HomeMy WebLinkAboutMINUTES - 02281989 - 1.13 4 / 7-3
THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA
Adopted thlis Resolution on February 28, 1989 by the following
vote:
AYES: Supervisors Powers , Fanden, McPeak and Torlakson
NOES: None
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ABSENT: Supervisor Schroder
ABSTAIN: None RESOLUTION NO.89/120
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SUBJECT: Accepting Assessment District Screening Committee
Recommendations for refunding of Assessment District
1981-1 by formation of Assessment District 1989-1 in
the San Ramon Area.
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The Assessment District Screening Committee recommends that
the formation of Assessment District 1989-1 be based on the
following conditions:
1. Non-recourse 1915 Act bonds
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2 . 13% bond reserve fund
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3 . !No public hearing (if not required by law)
4. iCounty administration fee at 1%
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5. Refund on basis of Option 1 (Underwriter's proposal)
6. Refund on basis of Option 2 if Option 1 is not tenable
BE IT THEREFORE RESOLVED that the recommendations of the
Assessment District Screening Committee are ACCEPTED.
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1 hereby certify that this Is a true and correct copy of
an action taken and entered on the minutes of the
Board of Supervisory on the date shown.
ATTESTED: FEB 9 8 1989
PHIL BATCHELOR,Clerk of the Board
of Supervisors and County Administrator
By Deputy
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Originator: Public Works (ES)
ATTACHMENTS
cc: Assessment District Screening Committee
R. Gilchrist, PW Acctg.
Robert Brunsell
P. O. Box 8808
Emeryville, CA 94662
Nadine Lee
Mark Pressman Associates
P. ! 0. Box 26690
San Francisco, CA 94126
Keith Hastings
Majors Engineering
100 Park Place, Suite 220
San Ramon, CA 94583-1699
BO:28.t2
RESOLUTION NO 89120
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Prepared for:
ASSESSMENT DISTRICT
.SyCREyyENINyyG COMMyITTEE
COUNTY
OF
CONTRA COSTA
T T T T T r T T T
SAN RAMON VALLEY
BOULEVARD 1981-1
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ASSESSMENT DISTRICT
i moi• � � T m moi• %k T %k
ADVANCED REFUNDING
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OPTION 1
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TO .BE DATED
.yMARCH 14, 1989yy .yy yy
T T T T T T T T '1•
Prepared by:
MARK PRESSMAN
ASSOCIATES
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PUBLIC AGENCY: COUNTY OF CONTRA COSTA
PROJECT NAME: j A.D. 81-1 (SAN RAMON VALLEY BLVD.)
ADVANCED REFUNDING SUMMARY: FIFTEEN YEARS OF COMPARISON
OPTION: LEVEL REFUNDING PAYMENTS DATED:
NUMBER i 1 14—Mar-89
ANNUAL SCHEDULED ORIGINAL ISSUE REFUNDING
PAYMENTS REMAINING ISSUE DIFFERENCE
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1989/90 $131,275.00 $109,877.67 ($21,397.33)
1990/91 $133,575.00 $116,202.50 ($17,372.50)
1991/92 $135,355.00 $113,390.00 ($21,965.00)
1992/93 $136,595.00 $115,532.50 ($21,062.50)
1993/94 $137,275.00 $112,232.50 ($25,042.50)
1994/95 $137,400.00 $113,807.50 ($23,592.50)
1995/96 $126,900.00 $114,957.50 ($11,942.50)
1996/97 $126,900.00 $115,667.50 ($11,232.50)
1997/98 $126,400.00 $115,955.00 ($10,445.00)
1998/99 $130,400.00 $115,810.00 ($14,590.00)
1999/00 $133,260.00 $115,222.50 ($18,037.50)
2000/01 $140,100.00 $114,182.50 ($25,917.50)
2001/02 j $140,362.50 $112,722.50 ($27,640.00)
2002/03 $139,600.00 $115,837.50 ($23,762.50)
2003/04 $137,812.50 $113,137.50 ($24,675.00)
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TOTALS I $2,013,210.00 $1,714,535.17 ($298,674.83)
AVERAGE ANNUAL
SCHEDULED DEBT
SERVICEi $134,214.00 $114,302.34 ($19,911.66)
REMAINING
TERM 15 15 O
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TOTAL OUTSTANDING
PRINCIPAL $1,010,000.00 $980,000.00 ($30,000.00)
TOTAL INTEREST $1,003,210.00 $734,535.17 ($268,674.83)
TOTAL PAYMENTS REDUCTION 14.84%
AVERAGE PAYMENT REDUCTION 14.84%
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Prepared byj: MARK PRESSMAN ASSOCIATES T D R A F T 09—Feb-89
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PUBLIC ENTITY: COUNTY OF CONTRA COSTA
PROJECT NAME: A.D. 81-1 (SAN RAMON VALLEY BLVD.)
