ 550,562.18 $ 3,328,458.10 $ 3,879,020.28 FY2022 $ 549,616.51 $ 3,323,262.12 $ 3,872,878.63 FY2023 $ 549,866.44 $ 3,323,892.71 $ 3,873,759.15 FY2024 $ 549,663.15 $ 3,322,914.61 $ 3,872,577.76 FY2025 $ 549,896.53 $ 3,324,502.16 $ 3,874,398.69 FY2026 $ 549,873.04 $ 3,323,686.37 $ 3,873,559.41 FY2027 $ 549,644.85 $ 3,322,898.50 $ 3,872,543.35 FY2028 $ 549,860.42 $ 3,323,372.36 $ 3,873,232.78 FY2029 $ 549,725.43 $ 3,322,960.56 $ 3,872,685.99 FY2030 $ 549,896.29 $ 3,324,371.78 $ 3,874,268.07 FY2031 $ 549,795.74 $ 3,322,962.04 $ 3,872,757.78 FY2032 $ 549,188.28 $ 3,319,648.31 $ 3,868,836.59 FY2033 $ 549,773.70 $ 3,323,517.24 $ 3,873,290.94 FY2034 $ 432,909.84 $ 2,389,831.25 $ 2,822,741.09 FY2035 $ 117,816.42 $ 985,333.58 $ 1,103,150.00 FY2036 $ 118,302.36 $ 989,397.64 $ 1,107,700.00 TOTAL $ 1415621287.49 $ 871,5481,885.59 $ 102,111,173.08 1 Includes 2004 COP, 2006 COP, and 2010 COP Civic Center payments. Note: Amounts shown above include principal and interest payments. S4.5o $4_aa 53.50 $3.00 1E 52.0 $7_oa $1.50 SLOO So-so S- .f C'Ivlc Center Total (All Phases) Debt Share by Fundiing Source V, � ,o rk M CY, o — C., M 1^ ..o 0 0 o a v ^ &-19 Gv r-4 &-%I e1-.r C1 r C -1 e.r C-.i &--.I C-12 a J Lam# !+? V%"O O G G Q C7 G Q Q C� Q O O C7 O O O Q <= O O C7 Q C O C7 O Q Q C? Q CV CV CV C%1 CIA C+j CV C+d C�11 CV CV C+1 C� C� CV CV CV C� CV CV C%f C1f elk CV CV CV C%11 CV C�1 CV Ctif H ■ Geneful Fund ■ PF0IF 2014 -01 -09 Workshop Agenda Packet Page 29 9 Page Intentionally Left Blank 2014 -01 -09 Workshop Agenda Packet Page 30 10 4W4��l l CITY OF CHULAVISTA Name of Debt Issued: 2004 COP Civic Center Phase I and Western Chula Vista Infrastructure PAR Amount: $37,240,000 $26.7m - CC Phase I and $10.5m - Western CV Infrastructure True Interest Cost: 4.65% Purpose of Debt (Project): Construction &Improvements to Civic Center Complex and Western Chula Vista Infrastructure Project Sources of Funds: PAR Amount: OID (Discount): OIP (Premium): TOTAL SOURCES: 4, 1 Uses of Funds: $37,240,000.00 Project Fund: $0.00 Capitalized Interest: $35,253.70 Cost of Issuance: Debt Service Reserve Fund: $37,275,253.70 TOTAL USES: tlil $31,776,000.00 $2,176,837.68 $926,504.76 $2,395,911.26 $37,275,253.70 Prepayment Periods (Call Dates): Disclosure Due Dates: March 1, 2014 through February 28, 2015: 101.00% March 1 - Financial Statements and Tables 1-4, 6, 7, 9 & 11 in March If 2015 through February 28, 2016: 100.50% Official Statement (page G -2) March If 2016 and thereafter 100.00% Financing Team: • Finance Director: Maria Kachadoorian • City Attorney: Ann Moore • Financial Advisor: Suzanne Harrell, Harrell & Company Advisors, LLC • Bond Counsel: Bob Whalen, Stradling, Yocca Carlson & Rauth • Bond Insurer: MBIA Insurance Corporation • Competitive Bid Purchaser: UBS Financial Services Inc. • Investment Providers: FSA Capital Management Services LLC (Reserve Fund) • Dissemination Agent: BNY Western Trust Company, N.A. • Disclosure Counsel: Stradling Yocca Carlson & Rauth • Trustee: BNY Western Trust Company, N.A. • Disclosure Administrator: NBS E sin sin 9151 3• 2004 CDP Debt Shure by Funding Savro I ■rAwd w ■!'Poi KT F.M ■ (*MMi111ii1#U 2014 -01 -09 Workshop Agenda Packet Page 31 11 N N 0 6 6 0 0 D M CL X, M rMIL co CD W N 2004 Certificates of Participation (Civic Center Phase I and Western Chula Vista Infrastructure) Scheduled Debt Service I Debt Share by Funding Source Civic Center Phase I WCV Infrastructure PFDIF (81.66 %) RCT Fund Capitalized Interest2 Annual Total Fiscal General Fund Period' 741,425.21 Principal 741,425.21 Interest $ Annual Total Year 1,435,412.47 (18.34 %) 2005 $ - $ 741,425.21 $ 741,425.21 FY2005 $ - $ 2006 $ - $ 1,617,655.00 $ 1,617,655.00 FY2006 $ 14,630.06 $ 2007 $ 775,000.00 $ 1,617,655.00 $ 2,392,655.00 FY2007 $ 192,077.43 $ 2008 $ 790,000.00 $ 1,602,155.00 $ 2,392,155.00 FY2008 $ 314,461.06 $ 2009 $ 810,000.00 $ 1,583,392.50 $ 2,393,392.50 FY2009 $ 314,623.74 $ 2010 $ 830,000.00 $ 1,561,117,50 $ 2,391,117,50 FY2010 $ 314,324,68 $ 2011 $ 855,000.00 $ 1,536,217.50 $ 2,391,217.50 FY2011 $ 314,337.82 $ 2012 $ 885,000.00 $ 1,507,361.26 $ 2,392,361.26 FY2012 $ 314,488.17 $ 2013 $ 915,000.00 $ 1,476,386.26 $ 2,391,386.26 FY2013 $ 314,360.01 $ 2014 $ 950,000.00 $ 1,442,073.76 $ 2,392,073.76 FY2014 $ 314,450.38 $ 2015 $ 985,000.00 $ 1,406,448.76 $ 2,391,448.76 FY2015 $ 314,368.22 $ 2016 $ 1,025,000.00 $ 1,369,511.26 $ 2,394,511.26 FY2016 $ 314,770.80 $ 2017 $ 1,065,000.00 $ 1,328,511.26 $ 2,393,511.26 FY2017 $ 314,639.35 $ 2018 $ 1,110,000.00 $ 1,285,911.26 $ 2,395,911.26 FY2018 $ 314,954.84 $ 2019 $ 1,155,000.00 $ 1,240,123.76 $ 2,395,123.76 FY2019 $ 314,851.32 $ 2020 $ 1, 200, 000.00 $ 1,191, 613.76 $ 2, 391, 613.76 FY2020 $ 314, 389.91 $ 2021 $ 1,255,000.00 $ 1,140,613.76 $ 2,395,613.76 FY2021 $ 314,915.73 $ 2022 $ 1,305,000.00 $ 1,085,707.50 $ 2,390,707.50 FY2022 $ 314,270.78 $ 2023 $ 1,365,000.00 $ 1,028,287.50 $ 2,393,287.50 FY2023 $ 314,609.93 $ 2024 $ 1,425,000.00 $ 966,862.50 $ 2,391,862.50 FY2024 $ 314,422.61 $ 2025 $ 1,490,000.00 $ 902,737.50 $ 2,392,737.50 FY2025 $ 314,537.63 $ 2026 $ 1,560,000.00 $ 833,825.00 $ 2,393,825.00 FY2026 $ 314,680.59 $ 2027 $ 1,630,000.00 $ 761,675.00 $ 2,391,675.00 FY2027 $ 314,397.96 $ 2028 $ 1,710,000.00 $ 684,250.00 $ 2,394,250.00 FY2028 $ 314,736.46 $ 2029 $ 1,790,000.00 $ 603,025.00 $ 2,393,025.00 FY2029 $ 314,575.43 $ 2030 $ 1,875,000.00 $ 518,000.00 $ 2,393,000.00 FY2030 $ 314,572.14 $ 2031 $ 1,970,000.00 $ 424,250.00 $ 2,394,250.00 FY2031 $ 314,736.46 $ 2032 $ 2,065,000.00 $ 325,750.00 $ 2,390,750.00 FY2032 $ 314,276.37 $ 2033 $ 2,170,000.00 $ 222,500.00 $ 2,392,500.00 FY2033 $ 314,506.41 $ 2034 $ 2,280,000.00 $ 114,000.00 $ 2,394,000.00 FY2034 $ 314,703.60 $ TOTAL $ 37,240,000.00 $ 32,119,042.81 $ 69,359,042.81 TOTAL $ 81699,669.89 $ 'Period represents Calendar Year, whereas Fiscal Year represents timeframe from July 1 st to June 30th of the following year. Capitalized Interest funded out of bond proceeds. Includes payments for both Civic Center Phase I and Western Chula Vista Infrastructure projects. PFDIF (81.66 %) RCT Fund Capitalized Interest2 Annual Total - $ 741,425.21 $ 741,425.21 115,995.44 $ 51,617.03 $ 1,435,412.47 $ 1,617,655.00 1,522,899.61 $ 677,677.96 $ - $ 2,392,655.00 1,400,157.59 $ 677,536.35 $ - $ 2,392,155.00 1,400,881.91 $ 677,886.85 $ - $ 2,393,392.50 1,399,550.33 $ 677,242,49 $ - $ 2,391,117,50 1,399,608.86 $ 677,270.82 $ - $ 2,391,217.50 1,400,278.32 $ 677,594.77 $ - $ 2,392,361.26 1,399,707.63 $ 677,318.62 $ - $ 2,391,386.26 1,400,110.04 $ 677,513.34 $ - $ 2,392,073.76 1,399,744.22 $ 677,336.32 $ - $ 2,391,448.76 1,401,536.74 $ 678,203.72 $ - $ 2,394,511.26 1,400,951.42 $ 677,920.49 $ - $ 2,393,511.26 1,402,356.18 $ 678,600.24 $ - $ 2,395,911.26 1,401,895.24 $ 678,377.20 $ - $ 2,395,123.76 1,399,840.80 $ 677,383.05 $ - $ 2,391,613.76 1,402,182.05 $ 678,515.98 $ - $ 2,395,613.76 1,399,310.35 $ 677,126.37 $ - $ 2,390,707.50 1,400,820.46 $ 677,857.11 $ - $ 2,393,287.50 1,399,986.39 $ 677,453.50 $ - $ 2,391,862.50 1,400,498.54 $ 677,701.33 $ - $ 2,392,737.50 1,401,135.06 $ 678,009.35 $ - $ 2,393,825.00 1,399,876.64 $ 677,400.40 $ - $ 2,391,675.00 1,401,383.82 $ 678,129.72 $ - $ 2,394,250.00 1,400,666.81 $ 677,782.76 $ - $ 2,393,025.00 1,400,652.18 $ 677,775.68 $ - $ 2,393,000.00 1,401,383.82 $ 678,129.72 $ - $ 2,394,250.00 1,399,335.22 $ 677,138.41 $ - $ 2,390,750.00 1,400,359.53 $ 677,634.06 $ - $ 2,392,500.00 1,401,237.49 $ 678,058.91 $ - $ 2,394,000.00 39,454,342.69 $ 19,028,192.55 $ 21176,837.68 $ 69,359,042.81 4W4��l f/ CITY OF CHULAVISTA Name of Debt Issued: 2006 COP Civic Center Phase II and Nature Center PAR Amount: $20,325,000 $18.1m — CC Phase II and $2,2m - Nature Center Net Interest Cost: 4.32% Purpose of Debt (Project): Construction &Improvements to Civic Center Complex and Nature Center M1 Sources of Funds: Uses of Funds: PAR Amount: $20,325,000.00 Project Fund: $17,183,964.00 OID (Discount): ($77,820.40) Capitalized Interest: $1,159,250.10 OIP (Premium): $0.00 Cost of Issuance: $405,884.21 Underwriter's Discount: $225,622.54 Debt Service Reserve Fund: $1,272,458.75 TOTAL SOURCES: $20,247,179.60 TOTAL USES: $20,247,179.60 Prepayment Periods (Call Dates): Disclosure Due Dates: March If 2016 and thereafter: 100.00% March 1 - Financial Statements and Tables 8, 9, 11, 14, 16, 17 & 18 in Official Statement (pages C -2 and C -3) Financing Team: • Finance Director: Maria Kachadoorian • City Attorney: Ann Moore • Financial Advisor: Suzanne Harrell, Harrell & Company Advisors, LLC • Bond Counsel: Bob Whalen, Stradling, Yocca Carlson & Rauth • Bond Insurer: AMBAC • Competitive Bid Purchaser: Morgan Stanley • Investment Providers: FSA Capital Management Services LLC (Reserve Fund) • Dissemination Agent: BNY Western Trust Company, N.A. • Disclosure Counsel: Stradling Yocca Carlson & Rauth • Trustee: BNY Western Trust Company, N.A. • Disclosure Administrator: NBS 206 COP Debt Share by Funding Source SIA 5124 S1 X1+1 no slag S449 MIQ s •:t ri Fr•l • "If ■ Gr•n41 FOW • fof i co") 2014 -01 -09 Workshop Agenda Packet Page 33 13 N 0 6 6 0 0 D M CL X, M rMIL co CD W 2006 Certificates of Participation (Civic Center Phase II and Nature Center) Scheduled Debt Service Debt Share by Funding Source Civic Center Phase II Fiscal General Fund PFDIF Period' Principal Interest Annual Total I Year (10.68 %) (89.32% 2007 $ - $ 804,727,52 $ 804,727,52 FY2007 $ - $ 2008 $ 435,000.00 $ 837,288.75 $ 1,272,288.75 FY2008 $ 84,555.10 $ 2009 $ 450,000.00 $ 822,498.75 $ 1,272,498.75 FY2009 $ 118,157.65 $ 2010 $ 465,000.00 $ 807,198.75 $ 1,272,198.75 FY2010 $ 117,900.26 $ 2011 $ 480,000.00 $ 791,388.75 $ 1,271,388.75 FY2011 $ 118,140.56 $ 2012 $ 495,000.00 $ 775,068.75 $ 1,270,068.75 FY2012 $ 118,326.39 $ 2013 $ 510,000.00 $ 758,238.75 $ 1,268,238.75 FY2013 $ 117,923.75 $ 2014 $ 530,000.00 $ 740,388.75 $ 1,270,388.75 FY2014 $ 117,974.48 $ 2015 $ 550,000.00 $ 721,308.75 $ 1,271,308.75 FY2015 $ 117,923.22 $ 2016 $ 570,000.00 $ 700,958.75 $ 1,270,958.75 FY2016 $ 118,300.76 $ 2017 $ 590,000.00 $ 679,583.75 $ 1,269,583.75 FY2017 $ 118,040.43 $ 2018 $ 615,000.00 $ 657,458.75 $ 1,272,458.75 FY2018 $ 118,254.03 $ 2019 $ 635,000.00 $ 633,627.50 $ 1,268,627.50 FY2019 $ 117,786.78 $ 2020 $ 660,000.00 $ 608,227.50 $ 1,268,227.50 FY2020 $ 118,256.70 $ 2021 $ 690,000.00 $ 581,827.50 $ 1,271,827.50 FY2021 $ 118,085.82 $ 2022 $ 715,000.00 $ 553,365.00 $ 1,268,365.00 FY2022 $ 118,288.74 $ 2023 $ 745,000.00 $ 523,871.25 $ 1,268,871.25 FY2023 $ 117,847.53 $ 