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HomeMy WebLinkAbout102-Refunding Analysis.pdfMay 25, 2011 7:30 am Prepared by PFM Group Page 1 SOURCES AND USES OF FUNDS Saratoga Refunding RFP Series 2011 GO Refunding (Current) Dated Date07/14/2011 Delivery Date07/14/2011 Sources: Bond Proceeds: Par Amount12,375,000.00 Premium389,146.30 12,764,146.30 Uses: Refunding Escrow Deposits: Cash Deposit12,550,228.13 Delivery Date Expenses: Cost of Issuance150,000.00 Underwriter's Discount61,875.00 211,875.00 Other Uses of Funds: Additional Proceeds2,043.17 12,764,146.30 Notes: Rates: 5-25-2011 MMD + 50 bps COI: $150,000 Underwriter's Discount: $5/Bond May 25, 2011 7:30 am Prepared by PFM Group Page 2 SUMMARY OF REFUNDING RESULTS Saratoga Refunding RFP Series 2011 GO Refunding (Current) Dated Date07/14/2011 Delivery Date07/14/2011 Arbitrage yield3.496009% Escrow yield Bond Par Amount12,375,000.00 True Interest Cost3.775735% Net Interest Cost3.903235% Average Coupon4.131213% Average Life11.600 Par amount of refunded bonds12,235,000.00 Average coupon of refunded bonds5.200572% Average life of refunded bonds12.086 PV of prior debt to 07/14/2011 @ 3.496009%14,476,643.65 Net PV Savings1,451,680.31 Percentage savings of refunded bonds11.864980% Percentage savings of refunding bonds11.730750% May 25, 2011 7:30 am Prepared by PFM Group Page 3 SUMMARY OF BONDS REFUNDED Saratoga Refunding RFP Series 2011 GO Refunding (Current) MaturityInterestParCallCall BondDateRateAmountDatePrice Series 2001 GO Bonds, 2001: SERIAL08/01/20125.000%395,000.0008/01/2011100.000 08/01/20135.000%415,000.0008/01/2011100.000 08/01/20145.000%435,000.0008/01/2011100.000 08/01/20155.000%455,000.0008/01/2011100.000 08/01/20165.000%440,000.0008/01/2011100.000 08/01/20175.000%460,000.0008/01/2011100.000 08/01/20185.000%485,000.0008/01/2011100.000 08/01/20195.000%510,000.0008/01/2011100.000 08/01/20205.125%535,000.0008/01/2011100.000 08/01/20215.125%565,000.0008/01/2011100.000 08/01/20225.125%590,000.0008/01/2011100.000 08/01/20235.125%625,000.0008/01/2011100.000 TERM202708/01/20275.250%2,840,000.0008/01/2011100.000 TERM203108/01/20315.250%3,485,000.0008/01/2011100.000 12,235,000.00 May 25, 2011 7:30 am Prepared by PFM Group Page 4 SAVINGS Saratoga Refunding RFP Series 2011 GO Refunding (Current) Present Value PriorRefundingto 07/14/2011 DateDebt ServiceDebt ServiceSavings@ 3.4960093% 06/30/2012630,456.26247,686.46 382,769.80380,985.41 06/30/20131,015,581.26937,725.0077,856.2673,690.48 06/30/20141,015,331.26937,825.0077,506.2670,940.25 06/30/20151,014,081.26937,725.0076,356.2667,578.25 06/30/20161,011,831.26936,125.0075,706.2664,784.10 06/30/2017974,456.26898,437.5076,018.7662,909.03 06/30/2018971,956.26895,937.5076,018.7660,838.34 06/30/2019973,331.26896,825.0076,506.2659,205.98 06/30/2020973,456.26896,000.0077,456.2657,969.37 06/30/2021971,996.88893,350.0078,646.8856,916.12 06/30/2022973,809.38898,662.5075,146.8852,560.05 06/30/2023969,212.51893,275.0075,937.5151,364.92 06/30/2024973,078.13895,650.0077,428.1350,639.07 06/30/2025969,868.75895,550.0074,318.7546,983.82 