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Home My WebLink AboutAG RPTS 1993 0303 RDA REGTHIS REDEVELOPMENT AGENCY AGENDA SUPERSEDES THE PREVIOUSLY POSTED AGENDA REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK AGENDA WEDNESDAY, MARCH 3, 1993 6:45 P.M. Moorpark Community Center 799 Moorpark Avenue 1. CALL TO ORDER: 2. ROLL CALL: 3. CONSENT CALENDAR (Roll Call Vote): A. Consider Approval of Minutes of the Special Meeting of the Redevelopment Agency of January 20, 1993. . Staff Recommendation: B. Warrant Register FY 1992/93 Warrant Approve the minutes as processed. #155 $433.14 C. Consider the Issuance of $10.000.000 of Bonded Indebtedness for Agency Projects. Staff Recommendation: Authorize the City Manager to engage financial advisory, underwriter, rating and bond counsel services in the pursuit of a $10,000,000 issuance of bonded indebtedness. 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. ITEMS Q• m9pill *'3111 :7 FOR THE 1992 -93 FISCAL YEAR CITY COUNCIL MEETING OF MARCH 3, 1993 REDEVELOPMENT AGENCY WARRANT 155 $ 433.14 TOTAL $ 433.14 :)ORPARK. CALIFORNIA City Council Meeting of 1993 ACTION:_(//ff t� BRC ACCOUNTS PAYABLE CITY OF MOORPARK 02/25/93 09:22:12 Schedule of Bills by Fund GL060S- V02.03 RECAPPAGE GL540R FUND RECAP: FUND DESCRIPTION - - -- ---------------------- - - - - -- 070 REDEVELOPMENT AGENCY TOTAL ALL FUNDS BANK RECAP: BANK NAME - - -- ---------------------- - - - - -- BANK BANK OF A. LEVY TOTAL ALL BANKS DATE ............ DISBURSEMENTS 433.14 433.14 DISBURSEMENTS 433.14 433.14 APPROVED BY .. ............................... .......................... I...... WE HAVE EXAMINED THE CLAIMS LISTED ON THE FOREGOING REGISTER OF CLAIMS, CONSISTING OF PAGES, AND EXCEPT FOR CLAIMS NOT ALLOWED AS SHOWN ON THE REGISTER SUCH CLAIMS ARE HEREBY ALLOWED IN THE TOTAL AMOUNT OF _ DATED THIS DAY OF , 19—. BRC ACCOUNTS PAYABLE 02/25/93 09:23:57 Report Selection: CITY OF MOORPARK Disbursements Journal GL050S- VO2.03 COVERPAGE GL540R RUN GROUP... 03393 COMMENT... RDA. WARRANT 03/03/93 MTG DATA -JE -ID DATA COMMENT -------- - - - - -- ------------------ - - - - -- H- 03031993 -365 RDA WARRANT 03/03/93 MTG Run Instructions: Jobq Banner Copies Form Printer Hold Space LPI Lines CPI J 03 P1 N S 6 066 10 BRC ACCOUNTS PAYABLE 02/25/93 09:24:05 WARRANT DATE VENDOR BANK OF A. LEVY 155 03/03/93 BURKE, WILLIAMS & SO 25 BANK OF A. LEVY Disbursements Journal DESCRIPTION AMOUNT CLAIM INVOICE #02312 -004 V.C.T.C. 433.14 005656 12516 TOTAL 433.14 CITY OF MOORPARK GL540R- V02.03 PAGE 1 PO# F 9 S ACCOUNT P N H 070.4.114.643 BRC ACCOUNTS PAYABLE 02/25/93 09:24:05 WARRANT DATE VENDOR REPORT TOTALS: Disbursements Journal DESCRIPTION AMOUNT CLAIM INVOICE 433.14 RECORDS PRINTED - 000001 CITY OF MOORPARK GL540R- VO2.03 PAGE 2 PO# F 9 S ACCOUNT BRC ACCOUNTS PAYABLE 02/25/93 09:24:11 FUND RECAP: FUND DESCRIPTION -- -- ---------------------- - - - - -- 070 REDEVELOPMENT AGENCY TOTAL ALL FUNDS BANK RECAP: BANK NAME - - -- ---------------------------- BANK BANK OF A. LEVY TOTAL ALL BANKS Disbursements Journal DISBURSEMENTS 433.14 433.14 DISBURSEMENTS 433.14 433.14 CITY OF MOORPARK GL060S- VO2.03 RECAPPAGE GL540R Agenda Report city of Moorpark TO: The Honorable Agency Board FROM: Richard Hare, Agency Treasurer r i� DATE: March 1, 1993 (RDA Mtg. 3/03/93) 3.C.• DRPARK, CALIFOR ,- %.. RE: Consider the Issuance of $10 million dollars of Bonded Indebtedness for Agency Projects BACKGROUND The Moorpark Redevelopment Agency was created by the city of Moorpark by Ordinance No. 87, adopted on March 18, 1987. The Redevelopment Plan calls for extensive infrastructure improvements as well as, programs to improve housing and other activities. Over $120 million dollars is projected to be spent in the project area, per the attached Plan Program. The Redevelopment Agency secures tax increment in order to pay debt incurred by the Agency to complete its projects. Without debt, the Agency does not receive any tax increment. The County Audit Controller is only authorized to distribute tax increment to the agency that is required to pay the agency's debt, therefore, without any debt, the Agency does not receive any