2024 $ 780,000.00 $ 492,581.25 $ 1,272,581.25 FY2024 $ 117,803.74 $ 2025 $ 810,000.00 $ 459,431.25 $ 1,269,431.25 FY2025 $ 118,148.17 $ 2026 $ 845,000.00 $ 425,006.25 $ 1,270,006.25 FY2026 $ 117,822.43 $ 2027 $ 715,000.00 $ 389,093.75 $ 1,104,093.75 FY2027 $ 117,917.21 $ 2028 $ 745,000.00 $ 357,812.50 $ 1,102,812.50 FY2028 $ 117,780.38 $ 2029 $ 780,000.00 $ 325,218.75 $ 1,105,218.75 FY2029 $ 118,037.36 $ 2030 $ 815,000.00 $ 291,093.75 $ 1,106,093.75 FY2030 $ 118,130.81 $ 2031 $ 850,000.00 $ 255,437.50 $ 1,105,437.50 FY2031 $ 118,060.73 $ 2032 $ 885,000.00 $ 218,250.00 $ 1,103,250.00 FY2032 $ 117,827.10 $ 2033 $ 925,000.00 $ 178,425.00 $ 1,103,425.00 FY2033 $ 117,845.79 $ 2034 $ 970,000.00 $ 136,800.00 $ 1,106,800.00 FY2034 $ 118,206.24 $ 2035 $ 1,010,000.00 $ 93,150.00 $ 1,103,150.00 FY2035 $ 117,816.42 $ 2036 $ 1,060,000.00 $ 47,700.00 $ 1,107,700.00 FY2036 $ 118,302.36 $ TOTAL $ 20,325,000.00 $ 15,667,027.52 $ 35,992,027.52 TOTAL $ 31389,460.95 $ 'Period represents Calendar Year, whereas Fiscal Year represents timeframe from July 1 st to June 30th of the following year. Capitalized Interest funded out of bond proceeds. Includes payments for both Civic Center Phase II and Nature Center projects. Nature Center General Fund Capitalized (100.00 %) Interest2 Annual Total - $ - $ 804,727,52 $ 804,727,52 707,159.36 $ 126,051.73 $ 354,522.56 $ 1,272,288.75 988,187.35 $ 166,153.75 $ - $ 1,272,498.75 986,034.74 $ 168,263.75 $ - $ 1,272,198.75 988,044.44 $ 165,203.75 $ - $ 1,271,388.75 989,598.61 $ 162,143.75 $ - $ 1,270,068.75 986,231.25 $ 164,083.75 $ - $ 1,268,238.75 986,655.52 $ 165,758.75 $ - $ 1,270,388.75 986,226.78 $ 167,158.75 $ - $ 1,271,308.75 989,384.24 $ 163,273.75 $ - $ 1,270,958.75 987,207.07 $ 164,336.25 $ - $ 1,269,583.75 988,993.47 $ 165,211.25 $ - $ 1,272,458.75 985,085.72 $ 165,755.00 $ - $ 1,268,627.50 989,015.80 $ 160,955.00 $ - $ 1,268,227.50 987,586.68 $ 166,155.00 $ - $ 1,271,827.50 989,283.76 $ 160,792.50 $ - $ 1,268,365.00 985,593.73 $ 165,429.99 $ - $ 1,268,871.25 985,227.52 $ 169,549.99 $ - $ 1,272,581.25 988,108.09 $ 163,174.99 $ - $ 1,269,431.25 985,383.83 $ 166,799.99 $ - $ 1,270,006.25 986,176.54 $ - $ - $ 1,104,093.75 985,032.13 $ - $ - $ 1,102,812.50 987,181.39 $ - $ - $ 1,105,218.75 987,962.94 $ - $ - $ 1,106,093.75 987,376.78 $ - $ - $ 1,105,437.50 985,422.90 $ - $ - $ 1,103,250.00 985,579.21 $ - $ - $ 1,103,425.00 988,593.76 $ - $ - $ 1,106,800.00 985,333.58 $ - $ - $ 1,103,150.00 989,397.64 $ - $ - $ 1,107,700.00 28,347,064.80 $ 31096,251.69 $ 11159,250.08 $ 35,992,027.52 4W4��l f/ CITY OF CHULAVISTA Name of Debt Issued: 2010 COP Civic Center Phase III and Corporation Yard Refunding (2000 COP) PAR Amount: $29355,000 $12,8m — CC Phase III and $16.5m - Corp Yard Refunding Net Interest Cost: 5.57% Purpose of Debt (Project): Construction &Improvements to Civic Center Complex and refunding of COP Corporation Yard Construction &Improvements Sources of Funds: PAR Amount: OID (Discount): OIP (Premium): Debt Service Reserve Fund: TOTAL SOURCES: Uses of Funds: $29355,000.00 Project Fund: $9,347,515.00 ($709,819.05) Capitalized Interest: $1,867,819.82 $0.00 Cost of Issuance: $434,247.73 $1,889,067.91 Escrow Fund: $16,390,035.05 Debt Service Reserve Fund: $2,494,631.26 $30,534,248.86 TOTAL USES: $30,534,248.86 Prepayment Periods (Call Dates): March 1, 2020 and thereafter: 100.00% Disclosure Due Dates: April 1 - Financial Statements and Tables If 2, 4, 9, 10 & 11 in Official Statement (page D -2) Financing Team: • Finance Director: Maria Kachadoorian • City Attorney: Bart Miesfeld • Financial Advisor: Julio Morales, Public Financial Management • Bond Counsel: Bob Whalen, Stradling, Yocca Carlson & Rauth • Negotiated Issuance: E.J. De La Rosa & Co., Inc. • Dissemination Agent: U.S. Bank Trust N.A. • Disclosure Counsel: Stradling Yocca Carlson & Rauth • Trustee: U.S. Bank Trust N.A. • Disclosure Administrator: NBS 2010 COP Deht $h are by Funding Source SM S750 sf � s�sa S ■ GrrrrlF*M ■ 1Fa� ■ {fit #�f�d��s! a ir�e�iw�f ■ fFl� ■ i,�il�mr�l��f�i 2014 -01 -09 Workshop Agenda Packet Page 35 15 N 0 6 c°o 0 0 D M CL 0 X, M rMIL CD w a� 2010 Certificates of Participation (Civic Center Phase III and Corporation Yard Refunding (2000 COP); Scheduled Debt Service Debt Share by Funding Source 2000 COP Refunding (Corp Yard) 41.19% 58.81% Fiscal General Fund PFDIF Capitalized Period' Principal Interest Annual Total Year (41.19 %) (58.81 %) Interest3 2011 $ - $ 1,505,929.71 $ 1,505,929.71 FY2011 $ 202,297.64 $ 288,835.25 $ 2012 $ - $ 1,477,206.26 $ 1,477,206.26 FY2012 $ 197,721.39 $ 282,301.41 $ 2013 $ - $ 1,477,206.26 $ 1,477,206.26 FY2013 $ 197,005.89 $ 281,279.84 $ 2014 $ 1,015,000.00 $ 1,477,206.26 $ 2,492,206.26 FY2014 $ 591,439.49 $ 844,441.77 $ 2015 $ 1,055,000.00 $ 1,436,606.26 $ 2,491,606.26 FY2015 $ 591,686.63 $ 844,794.63 $ 2016 $ 1,085,000.00 $ 1,402,318.76 $ 2,487,318.76 FY2016 $ 591,424.04 $ 844,419.72 $ 2017 $ 1,130,000.00 $ 1,364,343.76 $ 2,494,343.76 FY2017 $ 592,278.74 $ 845,640.02 $ 2018 $ 1,170,000.00 $ 1,319,143.76 $ 2,489,143.76 FY2018 $ 591,372.56 $ 844,346.20 $ 2019 $ 1,235,000.00 $ 1,257,718.76 $ 2,492,718.76 FY2019 $ 592,603.11 $ 846,103.15 $ 2020 $ 1,300,000.00 $ 1,192,881.26 $ 2,492,881.26 FY2020 $ 592,968.67 $ 846,625.09 $ 2021 $ 1,370,000.00 $ 1,124,631.26 $ 2,494,631.26 FY2021 $ 592,469.24 $ 845,912.02 $ 2022 $ 1,425,000.00 $ 1,062,981.26 $ 2,487,981.26 FY2022 $ 591,593.95 $ 844,662.31 $ 2023 $ 1,495,000.00 $ 995,293.76 $ 2,490,293.76 FY2023 $ 591,243.84 $ 844,162.42 $ 2024 $ 1,570,000.00 $ 920,543.76 $ 2,490,543.76 FY2024 $ 591,243.84 $ 844,162.42 $ 2025 $ 1,650,000.00 $ 840,081.26 $ 2,490,081.26 FY2025 $ 591,890.00 $ 845,085.00 $ 2026 $ 1,735,000.00 $ 755,518.76 $ 2,490,518.76 FY2026 $ 591,480.68 $ 844,500.58 $ 2027 $ 1,825,000.00 $ 666,600.00 $ 2,491,600.00 FY2027 $ 592,075.36 $ 845,349.64 $ 2028 $ 1,925,000.00 $ 566,225.00 $ 2,491,225.00 FY2028 $ 591,869.41 $ 845,055.59 $ 2029 $ 2,030,000.00 $ 460,350.00 $ 2,490,350.00 FY2029 $ 592,363.69 $ 845,761.31 $ 2030 $ 2,140,000.00 $ 348,700.00 $ 2,488,700.00 FY2030 $ 591,385.43 $ 844,364.58 $ 2031 $ 2,255,000.00 $ 231,000.00 $ 2,486,000.00 FY2031 $ 590,994.12 $ 843,805.88 $ 2032 $ 945,000.00 $ 106,975.00 $ 1,051,975.00 FY2032 $ - $ - $ 2033 $ 1,000,000.00 $ 55,000.00 $ 1,055,000.00 FY2033 $ - $ - $ TOTAL $ 29,355,000.00 $ 22,044,461.11 $ 51,399,461.111 TOTAL $ 11,249,407.71 $ 16,061,608.83 $ 'Period represents Calendar Year, whereas Fiscal Year represents timeframe from July 1st to June 30th of the following year 'Capitalized Interest funded out of bond proceeds. Includes payments for both Civic Center Phase II and Nature Center projects 350,807.17 $ 345,858.46 $ 347,595.53 $ 1,044,261.16 $ Capitalized Interest3 Annual Total 276,661.41 Civic Center Phase III 11.13% $ 1,477,206.26 88.87% General Fund - PFDIF (11.13 %) $ 2,491,606.26 (88.87 %) 43,109.63 $ 344,218.60 $ 42,134.43 $ 336,431.91 $ 41,981.96 $ 335,214.45 $ 117,568.97 $ 938,756.03 $ 117,435.41 $ 937,689.59 $ 117,029.17 $ 934,445.83 $ 117,580.10 $ 938,844.90 $ 117,246.20 $ 936,178.80 $ 117,311.59 $ 936,700.91 $ 117,230.90 $ 936,056.60 $ 117,560.63 $ 938,689.38 $ 117,056.99 $ 934,668.01 $ 117,408.98 $ 937,478.52 $ 117,436.80 $ 937,700.70 $ 117,210.73 $ 935,895.53 $ 117,370.02 $ 937,167.48 $ 117,329.68 $ 936,845.32 $ 117,343.59 $ 936,956.41 $ 117,112.64 $ 935,112.36 $ 117,193.34 $ 935,756.67 $ 116,998.56 $ 934,201.44 $ 117,084.82 $ 934,890.18 $ 117,421.50 $ 937,578.50 $ 2,473,156.65 $ 19,747,478.11 $ Capitalized Interest3 Annual Total 276,661.41 $ 1,505,929.71 272,758.66 $ 1,477,206.26 274,128.59 $ 1,477,206.26 - $ 2,492,206.26 - $ 2,491,606.26 - $ 2,487,318.76 - $ 2,494,343.76 - $ 2,489,143.76 - $ 2,492,718.76 - $ 2,492,881.26 - $ 2,494,631.26 - $ 2,487,981.26 - $ 2,490,293.76 - $ 2,490,543.76 - $ 2,490,081.26 - $ 2,490,518.76 - $ 2, 491, 600.00 - $ 2,491,225.00 - $ 2,490,350.00 - $ 2,488,700.00 - $ 2,486,000.00 - $ 1,051,975.00 - $ 1,055,000.00 823,548.66 $ 51,399,461.11 REDEVELOPMENT AGENCY/ SUCCESSOR AGENCY BONDED INDEBTEDNESS OUTSTANDING ISSUANCES UPDATED DECEMBER 2013 CITY OF CHULAVISTA 17 2014 -01 -09 Workshop Agenda Packet Page 38 18 REDEVELOPMENT AGENCY/SUCCESSOR AGENCY Total Annual Debt Service Payments (Principal and Interest) Fiscal Year 2006 Series A TABS 2006 Series B TABS 2008 TABS 2005 E RAF 2006 E RAF Total FY 2008 $ 1,023,689.33 $ 1,000,327.14 $ - $ 99,438.00 $ 123,872.98 $ 2,247,327.45 FY 2009 $ 1,025,545.00 $ 1,004,365.00 $ 104,393.93 $ 101,752.00 $ 128,158.50 $ 2,364,214.43 FY 2010 $ 1,027,145.00 $ 1,002,965.00 $ 963,636.26 $ 98,704.00 $ 123,886.50 $ 3,216,336.76 FY 2011 $ 1,027,945.00 $ 1,000,433.76 $ 963,636.26 $ 100,570.00 $ 124,558.50 $ 3,217,143.52 FY 2012 $ 1,027,945.00 $ 1,001,733.76 $ 963,636.26 $ 102,118.00 $ 124,934.50 $ 3,220,367.52 FY 2013 $ 1,027,145.00 $ 1,001,033.76 $ 963,636.26 $ 98,354.00 $ 125,002.50 $ 3,215,171.52 FY 2014 $ 1,027,845.00 $ 999,433.76 $ 963,636.26 $ 99,526.00 $ 124,749.00 $ 3,215,190.02 FY 2015 $ 1,027,420.00 $ 1,001,433.76 $ 1,538,636.26 $ 100,356.00 $ 124,169.00 $ 3,792,015.02 FY 2016 $ 1,025,870.00 $ 1,001,758.76 $ 1,540,636.26 $ 100,880.00 $ 128,278.50 $ 3,797,423.52 FY 2017 $ 1,026,270.00 $ 1,000,358.76 $ 1,536,636.26 $ - $ 126,804.00 $ 3,690,069.02 FY 2018 $ 1,025,030.00 $ 1,001,608.76 $ 1,536,836.26 $ - $ - $ 3,563,475.02 FY 2019 $ 1,027,598.76 $ 1,001,358.76 $ 1,536,036.26 $ - $ - $ 3,564,993.78 FY 2020 $ 1,023,061.26 $ 999,608.76 $ 1,539,236.26 $ - $ - $ 3,561,906.28 FY 2021 $ 1,027,461.26 $ 1,000,693.76 $ 1,536,236.26 $ - $ - $ 3,564,391.28 FY 2022 $ 1,024,430.00 $ 999,993.76 $ 1,537,236.26 $ - $ - $ 3,561,660.02 FY 2023 $ 1,024,890.00 $ 1,002,325.00 $ 1,536,092.50 $ - $ - $ 3,563,307.50 FY 2024 $ 1,022,990.00 $ 1,001,637.50 $ 1,538,122.50 $ - $ - $ 3,562,750.00 FY 2025 $ 1,024,515.00 $ 1,003,850.00 $ 1,537,862.50 $ - $ - $ 3,566,227.50 FY 2026 $ 1,024,240.00 $ 1,003,700.00 $ 1,540,456.26 $ - $ - $ 3,568,396.26 FY 2027 $ 536,230.00 $ 526,187.50 $ 1,536,076.26 $ - $ - $ 2,598,493.76 FY 2028 $ 538,690.00 $ 526,250.00 $ 1,539,226.26 $ - $ - $ 2,604,166.26 FY 2029 $ - $ - $ 1,540,351.26 $ - $ - $ 1,540,351.26 FY 2030 $ - $ - $ 1,538,431.26 $ - $ - $ 1,538,431.26 FY 2031 $ - $ - $ 1,539,175.00 $ - $ - $ 1,539,175.00 FY 2032 $ - $ - $ 1,537,606.26 $ - $ - $ 1,537,606.26 FY 2033 $ - $ - $ 1,538,725.00 $ - $ - $ 1,538,725.00 FY 2034 $ - $ - $ 1,540,775.00 $ - $ - $ 1,540,775.00 FY 2035 $ - $ - $ 1,539,975.00 $ - $ - $ 1,539,975.00 FY 2036 $ - $ - $ 1,536,325.00 $ - $ - $ 1,536,325.00 FY 2037 $ - $ - $ 1,539,825.00 $ - $ - $ 1,539,825.00 Total $ 20,565,955.61 $ 20,081,057.26 $ 40,303,090.37 $ 1,002,474.00 $ 1,254,413.98 $ 83,206,991.22 TABS = Tax Allocation Bonds. These bonds are issued in conjunction with a redevelopment project. Please see "Definition of Terms" for more information. 