HomeMy WebLinkAbout[05] Debt Managment StudyCouncil Agenda Item 5
MEETING DATE: April 3, 2014
AGENDA ITEM: Monte Eastvold - Debt Management Study /Upcoming Bond Issue —
Information Only
SUBMITTED BY: Finance /Financial Advisor
BOARD /COMMISSION /COMMITTEE RECOMMENDATION: None
PREVIOUS COUNCIL ACTION: Council ordered designs on the Government Center proposal,
Park Terrace Improvements and Water Tower Improvements.
BACKGROUND INFORMATION: Annually, Monte Eastvold, financial advisor from Northland
Securities, prepares an analysis of the outstanding bonds held by the City of St. Joseph. Attached is the
2014 debt study Monte prepared with the assistance of Finance. The debt study provides information of
what the required tax levies and other revenue sources should be, what debts might be a candidate to
refund or payoff early, how many years remain on each debt, and the summary of the debt costs versus
the requirements to pay the total debt. The study only includes bonds currently issued.
Monte will also go over the upcoming bond issue estimates for the Government Center, Park Terrace
Improvements and Water Tower Improvements. The City is considering one bond issue with three parts
to save on bond issuance costs. Although one bond will be issued, each project will have its own funding
source and bond type. It will look like three separate bond issues. If any of the projects do not move
forward, the project can be removed from the bond issue. The discussion for the April 3rd meeting is to
present the council an estimate of the funding impact for the projects.
Staff updated the summary of the debt levy impact to show the updated debt management numbers and
the impact of added the proposed projects. If the three proposed projects move forward, staff estimates
the debt levy need would increase by 5.768% over a 6 -year period. Translating this impact to a $150,000
home, the annual debt levy increases $73.92 over the period. These results are based on the 2014 taxable
market value (TMV). The TMV will likely fluctuate over the period and adjust the impacted results.
As part of the upcoming bond issue, Northland Securities will represent the City as the underwriter for the
2014A bond issue. The Dodd -Frank Act requires municipalities to assign the underwriter and the
financial (municipal) advisors for each bond issue. A firm cannot act as both positions at the same time,
but may switch roles as the bond issue progresses. Additional regulations under the Dodd -Frank Act will
be forthcoming with future bond issues.
BUDGET /FISCAL IMPACT: None — Information Only
ATTACHMENTS: Request for Council Action — Debt Management Study /Debt Issue
2013 Debt Management Study
2014A Project Bond Estimates
REQUESTED COUNCIL ACTION: None — information only
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Bond Pavmants
EDA PPR 4.0
EDA OF THE CITY OF ST. JOSEPH, MINNESOTA
PUBLIC PROJECT REVENUE BONDS OF 2014
s: 1 dash Flow:
Year
(12 -1)
Principal
Est.
Interest
Rate
Interest
Total
Debt
Payment
Statutory
0.00%
Coverage
Cash
On
Hand
Other
Revenues
Sales
Tax
Revenues
Tax
Levy
Annual
Surplus/
Deficit
Cumulative
Balance
2014
0
0.00%