tax increment. This debt can be from a variety of sources. Currently, it is limited to loans from the City. Staff and the Budget & Finance Committee met with our Financial Advisors, Urban Futures on 2/22/93 to review the current bond market. It has been the recommendation of Marshall Linn, President of Urban Futures, that the Agency take advantage of the favorable bond market and issue $10 million dollars of debt based on the projected cash flows of tax increment. Mr. Linn recommends that a fixed rate financing be used. A preliminary team of consultants has been assembled to do the initial work, contingent on the Board's approval of the authorization to proceed with the preparatory work. In order to proceed with engaging the services of underwriters, rating agencies and bond counsel, the Redevelopment Agency Board must authorize the Executive Director to proceed in this pursuit. All consultants will work on a contingency basis, if the Executive Director is. authorized to proceed. In the event the Agency Board decides not to pursue the issuance of debt, there will be no financial obligation on the part of the Agency to pay any of the consultants, with the exception of the payments required to th6 rating agency. It is estimated that Standard & Poors will charge approximately $15,000 to establish a rating for the Agency. The Honorable Agency Board March 1, 1993 Page 2 It is also the advice of Urban Futures that the City investigate the use of AAA bond insurance. Bond insurance is provided by private companies to backup the issuance of an entity's bonds. In effect, the insurance company is guaranteeing to pay in the event the Agency is unable to pay the bond holders. This is similar to co- signing a loan. The advantage to having a AAA insurance issuance is that you can secure a lower interest rate on the bonds. The cash flows illustrated in the attachments is based on a 3% growth in tax increment. As you recall, during our negotiations with other taxing entities, a 5% growth factor was used. A more conservative growth factor is used in this projection to be more assured that adequate tax increment revenues will be available to pay off the debt incurred. A representative from Urban Futures will be present to respond to any questions that the Agency may have regarding their recommendation for a fixed rate financing. The Budget & Finance Committee and staff have reviewed the proposed bond issuance and concur with the recommendation of Urban Futures. RECOMMENDATION• Authorize the Executive Director to engage financial advisory, underwriter, rating and bond counsel services in the pursuit of a $10,000,000 issuance of bonded indebtedness and designate Burke, Williams, Sorenson & Garr as bond counsel, Urban Futures as financial advisors, Miller & Schroeder as underwriter, and First Interstate Bank as trustee. Further, staff recommends that the Agency refer the matter of establishing a preliminary project list to the Budget & Finance Committee. Attachments: Appendix B - Proposed Public Improvements Projects and Programs Urban Futures Memo, dated 2/19/93 1993 Tax Allocation Bonds March 1. 1993 c: \wyS1 \Rc1x)rts \1ndcN.A11 APPENDIX B PROPOSED PUBLIC IMPROVEMENT PROJECTS AND PROGRAMS C Extension of High Street from its present 5,300,000 terminus 700 feet west of Moorpark Avenue to Gabbert Road. An east -west secondary between Moorpark Avenue and Gabbert Road will be studied beginning in 1989 as part of the City's Circulation Element Update. It could be High Street or another location. Extension of Spring Road from Charles Street $ 5,000,000 to Walnut Canyon Road or Broadway (an exact alignment has been determined and an unnamed alternative might be a road extension to Broadway, west of the Campus park area). Grimes Canyon Road Reconstruction 5,500 feet along the western City limits Railroad Grade Separation (location is undetermined). Los Angeles Avenue (State Highway 118) widening from High Street to South Condor Drive. CMisc. Traffic Signal Improvements Misc. Storm Drainage Improvements Moorpark Avenue (State Highway 23) adjacent to railroad property approximately 800 feet of frontage - curb, gutter, sidewalk and street paveout. Gabbert Road and Casey Road widening and reconstruction of existing roadways. Miscellaneous other street, curb, gutter and sidewalk improvements. Alley Reconstruction Streetscape and Landscaping Improvements (as part of High Street and Moorpark Avenue streetscape improvements and modest entry statements for existing downtown area single family residential) Contingency Total (Items 1 through 13) $ 1,500,000 $ 5,000,000 $ 4,500,000 $ 2,000,000 $ 5,000,000 $ 300,000 $ 600,000 $ 5,000,000 $ 1,000,000 $ 3,000,000 $ 2,000,000 $ 40,200,000* * Estimates are in 1989 dollars and are subject to change as per anticipated increases in construction and right of way acquisition costs. C 0 -45 years Residential rehabilitation loans or grants for single and multi - family units. Approximately 240 structures in need of assistance 0 -45 years Replacement housing pool (dilapidated structures only). 0 -45 years Land write down "pool" and infra- structure assistance for new replacement of low and moderate income and senior residential housing TOTAL HOUSING PROGRAMS Community Development Programs 0-45 years Contract engineering, planning and design services and agency administration costs (40 yrs X $100,000 per year) 0 -45 years Relocation assistance (residential, commercial and industrial) 0 -45 years Undergrounding of utilities 0 -45 years Commercial rehabilitation loan and grant fund either in the form of an interest write down for low costs loans or grants, or other hybred program $25,000,000.00 r� L 0 -45 years Light industrial rehabilitation loan and grant fund for blighted and. dilapidated structures, either in the form of an interest subsidies or grants or other hybred program 0 -45 years Land write down "pool" and infra- structure construction assistance for new commercial development 0 -45 years Land write down "pool" and infra- structure construction assistance for light industrial development 0 -45 years Site assembly and property acquisition 0 -45 years Architectural design of street - scape program Downtown Parking - 100 spaces Contingency . $ 3,000,000.00 TOTAL COMMUNITY DEVELOPMENT PROGRAMS $35,000,000.00 Community Facilities Programs 0 -45 years Senior Citizen Housing Programs 0 -45 years Police, Department and City Govt. Administrative Building Upgrades 0 -45 years Misc. Development of Parks and Recreation Facilities TOTAL COMMUNITY FACILITY PROGRAMS $20,000,000.00 TOTAL OF ALL PROPOSED PROJECTS $120,200,000* 2/18/93 MOORPARK 3% REDEVELOPMENT AGENCY (1) (2) (3) (4) (5) FY A.V. GROWTH GROSS TAX NET TO AGENCY EXAMPLE DEBT SURPLUS (3 %) INCREMENT AFTER ALL SERVICE: $10MM REVENUE (A.V.- BASE)'.01 PASS -THRU T.A. BONDS base 88-89 $264,798,987 (UNRATED) @7.5% 90-91 $318,410,180 $263,388 $248,040 91 -92 $369,993,124 $1,051,941 $1,021,696 1 92 -93 $390,857,409 $1,260,584 $1,136,154 5423,350 $712,804 2 93-94 $402,583,131 $1,377,841 $1,223,022 $846,700 $376,322 3 9495 $414,660,625 $1,498,616 $1,312,788 S846,700 $466,088 4 95-96 $427,100,444 $1,623,015 $1,316,678 S846,700 $469,978 5 96-97 $439,913,457 $1,751,145 $1,404,865 $846,700 $558,165 6 97 -98 $453,110,861 $1,883,119 $1,422,998 $846,700 $576,298 7 98-99 $466,704,187 $2,019,052 $1,441,989 $846,700 $595,289 8 99-00 $480,705,312 $2,159,063 $1,461,872 5846,700 $615,172 9 00-01 $495,126,472 $2,303,275 $1,482,680 5846,700 $635,980 10 01 -02 $509,980,266 $2,451,813 $1,504,446 $846,700 $657,746 11 02 -03 $525,279,674 $2,604,807 $1,527,207 $846,700 $680,507 12 03-04 $541,038,064 $2,762,391 $1,550,999 S846,700 $704,299 13 04-05 $557,269,206 $2,924,702 $1,575,860 $846,700 $729,160 14 05-06 $573,987,282 $3,091,883 $1,601,829 $846,700 $755,129 15 06-07 $591,206,901 $3,264,079 $1,628,946 $846,700 $782,246 16 07-08 $608,943,108 $3,441,441 $1,657,254 $846,700 $810,554 17 08-09 $627,211,401 $3,624,124 $1,686,795 $846,700 $840,095 18 09-10 $646,027,743 $3,812,288 $1,717,614 $846,700 $870,914 19 10-11 $665,408,575 $4.006,096 $1,749.759 S846,700 $903,059 20 11 -12 $685,370,833 $4,205,718 $1,783,275 S846,700 $936,575 21 12 -13 $705,931,958 $4,411,330 $1,818,213 $846,700 $971,513 22 13-14 $727,109,916 $4,623,109 $1,854,624 S846,700 $1,007,924 23 1415 $748,923,214 $4,841,242 $1,892,559 S846,700 $1,045,859 24 15-16 $771,390,910 $5,065,919 $1,932,075 $846,700 $1,085,375 25 16-17 $794,532,637 $5,297,337 $1,973,226 $846,700 $1,126,526 26 17 -18 $818,368,617 $5,535,696 $2,016,071 5846,700 $1,169,371 27 18-19 $842,919,675 $5,781,207 $2,060,670 $846,700 $1,213,970 28 19-20 $868,207,265 $6,034,083 $2,107,085 $846,700 $1,260,385 29 20-21 $894,253,483 $6,294,545 $2,155,380 $846,700 $1,308,680 30 21 -22 $921,081,088 $6,562,821 $2,205,621 S846,700 $1,358,921 31 22 -23 $948,713,520 $6,839,145 $2,257,877 $423,350 $1,834,527 TOTALS $113,351,486 $52,460,432 $25,401,000 $27,059,432 SOURCES: PAR AMOUNT OF BONDS ........ $10,000,000 USES: DEBT SERVICE RESERVE FUND ...... $846,700 UNDERWRITERS DISCOUNT .......... $175,000 COSTS OF ISSUANCE .............. $155,000 REDEVELOPMENT FUND ............. $7,058,640 LOW /MOD HOUSING FUND ........... $1,764,660 TOTAL $10,000.000 Urban Futures Inc. MEMORANDUM February 19, 1993 TO: Financing Team Distribution List FROM: Urban Futures, Inc. Agency Financial Advisor SUBJECT: MOORPARK REDEVELOPMENT AGENCY MOORPARK REDEVELOPMENT PROJECT 1993 TAX ALLOCATION BONDS RECEIVED v E a 2 2 1993 City of Moorpark Please find attached a participant distribution list, "term sheet" and preliminary financing schedule for the above referenced proposed financing. If you have any questions or comments, please call Marshall Linn, Doug Anderson or Rick Oakley. /esb 801 E Chapman Ave. Suite 106 Fullerton CA 92631 714;738 -4277 Telecopy 738 -3767 Redevelopment!Finance /C ty Plan ning(tmplementation Miller & Schroeder Financial FILE = MOOR25A Public Finance 3/ 1/1993 2:09 PM MOORPARK REDEVELOPMENT AGENCY MOORPARK REDEVEOPMENT PROJECT 1993 TAX ALLOCATION BONDS (25 YEAR AAA RATED) COVERAGE REPORT DATE COVERAGE REVENUE NEW NET D/S DSR YIELD DSR BALANCE 4/01/1993 - 808,750.00 4/01/1994 1.2556783x 1,011,000.00 805,142.50 808,750.00 4/01/1995 1.3625286x 1,100,000.00 807,322.50 808,750.00 4/01/1996 1.3804321x 1,116,000.00 808,442.50 808,750.00 4/01/1997 1.4892834x 1,204,000.00 808,442.50 808,750.00 4/01/1998 1.5132705x 1,222,000.00 807,522.50 808,750.00 4/01/1999 1.5403855x 1,241,000.00 805,642.50 808,750.00 4/01/2000 1.5611024x 1,261,000.00 807,762.50 808,750.00 4/01/2001 1.5851623x 1,282,000.00 808,750.00 808,750.00 4/01/2002 1.6127436x 1,304,000.00 808,560.00 808,750.00 4/01/2003 1.6440613x 1,327,000.00 807,147.50 808,750.00 4/01/2004 1.6781287x 1,350,000.00 804,467.50 808,750.00 4/01/2005 1.7066912x 1,375,000.00 805,652.50 808,750.00 4/01/2006 1.7390981x 1,401,000.00 805,590.00 808,750.00 4/01/2007 1.7755452x 1,428,000.00 804,260.00 - 808,750.00 4/01/2008 1.8062525x 1,457,000.00 806,642.50 - 808,750.00 4/01/2009 1.8403787x 1,486,000.00 807,442.50 - 808,750.00 4/01/2010 1.8806523x 1,517,000.00 806,635.00 - 808,750.00 4/01/2011 1.9273241x 1,549,000.00 803,705.00 - 808,750.00 4/01/2012 1.9680487x 1,583,000.00 804,350.00 - 808,750.00 4/01/2013 2.0017692x 1,618,000.00 808,285.00 - 808,750.00 4/01/2014 2.0540843x 1,654,000.00 805,225.00 - 808,750.00 4/01/2015 2.1006760x 1,692,000.00 805,455.00 - 808,750.00 4/01/2016 2.1417354x 1,732,000.00 808,690.00 - 808,750.00 4/01/2017 2.2034562x 1,773,000.00 804,645.00 - 808,750.00 4/01/2018 * * * * * * * * * * ** 1,816,000.00 (145.00) - - TOTAL - 35,499,000.00 19,355,635.00 - Miller & Schroeder Financial FILE = MOOR25A Public Finance 3/ 1/1993 2:09 PM MOORPARK REDEVELOPMENT AGENCY MOORPARK REDEVELOPMENT PROJECT 1993 TAX ALLOCATION BONDS Proposed Term Sheet 1. Issue: 1993 Tax Allocation Bonds 2. Security: Annual pledge of 125% of Tax Increment net of pass - throughs from Project Area 3. qty: 25 or 30 years 4. Par Amount: $10,000,000 5. Sinldng Fund: Yes, on Term Bonds 6. Call Protection: Ten years or less depending on cost 7. Call Premium: 102% 8. Insurance: MBIA or AMBAC 9. Rating: AAA /Insured plus "stand alone" S & P 10. Bond for Housing: Yes 11. Reserve Fund: Maximum Annual Debt Service 12. Dated Date: April 1, 1993 13. Estimated Close: April 280 , 1993 01.MP.02nT1LMSHr MOORPARK REDEVELOPMENT AGENCY MOORPARK REDEVELOPMENT PROEJECT 1993 TAX ALLOCATION BONDS PRELIMINARY FINANCING SCHEDULE