2014 -01 -09 Workshop Agenda Packet Page 39 19 REDEVELOPMENT AGENCY /SUCCESSOR AGENCY Annual Debt Service Payments (Principal and Interes .0%.00 N 0 o 53.50 3 1 O 53.00 0 = S2,50 M :E S2.00 CL $1.50 M rMIL 51.00 50.50 - IV O t n ■■ c� CD 0 v v CIO O o 0 0 0 0 � Cra n c+ c-4 c•a C14 Cie C%4 CV cx.i cr, VI) CW% C-30 c17 C17 o a O O 7 o 0 0 0 o p O C o o O O O Q G <= V%1 cl r c14 e.a e.4 e.4 0" CIQ C%4 C%1 c.4 c.a C-4 c14 e14 e*4 ew C%t c.1 om V%4 e.a c., c1%1 ew er V.4 C" C%1 C%4 L-" � %.J 1-" L.L.- LL LL iV &a- L4 L� i � LL LY L- L>L- L� L 426. a6: LL 6>&- LL Lf LL 6V ■ 2006 Series A TABS 1 2006 Series B TABS 2000 TABS 12005 ERAF 2006 ERAF ax Allocation tsonas �ummar Notes: Original Issuance only includes Principal amount 20utstanding Balance as of June 30, 2012 ax Allocation tiondS HeQ eU ASSets Date of Original Outstanding Tax revenues allocated to the Agency's Bayfront /Town Centre Redevelopment Project Area excluding: Final Interest ax Allocation Bonds Description Issuance Issuance' Balance Purpose Call Date Term Maturity Rate )06 Senior Tax Allocation Bonds, Series A Bayfront /Town Centre Redevelopment Project 08/03/2006 $13,435,000 $11,080,000 New Money 09/01/2012 30 years 2027 4.601 )06 Subordinate Tax Allocation Bonds, Series B Bayfront /Town Centre Redevelopment Project 08/03/2006 $12,325,000 $10,300,000 New Money 09/01/2012 30 years 2027 5.251 )08 Tax Allocation Refunding Bonds Merged Redevelopment Project 07/22/2008 $21,625,000 $21,625,000 New Money 09/01/2018 30 years 2036 4.751 Total Tax Allocation Bonds 1 $47,385,000 $43,005,000 Notes: Original Issuance only includes Principal amount 20utstanding Balance as of June 30, 2012 ax Allocation tiondS HeQ eU ASSets Tax Allocation Bonds Pledged Assets Tax revenues allocated to the Agency's Bayfront /Town Centre Redevelopment Project Area excluding: a) amounts required to be deposited in the Agency's low and moderate income housing fund pursuant to Section 33334.3 of the Redevelopment Law b) amounts payable to the Agency by the State pursuant to Section 16112.7 of the California Government Code 2006 Senior Tax Allocation Bonds, Series A c) amounts required to be paid pursuant to the Tax Sharing Statutes Surplus tax revenues allocated to the Agency's Bayfront /Town Centre Redevelopment Project Area excluding: a) amounts required to be deposited in the Agency's low and moderate income housing fund pursuant to Section 33334.3 of the Redevelopment Law b) amounts payable to the Agency by the State pursuant to Section 16112.7 of the California Government Code 2006 Subordinate Tax Allocation Bonds, Series B c) amounts required to be paid pursuant to the Tax Sharing Statutes Bonds secured by a lien on all of the Tax Revnues annually allocated to the Agency's Merged Redevelopment Project Area, excluding: a) all payments, subventions and reimbursements (if any) to the Agency specifically attributable to ad valoren taxes lost by a reason of tax exemptions and tax rate limitations 2008 Tax Allocation Refunding Bonds b) all amounts of such taxes required to be deposited into the Low and Moderate Income Housing Fund in any fiscal year pursuant to Section 33334.3 of the Redevelopment Law n OF CHULAVISTA Name of Debt Issued: 2006 Senior TAB Refunding Bonds Series A PAR Amount: $13,435,000 True Interest Cost: 4.96% Purpose of Debt (Project): Sources of Funds: Bond Proceeds PAR Amount: OID (Discount) Other Sources of Funds Existing Debt Service: TOTAL SOURCES: Refinance 1994 A Bonds (The Bayfront /Town Centre Project Area) Uses of Funds: I Prepayment Periods (Call Dates): September 1, 2012 through August 31, 2013: 102.00% September If 2013 through August 31, 2014: 101.00% September If 2014 and thereafter: 100.00% Disclosure Due Dates: February 15 — Financial Statements and Tables 1 -6 in Official Statement (pages D -2 and D -3) Financing Team: • Finance Director: Maria Kachadoorian • City Attorney: Ann Moore • Financial Advisor: Suzanne Harrell, Harrell & Company Advisors, LLC • Bond Counsel: Bob Whalen, Stradling, Yocca Carlson & Rauth • Bond Insurer: AMBAC Assurance Corporation • Negotiated Issuance: E.J. De La Rosa & Co., Inc. • Investment Providers: Rabo Bank International • Dissemination Agent: U.S. Bank, N.A. • Disclosure Counsel: Stradling Yocca Carlson & Rauth • Trustee: U.S. Bank,N.A. • Disclosure Administrator: NBS 2014 -01 -09 Workshop Agenda Packet Page 41 21 Refunding Escrow Deposits $13,435,000.00 Cash Deposits: $1,072.25 ($96,585.40) Open Market Purchases: $13,191,671.50 Other Fund Deposits $1,306,246.01 Debt Service Reserve Fund: $1,027,945.00 Delivery Date Expenses Cost of Issuance: $158,470.25 Underwriter's Discount: $120,915.00 Bond Insurance: $271,470.61 $14,771,544.61 TOTAL USES: $14,771,544.61 Prepayment Periods (Call Dates): September 1, 2012 through August 31, 2013: 102.00% September If 2013 through August 31, 2014: 101.00% September If 2014 and thereafter: 100.00% Disclosure Due Dates: February 15 — Financial Statements and Tables 1 -6 in Official Statement (pages D -2 and D -3) Financing Team: • Finance Director: Maria Kachadoorian • City Attorney: Ann Moore • Financial Advisor: Suzanne Harrell, Harrell & Company Advisors, LLC • Bond Counsel: Bob Whalen, Stradling, Yocca Carlson & Rauth • Bond Insurer: AMBAC Assurance Corporation • Negotiated Issuance: E.J. De La Rosa & Co., Inc. • Investment Providers: Rabo Bank International • Dissemination Agent: U.S. Bank, N.A. • Disclosure Counsel: Stradling Yocca Carlson & Rauth • Trustee: U.S. Bank,N.A. • Disclosure Administrator: NBS 2014 -01 -09 Workshop Agenda Packet Page 41 21 2006 Senior TAB Refunding Bonds Series A Scheduled Debt Service Period' Principal Interest Annual Total Period Principal Interest 2007 $ 395,000.00 $ 628,689.33 $ 1,023,689.33 2008 $ 460,000.00 $ 565,545.00 $ 1,025,545.00 2009 $ 480,000.00 $ 547,145.00 $ 1,027,145.00 2010 $ 500,000.00 $ 527,945.00 $ 1,027,945.00 2011 $ 520,000.00 $ 507,945.00 $ 1,027,945.00 2012 $ 540,000.00 $ 487,145.00 $ 1,027,145.00 2013 $ 565,000.00 $ 462,845.00 $ 1,027,845.00 2014 $ 590,000.00 $ 437,420.00 $ 1,027,420.00 2015 $ 615,000.00 $ 410,870.00 $ 1,025,870.00 2016 $ 640,000.00 $ 386,270.00 $ 1,026,270.00 2017 $ 665,000.00 $ 360,030.00 $ 1,025,030.00 2018 $ 695,000.00 $ 332,598.76 $ 1,027,598.76 2019 $ 720,000.00 $ 303,061.26 $ 1,023,061.26 2020 $ 755,000.00 $ 272,461.26 $ 1,027,461.26 2021 $ 785,000.00 $ 239,430.00 $ 1,024,430.00 2022 $ 820,000.00 $ 204,890.00 $ 1,024,890.00 2023 $ 855,000.00 $ 167,990.00 $ 1,022,990.00 2024 $ 895,000.00 $ 129,515.00 $ 1,024,515.00 2025 $ 935,000.00 $ 89,240.00 $ 1,024,240.00 2026 $ 490,000.00 $ 46,230.00 $ 536,230.00 2027 $ 515,000.00 $ 23,690.00 $ 538,690.00 TOTAL $ jj 13,435,000.00 $M 7,130,955.61 $ 20,565,955.61 'Period represents period ending September 1. 00 Senior TAB (Series A) Scheduled Debt Service sl.20 S LOO $0.80 Q $0.60 50.40 sa.20 50.00 1 C-i cl�- -:7- Lz, P- C a a o 0 0 o o o 0 0 0 0 0 0 0 0 0 o a c� c4 c-a s� c^a N LV [ !V 4'+1 N [V C-1 CV N c 4 c� c-4 cis Principal ■ Interest 2014 -01 -09 Workshop Agenda Packet Page 42 22 n OF CHULAVISTA Name of Debt Issued: 2006 Subordinate TAB Refunding Bonds Series B PAR Amount: $12,325,000 True Interest Cost: 5.30% Purpose of Debt (Project): Refinance 1994 C & D Bonds (The Bayfront /Town Centre Project Area) Sources of Funds: Bond Proceeds PAR Amount: $12,325,000.00 OID (Discount) ($97,346.35) Other Sources of Funds $5,254,157.89 Existing Debt Service: $833,151.36 Debt Service Fund: $609,724.93 TOTAL SOURCES: $13,670,529.94 Prepayment Periods (Call Dates): October If 2012 through September 30, 2013: 102.00% October 1, 2013 through September 30, 2014: 101.00% October 1, 2014 and thereafter: 100.00% A'' M. f y Y Uses of Funds: Refunding Escrow Deposits Cash Deposits: $796.22 SLG /Purchases /Cash: $7,115,825.00 Open Market Purchases: $5,254,157.89 Other Fund Deposits Debt Service Reserve Fund: $1,002,165.00 Delivery Date Expenses Cost of Issuance: $106,548.33 Underwriter's Discount: $191,037.50 TOTAL USES: $13,670,529.94 Disclosure Due Dates: February 15 - Financial Statements and Tables 1 -6 in Official Statement (pages D -2 and D -3) Financing Team: • Finance Director: Maria Kachadoorian • City Attorney: Ann Moore • Financial Advisor: Suzanne Harrell, Harrell & Company Advisors, LLC • Bond Counsel: Bob Whalen, Stradling, Yocca Carlson & Rauth • Bond Insurer: None • Negotiated Issuance: E.J. De La Rosa & Co., Inc. • Investment Providers: Citigroup Financial Products • Dissemination Agent: U.S. Bank, N.A. • Disclosure Counsel: Stradling Yocca Carlson & Rauth • Trustee: U.S. Bank, N.A. • Disclosure Administrator: NBS 2014 -01 -09 Workshop Agenda Packet Page 43 23 2006 Subordinate TAB Refunding Bonds Series B Scheduled Debt Service Period' Principal Interest Annual Total 2007 $ 290,000.00 $ 710,327.14 $ 1,000,327.14 2008 $ 410,000.00 $ 594,365.00 $ 1,004,365.00 2009 $ 425,000.00 $ 577,965.00 $ 1,002,965.00 2010 $ 440,000.00 $ 560,433.76 $ 1,000,433.76 2011 $ 460,000.00 $ 541,733.76 $ 1,001,733.76 2012 $ 480,000.00 $ 521,033.76 $ 1,001,033.76 2013 $ 500,000.00 $ 499,433.76 $ 999,433.76 2014 $ 525,000.00 $ 476,433.76 $ 1,001,433.76 2015 $ 550,000.00 $ 451,758.76 $ 1,001,758.76 2016 $ 575,000.00 $ 425,358.76 $ 1,000,358.76 2017 $ 605,000.00 $ 396,608.76 $ 1,001,608.76 2018 $ 635,000.00 $ 366,358.76 $ 1,001,358.76 2019 $ 665,000.00 $ 334,608.76 $ 999,608.76 2020 $ 700,000.00 $ 300,693.76 $ 1,000,693.76 2021 $ 735,000.00 $ 264,993.76 $ 999,993.76 2022 $ 775,000.00 $ 227,325.00 $ 1,002,325.00 2023 $ 815,000.00 $ 186,637.50 $ 1,001,637.50 2024 $ 860,000.00 $ 143,850.00 $ 1,003,850.00 2025 $ 905,000.00 $ 98,700.00 $ 1,003,700.00 2026 $ 475,000.00 $ 51,187.50 $ 526,187.50 2027 $ 500,000.00 $ 26,250.00 $ 526,250.00 TOTAL $ 12,325,000.00 $ 7,756,057.26 $ 20,081,057.26 'Period represents period ending October 1. s1 ,1Q I.00 C so.ao r� SE SO.V0 Sa.4l o.20 $0.00 F— 1� e Lill - rw an fl+ a CV era 1r L^ •.4 rw CD a o — — r■a sue+ C-A 0.4 e- c- cw C- C 0 0 0 0 0 0 o e a e a C:A Cs e e e e a e c-j c-4 cw cw cam+ c"t c.+ c4 c-A e+a c+4 C-4 e.A c4 c.