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Home My WebLink AboutAG RPTS 1993 0602 RDA REGREDEVELOPMENT AGENCY OF THE CITY OF MOORPARK AGENDA WEDNESDAY, JUNE 2, 1993 6:10 P.M. Moorpark Community Center 1. CALL TO ORDER: 2. ROLL CALL: 3. CONSENT CALENDAR (Roll Call Vote): 799 Moorpark Avenue A. Consider Approval of Minutes of a Special Meeting of the Redevelopment Agency Meeting of April 7, 1993. Consider Approval of Minutes of a Special Meeting of the Redevelopment Agency Meeting of April 21, 1993. Staff Recommendation: Approve minutes as processed. B. Consider Approval of the Warrant Register. Regular Warrants 158 - 161 $ 12,419.95 Voided Warrant 155 $ (433.14) C. Consider Authorizing Resolution 93- of the Redevelopment Agency of the City of Moorpark Approving the Sale and Delivery of its Moorpark Redevelopment Project, 1993 Tax Allocation Bonds and Ratifying Certain Actions Taken in Connection Therewith. Staff Recommendation: Approve Resolution 93- 4. ADJOURNMENT: ----------------------------------------------------------------- Any member of the public may address the Redevelopment Agency during the Public Comments portion of the Agenda, unless it is a Public Hearing or Discussion /Action item. Speakers who wish to address the Redevelopment Agency concerning a Public Hearing or Discussion /Action item must do so during the Public Hearing or Discussion /Action portion of the Agenda for that item. Speaker Cards must be received by the Secretary of the Redevelopment Agency prior to the Call to Order of the meeting. Speakers will be heard in the order that their Speaker Cards are received. A limitation of 3 minutes shall be imposed upon each speaker. WARRANT REGISTER FOR THE 1992 -93 FISCAL YEAR CITY COUNCIL MEETING OF JUNE 2, 1993 REDEVELOPMENT AGENCY WARRANT 158 - 161 VOIDED 155 WARRANT 3.B CA � �u, II Mec,. 2 ,9q.3 ACTION: 'IBY $ 12,419.95 $ (433.14) TOTAL $ 11, 986.81 BRC ACCOUNTS PAYABLE 05/27/93 12:11 :21 Report Selection: RUN GROUP... 6293 CITY OF MOORPARK Disbursements Journal GL050S- VO2.03 COVERPAGE GL540R COMMENT... RDA WARRANTS 06/02/93MTG DATA -JE -ID DATA COMMENT -------- - - - - -- ---- -------------- - - - - -- H- 06021993 -552 RDA WARRANTS 06/02/93MTG Run Instructions: Jobq Banner Copies Form Printer Hoic Space LP: ines CP J 03 P1 N S 6 066 10 BRC ACCOUNTS PAYABLE 05/27/93 12:11:30 WARRANT DATE VENDOR BANK OF A. LEVY 155 03/03/93 BURKE, WILLIAMS & SO 25 158 06/02/93 AMERICAN ARBITRATION 159 06/02/93 BURKE, WILLIAMS & SO 25 159 06/02/93 BURKE, WILLIAMS & SO 25 159 06/02/93 BURKE, WILLIAMS & SO 25 159 06/02/93 BURKE. WILLIAMS FY SO 25 160 06%02/93 CALIFORNIA. REDEVELOP 161 06/02/93 CALIFORNIA ASSOCIAII BANK OF A. LEVY Disbursements Journal DESCRIPTION AMOUNT CLAIM INVOICE VOID CK ISSUED IN ERR 433.14CR 1423 512454PROCESS FEE FOS 150.00 x{1359 -049 V C C C D 1,901.83 x/1359 -049 V C C C D 515.50 1359 -073 VCTC RAIL 2,399.82 #1359 -082 FOSTER EN 7,268.80 12,085.95 1096 EMF RECRT- ECON /REDEv M 52.(ii- 282 EMP RECRT -ECON /REDEv 132.00 TOTAL. 