82,266
82,266
0
174,000
0
0
0
91,734
91,734
2015
0
0.00%
141,028
141,028
0
Number of Annual Installments:
0
250,000
0
108,973
200,706
2016
0
0.00%
141,028
141,028
0
Geirsrfutrot>,t1✓etkt3?tlisc (A!. ;
0
250,000
0
108,973
309,679
2017
150,000
1.50%
141,028
291,028
0
0
0
225,000
- 66,028
243,651
2018
155,000
1.70%
138,778
293,778
0
0
0
235,000
- 58,778
184,874
2019
155,000
1.90%
136,143
291,143
0
0
0
245,000
- 46,143
138,731
2020
160,000
2.05%
133,198
293,198
0
0
0
255,000
- 38,198
100,534
2021
165,000
2.35%
129,918
294,918
0
0
0
265,000
- 29,918
70,616
2022
170,000
2.60%
126,040
296,040
0
0
0
270,000
- 26,040
44,576
2023
170,000
2.85%
121,620
291,620
0
0
0
275,000
- 16,620
27,956
2024
175,000
3.05%
116,775
291,775
0
0
0
280,000
- 11,775
16,181
2025
185,000
3.25%
111,438
296,438
0
0
0
285,000
- 11,438
4,744
2026
190,000
3.45%
105,425
295,425
0
0
0
290,000
- 5,425
-681
2027
195,000
3.60%
98,870
293,870
0
0
0
295,000
1,130
449
2028
200,000
3.75%
91,850
291,850
0
0
0
295,000
3,150
3,599
2029
210,000
3.90%
84,350
294,350
0
0
0
295,000
650
4,249
2030
220,000
4.05%
76,160
296,160
0
0
0
295,000
-1,160
3,089
2031
225,000
4.20%
67,250
292,250
0
0
0
295,000
2,750
5,839
2032
235,000
4.30%
57,800
292,800
0
0
0
295,000
2,200
8,039
2033
245,000
4.40%
47,695
292,695
0
0
0
295,000
2,305
10,344
2034
255,000
4.50%
36,915
291,915
0
0
0
290,000
-1,915
8,429
2035
270,000
4.60%
25,440
295,440
0
0
0
290,000
-5,440
2,989
2036
280,000
4.65%
13,020
293,020
0
0
0
290,000
-3,020
-31
4,010,000 2,224,031 6,234,031
01
174,000 0 500,000 5,560,0001
400 Acquisition/Plans/Specs 4,400,000
-31
11DI11ic6t�, stf prirld�
Total
/►�e¢st1781'4t flnr;Qfl�e:
Rounded For Issuance
4,010,000 Total Improvement Costs: 4,400,000
�tct in�ratiatica:
2014 Government Center Project (A)
4,400,000
Est. Amount of Assessments:
NA
Less: City Cash Contribution
- 500,000
Percentage of Issue Assessed:
0.00%
Total Hard Costs
3,900,000
Interest Rate on Assessments:
0.00%
Add: Issuance Expenses
First Installment Collection:
NA
Est. Underwriter's Discount @1.96%
78,596
Number of Annual Installments:
NA
Est. Capitalized Interest (0 Months)
0
Start Date of Assessments:
NA
Est. Fairness Opinion
2,500
Est. Bond Counsel
8,500
Geirsrfutrot>,t1✓etkt3?tlisc (A!. ;
Est. Rating Fee
9,500
Est. County Auditor Fee /Misc.
400 Acquisition/Plans/Specs 4,400,000
Est. Registration (One -Time Fee)
9,545 Construction /Contingencies
Total
4,009,041
Rounded For Issuance
4,010,000 Total Improvement Costs: 4,400,000
�tct in�ratiatica:
Bonds Dated:
Bonds Mature:
Interest Payments:
Call Option:
Registrar /Pay Agent:
Purchase Price:
Est, Average Coupon:
Est. Net Effective Rate:
6/1/2014
12/1/17 Through 12/1/36
12/1/14 & Semiannually Each 6/1 & 12/1 Thereafter,
Callable 12/1/2023 @ Par Plus Accrued Interest.
Northland Trust Services
$3,931,404
3.4741%
3.5969%
Monte Eastvold, V.P. Northland Securities, Inc. Dated: 2/19/2014
Monte Eastvold, V.P. Northland Securities, Inc. Dated: 2/19/2014
EDA PPR 4.0
CITY OF ST. JOSEPH, MINNESOTA
GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS OF 2014
..
Annual
Tax
Residential Market Value
Est.
Tax Capacity
Capacity
$100,000
$150,000
$200,000
Tax
Value Incr.