+ ■ Principal ■ Interest 2006 Subordinate TAB (Series B ) Scheduled Debt Service 2014 -01 -09 Workshop Agenda Packet Page 44 24 n OF CHULAVISTA Name of Debt Issued: 2008 TAB Refunding Bonds PAR Amount: $21,625,000 True Interest Cost: 4.93% Purpose of Debt (Project): Refinance 2000 TABS and to provide funds for redevelopment activities. Sources of Funds: Bond Proceeds PAR Amount: OID (Discount) Other Sources of Funds 2000 Bonds on Deposit: 2000 DSRF +Accrued Interest: 2000 Debt Service Fund: TOTAL SOURCES: Prepayment Periods (Call Dates): September 1, 2019: 100.00% rarer i Financing Team: • Finance Director: Maria Kachadoorian • City Attorney: Bart Meisfeld • Financial Advisor: Suzanne Harrell, Harrell & Company Advisors, LLC • Bond Counsel: Bob Whalen, Stradling, Yocca Carlson & Rauth • Bond Insurer: FSA • Negotiated Issuance: E.J. De La Rosa & Co., Inc. • Investment Providers: None • Dissemination Agent: U.S. Bank, N.A. • Disclosure Counsel: Stradling Yocca Carlson & Rauth • Trustee: U.S. Bank, N.A. • Disclosure Administrator: NBS 2014 -01 -09 Workshop Agenda Packet Page 45 25 Uses of Funds: Refunding Escrow Deposits $21,625,000.00 Cash Deposits: $0.64 ($401,835.80) Open Market Purchases: $15,835,267.00 Other Fund Deposits $3,239,043.76 Debt Service Reserve Fund: $1,540,775.00 $1,233,914.23 Delivery Date Expenses $481,088.23 Cost of Issuance: $216,010.20 Underwriter's Discount: $177,325.00 Bond Insurance: $636,788.83 Other Uses of Funds Street Improvements: $800,000.00 Repay City Loan: $3,732,000.00 2000 Bonds Redevelopment: $3,239,043.75 $26,177,210.42 TOTA $26,177,210.42 Disclosure Due Dates: March 31 - Financial Statements and Tables 1 -7 in Official Statement (page E -2) Financing Team: • Finance Director: Maria Kachadoorian • City Attorney: Bart Meisfeld • Financial Advisor: Suzanne Harrell, Harrell & Company Advisors, LLC • Bond Counsel: Bob Whalen, Stradling, Yocca Carlson & Rauth • Bond Insurer: FSA • Negotiated Issuance: E.J. De La Rosa & Co., Inc. • Investment Providers: None • Dissemination Agent: U.S. Bank, N.A. • Disclosure Counsel: Stradling Yocca Carlson & Rauth • Trustee: U.S. Bank, N.A. • Disclosure Administrator: NBS 2014 -01 -09 Workshop Agenda Packet Page 45 25 2008 TAB Refunding Bonds Scheduled Debt Service Period' Principal Interest Annual Total 2008 $ - $ 104,393.93 $ 104,393.93 2009 $ - $ 963,636.26 $ 963,636.26 2010 $ - $ 963,636.26 $ 963,636.26 2011 $ - $ 963,636.26 $ 963,636.26 2012 $ - $ 963,636.26 $ 963,636.26 2013 $ - $ 963,636.26 $ 963,636.26 2014 $ 575,000.00 $ 963,636.26 $ 1,538,636.26 2015 $ 600,000.00 $ 940,636.26 $ 1,540,636.26 2016 $ 620,000.00 $ 916,636.26 $ 1,536,636.26 2017 $ 645,000.00 $ 891,836.26 $ 1,536,836.26 2018 $ 670,000.00 $ 866,036.26 $ 1,536,036.26 2019 $ 700,000.00 $ 839,236.26 $ 1,539,236.26 2020 $ 725,000.00 $ 811,236.26 $ 1,536,236.26 2021 $ 755,000.00 $ 782,236.26 $ 1,537,236.26 2022 $ 785,000.00 $ 751,092.50 $ 1,536,092.50 2023 $ 820,000.00 $ 718,122.50 $ 1,538,122.50 2024 $ 855,000.00 $ 682,862.50 $ 1,537,862.50 2025 $ 895,000.00 $ 645,456.26 $ 1,540,456.26 2026 $ 930,000.00 $ 606,076.26 $ 1,536,076.26 2027 $ 975,000.00 $ 564,226.26 $ 1,539,226.26 2028 $ 1,020,000.00 $ 520,351.26 $ 1,540,351.26 2029 $ 1,065,000.00 $ 473,431.26 $ 1,538,431.26 2030 $ 1,115,000.00 $ 424,175.00 $ 1,539,175.00 2031 $ 1,165,000.00 $ 372,606.26 $ 1,537,606.26 2032 $ 1,220,000.00 $ 318,725.00 $ 1,538,725.00 2033 $ 1,280,000.00 $ 260,775.00 $ 1,540,775.00 2034 $ 1,340,000.00 $ 199,975.00 $ 1,539,975.00 2035 $ 1,400,000.00 $ 136,325.00 $ 1,536,325.00 2036 $ 1,470,000.00 $ 69,825.00 $ 1,539,825.00 TOTAL $ ji 21,625,000.00 $L 18,678,090.37 $ 40,303,090.37 'Period represents period ending September 1. $1.80 S1.60 51.40 $110 i2 $1.00 50.90 SO.60 50.40 Sn.20 SO.60 2008 TAB Scheduled Debt Service as o� C-4 %M r-I eo a% o cr c*� Iw to -.0 r— mo v� C-4 � � �� 0 o c.A c-.� 0-.t c� c-4 c-a 9 c� CP cYs c+5 c+y c+ 41 y 4:1- 0 0 7 o 0 0 0 0 0 0 o a CO 0 0 Q � � � � �. c.Q e.Q e.+ cam+ cam+ c.+ cl.r e.r cue e.4 C.Q e" cIQ e.A s.a ra c+ t c .r cw cr er r, cam+ eu C"t c.t c.+ C- m Frindpal ■ Interest 2014 -01 -09 Workshop Agenda Packet Page 46 26 CRAIERAF Loan Program (All Project Areas) 10 Year Non - Callable As part of the effort to balance the budget of the State of California, redevelopment agencies across the state were obligated to make payments totaling $250 million to the Educational Revenue Augmentation Fund (ERAF). Individual ERAF payments were determined based on the Agency's tax increment as a proportion of the total tax increment of all agencies throughout the State. As part of the legislation that mandated the payment, the California Redevelopment Association (CRA) created the CRA /ERAF Loan Program, which allowed agencies to spread the payment over 10 years. 04 -05 CRA /ERAF 05 -06 CRA /ERAF $0.25 SOA C ! $0.15 $0.10 SO.05 CD o 4+a 9� 90 +� rw 04 -05 CRA:ERAF =: 05-06 CRkERAF 2014 -01 -09 Workshop Agenda Packet Page 47 27 Par $765,000 Par: $930,000 Total Annual Debt Date NIC: 4.88% TIC: 5.87% Service August 1, 2006 $ 100,776.00 $ - $ 100,776.00 August 1, 2007 $ 99,438.00 $ 123,872.98 $ 223,310.98 August 1, 2008 $ 101,752.00 $ 128,158.50 $ 229,910.50 August 1, 2009 $ 98,704.00 $ 123,886.50 $ 222,590.50 August 1, 2010 $ 100,570.00 $ 124,558.50 $ 225,128.50 August 1, 2011 $ 102,118.00 $ 124,934.50 $ 227,052.50 August 1, 2012 $ 98,354.00 $ 125,002.50 $ 223,356.50 August 1, 2013 $ 99,526.00 $ 124,749.00 $ 224,275.00 August 1, 2014 $ 100,356.00 $ 124,169.00 $ 224,525.00 August 1, 2015 $ 100,880.00 $ 128,278.50 $ 229,158.50 August 1, 2016 $ - $ 126,804.00 $ 126,804.00 Total $ 1,002,474.00 $ 1,254,413.98 $ 2,256,887.98 CRA f ERAF Loan Program Scheduled Debt Service $0.25 SOA C ! $0.15 $0.10 SO.05 CD o 4+a 9� 90 +� rw 04 -05 CRA:ERAF =: 05-06 CRkERAF 2014 -01 -09 Workshop Agenda Packet Page 47 27 Page Intentionally Left Blank 2014 -01 -09 Workshop Agenda Packet Page 48 28 CITY OF CHULA VISTA OTHER BONDED INDEBTEDNESS HUD SECTION 108 LOAN UPDATED DECEMBER 2013 CITY OF CHULAVISTA 29 2014 -01 -09 Workshop Agenda Packet Page 50 30 Department of Housing and Development (HUD) Section 108 Loan In 2006, the City of Chula Vista applied for and was awarded a Section 108 Loan for the Castle Park Infrastructure Improvement Project by the Department of Housing and Urban Development (HUD). The Section 108 Loan is an "advance" of future Community Development Block Grant (CDBG) entitlement funds and, as such, debt service payments for the Section 108 Loan will be made with a portion of the City's annual CDBG entitlement for a period of 20 years. HUD 108 Consolidated Scheduled Debt Service Period' Principal Interest Annual Total 2009 $ 287,000.00 $ 512,647.98 $ 799,647.98 2010 $ 302,000.00 $ 443,711.10 $ 745,711.10 2011 $ 317,000.00 $ 434,318.90 $ 751,318.90 2012 $ 332,000.00 $ 423,414.10 $ 755,414.10 2013 $ 349,000.00 $ 410,731.70 $ 759,731.70 2014 $ 367,000.00 $ 396,771.70 $ 763,771.70 2015 $ 385,000.00 $ 381,577.90 $ 766,577.90 2016 $ 404,000.00 $ 364,907.40 $ 768,907.40 2017 $ 425,000.00 $ 346,808.20 $ 771,808.20 2018 $ 446,000.00 $ 327,428.20 $ 773,428.20 2019 $ 468,000.00 $ 306,823.00 $ 774,823.00 2020 $ 492,000.00 $ 284,031.40 $ 776,031.40 2021 $ 516,000.00 $ 259,628.20 $ 775,628.20 2022 $ 542,000.00 $ 233,570.20 $ 775,570.20 2023 $ 569,000.00 $ 205,765.60 $ 774,765.60 2024 $ 597,000.00 $ 176,234.50 $ 773,234.50 2025 $ 627,000.00 $ 144,892.00 $ 771,892.00 2026 $ 659,000.00 $ 111,661.00 $ 770,661.00 2027 $ 692,000.00 $ 76,470.40 $ 768,470.40 2028 $ 724,000.00 $ 39,240.80 $ 763,240.80 TOTAL $ 9,500,000.00 $ 5,880,634.28 $ 15,380,634.28 Period represents period ending August 1. K90 $0.80 SO.70 M SO.60 0.50 $0.40 50.30 50.20 $0.10 S- HUD Section 108 Scheduled Debt Service Glenhaven Way Improvements r 44+ M 1 ; Oxford Street Improvements Second Avenue Improvements �4 CM, a rw C-1% -W LM rw c� v ^ � s*+ e-a C*+ CIO iV Cti+ W M o v a o o a e a C* C v o 0 0 0 VIA C--A c.+ e.+ c.+ c.i CI- c.+ c+A c+4 ew c-A ■ Prinripni Interest 2014 -01 -09 Workshop Agenda Packet Page 51 31 Page Intentionally Left Blank 2014 -01 -09 Workshop Agenda Packet Page 52 32 CITY OF CHULA VISTA OTHER BONDED INDEBTEDNESS SPECIAL TAX DISTRICTS UPDATED DECEMBER 2013 44Z CITY OF CHULAVISTA 33 2014 -01 -09 Workshop Agenda Packet Page 54 34 co Cn N O O 3 1 O 0 0 D M CL X, rMIL CD CA CA 3peciai i axiiAssessmenr uisrricr 1 U11Ub Notes: 11Original Issuance only includes Principal amount 20utstanding Balance as of June 30, 2012 with the exception of the Special Tax Revenue Refunding Bonds, Series 2013 which represents the Outstanding Balance as of 08/21/2013 closing date. 3Districts that were refunded within the Revenue Refunding Bonds Series A include: AD 90 -1, AD 90 -3, and AD 91 -1 'Districts that were refinanced within the Revenue Refunding Bonds Series B include: AD 88 -1, AD 90 -2, and AD 92 -2 'Districts that were refinanced within the Series 2005A include: AD 87 -1, AD 88 -2, AD 97 -2, CFD 97 -3, CFD 99 -1, CFD 2000 -1, and CFD 2001 -1 Improvement Area A 6Districts that were refunded within the Series 2005A include: CFD 06 -1 Improvement Area A, CFD 06 -1 Improvement Area B, CFD 07- 12004, CFD 08 -1, and CFD 2001 -2. The underlying rating of the bonds as rated by S &P is BBB+ and the insured bonds rating is AA. Community Facilities District (CFD) are special tax districts created under the Mello -Roos Act. Date of Original Outstanding Final Interest Special Tax /Assessment District Bonds Description Issuance Issuance' Balance Purpose Call Date Term Maturity Rate AD No. 94 -1 Limited Obligation Improvement Bonds Eastlake Greens - Phase 2 06/17/1995 $7,464,474 $2,855,000 New Money 09/02/2011 25 years 2020 7.00% Revenue Refunding Bonds Series A Bonds3 2001 Assessment Districts Refinancing 09/04/2001 $25,885,000 $10,605,000 New Money /Refinance 09/02/2011 16 years 2017 4.90% Revenue Refunding Bonds Series B BondS4 2001 Assessment Districts Refinancing 09/04/2001 $4,265,000 $1,730,000 New Money /Refinance 09/02/2011 16 years 2017 6.00% Series 2005A5 Revenue Refunding Bonds 08/02/2005 $93,930,000 $77,710,000 New Money /Refunding 09/01/2015 27 years 2032 4.50% CFD No. 12 -12005 Special Tax Bonds McMillin Otay Ranch Village 7 12/06/2005 $22,565,000 $19,250,000 New Money 09/01/2006 30 years 2036 5.25% CFD No. 2001 -1 2005 Improvement Area B San Miguel Ranch 12/21/2005 $12,230,000 $11,195,000 New Money 09/01/2010 30 years 2036 5.45% CFD No. 13 -12006 Special Tax Bonds Otay Ranch Village 7 05/17/2006 $16,620,000 $11,445,000 New Money 09/01/2006 30 years 2036 5.35% CFD No. 07 -12006 Special