11,986.81 006729 12516 006676 72115013119203 006707 13660 006872 12646 006872 12646 006872 12646 *CHECI,. TOTAi. 006670 ECON DEv /REDS\ 00636. 4672 CITY OF MOORPARK GL540R- VO2.03 PAGE 1 PO# F 9 S ACCOUNT P N H 070.4.114.643 P N H 070.4.114.643 P N H 070.4.114.643 P N H 070.4.114.643 P N H 070.4.114.643 P N H 070.4.114.643 N �- 070.4.131.639 N h 070.4.131.639 BRC ACCOUNTS PAYABLE 05/27/93 12:11:30 WARRANT DATE VENDOR REPORT TOTALS: Disbursements Journal DESCRIPTION AMOUNT CLAIM INVOICE 11,986.81 RECORDS PRINTED - 000008 CITY OF MOORPARK GL540R- V02.O3 PAGE 2 PO# F 9 S ACCOUNT BRC ACCOUNTS PAYABLE CITY OF MOORPARK 05/27/93 12:11:38 Disbursements Journal GL060S- VO2.03 RECAPPAGE CL540R FUND RECAP: FUND DESCRIPTION - - -- ---------------------- - - - - -- 070 REDEVELOPMENT AGENCY TOTAL ALL FUNDS BANK RECAP: BANK NAME - - -- ---------------------------- BANK BANK OF A. LEVY TOTAL ALL BANKS DISBURSEMENTS 11,986.81 11,986.81 DISBURSEMENTS 11,986.81 11,986.81 Urban Futures Inc. Memorandum To: Chairman and Members of The Redevelopment Agency of the City of Moorpark From: Marshall F. Linn Urban Futures, Inc. Date: June 2, 1993 Subject: Final Approval of Bond Size and Authorization to Price s G. Some concern has been expressed relative to a potential reduction in property tax revenues to the Agency from various special districts included as taxing authorities within the Moorpark Redevelopment Project Area. We have checked with various legal authorities who have stated that the State Constitution prohibits the transfer of property tax revenues to the State as the Agency will have entered into a contract to the bondholder. However, for the "comfort" of ourselves as well as that of the Agency and staff, we have run various cash flows illustrating what could happen in a worst possible scenario. First, let me back -up and state that AMBAC has turned down the agency and will not insure the Moorpark bond issue. This should not be construed as a negative to the Agency. AMBAC's denial was due to the relatively young age of the Agency and nothing more. Standard & Poor, as you will recall, has rated our issues an A -. This is the rating the bond issue will carry as we move forward into the marketplace. Exhibit A, represents a very conservative downsizing of the issue to a par amount of $10,000,000 which will net to the Agency $8,914,280 after factoring in the debt service reserve and the cost of issuance. The debt service reserve fund represents approximately one year's debt service and will be invested, at the direction of the Agency, with the Trustee and if not used during the term of the issue will be used as the last payment in the year 2018. Exhibit B illustrates the annual debt service on a 25 year bond issue starting with a serial rate of 3.55% in 1994 out to a long bond rate of 6.30% starting in year 2010 and running to year 2018. Given current market conditions, we may be able to better the 6.30% long bond rate. 801 E. Chapman Ave., Suite 106, Fullerton, CA 92631 714/738 -4277 Telecopy: 738 -3767 