DATE ACTION RESPONSIBLE PARTY(S) March 15, 1993 Financing documents distributed BWS &G and UFI and transmitted to Bond Insurer March 15, 1993 Preliminary Official Statement draft M &SF and UFI is distributed March 15, 1993 Draft of Bond Purchase Agreement M &SF and RW &G is distributed April 5, 1993 Bond Insurance approved by Bond Bond Insurer Insurer April 7, 1993 City and Agency adopts Resolutions UFI, BWS &G, M &SF and Forming JPA; City /Agency /JPA CITY /AGENCY adopts Resolution authorizing the issuance of the Bonds; Approving all documents including Preliminary Official Statement, Indenture of Trust and Bond Purchase Agreement Week of April 12, 1993 Pricing of the Bonds M &SF and UFI Bond Purchase Agreement Executed M &SF, BWS &G, UFI and AGENCY April 23, 1993 Bond Proof is Finalized; BWS &G and UFI Bonds printed and delivered Final Official Statement M &SF and UFI submitted to the printer April 27, 1993 Pre - Closing All Finance Team Members April 28, 1993 Closing All Finance Team Members 01, W.0293- FINSCH MOORPARK REDEVELOPMENT AGENCY MOORPARK REDEVEOPMENT PROJECT 1993 TAX ALLOCATION BONDS (25 YEAR A RATED) SOURCES AND USES Dated 4/01/1993 Delivery 4/01/1993 Par Amount of Bonds ............................... $10,620,000.00 Total Sources E10,620,000.00 Total Underwriter's Discount (1.750X) ............. $185,850.00 Costs of Issuance .. ............................... 90,000.00 Deposit to Debt Service Reserve Fund (DSRF) ....... 841,920.00 Contingency ........ ............................... 9,502,230.00 Total Uses 510,620,000.00 Miller 8 Schroeder Financial FILE = MOOR25A1 Public Finance 3/ 1/1993 2.08 PM Miller & Schroeder Financial Public Finance YIELD STATISTICS Accrued Interest from 04/01/1993 to 04/01/1993... Average Life ....... ............................... BondYears ......... ............................... AverageCoupon ..... ............................... Net Interest Cost ( NIC) ........................... Bond Yield for Arbitrage Purposes ................. True Interest Cost (TIC) .......................... Effective Interest Cost (EIC) ..................... FILE = MOOR25A1 3/ 1/1993 2:08 PM 15.909 YEARS 168,955.00 6.1396674% 6.2496671% 6.1141913% 6.3004881% 6.3925584% MOORPARK REDEVELOPMENT AGENCY MOORPARK REDEVEOPMENT PROJECT 1993 TAX ALLOCATION BONDS (25 YEAR A RATED) DEBT SERVICE SCHEDULE DATE PRINCIPAL COUPON INTEREST DEBT SERVICE 4/01/1993 - - - - 4/01/1994 210,000.00 3.50000% 631,295.00 841,295.00 4/01/1995 215,000.00 4.00000% 623,945.00 838,945.00 4/01/1996 225,000.00 4.50000% 615,345.00 840,345.00 4/01/1997 235,000.00 4.75000% 605,220.00 840,220.00 4/01/1998 245,000.00 5.00000% 594,057.50 839,057.50 4/01/1999 260,000.00 5.25000% 581,807.50 841,807.50 4/01/2000 270,000.00 5.50000% 568,157.50 838,157.50 4/01/2001 285,000.00 5.75000% 553,307.50 838,307.50 4/01/2002 305,000.00 6.00000% 536,920.00 841,920.00 4/01/2003 320,000.00 6.10000% 518,620.00 838,620.00 4/01/2004 340,000.00 6.20000% 499,100.00 839,100.00 4/01/2005 360,000.00 6.20000% 478,020.00 838,020.00 4/01/2006 385,000.00 6.20000% 455,700.00 840,700.00 4/01/2007 410,000.00 6.20000% 431,830.00 841,830.00 4/01/2008 435,000.00 6.20000% 406,410.00 841,410.00 4/01/2009 460,000.00 6.20000% 379,440.00 839,440.00 4/01/2010 490,000.00 6.20000% 350,920.00 840,920.00 4/01/2011 520,000.00 6.20000% 320,540.00 840,540.00 4101/2012 550,000.00 6.20000% 288,300.00 838,300.00 4/01/2013 585,000.00 6.20000% 254,200.00 839,200.00 4/01/2014 620,000.00 6.20000% 217,930.00 837,930.00 4/01/2015 660,000.00 6.20000% 179,490.00 839,490.00 4/01/2016 700,000.00 6.20000% 138,570.00 838,570.00 4/01/2017 745,000.00 6.20000% 95,170.00 840,170.00 4/01/2018 790,000.00 6.20000% 48,980.00 838,980.00 TOTAL 10,620,000.00 - 10,373,275.00 20,993,275.00 Miller & Schroeder Financial Public Finance YIELD STATISTICS Accrued Interest from 04/01/1993 to 04/01/1993... Average Life ....... ............................... BondYears ......... ............................... AverageCoupon ..... ............................... Net Interest Cost ( NIC) ........................... Bond Yield for Arbitrage Purposes ................. True Interest Cost (TIC) .......................... Effective Interest Cost (EIC) ..................... FILE = MOOR25A1 3/ 1/1993 2:08 PM 15.909 YEARS 168,955.00 6.1396674% 6.2496671% 6.1141913% 6.3004881% 6.3925584% Miller & Schroeder Financial FILE = MOOR25A1 Public Finance 3/ 1/1993 2:08 PM MOORPARK REDEVELOPMENT AGENCY MOORPARK REDEVEOPMENT PROJECT 1993 TAX ALLOCATION BONDS (25 YEAR A RATED) COVERAGE REPORT DATE COVERAGE REVENUE NEW NET D/S DSR YIELD DSR BALANCE 4/01/1993 841,920.00 4/01/1994 1.2017188x 1,011,000.00 841,295.00 841,920.00 4/01/1995 1.3111706x 1,100,000.00 838,945.00 841,920.00 4/01/1996 1.3280260x 1,116,000.00 840,345.00 841,920.00 4/01/1997 1.4329580x 1,204,000.00 840,220.00 - 841,920.00 4/01/1998 1.4563960x 1,222,000.00 839,057.50 - 841,920.00 4/01/1999 1.4742088x 1,241,000.00 841,807.50 - 841,920.00 4/01/2000 1.5044905x 1,261,000.00 838,157.50 - 841,920.00 4/01/2001 1.5292718x 1,282,000.00 838,307.50 - 841,920.00 4/01/2002 1.54MO7x 1,304,000.00 841,920.00 - 841,920.00 4/01/2003 1.5823615x 1,327,000.00 838,620.00 - 841,920.00 4/01/2004 1.6088666x 1,350,000.00 839,100.00 - 841,920.00 4/01/2005 1.6407723x 1,375,000.00 838,020.00 - 841,920.00 4/01/2006 1.6664684x 1,401,000.00 840,700.00 - 841,920.00 4/01/2007 1.6963045x 1,428,000.00 841,830.00 - 641,920.00 4/01/2008 1.7316172x 1,457,000.00 841,410.00 - 841,920.00 4/01/2009 1.7702278x 1,486,000.00 839,440.00 - 841,920.00 4/01/2010 1.8039766x 1,517,000.00 840,920.00 - 841,920.00 4/01/2011 1.8428629x 1,549,000.00 840,540.00 - 841,920.00 4/01/2012 1.8883455x 1,583,000.00 838,300.00 - 841,920.00 4/01/2013 1.9280267x 1,618,000.00 839,200.00 - 841,920.00 4/01/2014 1.9739119x 1,654,000.00 837,930.00 - 841,920.00 4/01/2015 2.0155094x 1,692,000.00 839,490.00 - 841,920.00 4/01/2016 2.0654209x 1,732,000.00 838,570.00 - 841,920.00 4/01/2017 2.1102872x 1,773,000.00 840,170.00 - 841,920.00 4/01/2018 - 617.6870748 1,816,000.00 (2,940.00) - - TOTAL - 35,499,000.00 20,151,355.00 - Miller & Schroeder Financial FILE = MOOR25A1 Public Finance 3/ 1/1993 2:08 PM MOORPARK REDEVELOPMENT AGENCY MOORPARK REDEVEOPMENT PROJECT 1993 TAX ALLOCATION BONDS (25 YEAR NON- RATED) SOURCES AND USES Dated 4/01/1993 Delivery 4/01/1993 Par Amount of Bonds ............................... S10,565,000.00 Total Sources $10,565,000.00 Total Underwriter's Discount (1.750X) ............. 5184,887.50 Costs of Issuance .. ............................... 90,000.00 Deposit to Debt Service Reserve Fund (DSRF) ....... 918,505.00 Contingency ........ ............................... 9,371,607.50 Total Uses $10,565,000.00 Miller & Schroeder Financial FILE = MOOR25NR Public Finance 3/ 1/1993 12:51 PM Miller 8 Schroeder Financial Public Finance YIELD STATISTICS Accrued Interest from 04/01/1993 to 04/01/1993... Average Life ....... ............................... Bond Years ......... ............................... Average Coupon ..... ............................... Net Interest Cost ( NIC) ........................... Bond Yield for Arbitrage Purposes ................. True Interest Cost (TIC) .......................... Effective Interest Cost (EIC) ..................... FILE = MOOR25NR 3/ 1/1993 12:51 PM 16.347 YEARS 172,705.00 7.1468631% 7.2539171% 7.1203214% 7.3168915% 7.4145907% MOORPARK REDEVELOPMENT AGENCY MOORPARK REDEVEOPMENT PROJECT 1993 TAX ALLOCATION BONDS (25 YEAR NON- RATED) DEBT SERVICE SCHEDULE DATE PRINCIPAL COUPON INTEREST DEBT SERVICE 4/01/1993 - - - - 4/01/1994 180,000.00 4.50000% 736,605.00 916,605.00 4/01/1995 190,000.00 5.00000% 728,505.00 918,505.00 4/01/1996 195,000.00 5.50000% 719,005.00 914,005.00 4/01/1997 210,000.00 5.75000% 708,280.00 918,280.00 4/01/1998 220,000.00 6.00000% 696,205.00 916,205.00 4/01/1999 235,000.00 6.25000% 683,005.00 918,005.00 4/01/2000 250,000.00 6.50000% 668,317.50 918,317.50 4/01/2001 265,000.00 6.75000% 652,067.50 917,067.50 1 4/01/2002 280,000.00 7.00000% 634,180.00 914,180.00 4/01/2003 300,000.00 7.10000% 614,580.00 914,580.00 4/01/2004 325,000.00 7.20000% 593,280.00 918,280.00 4/01/2005 345,000.00 7.20000% 569,880.00 914,880.00 4/01/2006 370,000.00 7.20000% 545,040.00 915,040.00 4/01/2007 400,000.00 7.20000% 518,400.00 918,400.00 4/01/2008 