Tax Bonds Otay Ranch Village Eleven 06/20/2006 $16,950,000 $14,185,000 New Money 09/01/2006 30 years 2036 5.13% Special Tax Revenue Refunding Bonds, Series 20136 2013 CFD Refunding 08/21/2013 $72,100,000 $72,100,000 Refunding 09/01/2023 20 years 2034 4.76% Total Special Tax /Assessment District Bonds $272,009,474 $221,075,000 Notes: 11Original Issuance only includes Principal amount 20utstanding Balance as of June 30, 2012 with the exception of the Special Tax Revenue Refunding Bonds, Series 2013 which represents the Outstanding Balance as of 08/21/2013 closing date. 3Districts that were refunded within the Revenue Refunding Bonds Series A include: AD 90 -1, AD 90 -3, and AD 91 -1 'Districts that were refinanced within the Revenue Refunding Bonds Series B include: AD 88 -1, AD 90 -2, and AD 92 -2 'Districts that were refinanced within the Series 2005A include: AD 87 -1, AD 88 -2, AD 97 -2, CFD 97 -3, CFD 99 -1, CFD 2000 -1, and CFD 2001 -1 Improvement Area A 6Districts that were refunded within the Series 2005A include: CFD 06 -1 Improvement Area A, CFD 06 -1 Improvement Area B, CFD 07- 12004, CFD 08 -1, and CFD 2001 -2. The underlying rating of the bonds as rated by S &P is BBB+ and the insured bonds rating is AA. Community Facilities District (CFD) are special tax districts created under the Mello -Roos Act. Special Tax District Descriptions District Name District/improvement Description This district covers the Salt Creek I development. Facilities financed include street improvements for This district covers the Eastlake Greens and Trails developments. Facilities financed include street Assessment District 94 -1 improvements and utilities along portions of South Greensview Drive, Hunte Parkway, and Olympic Road, and Mt. Miguel Road. Parkway. Revenue Refundin Bonds Series A Bonds (refinanced as of Fiscal Year 2001-2002) This district covers the Salt Creek I development. Facilities financed include street improvements for Assessment District 90 -1 a portion of East H Street and utilities servinq the development along East H Street, Proctor Valley 2002 Im rovement Area A p Road, and Mt. Miguel Road. Eastlake - Woods, Vistas This district covers the Eastlake Greens, Trails, and Vistas developments. Facilities financed include Assessment District 90 -3 street improvements and utilities along North Greensview Drive, Masters Ridge Road, Clubhouse Drive, Greens ate Drive, Eastlake Parkway, and Hunte Parkway. Assessment District 91 -1 This district covers a portion of the Eastlake Greens development and finances the wideninq of Assessment District 92 -2 a roximately 8,500 feet of Telegraph Canyon Road to a six -lane arterial street. Revenue Refundin Bonds Series B Bonds (refinanced as of Fiscal Year 2001-2002) This district covers the Eastlake Business Center Phase I and Eastlake Village Center. Assessment District 88 -1 Improvements consist of the construction /expansion of Otay Lakes Road between Rutgers Avenue 2002 Im rovement Area A p and Lane Avenue as a six -lane arterial street. Eastlake - Woods, Vistas This district covers the Otay Rio Business Park, Coors Amphitheater, and Knott's Soak City. Assessment District 90 -2 Facilities financed include the widening of Main Street (Otay Valley Road) to a six -lane arterial street between 1 -805 and Nirvana Avenue and includes landscaping, sidewalks, drainage, and some utilities. Assessment District 92 -2 This district covers the Chula Vista Auto Park. Improvements include the construction of Auto Park Way, the extension of Brandywine Avenue south of Main Street, and utilities. Special Tax Revenue Refundin Bonds, Series 2013 This district (Improvement Area A) covers the Eastlake Woods and Vistas developments. Proceeds CFD No. 06 -I of the bonded indebtedness of will be used to finance backbone streets and associated 2002 Im rovement Area A p improvements (i.e. grading, sewer, streets, landscaping, utilities, etc.), Public Facilities DIF Eastlake - Woods, Vistas improvements, and traffic enhancement facilities. General description of the proposed facilities include: East Olympic Parkwa y. West Olympic Parkwa y. Otay Lakes Road - Eastlake Parkwa y. Hunte Parkway, Proctor Valley Road, Telegraph Canyon Road, and traffic signals. This district covers the McMillin Otay Ranch Village Six development. Proceeds of the bonded indebtedness will be used to finance backbone streets and associated improvements (i.e. gradinq, sewer, streets, landscaping, utilities, etc.), Public Facilities DIF improvements, and interim CFD No. 2001 -2 transportation facilities. General description of the proposed facilities include: Olympic Parkway, La 2003 Special Tax Bonds p Media Road South, La Media Road Onsite, La Media Road Offsite, Birch Parkway Offsite, La Media McMillin Otay Ranch pillage 6 Bridqe, East Olympic Parkway Bridqe, and a neighborhood park. This CFD's bonding capacity may "Traffic be used for the Enhancement Pro ram" within the reater eastern territories of Chula Vista. g g These transportation facilities will be traffic capacity addinq improvements and could include the followinq projects: Teleqraph Canyon Road (east of 1 -805), Teleqraph Canyon Road /1 -805 on ramp im rovements, Heritage Road (Olympic Parkway to Main Street), and East H Street Road widening. This district covers the Otay Ranch Village Six development. Proceeds of the bonded indebtedness will be used to finance backbone streets and associated improvements (i.e. gradinq, sewer, streets, CFD No. 08 -1 landscaping, utilities, etc.), Public Facilities DIF Improvements, and traffic enhancement facilities. 2003 Special Tax Bonds General description of the proposed facilities include: La Media Road, Olympic Parkway, Otay Lakes Otay Ranch Village Six Road, Birch Road, East Palomar Street, View Park Way, Maqdalena Avenue, Santa Elisabeth Avenue, Sutter Buttes Street, and "Traffic Enhancement Proqram" facilities, and facilities to be financed by Development Impact Program Fees. 2014 -01 -09 Workshop Agenda Packet Page 56 36 District Name District/improvement Description Special Tax Revenue Refundin Bonds, Series 2013 (continued) This covers the Rancho del Rey development. Improvements financed include the construction of This district covers the Otay Ranch Village Eleven development. Proceeds of the bonded East H Street, as well as water, sewer, and storm drain facilities in this area. It also financed the indebtedness will be used to finance backbone streets and associated improvements (i.e. gradinq, CFD No. 07 -1 sewer, streets, landscaping, utilities, etc.), Public Facilities DIF improvements, and traffic 2004 Special Tax Bonds enhancement facilities. General description of the proposed facilities include: Hunte Parkway, Otay Ranch Village Eleven Eastlake Parkway, Kestral Falls Road, Hidden Path Drive, Windinqwalk Street, Discovery Falls Drive, improvements and utilities along portions of Paseo Ranchero, Telegraph Canyon Road, East Birch Road, Exploration Falls Drive, Crossroads Street, Eveninq Star Street, "Traffic Enhancement Palomar Street and Monarche Drive. Program ry facilities, and other facilities to be financed by Development Impact Program Fees. This district covers the Otay Ranch McMillin SPA One development. Improvements include the This district (Improvement Area B) covers the Eastlake Land Swap development. Proceeds of the CFD No. 06 -1 bonded indebtedness will be used to finance backbone streets and associated improvements (i.e. 2004 Improvement Area B p gradinq, sewer, streets, landscaping, utilities, etc.), Public Facilities DIF Improvements, and traffic Eastlake -Land Swap enhancement facilities. General description of the proposed facilities include: East Olympic Parkway, will be used to finance backbone streets and associated improvements (i.e. grading, sewer, streets, West Olympic Parkwa y. Otay Lakes Road - Eastlake Parkwa y. Hunte Parkwa y. Proctor Valley Road, landscaping, utilities, etc.), Public Facilities DIF Improvements, and pedestrian bridges. General Telegraph Canyon Road, and traffic signals. Series 2005A Revenue Refundin Bonds This covers the Rancho del Rey development. Improvements financed include the construction of RAD 2005 -1 East H Street, as well as water, sewer, and storm drain facilities in this area. It also financed the (AD 87 -1 and AD 88 -2) widening of approximately 6,600 feet of Otay Lakes Road to a four -lane arterial with associated storm drains, sidewalks, and landscaping. RAD 2005 -2 This district covers the Otay Ranch Village One development. Facilities financed include street 97 -2 (AD ) improvements and utilities along portions of Paseo Ranchero, Telegraph Canyon Road, East Palomar Street and Monarche Drive. CFD No. 97 -3 This district covers the Otay Ranch McMillin SPA One development. Improvements include the Otay anch McMillin SPA One y construction and /or improvements of La Media Road, East Palomar Street, Santa Cora Avenue, 01 m is Parkway, as well as a master utilities loop and pedestrian bridge. This district covers the Otay Ranch SPA One development. Proceeds of the bonded indebtedness will be used to finance backbone streets and associated improvements (i.e. grading, sewer, streets, CFD No. 99 -1 landscaping, utilities, etc.), Public Facilities DIF Improvements, and pedestrian bridges. General Otay Ranch SPA One y description of the proposed facilities include: Olympic Parkwa Phases 1 and 2 Paseo Ranchero p p p y ' Phase 2, East Palomar, those facilities to be financed from proceeds of Public Facilities Development Impact Fees, those facilities to be financed from the proceeds of Pedestrian Bridges Development Impact Fees, slope landscaping, and environmental mitigation costs for Olympic Parkway. This district covers the Sunbow II (Villages 5 through 10) development. Proceeds of the bonded indebtedness will be used to finance backbone streets and associated improvements (i.e. grading, CFD No. 2000 -1 sewer, streets, landscaping, utilities, etc.), and Public Facilities DIF Improvements. General Sunbow II (Villages 5 -10 ) description of the proposed facilities include: Telegraph Canyon Road, Medical Center Road /Brand wine Avenue East Palomar Offsite sewer improvements, Olympic Parkwa Paseo Road/Brandywine - - P - Parkway, Medical Center Court, and those facilities to be financed from proceeds of Public Facilities Development Impact Fees. This district covers the San Miguel Ranch development. Proceeds of the