Redevelopment /Finance /City Planning /Implementation City of Moorpark June 2, 1993 Page 2 Exhibit C illustrates a worst possible case scenario with the property tax of the major special districts being diverted to the State. This represents an impossible scenario, but nevertheless is presented. As one can see, even in the worst possible case, the Agency still will have adequate revenue in which to meet debt service. Please note that Exhibit C is based on a three (3) percent growth rate in AV, and is net of all pass -thru amounts. RECOMMENDATION - Authorize the financing team to access the bond market with a $10,000,000 par amount A- rated offering. ML /lm Attachments: Exhibit A Exhibit B Exhibit C "EXHIBIT A" REDEVELOPMENT AGENCY CF THE CUT OF MOORPARK NODRPARK REDEVELOPMENT PROJECT 1993 TAX ALLOCATION BOOS (Jl• ) SOURCJF.>i AND Usis Dated 5/01/1993 Delivery 5/01/19'43 Par Arai t of Bonds .................. I............ !10,000,000.00 Total sources sT0,0D0,000.00 Tore( underwriter6c Discount (1.60%) ............. x160,000.00 Casts of [ csusnce .. ............................... 135,000.00 Deposit to Debt Service Reserve Fund (05RF)....... 790,720.00 Continsmicy ........ ............................... 13,914,280.00 TotaL Uses s10,000,000.00 "EXHIBIT B" YIELD STATISTICS Accrued Interest from 05/01/1993 to 05/01/1993... Avers" Life ....... ............................... Bond Yasrs ......... ............................... AverageCoupon ..... ............................... Net Interest Cost ( NIC) ........................... Bond Yfeld for Arbitrage Purposes ................. True !merest Cost (TIC) .......................... EffWtlre Interest Cost (EIC) ..................... 16.255 YEARS 162'x".67 6.1157393% 6.2161726% 6.065716M 6.2322468% 6.376=7% REDEVELOPMENT AGENCY Of THE CITY OF MOORPARK MOORPARK REDEVELOPMENT PROJECT 1993 TAN ALtACATION 8009 (A-) DEBT SERVICE SCHEDULE DATE PRINCIPAL COLIPOW INTEREST DEBT SERVICE 10101/1993 - - 244,310.42 244,310.42 10/01/1994 200,000.00 3.550001E 586,345.00 786,345.00 10/01/1995 210,000.00 4.000001: 579,245.00 789,245.00 ' 10/01/1946 216,000.00 4.45000% 57x,740.00 765,740.00 l"Wim MyV AW- 4 tt ? 450 :x' 10/0IM% 240,000.00 4.90000% 550,710.00 7",710.00 10/0111999 250,000.00 5.10000% 538,950.00 7w,9l0.00 10/01/2000 260,000.00 5.VOM 526,x00.00 766,200.00 10/01/2001 275,000.00 5.30000% 512,680.00 737,680.00 10/01/2003 305,000.00 5.55000% 462,445.00 717,445.00 10/01/2004 325,000.00 5.65000% !,65,517.50 7510,517.50 10/01/2003 340,000.00 5.80000% 44T,155.00 787,155.00 10/OIM% 360,000.00 5.?i1000X 427,43:.00 797,435.00 tQ/ii� $6q,01i0z0 ?' t5.95�04%it95+ M i0.i rbd' 10/01/Z001 405,000.00 6.00000% 3113,585.00 788,585.00 1010112009 430,000.00 6.0S000% 359,285.00 7891205.00 10/01/2010 455,000.00 6.300009 333,27D.00 7W,270.00 10/01/2011 45,000.00 6.30000% 304,605.00 789,605.00 �iAv>0il�( Z,' "31 :dJ14'tOC� '&3tl1I(100 z 276", ;0k, 'IDD�06G.1 ' ' 10/01/2013 545,000.00 6.30000% 241,605.00 716,605.00 10/01/2014 510,000.00 6.30000% 207,270.00 787,270.00 