Source: the City. Unaudited. As of January 1, 2017

Transcription

1 Summary of Outstanding Obligations: Golf Enterprise Debt Water Enterprise Debt Sewer Enterprise Debt ACLC Capital Leases Certificates of Participation GIDs SIDs Aurora Urban Renewal Authority As of January 1, 2017 Source: the City. Unaudited.

2 Summary of Outstanding Obligations Table of Contents Item Tab Page Debt Policy & Ratings Summary 1 Summary of All Outstanding Debt 2 Summary of Outstanding Debt by Purpose 6 Outstanding Debt Service by Purpose 7 Graph: Outstanding Debt Service by Purpose.. 8 Graph: AURA Outstanding Debt Service... 9 Summary of Outstanding Debt by Fund 10 Golf Enterprise Debt 4 Summary of Outstanding Obligations.. 12 Summary of Outstanding Debt Service 13 Graph: Outstanding Debt Service by Issue 14 Series Series Water Enterprise Debt 5 Summary of Outstanding Obligations.. 18 Summary of Outstanding Debt Service 19 Graph: Outstanding Debt Service by Issue 20 Series Rocky Ford II Notes 22 Sewer Enterprise Debt 6 Summary of Outstanding Obligations.. 24 Summary of Outstanding Debt Service 25 Graph: Outstanding Debt Service by Issue 26 Series ACLC Capital Leases 8 Summary of Outstanding Obligations.. 29 Summary of Outstanding Debt Service 30 Graph: Outstanding Debt Service by Issue 31 Moorhead Rec Center 32 Rolling Stock (2016-A) 33 District 2 Police Station 34 Rolling Stock (2015-B) 35 Fire SCBA 36 History Museum Expansion 37 Rolling Stock (2014-A) 38 Rolling Stock (2013-A) 39 Rolling Stock (2012-B) 40 Certificates of Participation 9 Summary of Outstanding Obligations.. 42 Summary of Outstanding Debt Service 43 Graph: Outstanding Debt Service by Issue.. 44 Series Series Series 2009A 47 GIDs 10 Summary of Outstanding Obligations.. 49 Summary of Outstanding Debt Service 50 Graph: Outstanding Debt Service by Issue 51 Pier Point 52 Meadow Hills 53 Peoria Park 54 Series 2009 (Cherry Creek) 55 SIDs 11 Summary of Outstanding Obligations.. 57 Summary of Outstanding Debt Service 58 Graph: Outstanding Debt Service by Issue 59 Series 2007 (Ptarmigan) 60 Series 2012 (Dam East) 61 Aurora Urban Renewal Authority 12 Summary of Outstanding Obligations.. 63 Summary of Outstanding Debt Service 64 Graph: Outstanding Debt Service by Issue 65 AURA Loan 66 NBH Loan Agreement 67 Fan Fare Property 68 Prior Year Refunding Transactions 12 Summary of Significant Refunding Transactions 70 Rating Reports 13 Prepared by Piper Jaffray Co.

3 Ratings Summary Prepared by Piper Jaffray Co.

4 CITY OF AURORA, COLORADO SCHEDULE OF DEBT RATINGS (unaudited) JANUARY 01, 2017 Most Recent Unenhanced Published Debt Issue Rating Agency Rating Rating Standard and Poor s AA+ 7/12/2016 First Lien Water Improvement Revenue Refunding Bonds, Series 2016A Fitch Ratings AA+ 7/8/2016 Aurora Capital Leasing Corporation Moody s Investors Service Aa2 4/30/2015 Certificates of Participation, Series 2015 Fitch AA- 2/9/2017 Aurora Capital Leasing Corporation Moody s Investors Service Aa2 12/17/2014 Certificates of Participation, Series 2014 Standard and Poor's AA- 12/17/2014 Aurora Capital Leasing Corporation Moody s Investors Service Aa2 11/21/2014 Refunding Certificates of Participation, Series 2009A Standard and Poor s AA- 9/11/ Prepared by Piper Jaffray Co.

5 Summary of All Outstanding Debt Prepared by Piper Jaffray Co.

6 Outstanding Debt by Purpose Summary of Outstanding Bond Issues as of January 1, 2017 Purpose Issue Original Principal Outstanding Principal Coupon Range Next Call Refunding Eligibility Golf Enterprise Debt Golf Equipment Revenue Note Series ,992 78, % % Callable at Any Time Any Date Murphy Creek Golf Course Series ,384,000 3,909, % % Callable at Any Time Any Date Subtotal 4,763,992 3,987,251 Water Enterprise Debt 1st Lien Water Imp. Revenue Series ,025, ,025, % % See Summary Partial Advance and Partial Current Rocky Ford II Notes Notes 8,280, , % % Non-Callable Subtotal 445,305, ,378,766 Sewer Enterprise Debt 1st Lien Sewer Imp. Revenue Series ,900,000 28,900, % % Non-Callable Subtotal 28,900,000 28,900,000 ACLC Capital Leases Moorhead Rec Center 2016-B 8,643,000 8,643, % Non-Callable Rolling Stock 2016-A 2,060,597 2,060, % Non-Callable District 2 Police Station 2015-C 3,785,000 3,395, % 18-month call Rolling Stock 2015-B 3,182,736 2,732, % Non-Callable Fire SCBA 2015-A 1,644, , % Non-Callable History Museum Expansion 2014-B 1,383,800 1,135, % Non-Callable Rolling Stock 2014-A 1,674,787 1,012, % Non-Callable Rolling Stock 2013-A 1,336, , % Non-Callable Rolling Stock 2012-B 1,773, , % Non-Callable Subtotal 25,485,043 21,211,181 Certificates of Participation Public Safety Training Facility Series ,340,000 23,715, % % December 1, 100% Current or Advance E911 & Sports Park Projects Series ,775,000 19,050, % % Non-Callable Refunding COPs Series 2009A 84,160,000 80,520, % % December 1, 100% Current Only Subtotal 130,275, ,285,000 GIDs Pier Point Series ,600,000 2,150, % % Non-Callable Meadow Hills Series , , % % Non-Callable Peoria Park Series , , % % Non-Callable Cherry Creek Racquet Club Project Series , , % % Non-Callable Subtotal 4,170,000 3,386,000 SIDs Dam East Fence Project Series ,230, , % Callable at Any Time Any Date Ptarmigan Fence Project Series ,095, , % Non-Callable Subtotal 2,325, ,000 TOTAL 641,224, ,853,198 Aurora Urban Renewal Authority AURA The Point Loan ,500,000 21,500, % Callable at Any Time Any Date NBH Hyatt Hotel Loan ,750,000 27,750, % Callable at Any Time Any Date Fan Fare Property Loan ,000,000 4,000, % Callable at Any Time Any Date TOTAL 53,250,000 53,250,000 6 Prepared by Piper Jaffray Co.