bonded indebtedness will CFD No. 2001 -1 be used to finance backbone streets and associated improvements (i.e. grading, sewer, streets, Improvement Area A p landscaping, utilities, etc.), and Public Facilities DIF Improvements, and interim transportation San Miguel Ranch facilities. General description of the proposed facilities include: Mt. Miguel Road East, Proctor Valley Q uinta and those facilities to be financed Road East Calle La Marina Paseo Vera Cruz Calle La , from the proceeds of Public Facilities Development Impact Fees. This district covers McMillin Otay Ranch Village Seven development. Proceeds of the bonded CFD No. 12 -1 indebtedness will be used to finance backbone streets and associated improvements (i.e. gradinq, 2005 Special Tax Bonds sewer, streets, landscaping, utilities, etc.), and Public Facilities DIF Improvements. General p description of the proposed facilities include: Maqdalena Avenue, Wolf Canyon Loop, Bob Pletcher Seven y' y' g may McMillin Otay Ranch pillage Way, Santa Luna Way, Birch Road and Rock Mountain Road. This CFD's bondin capacity be y used for offsite facilities to be financed by Transportation Development Impact Fees, Public Facilities Development Impact Fees, and Poqqi Canyon and Salt Creek Sewer Fees. 2014 -01 -09 Workshop Agenda Packet Page 57 37 District Name District/improvement Description This district covers the San Miguel Ranch development. Proceeds of the bonded indebtedness will be used to finance backbone streets and associated improvements (i.e. grading, sewer, streets, CFD No. 2001 -1 landscaping, utilities, etc.), Public Facilities DIF improvements, and interim transportation facilities. 2005 Improvement Area B p General description of the proposed facilities include: Mt. Miguel Road West, Proctor Valley Road San Miguel Ranch West, and those facilities to be financed from the proceeds of Public Facilities Development Impact Fees. This CFD's bonding capacity may be used for certain SR -125 interim transportation facilities 9 P y y P within the greater eastern territories of Chula Vista, which may include interim SR -125 and 1- 805 /East H Street additional on-ramp lane to 1 -805. This district covers the Otay Ranch Village Seven development. Proceeds of the bonded indebtedness will be used to finance backbone streets and associated improvements (i.e. gradinq, CFD No. 13 -1 sewer, streets, landscaping, utilities, etc.), public facilities, and Development Impact Fee 2006 Special Tax Bonds Improvements. General description of the proposed facilities include: La Media Road, Maqdalena p Avenue, backbone sewer and paving, Fleishbein Street, Kincaid Avenue, trail system /storm drain Otay Ranch pillage Seven system, Santa Luna Street and sloe landsca in . This CFD's bondin capacity may be used for y - - p p g g p y y offsite facilities to be financed by Transportation Development Impact Fees and Public Facilities Development Impact Fees. This district covers the Otay Ranch Village Eleven development. Proceeds of the bonded indebtedness will be used to finance backbone streets and associated improvements (i.e. grading, CFD No. 07 -1 sewer, streets, landscaping, utilities, etc.), Public Facilities DIF improvements, and traffic 2006 Special Tax Bonds enhancement facilities. General description of the proposed facilities include: Hunte Parkway, Otay Ranch Village Eleven Eastlake Parkway, Kestral Falls Road, Hidden Path Drive, Windingwalk Street, Discovery Falls Drive, Birch Road, Exploration Falls Drive, Crossroads Street, Evening Star Street, "Traffic Enhancement Pro ram" facilities, and other facilities to be financed by other Development Impact Pro ram Fees. 2014 -01 -09 Workshop Agenda Packet Page 58 38 co (.0 N CD _L 44- 6 L 6 w 0 0 'a to M CL SDI 0 X, M rMIL _0 SDI 0 CD CA w Emil I t 11 Golf ClUb r Ar ff('e dow 40 411 AO -irk WWI r ohr PL tv 4 -W e ADqo- JA e fij I 1 -1 IN e St PlazF: AD86-i 6 rjnWa pper 0 AD88-i 41 POOP" 0 ta Resen orw] 00 PP D85-' AD88-2 4' V 0' AD87-1 0'. 7 -AD 9 4 .1 Cl-tOMOIL -'AD9 1-1 Lou R r se rvo ir M AD �. let. ADgi-i 97 2 0##)3� 0 an Diego Ile, -At % - - . d 0ountry Club olf Course .7- ft �4—* 0 U11 0%VV"Pi C-9 125' 70' QW St DM a Id Apory 'OSONO '41%W* e oe �r.60 -Ave e Park 0i 'jj ov 0401, F AD90-2 A%' AD92-2 31 AD90-2 AlpC? AD90-2 dr 40 �w P, r C% q0 Service Layer Credits: Sources: Esri, DeLorme, NAVTEQ, TomTom, Intermap, iPC, V. r- - CP Br(AY n F I el d USGS, FAO, NPS, NRCAN, GeoBase, IGN, Kadaster NL, Ordnance Survey, Esri NIUnicipal Japan, METI, Esri China (Hong Kong), and the G IS User Community W, Y;ri tended for study only and should not be used for any other purpose. Information on this map is also subjectto change (or revision) periodically. The City of Chula Vista does notguarantee CF1Y OF the accuracy of information contained on CHULAVISTA this map and cautions againstthe use of thisdata in making land use decisions. C i 14 )( i IZA 131 il U I NP WMA 114 )N SYS] I'M Path: P:\Projects\PUBLICWORKS\CFD\CFD-AssessmentSM—ADonly.mxd Date: I AD85-2 Q AD88-1 AD90-2 AD92-2 0 5000 10000 AD86-1 AD88-2 AD90-3 AD94-1 °, Feet AD87-1 AD90-1 AD91 -1 AD97-2 of r� _ __.____- ASSESSMENT D ar Bonita Golf Club 6 WOW '00 Sweetwater Courdy Park -7� Pill, Bonita i SA creek '+ ? 1-11 Golf Club I- CFD2001 CFD2001-1 ago re ohr AF00' Park Chl-111a VISVi MUNC-1pal 100 OL 'Z 4 Golf Course 00 A anyon Pai* yam F N, r U 'k tit Y C D is Park A W. -ZAN #. +�-'^,'T' +sue � . WRI$97iPended for study only and should not be used for any other purpose. Information on this map is also subject to change (or revision) periodically. The City of Chula Vista does not guarantee CITY OF the accuracy of information contained on CHUIAVISTAthis map and cautions against the use of this data in making land use decisions. C i LO( i RA13H I(: IN 10 RMA I I ON SY S I LM ath: P: \Proiects \PUBLICWORKS \CFD \CFD- Infrastructure_xSM.mxd Date: CFD12i rrm 'Ar qW Vol ti f 40 P'6 0 t 0 r a t! e Y ry - 7 L CIO 40p' 14,d U-1 40 rt A CFD07i t AIM- Service er Cred s: Sources: Esri, DeLorme, NAVTEQ, TomTom, Intermap, iPC, USGS, F NPS, RCAN, GeoBase, IGN, Kadaster NL, Ordnance Survey, Esri Japan, M hina (Hong Kong), and the GIS User Community Infrastructure Q CFD08i CFD2001-1 0 5000 100 000 DISTRICT NO CFD12i CFD2001-2 Feet CFD06i CFD13i CFD97-3 D CFD07i CFD2000-1 CFD99-1 fly,. INFRASTRUCTURE CFD � RESOURCES UPDATED DECEMBER 2013 44Z CITY OF CHULAVISTA 41 2014 -01 -09 Workshop Agenda Packet Page 62 42 definition berms AMORTIZATION: the planned reduction of a debt obligation according to a stated maturity or redemption schedule. ASSESSMENT DISTRICT (AD): is a community which is charged a special assessment against the parcels within it for certain public improvement projects. The special assessment may only be levied against parcels that have been identified as having received a direct and unique benefit from the public project. BOND: a security that represents an obligation to pay a specified amount of money on a specific date in the future, typically with periodic interest payments. BOND COUNSEL: an attorney (or firm of attorneys) retained by the issuer to give a legal opinion concerning the validity of the securities. The bond counsel's opinion usually addresses the subject of tax exemption. Bond counsel may prepare, or review and advise the issuer regarding authorizing resolutions or ordinances, trust indentures, official statements, validation proceedings and litigation. BOND INSURANCE: bond insurance is a type of credit enhancement whereby a monoline insurance company indemnifies an investor against a default by the issuer. In the event of a failure by the issuer to pay principal an interest in -full and on- time, investors may call upon the insurance company to do so. Once assigned, the municipal bond insurance policy generally is irrevocable. The insurance company receives an up -front fee, or premium, when the policy is issued. CALL OPTION: the right to redeem a bond prior to its stated maturity, either on a given date or continuously. The call option is also referred to as the optional redemption provision. Often a "call premium" is added to the call option as compensation to the holders of the earliest bonds called. Generally, the earliest callable bonds called carry a 102% premium, the next earliest is a 101 % premium, and the balance of the bonds are called at par value. CAPITALIZED INTEREST: bond proceeds which are reserved to pay interest on an issue for a period of time early in the term of the issue. CERTIFICATE OF PARTICIPATION (COP): a type of financing where an investor purchases a share of the lease revenues of a program or particular project. COMMUNITY FACILITIES DISTRICT (CFD): more commonly known as Mello -Roos districts. These districts are created under the Mello -Roos Act, which gave local government agencies means of obtaining community funding. Funding obtained is usually used to finance public improvements and services. The tax is imposed on the property owners within the specific district benefiting from the public improvements and services. COMPETITIVE SALE: a method of sale where underwriters submit proposals for the purchase of a new issue of municipal securities and the securities are awarded to the underwriter presenting the best bid. The underwriting of securities in this manner is also referred to as a "public sale" or "competitive bid" CONTINUING DISCLOSURE: the requirement by the Securities and Exchange Commission (SEC) for most issuers of municipal debt to provide current financial information to the informational repositories for access by the general marketplace. COST OF ISSUANCE: the costs incurred by the bond issuer during the planning and sale of securities. These costs include but are not limited to financial advisory and bond counsel fees, printing and advertising costs, rating agencies fees, and other expenses incurred in the marketing of an issue. DEBT SERVICE: the amount necessary to pay principal and interest requirements on outstanding bonds for a given year or series of years. 