Rate
Net Tax Capacity
Year
Levy
1.00%
Increase
$718
$1,263
$1,808
2014
0
3,664,633
2015
0
3,701,279
0.00%
0.00
0.00
0.00
2016
0
3,738,292
0.00%
0.00
0.00
0.00
2017
225,000
3,775,675
5.96°x6
42.79
75.26
107.74
2018
235,000
3,813,432
6.16°x6
44.25
77.83
111.42
2019
245,000
3,851,566
6.36%
45.67
80.34
115.01
2020
255,000
3,890,082
6.56%
47.07
82.79
118.52
2021
265,000
3,928,983
6.74°x6
48.43
85.19
121.95
2022
270,000
3,968,272
6.80°x6
48.85
85.93
123.02
2023
275,000
4,007,955
6.86%
49.26
86.66
124.05
2024
280,000
4,048,035
6.92%
49.66
87.36
125.06
2025
285,000
4,088,515
6.97%
50.05
88.04
126.03
2026
290,000
4,129,400
7.02%
50.42
88.70
126.97
2027
295,000
4,170,694
7.07%
50.79
89.33
127.88
2028
295,000
4,212,401
7.00%
50.28
88.45
126.62
2029
295,000
4,254,525
6.93%
49.78
87.57
125.36
2030
295,000
4,297,070
6.87%
49.29
86.71
124.12
2031
295,000
4,340,041
6.80%
48.80
85.85
122.89
2032
295,000
4,383,442
6.73°x6
48.32
85.00
121.68
2033
295,000
4,427,276
6.66%
47.84
84.16
120.47
2034
290,000
4,471,549
6.49%
46.57
81.91
117.26
2035
290,000
4,516,264
6.42°x6
46.10
81.10
116.10
2036
290,000
4,561,427
6.36%
45.65
80.30
114.95
5,560,000
Average Annual Incr:
$47.99
$84.42
$120.85
Average Monthly Incr:
$4.00
$7.04
$10.07
Monte Eastvold, V.P. Northland Securities, Inc. Dated: 2/19/2014
Water Tower -20
CITY OF ST. JOSEPH, MINNESOTA
GENERAL OBLIGATION WATER REVENUE BONDS OF 2014
Bor 1 P
a:...,
#terenue Sour
asst Plow-
Estimated
Total
Statutory
Funds
Annual
(12 -1) Interest
Debt
5.00%
On WA
Other
Water
Surplus/
Cumulative
Year Pom al Rate
Interest
Payment
Coverage
Hand Charges
Revenues
Rates
Deficit
Balance
2014 0 0.00%
9,185
9,185
9,185
9,185
0 0
0
0
0
2015 25,000 1.00%
18,370
43,370
45,539
0 0
47,000
1,462
1,462
2016 25,000 1.25%
18,120
43,120
45,276
0 0
46,000
724
2,186
2017 25,000 1.50%
17,808
42,808
44,948
0 0
45,000
52
2,238
2018 25,000 1.70%
17,433
42,433
44,554
0 0
45,000
446
2,684
2019 25,000 1.90%
17,008
42,008
44,108
0 0
45,000
892
3,576
2020 25,000 2.10%
16,533
41,533
43,609
0 0
45,000
1,391
4,967
2021 25,000 2.35%
16,008
41,008
43,058
0 0
45,000
1,942
6,909
2022 25,000 2.55%
15,420
40,420
42,441
0 0
45,000
2,559
9,468
2023 30,000 2.75%
14,783
44,783
47,022
0 0
45,000
-2,022
7,446
2024 30,000 2.95%
13,958
43,958
46,155
0 0
45,000
-1,155
6,291
2025 30,000 3.10%
13,073
43,073
45,226
0 0
45,000
-226
6,065
2026 30,000 3.25%
12,143
42,143
44,250
0 0
45,000
750
6,815
2027 30,000 3.40%
11,168
41,168
43,226
0 0
45,000
1,774
8,589
2028 30,000 3.55%
10,148
40,148
42,155
0 0
44,000
1,845
10,434
2029 35,000 3.70%
9,083
44,083
46,287
0 0
44,000
-2,287
8,148
2030 35,000 3.85%
7,788
42,788
44,927
0 0
44,000
-927
7,221
2031 35,000 4.00%
6,440
41,440
43,512
0 0
44,000
488
7,709
2032 40,000 4.10%
5,040
45,040
47,292
0 0
44,000
-3,292
4,417
2033 40,000 4.20%
3,400
43,400
45,570
0 0
44,000
-1,570
2,847
2034 40,000 4.30%
1,720
41,720
43,806
0 0
44,000
194
3,041
605,000
254,623
859,623
902,1441
9,185
0 0
896,000
3,041
-ppiicatFoc cf Flt
Build inibr'tafiokt:
Water Tower Refurbishment
566,400
Bonds Dated:
6/1/2014
Less., Investment Income
0
Bonds Mature:
12/1115 Through 2034
Total of Hard Costs:
566,400
Interest Payments:
12/1/14 & Semiannually Each 6/1 & 12/1 Thereafb
Add., Issuance Expenses
Call Option:
Callable 12/1/2021 @ Par
Plus Accrued Interest.