STUDY TITLE: SOURCES & USES OF FUNDS
OPTION NUMBER: DATED
1 14-Mar-89
SOURCES:
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REFUNDING ISSUE PAR AMOUNT (PAR) $980,000.00
ESTIMATED BALANCE IN RESERVE FUND $82,000.00
REDEMPTION FUND(PAYOFFS #27,410 & 407 BAL.) $25,997.34
REDEMPTION FUND (BAL. REMAINING PA FEES) $13,959.00
CONSTRUCTION 7UND AVAILABLE FOR REF. $37,859.03
INTEREST EARNED ON ESCROW ACCOUNTS $22,823.00
TOTAL SOURCES: $1,162,638.00
USES:
BONDS TO BE REDEEMED 7/2/89 $1,010,000.00
INTEREST DUEION ORIG. ISS. (FROM 4/10/89) $0.00
BONDS MATURING 7/2/89 (FROM 12/10 & 4/10) $0.00
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PREMIUM ON CALLED BONDS 5.00% $50,500.00
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UNDERWRITERSjDISCOUNT 1.75% $17,150.00
RESERVE FUND 3.00% $29,400.00
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ADMINISTRATIiON FEE (COUNTY) 1.00% $9,800.00
CUSIP, CDAC A MSRB $175.00
AUDITORS FEE, $5,000.00
BOND COUNSEL $12,600.00
REASSESSMENT REPORT $6,000.00
PRINTING $2,000.00
PAYING AGENT $16,000.00
CONTINGENCY $4,013.00
OTHER COSTSIOF ISSUANCE 4.67% $45,788.00
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TOTAL USES: $1,162,638.00
Prepared by! MARK PRESSMAN ASSOCIATES r T DRAFT T � 09-Feb-89
PUBLIC ENTITY: COUNTY OF CONTRA COSTA
PROJECT NAME: A.D. 81-1 (SAN RAMON VALLEY BLVD.)
STUDY TITLE: ADVANCED REFUNDING
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OPTION NUMBERS 1
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ANNUAL DEBT SERVICE
BASED ON SEMI-ANNUAL PAYMENTS
PAR AMOUNT $980,000.00
DATED':
14-Mar89
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DEBT
PAYMENT DATESI RATE PRINCIPAL INTEREST(1) SERVICE
1 02-Sep-90 6.100% $5,000.00 $104,877.67 $109,877.67
2 02-SepL91 6.250% $45,000.00 $71,202.50 $116,202.50
3 02-SepL92 6.350% $45,000.00 $68,390.00 $113,390.00
4 02-Sep.93 6.600% $50,000.00 $65,532.50 $115,532.50
5 02-Sep-94 6.8507. $50,000.00 $62,232.50 $112,232.50
6 02-Sep;-95 7.000% $55,000.00 $58,807.50 $113,807.50
7 02-Sep-96 7.150% $60,000.00 $54,957.50 $114,957.50
8 02-Sep-97 7.250% $65,000.00 $50,667.50 $115,667.50
9 02-Sep-98 7.3500 $70,000.00 $45,955.00 $115,955.00
10 02-Sep-99 7.450% $75,000.00 $40,810.00 $115,810.00
11 02-Sep-2000 7.550% $80,000.00 $35,222.50 $115,222.50
12 02-Sep-2001 7.600% $85,000.00 $29,182.50 $114,182.50
13 02-Sep-2002 7.650% $90,000.00 $22,722.50 $112,722.50
14 02-Sep-2003 7.700% $100,000.00 $15,337.50 $115,837.50
15 02-Sep-2004 7.750% $105,000.00 $8,137.50 $113,137.50
16 02-Sep-2005 0.000% $0.00 $0.00 $0.00
17 02-Sep-2006 0.000% $0.00 $0.00 $0.00
18 02-Sep-2007 0.000% $0.00 $0.00 $0.00
19 02-Sep-2008 0.000% $0.00 $0.00 $0.00
20 02-Sep-2009 0.000% $0.00 $0.00 $0.00
21 02-Sep-2010 0.000% $0.00 $0.00 $0.00
TOTALS $980,000.00 $734,535.17 $1,714,535.17
N.I.C. 7.6450%
Interest! Rates are SUBJECT TO CHANGE with market conditions
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(1)Includes �interest from DATED date of issue.