7 Debt Service by Purpose Summary of Outstanding Bond Issues as of January 1, 2017 Golf Enterprise Debt Water Enterprise Debt Sewer Enterprise Debt ACLC Capital Leases Certificates of Participation GIDs SIDs Total AURA ,973 18,147,048 3,129,373 3,841,838 12,157, , ,437 38,195,875 1,120, ,680 19,130,621 3,132,238 3,883,568 12,155, ,697 26,039 39,025,668 1,342, ,680 19,121,777 3,129,728 3,624,490 12,155, ,543 25,766 38,776,059 1,772, ,180 21,398,550 3,131,594 2,662,217 12,157, ,853 25,493 40,110,287 2,776, ,180 23,868,300 3,132,758 2,643,849 12,162, ,890 25,220 42,588,071 2,827, ,680 26,335,550 3,128,220 2,630,321 12,160, , ,947 45,593,846 2,860, ,680 28,802,300 3,133,058 2,134,073 12,160, ,381-47,016,942 2,902, ,180 28,801,800 3,132, ,828 12,161, ,085-45,465,134 26,387, ,180 28,802,800 3,130, ,367 9,221, ,515-42,385,009 1,452, ,680 28,800,550 3,133,126-9,223, ,410-42,026,941 1,447, ,802, ,219, ,562-38,346,737 1,441, ,801, ,221, ,179-38,342,004 1,435, ,800, ,221, ,467-38,349,642 1,429, ,798, ,944, ,751-46,007,801 1,427, ,798, ,498, ,649-30,562,599 1,420, ,798, ,497, ,295,375 1,413, ,799, ,499, ,299,025 1,411, ,801, ,498, ,300,175 1,403, ,799, ,496, ,295,875 1,400, ,801, ,496, ,297,875 1,397, ,800, ,494, ,295,188 1,388, ,799, ,496, ,296,513 1,184, ,799, ,496, ,295,713 1,185, ,802, ,499, ,301,238 1,185, ,800, ,800,900 1,185, ,799, ,799, ,800, ,800, ,798, ,798, ,798, ,798, ,800, ,800,200 - Total 4,486, ,210,646 31,312,683 22,405, ,296,850 4,752, ,901 1,058,267,737 65,199,565 7 Prepared by Piper Jaffray Co.

8 $50,000,000 Outstanding Debt Service by Purpose $45,000,000 $40,000,000 $35,000,000 $30,000,000 $25,000,000 $20,000,000 $15,000,000 SIDs GIDs Certificates of Participation ACLC Capital Leases Sewer Enterprise Debt Water Enterprise Debt Golf Enterprise Debt $10,000,000 $5,000,000 $

9 $30,000,000 Aurora Urban Renewal Authority Outstanding Debt Service $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $ Note: 2024 Debt service includes Hyatt Hotel $24.35 million balloon payment. 9

10 Debt Service by Fund Summary of Outstanding Bond Issues as of January 1, 2017 Golf Fund Water Fund Sewer Fund Leases & COPs Other Obligations (GID/SID) Total AURA ,973 18,147,048 3,129,373 15,999, ,069 38,195,875 1,120, ,680 19,130,621 3,132,238 16,039, ,736 39,025,668 1,342, ,680 19,121,777 3,129,728 15,779, ,309 38,776,059 1,772, ,180 21,398,550 3,131,594 14,819, ,346 40,110,287 2,776, ,180 23,868,300 3,132,758 14,806, ,109 42,588,071 2,827, ,680 26,335,550 3,128,220 14,791, ,350 45,593,846 2,860, ,680 28,802,300 3,133,058 14,294, ,381 47,016,942 2,902, ,180 28,801,800 3,132,116 12,731, ,085 45,465,134 26,387, ,180 28,802,800 3,130,472 9,636, ,515 42,385,009 1,452, ,680 28,800,550 3,133,126 9,223, ,410 42,026,941 1,447, ,802,300-9,219, ,562 38,346,737 1,441, ,801,550-9,221, ,179 38,342,004 1,435, ,800,800-9,221, ,467 38,349,642 1,429, ,798,550-16,944, ,751 46,007,801 1,427, ,798,300-1,498, ,649 30,562,599 1,420, ,798,300-1,497,075-30,295,375 1,413, ,799,750-1,499,275-30,299,025 1,411, ,801,500-1,498,675-30,300,175 1,403, ,799,250-1,496,625-30,295,875 1,400, ,801,250-1,496,625-30,297,875 1,397, ,800,250-1,494,938-30,295,188 1,388, ,799,950-1,496,563-30,296,513 1,184, ,799,400-1,496,313-30,295,713 1,185, ,802,050-1,499,188-30,301,238 1,185, ,800, ,800,900 1,185, ,799, ,799, ,800, ,800, ,798, ,798, ,798, ,798, ,800, ,800,200 - Total 4,486, ,210,646 31,312, ,702,401 5,555,915 1,058,267,737 65,199, Prepared by Piper Jaffray Co.

11 Golf Enterprise Debt Prepared by Piper Jaffray Co.

12 Golf Enterprise Debt Summary of Outstanding Bond Issues as of January 1, 2017 Issue Original Principal Outstanding Principal Outstanding Coupon Range Optional Redemption Refunding Status Series 2011 Golf Revenue Note 4,384,000 3,909, % % Callable at Any Time Any Date Series 2013 Golf Revenue Note 379,992 78, % % Callable at Any Time Any Date Total 4,763,992 3,987, Prepared by Piper Jaffray Co.