Est. Bond Counsel
4,500
Registrar/Pay Agent:
Northland Trust
Est. Bond Printing
0
Minimum Bid:
$597,438
Est. Registration (One -Time Fee)
7,325
Est. Average Coupon:
3.52%
Est. Capitalized Interest (0 Months)
0
Est. Net Effective Rate:
3.63%
Est. Fiscal Fee
15,000
Est. Bond Sale Date:
May _, 2014.
Est. Bond Rating Fee
5,500
Bond Counsel:
Briggs & Morgan, P.A.
Est. Underwriter Discount (1.25 %)
7,563
Est. County Auditor /O.S. Printing
300
Total
606,588
Rounded For Issuance
605,000
Monte Eastvold, V.P., Northland Securities, Inc. Dated: 2/12/2014
Park Terrace 2014 3070
CITY OF ST. JOSEPH, MINNESOTA
GENERAL OBLIGATION STREET IMPROVEMENT BONDS OF 2014
fond Pavrnerill I "'R+svenua 86uideit Cash Howl
Est.
Total
Statutory
Special
Annual
(12 -1) Interest
Debt
5.00%
Sewer C/P Assessment
Tax
Surplus/
Cumulative
Year Principal Rate Interest Payment
Coverage
Revenues Reserves Income
Levy
Deficit
Ba lance
2014 0 0.000% 29,538
29,538
29,538
0 70,000 0
0
40,463
40,463
2015 0 0.000% 59,075
59,075
59,075
0 0 1,985
28,000
- 29,090
11,373
2016 120,000 1.400% 59,075
179,075
188,029
0 0 52,386
136,000
357
11,730
2017 120,000 1.700% 57,395
177,395
186,265
0 0 50,809
138,000
2,545
14,274
2018 120,000 2.000% 55,355
175,355
184,123
0 0 49,233
140,000
5,110
19,385
2019 125,000 2.250% 52,955
177,955
186,853
0 0 47,657
142,000
2,804
22,189
2020 125,000 2.400% 50,143
175,143
183,900
0 0 46,080
144,000
6,181
28,369
2021 130,000 2.500% 47,143
177,143
186,000
0 0 44,503
145,000
3,504
31,873
2022 130,000 2.600% 43,893
173,893
182,567
0 0 42,926
145,000
5,339
37,212
2023 135,000 2.750% 40,513
175,513
184,288
0 0 41,349
145,000
2,061
39,273
2024 140,000 2.900% 36,800
176,800
185,640
0 0 39,771
145,000
-869
38,404
2025 145,000 3.000% 32,740
177,740
186,627
0 0 38,194
145,000
-3,433
34,971
2026 145,000 3.200% 28,390
173,390
182,060
0 0 36,617
145,000
-443
34,528
2027 150,000 3.400% 23,750
173,750
182,438
0 0 35,039
145,000
-2,398
32,130
2028 155,000 3.600% 18,650
173,650
182,333
0 0 33,462
145,000
-3,870
28,260
2029 165,000 3.800% 13,070
178,070
186,974
0 0 31,885
145,000
- 10,089
18,171
2030 170,000 4.000°% 6,800
176,800
185,640
0 0 30,307
145,000
- 10,333
7,838
2,075,000 655,283 2,730,283
2,862,366
0 70,000 622,204 2,178,000
7,838
�PPIIG##ork - �t�na#;
2Qf4 hark Tst ace k -,(A1
Est. 2014 Park Terrace Project (A)
2,076,200
Est. Construction Costs
1,462,000
Less: CIP Reserve Contribution
- 70,000
Est. Contingency Costs
146,200
Total Hard Costs
2,006,200
Est. Soil Boring Costs
4,700
Add: Issuance Expenses
Est. Engineering Plans/Specs
285,100
Est. Underwriters Discount @1.96%
40,670
Est. Legal /Administrative
29,200
Est. Capitalized Interest (0 Months)
0
Est. Financial Advisory Fee
0
Est. Total Project Costs
1,927,200
Est. Misc.