09-Feb-89
Prepared by: MARK PRESSMAN ASSOCIATES DRAFT m T
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PUBLIC ENTITY: COUNTY OF CONTRA COSTA
PROJECT NAME: A.D. 81-1 (SAN* RAMON VALLEY BLVD.)
STUDY TITLE: LIST OF ASSUMPTIONS
OPTION 1
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PAR AMOUNT $980,000.00
DATED 14-Mar-89
168 DAYS INTERIM (360-DAY YEAR)
BEGINNING DATE OF
ANNUAL PAYMENT PERIODS 02-Sep-89
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348 DAYS INTERIM
FIRST INTEREST FROM DATED DATE
PAYMENT DUE ! 02-Mar-90
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FIRST PRINCIPAL
PAYMENT DUE ! 02-Sep-90
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ESCROW 7/2/#EARNING RATE (T-BILL) 7.4000%
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ORIGINAL ISSUE PAYMENT DATE 02-Jul-89 107 DAYS IN ESCROW
(360-DAY YEAR)
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09-Feb-89
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Prepared By: l MARK PRESSMAN ASSOCIATES T DRAFT
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PUBLIC ENTITY: COUNTY OF CONTRA COSTA
PROJECT NAME: A.D. 81-1 (SAN RAMON VALLEY BLVD.)
NET PRESENT VALUE
OPTION NUMBER:
1
ANNUAL SCHEDULED DIFFERENCE PRESENT VALUE
PAYMENTS (SEE SUMMARY) AT NIC
7.6450%
12/10/89 ($10,698.67) $10,112.40 -
4/10/90
10,112.404/10/90 ($10,698.67) $9,874.55
12/10/90 ($8,686.25) $7,656.96
4/10/91 ($8,686.25) $7,488.74
12/10/91 ($10,982.50) $9,069.88
4/10/92 ($10,982.50) $8,882.94
12/10/92 ($10,531.25) $8,180.72
4/10/93 ($10,531.25) $8,021.92
12/10/93 ($12,521.25) $9,181.31
4/10/94 ($12,521.25) $9,012.89
12/10/94 ($11,796.25) $8,190.55
4/10/95 ($11,796.25) $8,048.15
12/10/95 ($5,971.25) $3,937.06
4/10/96 ($5,971.25) $3,872.00
12/10/96 ($5,616.25) $3,525.30
4/10/97 ($5,616.25) $3,469.80
12/10/97 ($5,222.50) $3,128.04
4/10/98 ($5,222.50) $3,081.01
12/10/98 ($7,295.00) $4,178.05
4/10/99 ($7,295.00) $4,117.95
12/10/99 ($9,018.75) $4,948.62
4/10/00 ($9,018.75) $4,880.38
12/10/00 ($12,958.75) $6,824.24
4/10/01 ($12,958.75) $6,733.88
12/10/01 ($13,820.00) $6,996.13
4/10/02 ($13,820.00) $6,907.02
12/10/02 ($11,881.25) $5,790.56
4/10/03 ($11,881.25) $5,719.53
12/10/03 ($12,337.50) $5,796.94
4/10/04 ($12,337.50) $5,728.35
($298,674.83) $193,355.87
MINUS CONTRIBUTED FUNDS:
PRESERVE FUND REDUCTION ($52,600.00)
CONSTRUCTION SURPLUS ($37,859.03)
REDEMPTION FUND(PAYOFFS) ($25,997.34)
REDEMPTION FUND(BAL. PA/FEES ($13,959.00)
INET PRESENT VALUE $62,940.50
AS PERCENTAGE OF NEW REFUNDING PAR ISSUE 6.4225%
Prepared By: MARK PRESSMAN ASSOCIATES r T T DRAFT r T 09—Feb-89