06/30/2026969,562.50894,450.0075,112.5045,921.97 06/30/2027972,287.50895,512.5076,775.0045,380.52 06/30/2028968,043.75893,562.5074,481.2542,556.54 06/30/2029966,831.25890,262.5076,568.7542,302.51 06/30/2030968,387.50894,393.7573,993.7539,515.41 06/30/2031962,712.50885,918.7576,793.7539,649.78 06/30/2032964,675.00890,662.5074,012.5036,945.22 20,210,946.9918,305,536.461,905,410.531,449,637.14 Savings Summary PV of savings from cash flow1,449,637.14 Plus: Refunding funds on hand2,043.17 Net PV Savings1,451,680.31 May 25, 2011 7:30 am Prepared by PFM Group Page 5 BOND PRICING Saratoga Refunding RFP Series 2011 GO Refunding (Current) Maturity Bond ComponentDateAmountRateYieldPrice Bond Component: 08/01/2012490,0002.000%0.760%101.290 08/01/2013500,0002.000%0.940%102.144 08/01/2014510,0002.000%1.240%102.265 08/01/2015520,0002.500%1.540%103.752 08/01/2016495,0002.500%1.710%103.804 08/01/2017505,0002.500%2.090%102.317 08/01/2018520,0003.000%2.430%103.670 08/01/2019535,0003.000%2.720%102.010 08/01/2020550,0003.500%2.950%104.338 08/01/2021575,0003.500%3.150%102.993 08/01/2022590,0003.500%3.330%101.440C 08/01/2023615,0004.000%3.480%104.375C 08/01/2024640,0004.000%3.640%103.005C 08/01/2025665,0004.000%3.800%101.655C 08/01/2026695,0004.500%3.930%104.692C 08/01/2027725,0004.500%4.030%103.849C 08/01/2028755,0004.500%4.120%103.098C 08/01/2029795,0004.750%4.210%104.384C 08/01/2030825,0004.750%4.300%103.637C 08/01/2031870,0004.750%4.390%102.897C 12,375,000 Dated Date07/14/2011 Delivery Date07/14/2011 First Coupon02/01/2012 Par Amount12,375,000.00 Premium389,146.30 Production12,764,146.30103.144617% Underwriter's Discount-61,875.00-0.500000% Purchase Price12,702,271.30102.644617% Accrued Interest Net Proceeds12,702,271.30 May 25, 2011 7:30 am Prepared by PFM Group Page 6 BOND DEBT SERVICE Saratoga Refunding RFP Series 2011 GO Refunding (Current) Period EndingPrincipalCouponInterestDebt Service 06/30/2012247,686.46247,686.46 06/30/2013490,0002.000%447,725.00937,725.00 06/30/2014500,0002.000%437,825.00937,825.00 06/30/2015510,0002.000%427,725.00937,725.00 06/30/2016520,0002.500%416,125.00936,125.00 06/30/2017495,0002.500%403,437.50898,437.50 06/30/2018505,0002.500%390,937.50895,937.50 06/30/2019520,0003.000%376,825.00896,825.00 06/30/2020535,0003.000%361,000.00896,000.00 06/30/2021550,0003.500%343,350.00893,350.00 06/30/2022575,0003.500%323,662.50898,662.50 06/30/2023590,0003.500%303,275.00893,275.00 06/30/2024615,0004.000%280,650.00895,650.00 06/30/2025640,0004.000%255,550.00895,550.00 06/30/2026665,0004.000%229,450.00894,450.00 06/30/2027695,0004.500%200,512.50895,512.50 06/30/2028725,0004.500%168,562.50893,562.50 06/30/2029755,0004.500%135,262.50890,262.50 06/30/2030795,0004.750%99,393.75894,393.75 06/30/2031825,0004.750%60,918.75885,918.75 06/30/2032870,0004.750%20,662.50890,662.50 12,375,0005,930,536.4618,305,536.46 May 25, 2011 7:30 am Prepared by PFM Group Page 7 ESCROW REQUIREMENTS Saratoga Refunding RFP Series 2011 GO Refunding (Current) PeriodPrincipal EndingInterestRedeemedTotal 08/01/2011315,228.1312,235,000.0012,550,228.13 315,228.1312,235,000.0012,550,228.13