13 Golf Enterprise Debt Summary of Outstanding Bond Issues as of January 1, 2017 Series 2011 Golf Revenue Note Series 2013 Golf Revenue Note Total ,765 80, , , , , , , , , , , , , , , , , , , ,680 Total 4,405,885 80,207 4,486, Prepared by Piper Jaffray Co.

14 Total Principal plus Interest Outstanding Golf Enterprise Debt $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $ Series 2011 Golf Revenue Note Series 2013 Golf Revenue Note 14

15 Original Par Amount: Issuer: Issue Description: Current Bond Rating: Registrar/Paying Agent: Type: Source of Repayment: Bond Covenant: Notes: Amortization: $379,992 Murphy Creek Golf Course Note Series 2013 Director of Finance of the City Interfund Loan Golf Course Revenues In 2013, City Council authorized excess funds from the Policy Reserve fund to be loaned to the Golf Enterprise for the purchase of Golf Carts and Equipment. The loan is carries a 2.50% interest rate for a term of four years. Principal Coupon Interest Total P&I , % 1,956 80,207 TOTAL 78,251 1,956 80,207 Redemption Provision: Callable at Any Time Refunding Status: Any Date Maturity Dates: October 1 Interest Payment Dates: October 1 15 Prepared by Piper Jaffray Co.

16 Original Par Amount: Issuer: Issue Description: Current Bond Rating: Registrar/Paying Agent: Type: Source of Repayment: Bond Covenant: $4,384,000 Murphy Creek Golf Course Note Series 2011 Director of Finance of the City Interfund Loan Golf Course Revenues Covenant Violations Requires Rate Study Notes: Amortization: In December of 1995, City Council authorized the Utility Enterprise Wastewater Fund to provide a loan to the Golf Enterprise Fund for the construction of the Murphy Creek Golf Course. The loan between the Utility and Golf is a floating rate note that required annual principal payments of $256,000 through The loan was scheduled to mature in 2013 with a balloon payment of $3,328,000. Due to uncertainty in performance, the amortization schedule was revised in 2009 to provide immediate relief to the golf course. In November 2011 the loan was renegotiated providing a market interest rate and a final maturity in 2026, with a rate of 4%. In Novermber 2016, given interest rate market conditions at the time, a review of the loan occurred and the rate was adjusted to reflect current market conditions and set at 2% effective March 15, 2017; the new rate will save ~$390k in interest payments. Principal Coupon Interest Total P&I 2017* 275, % 100, , , % 72, , , % 66, , , % 60, , , % 53, , , % 45, , , % 37, , , % 29, , , % 20, , , % 10, ,680 TOTAL 3,909, ,885 4,405,885 Redemption Provision: Callable at Any Time Refunding Status: Any Date Maturity Dates: December 1 Interest Payment Dates: December 1 *Assumes 4.00% interest on a 30/360 basis from 12/1/2016 to 3/15/17 and 2.00% thereafter. 16 Prepared by Piper Jaffray Co.

17 Water Debt Prepared by Piper Jaffray Co.

18 Water Debt Summary of Outstanding Bond Issues as of January 1, 2017 Issue Original Principal Outstanding Principal Outstanding Coupon Range Optional Redemption Refunding Status Series ,025, ,025, % % See Summary Partial Advance and Partial Current Rocky Ford II Notes 8,280, , % % Non-Callable Total 445,305, ,378, Prepared by Piper Jaffray Co.

19 Water Debt Summary of Outstanding Bond Issues as of January 1, 2017 Rocky Ford II Notes Series 2016 Total 2017 * 18,147,048 18,147, ,571 18,936,050 19,130, ,727 18,936,050 19,121, ,398,550 21,398, ,868,300 23,868, ,335,550 26,335, ,802,300 28,802, ,801,800 28,801, ,802,800 28,802, ,800,550 28,800, ,802,300 28,802, ,801,550 28,801, ,800,800 28,800, ,798,550 28,798, ,798,300 28,798, ,798,300 28,798, ,799,750 28,799, ,801,500 28,801, ,799,250 28,799, ,801,250 28,801, ,800,250 28,800, ,799,950 28,799, ,799,400 28,799, ,802,050 28,802, ,800,900 28,800, ,799,500 28,799, ,800,900 28,800, ,798,000 28,798, ,798,650 28,798, ,800,200 28,800,200 Total 380, ,830, ,210,646 *Principal & Interest payment of $203, due on 1/1/2017 was paid to noteholders on 12/30/ Prepared by Piper Jaffray Co.

20 Total Principal plus Interest $35,000,000 Water Debt $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $ Rocky Ford II Notes Series