0
Est. Bond Counsel Fee
7,000
Est. Sewer Reconnection Subsidy
149,000
Est. Rating Fee
10,000
Est. County Auditor /O.S. Printing
250
Est. Registrar /Paying Agent Fee
7,125
Total Improvement Costs:
2,076,200
Total
2,071,245
Less: Investment Income
-1,232
Rounded For Issuance
.86nd Iniyt+a�on:
Asesstnnt Mcoene:
Bonds Dated: 6/1/2014
Bonds Mature: 12/1/16 Through
12/1/30
Est. Amount of Assessments:
$430,000
Interest Payments: 6/1/11 & Each 12/1 & 6/1 Thereafter
Percentage of Issue Assessed:
20.72%
Call Option: Callable 12/112021 @ Par
Interest Rate on Assessments:
5.50%
Registrar /Pay Agent: Northland Trust Services
First Installment Collection:
2016
Purchase Price: $2,034,330
Number of Annual Installments:
15
Est. Average Coupon: 3.1645%
Start Date of Assessments:
11/30/2015
Est. Net Effective Rate: 3.3609%
Est. Bond Sale Date: May , 2014.
Est. Bond Closing Date: June , 2014.
Bond Counsel: Briggs & Morgan
Monte Eastvold, V.P., Northland Securities, Inc. Dated: 3/31/2014
Park Terrace 2014 3070
CITY OF ST. JOSEPH, MINNESOTA
ASSESSMENT INCOME
Pal Tel�Ce
Assessrnenta. `Assessments
430,000.05 191,171 621,1711 0.00 0 0
Tax "O''a ... Ot,�k000W
Year
Assessment
Interest
Assessment
Assessment
Interest
Assessment
Year
Principal
5.50%
Income
Principal
0.00%
Income
2014
0
0
0
0
0
0
2015
0.00
1,971
1,971
0.00
0
0
2016
28,666.67
23,650
52,317
0.00
0
0
2017
28,666.67
22,073
50,740
0.00
0
0
2018
28,666.67
20,497
49,163
0.00
0
0
2019
28,666.67
18,920
47,587
0.00
0
0
2020
28,666.67
17,343
46,010
0.00
0
0
2021
28,666.67
15,767
44,433
0.00
0
0
2022
28,666.67
14,190
42,857
0.00
0
0
2023
28,666.67
12,613
41,280
0.00
0
0
2024
28,666.67
11,037
39,703
0.00
0
0
2025
28,666.67
9,460
38,127
0.00
0
0
2026
28,666.67
7,883
36,550
0.00
0
0
2027
28,666.67
6,307
34,973
0.00
0
0
2028
28,666.67
4,730
33,397
0.00
0
0
2029
28,666.67
3,153
31,820
0.00
0
0
2030
28,666.67
1,577
30,243
0.00
0
0
430,000.05 191,171 621,1711 0.00 0 0
Tax "O''a ... Ot,�k000W
Year
Est.
Tax
Levy
Annual
Tax Capacity
Value Incr.