10/01/2015 61S,000.00 6.30000% 170,730.00 765,730.00 j 10/01/2016 633,000.00 6,30000% 131,985.00 716,98'5.00 i:�Db ` �.31yoOx;o'o -W:AV 1o/01/2018 74o,WD.00 6.3000D% 46,620.04 M,620.00 TOTAL 10,000,000.00 - 9,940,930.42 19,940,930.42 YIELD STATISTICS Accrued Interest from 05/01/1993 to 05/01/1993... Avers" Life ....... ............................... Bond Yasrs ......... ............................... AverageCoupon ..... ............................... Net Interest Cost ( NIC) ........................... Bond Yfeld for Arbitrage Purposes ................. True !merest Cost (TIC) .......................... EffWtlre Interest Cost (EIC) ..................... 16.255 YEARS 162'x".67 6.1157393% 6.2161726% 6.065716M 6.2322468% 6.376=7% "EXHIBIT C" 6/1193 MOORPARK 3% REDEVELOPMENT AGENCY (1) (2) (3) (4) (5) FY A.V. GROWTH GROSS TAX NET TO AGENCY FIRE, FLOOD "WORST CASE" (3 %) INCREMENT AFTER ALL AND LIBRARY NETTO (A.V.- BASE) -.01 PASS -THRU (.209027) AGENCY base 88 -89 $264,798,987 1 92 -93 $390,857,409 $1,260,584 $1,136,154 $263,496 2 93 -94 $402,583,131 $1,377,841 $1,211,834 $288,006 $923,828 3 94 -95 $414,660,625 $1,498,616 $1,300,620 $313,251 $987,368 4 95 -96 $427,100,444 $1,623,015 $1,316,678 $339,254 $977,424 5 96 -97 $439,913,457 $1,751,145 $1,404,865 $365,903 $1,038,962 6 97 -98 $453,110,861 $1,883,119 $1,422,998 $378,091 $1,044,907 7 98 -99 $466,704,187 $2,019,052 $1,441,989 $390,644 $1,051,346 8 99 -00 $480,705,312 $2,159,063 $1,461,872 $403,573 $1,058,299 9 00 -01 $495,126,472 $2,303,275 $1,482,680 $416,891 $1,065,789 10 01 -02 $509,980,266 $2,451,813 $1,504,446 $430,608 $1,073,838 11 02 -03 $525,279,674 $2,604,807 $1,527,207 $444,737 $1,082,470 12 03 -04 $541,038,064 $2,762,391 $1,550,999 $459,290 $1,091,710 13 04 -05 $557,269,206 $2,924,702 $1,575,860 $474,279 $1,101,581 14 05 -06 $573,987,282 $3,091,883 $1,601,829 $489,718 $1,112,111 15 06 -07 $591,206,901 $3,264,079 $1,628,946 $505,620 $1,123,326 16 07 -08 $608,943,108 $3,441,441 $1,657,254 $521,999 $1,135,255 17 08 -09 $627,211,401 $3,624,124 $1,686,795 $538,869 $1,147,926 18 09 -10 $646,027,743 $3,812,288 $1,717,614 $556,246 $1,161,369 19 10 -11 $665,408,575 $4,006,096 $1,749,759 $574,143 $1,175,615 20 11 -12 $685,370,833 $4,205,718 $1,783,275 $592,578 $1,190,697 21 12 -13 $705,931,958 $4,411,330 $1,818,213 $611,566 $1,206,647 22 13 -14 $727,109,916 $4,623,109 $1,854,624 $631,124 $1,223,500 23 14 -15 $748,923,214 $4,641,242 $1,892,559 $651,268 $1,241,292 24 15 -16 $771,390,910 $5,065,919 $1,932,075 $672,016 $1,260,058 25 16 -17 $794,532,637 $5,297,337 $1,973,226 $693,387 $1,279,839 26 17 -18 $818,368,617 $5,535,696 $2,016,071 $715,399 $1,300,672 27 18 -19 $842,919,675 $5,781,207 $2,060,670 $738,072 $1,322,598 28 19 -20 $868,207,265 $6,034,083 $2,107,085 $761,424 $1,345,661 29 20 -21 $894,253,483 $6,294,545 $2,155,380 $785,477 $1,369,903 30 21 -22 $921,081,088 $6,562,821 $2,205,621 $810,252 $1,395,369 31 22 -23 $948,713,520 $6,839,145 $2,257,877 $835,770 $1,422,106 TOTALS $113,351,486 $52,437,075 $16,652,951 $34,911,466