21 Original Par Amount: $437,025,000 Issuer: Acting by and Through its Utility Enterprise Issue Description: First-Lien Water Improvement Revenue Refunding Bonds, Series 2016 (Green Bonds) Registrar/Paying Agent: UMB Bank Bond Insurer: None Bond Counsel: Kutak Rock Underwriter: Morgan Stanley Method of Sale: Negotiated Arbitrage Yield: Arbitrage Consultant: DSRF Status Rebateable Funds: Source of Repayment: Bond Covenant: % Arbitrage Compliance Specialists, INC Water Revenue 1) 1.20x Debt Service Coverage for Senior Debt 2) 1.05x Debt Service Coverage for Total Debt Purpose: The Series 2016 Bonds are being issued for the purposes of refunding, paying and discharging all of the City s outstanding First Lien Water Improvement Revenue Bonds, Series 2007A and First-Lien Water Refunding Revenue Bonds, Series 2008A, as well as refinancing the City s Colorado Water Conservation Board Loan, dated as of November 20, 2007, in the original principal amount of $75,750,000. The City has designated the bonds as "Green Bonds," in accordance with Green Bond Principles promulgated by the International Capital Markets Association, resulting in a net present value (NPV) savings of $69 million (13%). Amortization: Principal Coupon Interest Total P&I ,147,048 18,147, ,936,050 18,936, ,936,050 18,936, ,350, % 19,048,550 21,398, ,855, % 19,013,300 23,868, ,565, % 18,770,550 26,335, ,410, % 18,392,300 28,802, ,930, %-5.00%* 17,871,800 28,801, ,445, % 17,357,800 28,802, ,015, %-5.00%* 16,785,550 28,800, ,015, % 16,787,300 28,802, ,615, % 16,186,550 28,801, ,245, % 15,555,800 28,800, ,905, % 14,893,550 28,798, ,600, % 14,198,300 28,798, ,880, %-5.00%* 13,918,300 28,798, ,565, % 13,234,750 28,799, ,345, % 12,456,500 28,801, ,160, % 11,639,250 28,799, ,020, % 10,781,250 28,801, ,920, %-5.00%* 9,880,250 28,800, ,715, %-5.00%* 9,084,950 28,799, ,545, %-5.00%* 8,254,400 28,799, ,415, %-5.00%* 7,387,050 28,802, ,320, %-5.00%* 6,480,900 28,800, ,040, %-5.0%** 5,759,500 28,799, ,090, %-5.0%** 4,710,900 28,800, ,185, %-5.0%** 3,613,000 28,798, ,335, %-5.0%** 2,463,650 28,798, ,540, %-5.0%** 1,260,200 28,800,200 TOTAL 437,025, ,805, ,830,348 Callable Bonds Redemption Provision: August 1, 100% for 2046 Step Coupon Bond, otherwise August 1, 100% Refunding Status: Partial Advance and Partial Current Maturity Dates: August 1 Interest Payment Dates: February 1 & August 1 21 Prepared by Piper Jaffray Co.

22 Original Par Amount: $8,280,091 Issuer: Issue Description: Rocky Ford II Notes Source of Repayment: Water Revenues Purpose: Amortization: The Notes were issued for the purpose of purchasing water rights. Principal Coupon Interest Total P&I 2017* * 2.300% * * , % 17, , , % 8, ,727 TOTAL 353,766 26, ,298 Redemption Provision: Non-Callable Refunding Status: Maturity Dates: Interest Payment Dates: *Principal & Interest payment of $203, due on 1/1/2017 was paid to noteholders on 12/30/ Prepared by Piper Jaffray Co.

23 Sewer Enterprise Debt Prepared by Piper Jaffray Co.

24 Sewer Enterprise Debt Summary of Outstanding Bond Issues as of January 1, 2017 Issue Original Principal Outstanding Principal Outstanding Coupon Range Optional Redemption Refunding Status Series ,900,000 28,900, % % Non-Callable Total 28,900,000 28,900, Prepared by Piper Jaffray Co.

25 Sewer Enterprise Debt Summary of Outstanding Bond Issues as of January 1, 2017 Series 2016 Total ,129,373 3,129, ,132,238 3,132, ,129,728 3,129, ,131,594 3,131, ,132,758 3,132, ,128,220 3,128, ,133,058 3,133, ,132,116 3,132, ,130,472 3,130, ,133,126 3,133,126 Total 31,312,683 31,312, Prepared by Piper Jaffray Co.

26 Total Principal plus Interest Sewer Revenue Bonds $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $- Series

27 Original Par Amount: $28,900,000 Issuer: Acting by and Through its Utility Enterprise Issue Description: First-Lien Sewer Improvement Revenue Bonds, Series 2016 Registrar/Paying Agent: UMB Bank Bond Insurer: Bond Counsel: Kutak Rock Purchaser Wells Fargo Municipal Capital Strategies, LLC Method of Sale: Placement Arbitrage Yield: Arbitrage Consultant: DSRF Status Rebateable Funds: Yield Restricted Funds: % Arbitrage Compliance Specialists, INC None Source of Repayment: Bond Covenant: Purpose: Sewer Revenue & Storm Drain Revenue 1.2x Debt Service Coverage for Senior Lien Debt In May 2006 the City issued $57,790,000 principal amount of First-Lien Sewer Improvement Revenue Bonds, Series 2006, for the purpose of financing the acquisition and construction of additions and improvements to its Wastewater Utility System. The transaction was a private placement instead of a public deal. As a result of serial maturities, a partial defeasance of principal, and favorable interest rate conditions, the principal amount of Series 2006 Bonds were refinanced in order to effect a Net Present Value (NPV) saving of ~$9.3 million to the taxpayers, which equates to a savings rate of ~29%. Amortization: Principal Coupon Interest Total P&I ,795, % 334,373 3,129, ,725, % 407,238 3,132, ,765, % 364,728 3,129, ,810, % 321,594 3,131, ,855, % 277,758 3,132, ,895, % 233,220 3,128, ,945, % 188,058 3,133, ,990, % 142,116 3,132, ,035, % 95,472 3,130, ,085, % 48,126 3,133,126 TOTAL 28,900,000 2,412,683 31,312,683 Redemption Provision: Non-Callable Refunding Status: Maturity Dates: August 1 Interest Payment Dates: February 1 & August 1 27 Prepared by Piper Jaffray Co.

28 ACLC Capital Leases Prepared by Piper Jaffray Co.

29 ACLC Capital Leases Summary of Outstanding Obligations as of January 1, 2017 Issues Original Principal Outstanding Principal Outstanding Coupon Range Optional Redemption Refunding Status 2016-B 8,643,000 8,643, % Non-Callable 2016-A 2,060,597 2,060, % Non-Callable 2015-C 3,785,000 3,395, % 18-month call 2015-B 3,182,736 2,732, % Non-Callable 2015-A 1,644, , % Non-Callable 2014-B 1,383,800 1,135, % Non-Callable 2014-A 1,674,787 1,012, % Non-Callable 2013-A 1,336, , % Non-Callable 2012-B 1,773, , % Non-Callable Total 25,485,043 21,211, Prepared by Piper Jaffray Co.

30 ACLC Capital Leases Summary of Outstanding Obligations as of January 1, B 2013-A 2014-A 2014-B 2015-A 2015-B 2015-C 2016-A 2016B Total , , , , , , , ,630 1,287,833 3,841, , , , , , , , ,630 1,327,318 3,883, , , , , , , ,630 1,311,884 3,624, , , , ,630 1,296,450 2,662, , , , ,630 1,281,016 2,643, , , , ,630 1,265,582 2,630, , , ,630 1,250,148 2,134, , , , , ,367 Total 793, ,058 1,042,142 1,262,680 1,011,677 2,895,041 3,730,935 2,167,412 9,020,231 22,405, Prepared by Piper Jaffray Co.