1.00%
Tax
Capacity
Rate
Increase
Residential Market Value
$100,000 $150,000 $200,000
Net Tax Capacity
$1,000 $1,500 $2,000
2014
0
3,861,182
2015
28,000
3,899,794
0.72%
7.18
10.77
14.36
2016
136,000
3,938,792
3.45%
34.53
51.79
69.06
2017
138,000
3,978,180
3.47%
34.69
52.03
69.38
2018
140,000
4,017,961
3.48%
34.84
52.27
69.69
2019
142,000
4,058,141
3.50%
34.99
52.49
69.98
2020
144,000
4,098,722
3.51%
35.13
52.70
70.27
2021
145,000
4,139,710
3.50%
35.03
52.54
70.05
2022
145,000
4,181,107
3.47%
34.68
52.02
69.36
2023
145,000
4,222,918
3.43%
34.34
51.50
68.67
2024
145,000
4,265,147
3.40%
34.00
50.99
67.99
2025
145,000
4,307,799
3.37%
33.66
50.49
67.32
2026
145,000
4,350,877
3.33%
33.33
49.99
66.65
2027
145,000
4,394,385
3.30%
33.00
49.49
65.99
2028
145,000
4,438,329
3.27%
32.67
49.00
65.34
2029
145,000
4,482,712
3.23%
32.35
48.52
64.69
2030
145,000
4,527,540
3.20%
32.03
48.04
64.05
2,178,0001 Average Annual Incr: $32.28 $48.42 $64.55
Average Monthly Incr: $2.69 $4.03 $5.38
Monte Eastvold, V.P., Northland Securities, Inc. Dated: 3/31/2014
City of St. Joseph
Proposed Project Debt Impact
Updated March 31, 2014
2013
2014
2015
2016
2017
2018
2019
2020
Final
Final
Proposed
Proposed
Proposed
Proposed
Proposed
Proposed
Debt Levy Bonds Issued < 2014
443,530
456,530
523,430
4411230
378,UuU
269,500
X76,500
)8,500
Coborns Abatement
50,000
50,000
50,000
501F000
Bond 2014 - SW Trunk Sewer
20,000
35,000
45,000
45,000
50,000
551000
Bond 2014 - Government Center
225,000
235,000
245,000
2551000
Bond 2014 - Water Tower 1
23,500
23,000
22,500
22,500
22,500
221500
Bond 2015 - Street Improvements
27,000
27,000
27,000
27,000
Debt Impact
493,530
506,530
616,930
5491230
697,500
599,000
521,000
548,000
LGA Estimates
645,150
873,160
917,357
921,862
931,080
940,391
949,795
9590293
44,197
41505
91219
91311
91404
91498
Debt Impact
493,530
5061530
616,930
549,230
697,500
599,000
521,000
548,000
Add Bond 2014 - Street (30170)
28,000
1361000
138,000
140,000
142,000
144,000
493,530
506,530
644,930
685,230
835,500
739,000
663,000
692,000
Debt levy change
138,400
40,300
150,270
(96,500)
(76,000)
29,000 185,470
Tax rate change
4.304%
1.253%
4.674%
- 3.001%
- 2.364%
0.902% 5.768%
Annual impact $150,000 home
$55.43
$15.83
$59.02
- $37.90
- $29.85
$11.39 $73.92
$32,200 = 1% levy change
Bonds Maturing - Levy Impact
2014
2015
2016
2017
2018
2019
2020
2007 Street Improvements
$0.00
1998/1999 Street Improvements
$0.00
2000 City Hall Relocation
$94,000.00
2010 Equipment Certificates
$32,500.00
2006 Water Filtration Plant
$0.00
2002 Water Tower
$0.00
2002 Street Improvements
$77,000.00
2003 Fire Hall
$25,000.00
2003 Public Works Facility
$65,000.00
2013 Equipment Certficates
$61,000.00
2009 St. Cloud Debt
$0.00
2010 St. Cloud Debt
$0.00
2005 Street Improvements
$27,000.00