425,000.00 7.20000% 489,600.00 914,600.00 4/01/2009 455,000.00 7.20000% 459,000.00 914,000.00 4/01/2010 490,000.00 7.20000% 426,240.00 916,240.00 4/01/2011 525,000.00 7.20000% 390,960.00 915,960.00 4/01/2012 565,000.00 7.20000% 353,160.00 918,160.00 4/01/2013 605,000.00 7.20000% 312,480.00 917,480.00 4/01/2014 645,000.00 7.20000% 268,920.00 913,920.00 4/01/2015 695,000.00 7.20000% 222,480.00 917,480.00 4/01/2016 745,000.00 7.20000% 172,440.00 917,440.00 4/01/2017 795,000.00 7.20000% 118,800.00 913,800.00 4/01/2018 855,000.00 7.20000% 61,560.00 916,560.00 TOTAL 10,565,000.00 - 12,342,990.00 22,907,990.00 Miller 8 Schroeder Financial Public Finance YIELD STATISTICS Accrued Interest from 04/01/1993 to 04/01/1993... Average Life ....... ............................... Bond Years ......... ............................... Average Coupon ..... ............................... Net Interest Cost ( NIC) ........................... Bond Yield for Arbitrage Purposes ................. True Interest Cost (TIC) .......................... Effective Interest Cost (EIC) ..................... FILE = MOOR25NR 3/ 1/1993 12:51 PM 16.347 YEARS 172,705.00 7.1468631% 7.2539171% 7.1203214% 7.3168915% 7.4145907% Miller & Schroeder Financial FILE = MOOR25NR Public Finance 3/ 1/1993 2.11 PM MOORPARK REDEVELOPMENT AGENCY MOORPARK REDEVEOPMENT PROJECT 1993 TAX ALLOCATION BONDS (25 YEAR NON- RATED) COVERAGE REPORT DATE COVERAGE REVENUE NEW NET D/S DSR YIELD DSR BALANCE 4/01/1993 - 918,505.00 4/01/1994 1.1029833x 1,011,000.00 916,605.00 918,505.00 4/01/1995 1.1975983x 1,100,000.00 918,505.00 918,505.00 4/01/1996 1.2209999x 1,116,000.00 914,005.00 918,505.00 4/01/1997 1.3111469x 1,204,000.00 918,280.00 918,505.00 4/01/1998 1.3337626x 1,222,000.00 916,205.00 918,505.00 4/01/1999 1.3518445x 1,241,000.00 918,005.00 918,505.00 4/01/2000 1.3731634x 1,261,000.00 918,317.50 918,505.00 4/01/2001 1.3979342x 1,282,000.00 917,067.50 - 918,505.00 4/01/2002 1.4264149x 1,304,000.00 914,180.00 - 918,505.00 4/01/2003 1.4509392x 1,327,000.00 914,580.00 - 918,505.00 4/01/2004 1.4701398x 1,350,000.00 918,280.00 - 918,505.00 4/01/2005 1.5029293x 1,375,000.00 914,880.00 - 918,505.00 4/01/2006 1.5310806x 1,401,000.00 915,040.00 - 918,505.00 4/01/2007 1.5548780x 1,428,000.00 918,400.00 - 918,505.00 4/01/2008 1.5930461x 1,457,000.00 914,600.00 - 918,505.00 4/01/2009 1.6258206x 1,486,000.00 914,000.00 - 918,505.00 4/01/2010 1.6556797x 1,517,000.00 916,240.00 - 918,505.00 4/01/2011 1.6911219x 1,549,000.00 915,960.00 - 918,505.00 4/01/2012 1.7241004x 1,583,000.00 918,160.00 - 918,505.00 4/01/2013 1.7635262x 1,618,000.00 917,480.00 - 918,505.00 4/01/2014 1.8097864x 1,654,000.00 913,920.00 - 918,505.00 4/01/2015 1.8441819x 1,692,000.00 917,480.00 - 918,505.00 4/01/2016 1.8878619x 1,732,000.00 917,440.00 - 918,505.00 4/01/2017 1.9402495x 1,773,000.00 913,800.00 - 918,505.00 4/01/2018 - 933.6760925 1,816,000.00 (1,945.00) - - TOTAL - 35,499,000.00 21,989,485.00 - Miller & Schroeder Financial FILE = MOOR25NR Public Finance 3/ 1/1993 2.11 PM Miller 8 Schroeder Financial FILE = MOOR25A Public Finance 3/ 1/1993 12.48 PM MOORPARK REDEVELOPMENT AGENCY MOORPARK REDEVEOPMENT PROJECT 1993 TAX ALLOCATION BONDS (25 YEAR AAA RATED) SOURCES AND USES Dated 4/01/1993 Delivery 4/01/1993 Par Amount of Bonds ............................... $10,800,000.00 Total Sources 110,800,000.00 Total Underwriter's Discount (1.500X) ............. !162,000.00 Costs of I ssuance .. ............................... 90,000.00 Gross Bond Insurance Premium ...................... 161,315.08 Deposit to Debt Service Reserve Fund (DSRF) ....... 808,750.00 Contingency ........ ............................... 