31 ACLC Leases $4,500,000 $4,000,000 $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000, B 2016-A 2015-C 2015-B 2015-A 2014-B 2014-A 2013-A 2012-B $500,000 $ Prepared by Piper Jaffray Co.

32 Original Lease Amount: $8,643,000 Issuer: Issue Description: Moorhead Recreation Center Lessor: Aurora Capital Leasing Corp. Lease Purchase No B Dated: 8/4/2016 Lender: Key Government Finance Equipment/Purpose: The City, through a lease with ACLC, intends to finance the costs of renovation and improvements to the Moorhead Recreation Center ( Moorhead ). Moorhead serves the northwest Aurora population and is in close proximity to new developments in Denver/Aurora Stapleton neighborhood. Improvement plans include expanding the current 4,500 square foot facility to 25,000 square feet and converting the existing outdoor pool to indoors. Construction work began in February 2016 and it is expected that the new and improved Moorhead Recreation Center will open in Spring While proceeds are being used to renovate Moorhead, the property to be leased by the City from ACLC is the MLK Complex (see Leasehold Interest section). This asset is being substituted as the City is unable to pledge Moorhead since it is designated as a park. Amortization: Principal Coupon Interest Total P&I ,234, % 53,118 1,287, ,234, % 92,604 1,327, ,234, % 77,170 1,311, ,234, % 61,736 1,296, ,234, % 46,302 1,281, ,234, % 30,868 1,265, ,234, % 15,434 1,250,148 TOTAL 8,643, ,231 9,020,231 Redemption Provision: Non-Callable Refunding Status: Maturity Dates: February 1 Interest Payment Dates: February 1 32 Prepared by Piper Jaffray Co.

33 Original Lease Amount: $2,060,597 Issuer: Issue Description: Rolling Stock Lessor: Aurora Capital Leasing Corp. Lease Purchase No A Dated: 9/22/2016 Lender: Key Government Finance Equipment/Purpose: 4 Freightliner 108SD Single Rear Axle Dump Trucks, 3 International 7400 Tandem Rear Axle Dump Trucks & 1 E-One CYCLONE II Pumper Fire Engine Amortization: Principal Coupon Interest Total P&I , % 15, , , % 25, , , % 21, , , % 17, , , % 13, , , % 8, , , % 4, ,630 TOTAL 2,060, ,815 2,167,412 Redemption Provision: Non-Callable Refunding Status: Maturity Dates: March 27 Interest Payment Dates: March Prepared by Piper Jaffray Co.

34 Original Lease Amount: $3,785,000 Issuer: Issue Description: District 2 Police Station Lessor: Aurora Capital Leasing Corp. Lease Purchase No C Dated: 12/4/2015 Lender: JPMorgan Chase Equipment/Purpose: This issue is Phase One of the District 2 Police Station Project. Funds were utilized to reimburse the City for the purchase of lands located at 6 Abilene Street. Eventually the property will be converted into a fully-functioning Police Department Station. To accomplish this, a new financing for Phase Two will occur in 2017 to refinance the current debt in addition to to issuing new debt to cover the cost for improvements. Amortization: Principal Coupon Interest Total P&I , % 68, , , % 61, , , % 53, , , % 45, , , % 37, , , % 29, , , % 21, , , % 12, , , % 4, ,367 TOTAL 3,395, ,935 3,730,935 Redemption Provision: 18-month call Refunding Status: Maturity Dates: April 1 Interest Payment Dates: April 1 and October 1 34 Prepared by Piper Jaffray Co.

35 Original Lease Amount: $3,182,736 Issuer: Issue Description: Rolling Stock Lessor: Aurora Capital Leasing Corp. Lease Purchase No B Dated: 8/19/2015 Lender: JPMorgan Chase Equipment/Purpose: Rolling Stock : Fire Engines, Bus, Patch & Paint Trucks, Dump Trucks Amortization: Principal Coupon Interest Total P&I , % 45, , , % 38, , , % 31, , , % 23, , , % 15, , , % 7, ,507 TOTAL 2,732, ,510 2,895,041 Redemption Provision: Non-Callable Refunding Status: Maturity Dates: March 27 Interest Payment Dates: March Prepared by Piper Jaffray Co.

36 Original Lease Amount: $1,644,700 Issuer: Issue Description: Equipment Lease Purchase Agreement (SCBA) Lessor: Aurora Capital Leasing Corp. Lease Purchase No A Dated: 2/27/2015 Lender: JPMorgan Chase Equipment/Purpose: Fire Department Self-Contained Breathing Apparatus Amortization: Principal Coupon Interest Total P&I , % 11, , , % 8, , , % 4, ,226 TOTAL 987,718 23,959 1,011,677 Redemption Provision: Non-Callable Refunding Status: Maturity Dates: March 27 Interest Payment Dates: March Prepared by Piper Jaffray Co.

37 Original Lease Amount: $1,383,800 Issuer: Issue Description: History Museum Expanison Lessor: Aurora Capital Leasing Corp. Lease Purchase No B Dated: 12/4/2014 Lender: Colorado State Bank & Trust Equipment/Purpose: Finance the expansion of the Aurora History Museum. The City built a 2,800 square foot addition to the existing History Museum and upgraded HVAC systems. The new wing will house a restored Aurora Trolley Car and a museum workshop. Amortization: Principal Coupon Interest Total P&I , % 28, , , % 24, , , % 21, , , % 17, , , % 14, , , % 10, , , % 6, , , % 2, ,835 TOTAL 1,135, ,397 1,262,680 Redemption Provision: Non-Callable Refunding Status: Maturity Dates: June 1 and December 1 Interest Payment Dates: June 1 and December 1 37 Prepared by Piper Jaffray Co.