2014 -01 -09 Workshop Agenda Packet Page 63 43 DEBT SERVICE RESERVE FUND: the fund into which moneys are placed which may be used to pay debt service if pledged revenues are insufficient to satisfy the debt service requirements. The debt service reserve fund may be entirely funded with bond proceeds, or it may only be partly funded at the time of the issuance and allowed to reach its full funding requirement over time, due to the accumulation of pledged revenues. DEFAULT: the failure to pay principal or interest in full or on time. FINANCIAL ADVISOR: a consultant who advises an issuer on matters pertinent to a debt issue, such as structure, sizing, timing, marketing, pricing, terms, and bond ratings. FITCH INVESTORS SERVICE: a financial services company founded in 1913, which provides investors with an independent assessment of credit worthiness of debt obligations. INTEREST: the amount paid by a borrower as compensation for the use of borrowed money. This amount is generally calculated as an annual percentage of the principal amount. ISSUER: the legal entity that is borrowing money by issuing bonds. MOODY'S INVESTORS SERVICE, INC.: a financial service company, which has provided ratings for municipal securities and other financial information to investors. NEGOTIATED SALE: the sale of a new issue of municipal securities by an issuer directly to an underwriter selected by the issuer. Among the primary points of negotiation of an issuer are the interest rate, call features and purchase price of the issue. The sale of a new issue of securities in this manner is also known as a negotiated underwriting. NET INTEREST COST (NIQ: the overall rate of interest to be paid by the issuer over the life of the bonds. The method used to computing the interest expense to the issuer of bonds, which may serve as the basis of award in a competitive sale. NIC takes into account any premium or discount applicable to the issue, as well as the dollar amount of coupon interest payable over the life of the issue. OFFICIAL STATEMENT (FOS): a document published by the issuer which generally discloses material information on a new issue of municipal securities including the purposes of the issue, how the securities will be repaid, and the financial, economic and social characteristics of the issuing government. Investors may use this information to evaluate the credit quality of the securities. ORIGINAL ISSUE DISCOUNT (OID Discount): the amount by which the public offering price of a security at the time of its original issuance is at a price lower than its PAR amount, or face value. ORIGINAL ISSUE PREMIUM (OID Premium): the amount by which the public offering price of the security at the time of its original issuance exceeded its PAR amount, or face value. PAR AMOUNT: the stated or face value of a security. The PAR amount can also be viewed as the original debt of the bond offering. PLEDGED ASSETS: assets that are guaranteed by the issuer as security for the bonds PREPAYMENT PERIOD (CALL DATES): the date on which the security can be redeemed before maturity. If there is a benefit to refinancing the issue, the bond may be redeemed on the call date at the PAR or at a small premium to PAR. PRINCIPAL: the face amount or par value of a security payable on the maturity date. 2014 -01 -09 Workshop Agenda Packet Page 64 44 PROJECT FUND: a fund, sometimes referred to as a "construction fund", under the bond contract in which bond proceeds and other available moneys are deposited pending disbursement to pay costs of the financed project. REFUNDING: a procedure whereby an issuer refinances an outstanding bond issue by issuing new bonds. STANDARD & POOR'S CORPORATION (S &P): a financial service company that provides ratings for municipal securities and other financial information to investors. TAX ALLOCATION BONDS (TAB): bonds issued in conjunction with a redevelopment project. The taxes pledged to their repayment come from the increase of assessed value over and above apre- established base. The redevelopment creates this added value, known as the tax increment. TRUE INTEREST COST (TIC): a measure of the interest cost of an issue that accounts for the time value of money. Under this method of computing the interest expense to the issuer of bonds, true interest cost is defined as the rate, compounded semi - annually, necessary to discount the amounts payable on the respective principal and interest payment dates to the purchase price received for the new issue of bonds. TERM: with respect to a single bond, the period of time until the maturity date of the bond. With the respect to an issue, the period until the maturity date of the last bond of the issue to mature. UNDERWRITER: purchaser of the bonds from the issuer with the intent to resell the bonds to investors. 2014 -01 -09 Workshop Agenda Packet Page 65 45 CITY OF CHULA VISTA ADMINISTRATIVE DISCLOSURE PROCEDURES PURPOSE ATTACHMENT 3 In furtherance of the City's Debt Policy, the purpose of these Disclosure Procedures (the "Procedures ") is to memorialize and communicate procedures in connection with obligations, including notes, bonds and certificates of participation, issued by the City of Chula Vista (the "City ") so as to ensure that the City continues to comply with all applicable disclosure obligations and requirements under the federal securities laws. BACKGROUND The City of Chula Vista from time to time issues certificates of participation, pension obligation bonds, revenue bonds, notes or other obligations, (collectively, "Obligations ") in order to fund or refund capital investments, other long -term programs and working capital needs. In offering Obligations to the public, and at other times when the City makes certain reports, the City must comply with the "anti -fraud rules" of federal securities laws. ( "Anti -fraud rules" refers to Section 17 of the Securities Act of 1933 and Section 10(b) of the Securities and Exchange Act of 1934, and regulations adopted by the Securities and Exchange Commission under those Acts, particularly "Rule I Ob -5" under the 1934 Act.) The core requirement of these rules is that potential investors in Obligations must be provided with all "material" information relating to the offered Obligations. The information provided to investors must not contain any material misstatements, and the City must not omit material information which would be necessary to provide to investors a complete and transparent description of the Obligations and the City's financial condition. In the context of the sale of securities, a fact is considered to be "material" if there is a substantial likelihood that a reasonable investor would consider it to be important in determining whether or not to purchase the securities being offered. When the City issues Obligations, the two central disclosure documents which are prepared are a preliminary official statement ( "POS ") and a final official statement ( "OS ", and collectively with the POS, "Official Statement "). The Official Statement generally consists of (i) the forepart (which describes the specific transaction including maturity dates, interest rates, redemption provisions, the specific type of financing, the leased premises (in certificate of participation financings) and other matters particular to the financing, (ii) Appendix A, which provides information on the City's financial condition as well as certain economic and demographic information concerning the City and (iii) various other appendices, including the City's audited financial report, form of the proposed legal opinion, and form of continuing disclosure undertaking. Investors use the Official Statement as one of their primary resources for making informed investment decisions regarding the City's Obligations. ENGAGEMENT OF OUTSIDE DISCLOSURE COUNSEL The City engages outside legal counsel with expertise in securities laws for advice with respect to the City's disclosure obligations and requirements under the federal securities laws ( "Disclosure Counsel "). Disclosure Counsel assists the City in preparing the Official Statement (including Appendix A), and reviews all new data and updates to the Official Statement. Throughout the process of receiving and incorporating material, Disclosure Counsel provides advice as to standards of materiality and other securities law issues. Disclosure Counsel has a confidential, attorney- client relationship with officials and staff of the City. OHS WEST:261248533.2 2014 -01 -09 Workshop Agenda Packet Page 66 Disclosure Counsel provides a negative assurance letter as to the disclosure set forth in the Official Statement for each City Obligation. The letter advises the City and the Obligations underwriters that as a matter of fact and not opinion that no information came to the attention of the attorneys working on the transaction which caused them to believe that Official Statement as of its date and as of the date of their letter (except for any financial, statistical, economic or demographic data or forecasts, charts, tables, graphs, estimates, projections, assumptions or expressions of opinion, and other customary exclusions), contained or contains any untrue statement of a material fact or omitted or omits to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading DISCLOSURE PROCESS When the City determines to issue Obligations, the Finance Department staff requests the involved departments to commence preparation of the portions of the Official Statement (including particularly Appendix A) for which they are responsible. While the general format and content of the Official Statement does not normally change substantially from offering to offering, except as necessary to reflect major events, the City Manager, Finance Department and City Attorney staff are separately responsible for reviewing and preparing or updating certain portions of Appendix A which are within their particular area of knowledge. Additionally, all participants in the disclosure process are separately responsible for reviewing the entire Official Statement. Disclosure Counsel assists the City Manager and staff in determining the materiality of any particular item, and in the development of specific language in Appendix A. Disclosure Counsel also assists the City in the development of a "big picture" overview of the City's financial condition, included in the forepart of the Official Statement. This overview highlights particular areas of concern. The Finance Director /Treasurer schedules one or more meetings or conference calls of the financing team working group (which includes City officials, the City's financial advisor, Disclosure Counsel, Bond Counsel, the underwriter of the Obligations, and their counsel), and new drafts of the forepart of the Official Statement and Appendix A are circulated and discussed. During this part of the process, there is substantial contact among City staff, other members of the financing team and Disclosure Counsel, to discuss issues which may arise, determine the materiality of particular items and ascertain the prominence in which the items should be disclosed. Prior to distributing a POS to potential investors, there is a formal meeting which includes City officials involved in the preparation of the POS and the underwriters and their counsel, during which the Official Statement is reviewed in its entirety, page by page or section by section, to obtain final comments and to allow the underwriters to ask questions of the City's senior officials. This is referred to as a "due diligence" meeting. Between the POS and final OS, any new changes and developments will have been incorporated into Appendix A if required by the entity responsible for the applicable portion of the Appendix A. If necessary to reflect developments following publication of the POS or OS, as applicable, supplements will be prepared and published. In connection with the closing of the transaction, one or more senior City officials execute a certificate stating that the Official Statement, as of the date of each OS and as of the date of closing, does not contain any untrue statement of material fact or omit to state any material fact necessary to make the statements contained in the Official Statement in light of the circumstances under which they were made, not misleading. 