Town Hall Presentation, April 28, 2015
Initial Financial Feasibility Analysis (Table 14, page 56)
| GO Bonds | Revenue Bonds / Installment Sale COP's | CFD Special Tax Bonds | Assessment Bonds | |||||
| Stock Price | RCNLD(*) | Stock Price | RCNLD(*) | Stock Price | RCNLD(*) | Stock Price | RCNLD(*) | |
| AVR System Acquisition | $45,430,235 | $127,200,632 | $45,430,235 | $127,200,632 | $45,430,235 | $127,200,632 | $45,430,235 | $127,200,632 |
| Transaction Cost (1) | $1,817,209 | $5,088,025 | $1,817,209 | $5,088,025 | $1,817,209 | $5,088,025 | $1,817,209 | $5,088,025 |
| Total | $47,247,444 | $132,288,657 | $47,247,444 | $132,288,657 | $47,247,444 | $132,288,657 | $47,247,444 | $132,288,657 |
| Bond Counsel | $80,000 | $110,000 | $90,000 | $120,000 | $100,000 | $130,000 | $100,000 | $130,000 |
| Disclosure Counsel | $40,000 | $60,000 | $45,000 | $65,000 | $45,000 | $65,000 | $45,000 | $65,000 |
| Financial Advisor | $70,000 | $90,000 | $80,000 | $100,000 | $90,000 | $120,000 | $90,000 | $120,000 |
| Ratings | $30,000 | $50,000 | $35,000 | $55,000 | $35,000 | $55,000 | $35,000 | $55,000 |
| Trustee | $10,000 | $13,000 | $10,000 | $13,000 | $10,000 | $13,000 | $10,000 | $13,000 |
| Printing/Posting | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 |
| Special Tax Consultant | $0 | $0 | $0 | $0 | $100,000 | $100,000 | $0 | $0 |
| Assessment Engineer | $0 | $0 | $0 | $0 | $0 | $0 | $100,000 | $100,000 |
| Costs of Issuance | $240,000 | $333,000 | $270,000 | $363,000 | $390,000 | $493,000 | $390,000 | $493,000 |
| Underwriting Discount (2) | $190,720 | $465,815 | $256,025 | $642,870 | $464,940 | $1,150,680 | $464,940 | $1,150,680 |
| Reserve Fund (3) | $0 | $0 | $3,429,412 | $9,562,687 | $3,556,975 | $9,899,150 | $3,556,975 | $9,899,150 |
| Total Issue Size | $47,680,000 | $133,090,000 | $51,205,000 | $142,860,000 | $51,660,000 | $143,835,000 | $51,660,000 | $143,835,000 |
| Term | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 |
| Interest Rate (4) | 4.75% | 4.75% | 5.25% | 5.25% | 5.50% | 5.50% | 5.50% | 5.50% |
| Annual Debt Service | $2,984,231 | $8,414,500 | $3,429,412 | $9,562,687 | $3,556,975 | $9,899,150 | $3,556,975 | $9,899,150 |
| (1) Transaction Cost Is assumed to be 4.0% | ||||||||
| (2) $4.00 and $3.50 per Bond for GO Bonds; $5 .00 and $4.50 per bond for Rev. Bonds; $9.00 and $8.00 per bond for rated CFO and AD. | ||||||||
| (3) Reserve fund equal to one year debt service. GO Bonds do not require a reserve fund. | ||||||||
| (4) Current Interest rate assumption ror planning purposes. Interest rates are subject to change with market conditions. | ||||||||
| Source: Urban Futures, Inc. | ||||||||
Notes
(*) RCNLD = Replacement Cost Less New Depreciation.
| GO Bonds | Revenue Bonds / Installment Sale COP's | CFD Special Tax Bonds | Assessment Bonds | |||||
| Stock Price | RCNLD(*) | Stock Price | RCNLD(*) | Stock Price | RCNLD(*) | Stock Price | RCNLD(*) | |
| (Actual total issue size) | $47,678,164 | $133,087,472 | $47,773,469 | $133,294,527 | $48,102,384 | $133,932,337 | $48,102,384 | $133,932,337 |
| (Actual annual debt service) | -$2,984,542 | -$8,330,967 | -$3,165,682 | -$8,832,688 | -$3,277,441 | -$9,125,437 | -$3,277,441 | -$9,125,437 |
| (Actual annual debt service based on TOAV 'Total Issue Size') | -$2,984,657 | -$8,331,125 | -$3,393,071 | -$9,466,539 | -$3,519,838 | -$9,800,152 | -$3,519,838 | -$9,800,152 |
Apparently, this table is based on the raw data found in this Bond sizing scenarios document.