38 Original Lease Amount: $1,674,787 Issuer: Issue Description: Rolling Stock Lessor: Aurora Capital Leasing Corp. Lease Purchase No A Dated: 9/30/2014 Lender: UMB Bank Equipment: Rolling Stock Purchase: Dump trucks, asphalt trucks, snow trucks Amortization: Principal Coupon Interest Total P&I , % 14, , , % 10, , , % 5, ,381 TOTAL 1,012,039 30,103 1,042,142 Redemption Provision: Non-Callable Refunding Status: Maturity Dates: March 27 Interest Payment Dates: March Prepared by Piper Jaffray Co.

39 Original Lease Amount: $1,336,993 Issuer: Issue Description: Rolling Stock Lessor: Aurora Capital Leasing Corp. Lease Purchase No A Dated: 7/31/2013 Lender: Chase Equipment Finance Equipment: 2 CAT Loaders, 2 Trucks, and 1 E-One Pumper Amortization: Principal Coupon Interest Total P&I , % 6, , , % 3, ,029 TOTAL 472,435 9, ,058 Redemption Provision: Non-Callable Refunding Status: Maturity Dates: March 27 Interest Payment Dates: March Prepared by Piper Jaffray Co.

40 Original Lease Amount: $1,773,430 Issuer: Issue Description: Rolling Stock Lessor: Aurora Capital Leasing Corp. Lease Purchase No B Dated: 12/27/2012 Lender: Equipment: Chase Equipment Finance 2 E-One Pumpers, and 1 E-One Arial Ladder Amortization: Principal Coupon Interest Total P&I , % 10, , , % 6, , , % 3, ,458 TOTAL 772,578 20, ,375 Redemption Provision: Non-Callable Refunding Status: Maturity Dates: March 27 Interest Payment Dates: March Prepared by Piper Jaffray Co.

41 Certificates of Participation Prepared by Piper Jaffray Co.

42 Certificates of Participation Summary of Outstanding Obligations as of January 1, 2017 Issue Original Principal Outstanding Principal Outstanding Coupon Range Optional Redemption Refunding Status Series ,340,000 23,715, % % December 1, 100% Current or Advance Series ,775,000 19,050, % % Non-Callable Series 2009A 84,160,000 80,520, % % December 1, 100% Current Only Total 130,275, ,285, Prepared by Piper Jaffray Co.

43 Certificates of Participation Summary of Outstanding Obligations as of January 1, 2017 Series 2009A Series 2014 Series 2015 Total ,723,775 2,936,150 1,497,650 12,157, ,720,600 2,940,150 1,495,075 12,155, ,722,525 2,935,750 1,496,800 12,155, ,723,500 2,936,250 1,497,650 12,157, ,724,000 2,941,250 1,497,625 12,162, ,723,750 2,940,250 1,496,725 12,160, ,722,250 2,938,250 1,499,950 12,160, ,724,000 2,940,000 1,497,125 12,161, ,723,250-1,498,425 9,221, ,724,500-1,498,675 9,223, ,722,000-1,497,875 9,219, ,725,250-1,496,025 9,221, ,723,250-1,498,125 9,221, ,445,500-1,499,000 16,944, ,498,650 1,498, ,497,075 1,497, ,499,275 1,499, ,498,675 1,498, ,496,625 1,496, ,496,625 1,496, ,494,938 1,494, ,496,563 1,496, ,496,313 1,496, ,499,188 1,499,188 Total 115,848,150 23,508,050 35,940, ,296, Prepared by Piper Jaffray Co.

44 Total Principal plus Interest Certificates of Participation $18,000,000 $16,000,000 $14,000,000 $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $ Series 2009A Series 2014 Series 2015 Note: 2009A COPs include $7,725,250 debt service reserve fund to be applied in full to 2030 debt service. 44

45 Original Par Amount: $24,340,000 Issuer: Issue Description: Registrar/Paying Agent: Bond Insurer: Bond Counsel: Underwriter: Method of Sale: Arbitrage Yield: Arbitrage Consultant: DSRF Status Rebateable Funds: Yield Restricted Funds: Last Rebate Calc. Date: Next Rebate Calc. Date: Arbitrage Liability Calcs: Source of Repayment: Bond Covenant: Certificates of Participation, Series 2015 US Bank None Kutak Rock RBC Capital Markets Competitive % Arbitrage Compliance Specialists, INC 5/28/2020 General Fund Lease Payments Annual Appropriation Purpose: Amortization: Police and Fire training occured at a variety of locations throughout the City of Aurora and Denver. The Fire training needs had been met through the use of a Joint Fire Academy training facility in Denver for operational training and through the Community College of Aurora for classroom training. The Rocky Mountain Fire Academy reached the end of its useful service life, and the City s lease ended on December 31, In accordance with a plan for the build of a Public Safety Training Center created in 1999, a new joint facility, which consolidates police and fire training, will be constructed. The Certificates were issued for the purpose of funding the design and construction of the Public Safety Training Facility for Aurora Police and Fire. Principal Coupon Interest Total P&I , % 852,650 1,497, , % 830,075 1,495, , % 806,800 1,496, , % 782,650 1,497, , % 757,625 1,497, , % 731,725 1,496, , % 704,950 1,499, , % 677,125 1,497, , % 648,425 1,498, , % 618,675 1,498, , % 587,875 1,497, , % 556,025 1,496, , % 523,125 1,498, ,010, % 489,000 1,499, ,045, % 453,650 1,498, ,080, % 417,075 1,497, ,120, % 379,275 1,499, ,160, % 338,675 1,498, ,200, % 296,625 1,496, ,245, % 251,625 1,496, ,290, % 204,938 1,494, ,340, % 156,563 1,496, ,390, % 106,313 1,496, ,445, % 54,188 1,499,188 TOTAL 23,715,000 12,225,650 35,940,650 Redemption Provision: December 1, 100% Callable Bonds Refunding Status: Current or Advance Maturity Dates: December 1 Interest Payment Dates: June 1 & December 1 45 Prepared by Piper Jaffray Co.