2 2014 -01 -09 Workshop Agenda Packet Page 67 APPENDIX A The information contained in Appendix A is primarily developed by personnel at the City Manager's Office, Finance Department and City Attorney's Office. In certain circumstances, including when City Obligations are secured by particular revenues (such as revenues from Development Impact Fees), additional officials will be involved, as necessary. In addition, the City's financial adviser participates throughout the process of preparing the Official Statement and developing the structure of the financing. The following principles govern the work of the respective staffs that contribute information to Appendix A: City staff involved in the disclosure process are responsible for being familiar with federal securities laws as they relate to disclosure. City staff involved in the disclosure process should be instructed to err on the side of raising issues when preparing or reviewing information for disclosure. Officials and staff are encouraged to consult with Disclosure Counsel if there are questions regarding whether an issue is material or not. Care should be taken not to shortcut or eliminate any steps outlined in the Procedures on an ad hoc basis. However, the Procedures are not necessarily intended to be a rigid list of procedural requirements, but instead to provide guidelines for disclosure review. If warranted, based on experience during financings or because of additional SEC pronouncements or other reasons, the City should consider revisions to the Procedures. • The process of updating Appendix A from transaction to transaction should not be viewed as being limited to updating tables and numerical information. While it is not anticipated that there will be major changes in the form and content of Appendix A at the time of each update, everyone involved in the process should consider the need for revisions in the form, content and tone of the sections for which they are responsible at the time of each update. • The City must make sure that the particular officials involved in the disclosure process are of sufficient seniority such that it is reasonable to believe that, collectively, they are in possession of material information relating to the City and its finances. TRAINING Periodic training for the staff involved in the preparation of the Official Statement (including Appendix A) is coordinated by the Director of Finance /Treasurer and City Attorney's Offices, with the assistance of Disclosure Counsel. These training sessions are provided to assist staff members involved in identifying relevant disclosure information to be included in Appendix A. The training sessions also provide an overview of federal laws relating to disclosure, situations in which disclosure rules apply, the purpose of the Official Statement and Appendix A, a description of previous SEC enforcement actions and a discussion of recent developments in the area of municipal disclosure. Attendees at the training sessions are provided the opportunity to ask questions of Disclosure Counsel concerning disclosure obligations and are encouraged to contact Disclosure Counsel at any time if they have questions. ANNUAL CONTINUING DISCLOSURE REQUIREMENTS In connection with the issuance of Obligations, the City has entered into a number of contractual agreements ( "Continuing Disclosure Certificates ") to provide annual reports related to its financial condition (including its audited financial statements) as well as notice of certain events relating to the Obligations specified in the Continuing Disclosure Certificates. The City must comply with the specific 3 2014 -01 -09 Workshop Agenda Packet Page 68 requirements of each Continuing Disclosure Agreement. The City's Continuing Disclosure Certificates require that the annual reports be filed between 210 and 270 days (depending on the issuance) after the end of the City's fiscal year, and event notices are required to be filed within 10 days of their occurrence. Specific events which require "material event" notices generally consist of the following: (a) Any of the following events with respect to the Obligations (in a timely manner not more than ten (10) business days after the event): 1. Principal and interest payment delinquencies; 2. Unscheduled draws on debt service reserves reflecting financial difficulties; 3. Unscheduled draws on credit enhancements reflecting financial difficulties; 4. Substitution of credit or liquidity providers, or their failure to perform; 5. Issuance by the Internal Revenue Service of proposed or final determination of taxability or of a Notice of Proposed Issue (IRS Form 5701 TEB); 6. Tender offers; 7. Defeasances; 8. Rating changes; or 9. Bankruptcy, insolvency, receivership or similar event of the obligated person. (b) Any of the following events with respect to the particular Obligations, if material: 1. Unless described in paragraph 5(a)(5), adverse tax opinions or other material notices or determinations by the Internal Revenue Service with respect to the tax status of the particular Obligations or other material events affecting the tax status of the Series 2013 Bonds; 2. Modifications to rights of holders of the particular Obligations; 3. Optional, unscheduled or contingent calls of the particular Obligations; 4. Release, substitution, or sale of property securing repayment of the particular Obligations; 5. Non - payment related defaults; 6. The consummation of a merger, consolidation, or acquisition involving an obligated person or the sale of all or substantially all of the assets of the obligated person, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms; or 7. Appointment of a successor or additional trustee or the change of name of a trustee. The Finance Director /Treasurer shall be responsible for preparing and filing the annual reports and material event notices required pursuant to the Continuing Disclosure Certificates. Particular care 0 2014 -01 -09 Workshop Agenda Packet Page 69 shall be paid to the timely filing of any changes in credit ratings on Obligations (including changes resulting from changes in the credit ratings of insurers of particular Obligations). 2014 -01 -09 Workshop Agenda Packet Page 70 File ID: 13 -0230 Version: 1 File Name: City Debt Policy City of Chula Vista Master File Number: 13 -0230 Item Type: Workshop Item LARQ: Status: Agenda Ready In Control: City Council File Created: 12/30/2013 Final Action: Title: RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTAADOPTING A CITY DEBT POLICY Internal Notes: Sponsors: Attachments: RESOLUTION.docx, ATTACHMENT 1 - Proposed City Debt Policy.docx, ATTACHMENT 2 - Debt Portfolio.pdf, ATTACHMENT 3 - Disclosure Procedures.docx '.onflicts Verif By: Tessa Nguyen Drafter: tnguyen @chulavistaca.gov Approval History Version Date Approver Action 1 12/30/2013 Maria Kachadoorian Approve 1 12/30/2013 Angelica Aguilar Approve 1 12/30/2013 Cheryl Ponds Delegate 1 01/02/2014 Jill Maland Approve 1 01/02/2014 Maria Kachadoorian Approve 1 01/03/2014 Gary Halbert Approve 1 01/03/2014 Maria Kachadoorian Approve Agenda Date: 01/09/2014 Agenda Number: 2. Enactment Date: Master Fee Upd? ( *): Hard Deadline: Conflicts Verif On: 12/30/2013 History of Legislative File City of Chula Vista Page 1 Printed on 11312014 2014 -01 -09 Workshop Agenda Packet Page 71 Master Continued (13 -0230) Ver- Acting Body: sion: Date: Action: Sent To: Due Date: Return Result: Date: 1 City Council 01/09/2014 Text of Legislative File 13 -0230 City of Chula Vista Page 2 Printed on 11312014 2014 -01 -09 Workshop Agenda Packet Page 72 City of Chula Vista cm OF CHULAMSTA Legislation Details (With Text) File #: 14 -0006 Name: Type: Workshop Item Status: Agenda Ready File created: 1/3/2014 In control: City Council On agenda: 1/9/2014 Final action: Title: UPDATE FROM THE POLICE DEPARTMENT ON ALCOHOL - RELATED ISSUES IN THE CITY Sponsors: Indexes: Code sections: Attachments: Date Ver. Action By Action Result UPDATE FROM THE POLICE DEPARTMENT ON ALCOHOL - RELATED ISSUES IN THE CITY City of Chula Vista Page 1 of 1 Printed on 1/3/2014 2014 -01 -09 Workshop Agenda Packet Pa gqe 73 powTed by Legistar TM City of Chula Vista Master File Number: 14 -0006 File ID: 14 -0006 Item Type: Workshop Item Status: Agenda Ready Version: 1 LARQ: In Control: City Council File Created: 01/03/2014 File Name: Final Action: Title: UPDATE FROM THE POLICE DEPARTMENT ON ALCOHOL-RELATED ISSUES IN THE CITY Internal Notes: Sponsors: Attachments: :onflicts Verif By: Drafter: KBigelow @chulavistaca.gov Approval History Agenda Date: 01/09/2014 Agenda Number: 3. Enactment Date: Master Fee Upd? ( *): Hard Deadline: Conflicts Verif On: Version Date Approver Action History of Legislative File Ver- Acting Body: Date: Action: Sent To: Due Date: Return Result: sion: Date: 1 City Council 01/09/2014 Text of Legislative File 14 -0006 City of Chula Vista Page 1 Printed on 11312014 2014 -01 -09 Workshop Agenda Packet Page 74