9,577,934.92 Total Uses $10,800,000.00 Miller 8 Schroeder Financial FILE = MOOR25A Public Finance 3/ 1/1993 12.48 PM Miller & Schroeder Financial Public Finance YIELD STATISTICS Accrued Interest from 04/01/1993 to 04/01/1993... Average Life ....... ............................... BondYears ......... ............................... AverageCoupon ..... ............................... Net Interest Cost ( NIC) ........................... Bond Yield for Arbitrage Purposes ................. True Interest Cost (TIC) .......................... Effective Interest Cost (EIC) ..................... FILE = MOOR25A 3/ 1/1993 12:48 PM 15.602 YEARS 168,505.00 5.5573336% 5.6534732% 5.6735098% 5.6741702% 5.9209913% MOORPARK REDEVELOPMENT AGENCY MOORPARK REDEVEOPMENT PROJECT 1993 TAX ALLOCATION BONDS (25 YEAR AAA RATED) DEBT SERVICE SCHEDULE DATE PRINCIPAL COUPON INTEREST DEBT SERVICE 4/01/1993 - - - - 4/01/1994 230,000.00 3.40000% 575,142.50 805,142.50 4/01/1995 240,000.00 3.70000% 567,322.50 807,322.50 4/01/1996 250,000.00 4.00000% 558,442.50 808,442.50 4/01/1997 260,000.00 4.20000% 548,442.50 808,442.50 4/0111998 270,000.00 4.40000% 537,522.50 807,522.50 4/01/1999 280,000.00 4.60000% 525,642.50 805,642.50 4/01/2000 295,000.00 4.75000% 512,762.50 807,762.50 4/01/2001 310,000.00 4.90000% 498,750.00 808,750.00 4/01/2002 325,000.00 5.05000% 483,560.00 808,560.00 4/01/2003 340,000.00 5.20000% 467,147.50 807,147.50 4/01/2004 355,000.00 5.30000% 449,467.50 804,467.50 4/01/2005 375,000.00 5.35000% 430,652.50 805,652.50 4/01/2006 395,000.00 5.40000% 410,590.00 805,590.00 4/01/2007 415,000.00 5.45000% 389,260.00 804,260.00 4/01/2008 440,000.00 5.50000% 366,642.50 806,642.50 4/01/2009 465,000.00 5.55000% 342,442.50 807,442.50 4/01/2010 490,000.00 5.70000% 316,635.00 806,635.00 4/01/2011 515,000.00 5.70000% 288,705.00 803,705.00 4101/2012 545,000.00 5.70000% 259,350.00 804,350.00 4/01/2013 580,000.00 5.70000% 228,285.00 808,285.00 4/01/2014 610,000.00 5.70000% 195,225.00 805,225.00 4/01/2015 645,000.00 5.70000% 160,455.00 805,455.00 4/01/2016 685,000.00 5.70000% 123,690.00 808,690.00 4/01/2017 720,000.00 5.70000% 84,645.00 804,645.00 4/01/2018 765,000.00 5.70000% 43,605.00 808,605.00 TOTAL 10,800,000.00 - 9,364,385.00 20,164,385.00 Miller & Schroeder Financial Public Finance YIELD STATISTICS Accrued Interest from 04/01/1993 to 04/01/1993... Average Life ....... ............................... BondYears ......... ............................... AverageCoupon ..... ............................... Net Interest Cost ( NIC) ........................... Bond Yield for Arbitrage Purposes ................. True Interest Cost (TIC) .......................... Effective Interest Cost (EIC) ..................... FILE = MOOR25A 3/ 1/1993 12:48 PM 15.602 YEARS 168,505.00 5.5573336% 5.6534732% 5.6735098% 5.6741702% 5.9209913% Miller & Schroeder Financial FILE = MOOR25A Public Finance 3/ 1/1993 2:09 PM MOORPARK REDEVELOPMENT AGENCY MOORPARK REDEVEOPMENT PROJECT 1993 TAX ALLOCATION BONDS (25 YEAR AAA RATED) COVERAGE REPORT DATE COVERAGE REVENUE NEW NET D/S DSR YIELD DSR BALANCE 4/01/1993 - 808,750.00 4/01/1994 1.2556783x 1,011,000.00 805,142.50 808,750.00 4/01/1995 1.3625286x 1,100,000.00 807,322.50 808,750.00 4/01/1996 1.3804321x 1,116,000.00 808,442.50 808,750.00 4/01/1997 1.4892834x 1,204,000.00 808,442.50 808,750.00 4/01/1998 1.5132705x 1,222,000.00 807,522.50 808,750.00 4/01/1999 1.5403855x 1,241,000.00 805,642.50 808,750.00 4/01/2000 1.5611024x 1,261,000.00 807,762.50 808,750.00 4/01/2001 1.5851623x 1,282,000.00 808,750.00 808,750.00 4/01/2002 1.6127436x 1,304,000.00 808,560.00 808,750.00 4/01/2003 1.6440613x 1,327,000.00 807,147.50 808,750.00 4/01/2004 1.6781287x 1,350,000.00 804,467.50 808,750.00 4/01/2005 1.7066912x 1,375,000.00 805,652.50 808,750.00 4/01/2006 1.7390981x 1,401,000.00 805,590.00 808,750.00 4/01/2007 1.7755452x 1,428,000.00 804,260.00 - 808,750.00 4/01/2008 1.8062525x 1,457,000.00 806,642.50 - 808,750.00 4/01/2009 1.8403787x 1,486,000.00 807,442.50 - 808,750.00 4/01/2010 1.8806523x 1,517,000.00 806,635.00 - 808,750.00 4/01/2011 1.9273241x 1,549,000.00 803,705.00 - 808,750.00 4/01/2012 1.9680487x 1,583,000.00 804,350.00 - 808,750.00 4/01/2013 2.0017692x 1,618,000.00 808,285.00 - 808,750.00 4/01/2014 2.0540843x 1,654,000.00 805,225.00 - 808,750.00 4/01/2015 2.1006760x 1,692,000.00 805,455.00 - 808,750.00 4/01/2016 2.1417354x 1,732,000.00 808,690.00 - 808,750.00 4/01/2017 2.2034562x 1,773,000.00 804,645.00 - 808,750.00 4/01/2018 * * * * * * * * * * ** 1,816,000.00 (145.00) - - TOTAL - 35,499,000.00 19,355,635.00 - Miller & Schroeder Financial FILE = MOOR25A Public Finance 3/ 1/1993 2:09 PM