46 Original Par Amount: $21,775,000 Issuer: Issue Description: Registrar/Paying Agent: Bond Insurer: Bond Counsel: Underwriter: Method of Sale: Arbitrage Yield: Arbitrage Consultant: DSRF Status Rebateable Funds: Yield Restricted Funds: Last Rebate Calc. Date: Next Rebate Calc. Date: Arbitrage Liability Calcs: Source of Repayment: Bond Covenant: Purpose: Amortization: Certificates of Participation, Series 2014 US Bank None Kutak Rock Stifel Negotiated % Arbitrage Compliance Specialists, INC 12/30/2019 General Fund Lease Payments Annual Appropriation The Certificates were issued for the purpose of funding the City's E911 upgrade from analog to digital and the Sports Park expansion projects. Principal Coupon Interest Total P&I ,025, % 911, ,936, ,110, % 830, ,940, ,190, % 745, ,935, ,300, % 636, ,936, ,420, % 521, ,941, ,540, % 400, ,940, ,665, % 273, ,938, ,800, % 140, ,940, TOTAL 19,050, ,458, ,508, Redemption Provision: Non-Callable Refunding Status: Maturity Dates: December 1 Interest Payment Dates: June 1 & December 1 46 Prepared by Piper Jaffray Co.

47 Original Par Amount: Issuer: Issue Description: Registrar/Paying Agent: Bond Insurer: Bond Counsel: Underwriter: Method of Sale: Arbitrage Yield: Arbitrage Consultant: DSRF Status Rebateable Funds: Yield Restricted Funds: Last Rebate Calc. Date: Next Rebate Calc. Date: Arbitrage Liability Calcs: Source of Repayment: Bond Covenant: Purpose: $84,160,000 Refunding Certificates of Participation, Series 2009A Wells Fargo None Kutak Rock RBC Capital Markets Negotiated % Arbitrage Compliance Specialists, INC Cash Funded - $7,725,250 Rebate/Reserve Fund Escrow Fund 9/30/2014 9/30/2019 (2,600,573.83) General Fund Lease Payments Annual Appropriation The Certificates were issued for the purpose of refunding, paying and discharging all of the outstanding Certificates of Participation, Series 2008A and to fund a debt service reserve fund. Amortization: Principal Coupon Interest Total P&I ,790, %-5.00%* 3,933,775 7,723, ,945, %-5.00%* 3,775,600 7,720, ,115, %-5.00%* 3,607,525 7,722, ,290, % 3,433,500 7,723, ,505, % 3,219,000 7,724, ,730, % 2,993,750 7,723, ,965, % 2,757,250 7,722, ,215, % 2,509,000 7,724, ,475, % 2,248,250 7,723, ,750, % 1,974,500 7,724, ,035, % 1,687,000 7,722, ,340, % 1,385,250 7,725, ,655, % 1,068,250 7,723, ** 14,710, % 735,500 15,445,500 TOTAL 80,520,000 35,328, ,848,150 Redemption Provision: December 1, 100% Callable Bonds Refunding Status: Current Only Maturity Dates: December 1 Interest Payment Dates: June 1 & December 1 *Indicates Bifurcated Coupons **COPs include $7,725,250 debt service reserve fund to be applied in full to 2030 debt service. 47 Prepared by Piper Jaffray Co.

48 GIDs Prepared by Piper Jaffray Co.

49 GIDs Summary of Outstanding Bond Issues as of January 1, 2017 Issue Original Principal Outstanding Principal Outstanding Coupon Range Optional Redemption Refunding Status Pier Point 2,600,000 2,150, % % Non-Callable Meadow Hills 495, , % % Non-Callable Peoria Park 375, , % % Non-Callable Cherry Creek 700, , % % Non-Callable Total 4,170,000 3,386, Prepared by Piper Jaffray Co.

50 GIDs Summary of Outstanding Bond Issues as of January 1, 2017 Cherry Creek Peoria Park Meadow Hills Pier Point Total ,825 30,677 39, , , ,250 29,914 38, , , ,675 30,151 37, , , ,838 30,334 36, , , ,000 30,462 40, , , ,163 30,535 39, , , ,063 30,554 38, , , ,963 30,519 37, , , ,863 30,429 35, , , ,500 30,284 39, , , ,138 30,085 38, , , ,513 30,832 36, , , ,888 30,469 40, , , ,052 38, , , ,581 36, , ,649 Total 743, , ,397 2,976,068 4,752, Prepared by Piper Jaffray Co.

51 Total Principal plus Interest GID Financings $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $ Cherry Creek Peoria Park Meadow Hills Pier Point 51

52 Original Par Amount: $2,600,000 Issuer: Pier Point 7 General Improvement District (2-2009) Issue Description: General Obligation Bonds, Series 2011 Registrar/Paying Agent: Director of Finance of the City Bond Insurer: Bond Counsel: Kutak Rock Underwriter FirstBank Arbitrage Yield: Arbitrage Consultant: DSRF Status Rebateable Funds: Yield Restricted Funds: Last Rebate Calc. Date: Next Rebate Calc. Date: Arbitrage Liability Calc: % Source of Repayment: Bond Covenant: Purpose: Taxes levied by the GID on property within its boundaries. Covenant by the GID to levy property taxes for debt service on its bonds. Pier Point 7 is a group of seven communities, comprising 455 residential units, situated along South Parker Road just north of East Quincy Avenue in Aurora, Colorado. The Pier Point 7 sewer system was designed and constructed over a period of approximately 25 years, from the early 1970s to the completion of Village 8 (there is no Village 7) in the mid-1990s. The purpose of the District is to provide essential sanitary sewer system improvements and services within District boundaries, including, but not limited to, collection mains and laterals, transmission lines and related landscaping improvements, together with all necessary, incidental and appurtenant facilities. In the summer of 2009 the Pier Point 7 General Improvement District was created for the purpose of financing the construction/repairs of the system to bring the private system up to City standards, thereby allowing the City to take over ownership and maintenance of the system. The vote was 232 in favor (93%) and 17 opposed. Amortization: Principal Coupon Interest Total P&I , % 94, , , % 89, , , % 84, , , % 79, , , % 74, , , % 68, , , % 63, , , % 57, , , % 51, , , % 44, , , % 38, , , % 31, , , % 23, , , % 16, , , % 8, ,322 TOTAL 2,150, ,068 2,976,068 Redemption Provision: Non-Callable Refunding Status: Maturity Dates: November 15 Interest Payment Dates: May 15 & November Prepared by Piper Jaffray Co.

53 Original Par Amount: $495,000 Issuer: Meadow Hills General Improvement District Issue Description: General Obligation Bonds, Series 2010 Registrar/Paying Agent: Director of Finance of the City Bond Insurer: Bond Counsel: Kutak Rock Underwriter Colorado State Bank & Trust Arbitrage Yield: % Arbitrage Consultant: DSRF Status Rebateable Funds: Yield Restricted Funds: Last Rebate Calc. Date: Next Rebate Calc. Date: Arbitrage Liability Calc: Source of Repayment: Taxes levied by the GID on property within its boundaries. Bond Covenant: Covenant by the GID to levy property taxes for debt service on its bonds. Purpose: In the summer of 2008, General Improvement District (Meadow Hills Country Club) was created for the purpose of constructing 1,670 linear feet of masonry wall. Residents within the District agreed to construct and install a masonry fence and assess an annual levy of property taxes to fund debt service on bonds and the maintenance of such fence. The vote was 40 (58.82%) to 28 (41.18%) in favor of organizing a GID to construct a fence, and 37 (54.41%) to 31 (45.59%) in favor of increasing the property tax to pay for the improvement, and a smaller levy to maintain the fence. The properties to be assessed in the District are owned by 46 property owners. Amortization: Principal Coupon Interest Total P&I , % 19,960 39, , % 18,962 38, , % 17,964 37, , % 16,966 36, , % 15,968 40, , % 14,721 39, , % 13,473 38, , % 12,226 37, , % 10,978 35, , % 9,731 39, , % 8,234 38, , % 6,737 36, , % 5,240 40, , % 3,493 38, , % 1,747 36,747 TOTAL 400, , ,397 Redemption Provision: Non-Callable Refunding Status: Maturity Dates: November 15 Interest Payment Dates: May 15 & November Prepared by Piper Jaffray Co.

54 Original Par Amount: $375,000 Issuer: General Improvement District (Peoria Park) Issue Description: General Obligation Bonds, Series 2010 Registrar/Paying Agent: Director of Finance of the City Bond Insurer: Bond Counsel: Kutak Rock Lender: Colorado State Bank and Trust Method of Sale: Negotiated Arbitrage Yield: Arbitrage Consultant: DSRF Status Rebateable Funds: Yield Restricted Funds: Last Rebate Calc. Date: Next Rebate Calc. Date: Arbitrage Liability Calc: % Arbitrage Compliance Specialists, INC 06/01/15 06/01/20 Source of Repayment: Bond Covenant: Purpose: Taxes levied by the GID on property within its boundaries. Covenant by the GID to levy property taxes for debt service on its bonds. In the summer of 2008, General Improvement District (Peoria Park) was created for the purpose of constructing 1,100 linear feet of masonry wall. Residents within the District agreed to construct and install a masonry fence and assess an annual levy of property taxes to fund debt service on bonds and the maintenance of the fence. With 373 registered district voters participating, the ballot question passed with 64% in favor of the District. The District is comprised of 233 single-family homes, primarily constructed from the late-1970 s to the mid-1980 s. Amortization: Principal Coupon Interest Total P&I , % 16,677 30, , % 15,914 29, , % 15,151 30, , % 14,334 30, , % 13,462 30, , % 12,535 30, , % 11,554 30, , % 10,519 30, , % 9,429 30, , % 8,284 30, , % 7,085 30, , % 5,832 30, , % 4,469 30, , % 3,052 30,052 TOTAL 306, , ,875 Redemption Provision: Non-Callable Refunding Status: Maturity Dates: November 15 Interest Payment Dates: May 15 & November Prepared by Piper Jaffray Co.

55 Original Par Amount: $700,000 Issuer: General Improvement District Issue Description: (Cherry Creek Racquet Club) General Obligation Bonds, Series 2009 Registrar/Paying Agent: Director of Finance of the City Bond Insurer: Bond Counsel: Kutak Rock Underwriter George K. Baum Method of Sale: Negotiated Arbitrage Yield: Arbitrage Consultant: DSRF Status Rebateable Funds: Yield Restricted Funds: Last Rebate Calc. Date: Next Rebate Calc. Date: Arbitrage Liability Calc: % 11/15/ /8/2019 Source of Repayment: Bond Covenant: Purpose: Amortization: Taxes levied by the GID on property within its boundaries. Covenant by the GID to levy property taxes for debt service on its bonds. In the summer of 2007, General Improvement District (Cherry Creek Racquet Club) was created for the purpose of constructing 1,700 linear feet of masonry wall around the District. Residents within the District agreed to construct and install a masonry fence and assess an annual levy of property taxes to fund debt service on bonds and the maintenance of the fence. The properties to be assessed in the District are owned by a total of 91 property owners. Principal Coupon Interest Total P&I , % 27,825 57, , % 26,250 56, , % 24,675 59, , % 22,838 57, , % 21,000 56, , % 19,163 59, , % 17,063 57, , % 14,963 54, , % 12,863 57, , % 10,500 55, , % 8,138 58, , % 5,513 55, , % 2,888 57,888 TOTAL 530, , ,675 Redemption Provision: Non-Callable Refunding Status: Maturity Dates: November 15 Interest Payment Dates: May 15 & November Prepared by Piper Jaffray Co.

56 SIDs Prepared by Piper Jaffray Co.

57 SIDs Summary of Outstanding Bond Issues as of January 1, 2017 Issue Original Principal Outstanding Principal Outstanding Coupon Range Optional Redemption Refunding Status Series 2012 (Dam East) 1,230, , % Callable at Any Time Any Date Series 2007 (Ptarmigan) 1,095, , % Non-Callable Total 2,325, , Prepared by Piper Jaffray Co.

58 SIDs Summary of Outstanding Bond Issues as of January 1, 2017 Series 2007 Series 2012 (Dam (Ptarmigan) East) Total ,125 26, , ,039 26, ,766 25, ,493 25, ,220 25, , ,947 Total 110, , , Prepared by Piper Jaffray Co.