Ohlone Community College District

Size: px
Start display at page:

Download "Ohlone Community College District"

Transcription

1 Ohlone Community College District General Obligation Bond Refinancing Overview June 8, 2016

2 Outstanding General Obligation Bonds Issue Date Issue Amount Description Call Date Maturity Outstanding 6/19/2002 $ 40,000, /24/ ,000, (1) Refunded by 2010 General Obligation Refunding Bonds. (2) Partially refunded by 2012 General Obligation Refunding Bonds. (3) Potential bond refunding candidates. Election of 2002 General Obligation Bonds, Series A N/A N/A $ - Election of 2002 General Obligation Bonds, Series B Non-callable 8/1/2019 7,046, (2) Total $ 150,000, $ 7,046, Issue Date Issue Amount Description Call Date Maturity Outstanding 10/19/2011 $ 70,000, /19/ ,000, /4/ ,995, /18/ ,000, General Obligation Bonds, Series A 100% 8/1/2041 $ 61,430, General Obligation Bonds, Series A-1 100% 8/1/2026 6,000, (3) General Obligation Bonds, Series B 100% 8/1/ ,105, General Obligation Bonds, Series C 100% 8/1/ ,000, Total $ 309,995, $ 287,535, Issue Date Issue Amount Description Call Date Maturity Outstanding 9/2/2010 $ 23,680, /25/ ,070, Measure A - March 5, 2002 General Obligation Bond Election ($150 Million Authorization) Measure G - November 2, 2010 General Obligation Bond Election ($349 Million Authorization) General Obligation Refunding Bonds 2010 General Obligation Refunding Bonds 100% 8/1/2026 $ 17,855, General Obligation Refunding Bonds 100% 8/1/ ,730, Total $ 117,750, $ 110,585, (1) (3)

3 Interest Rates Municipal bond interest rates have recently experienced volatility but currently remain near historic lows Bond Buyer General Obligation Bond Index (1) (65-Year History) Bond Buyer General Obligation Bond Index (1) (May Present) Yield (%) Yield (%) May 61 May 66 May 71 May 76 May 81 May 86 May 91 May 96 May 01 May 06 May 11 May May 15 Jun 15 Jul 15 Aug 15 Sep 15 Oct 15 Nov 15 Dec 15 Jan 16 Feb 16 Mar 16 Apr 16 May 16 (1) Index reflects average yield to maturity of 20 general obligation bonds with 20-year maturities rated Aa2 by Moody s Investors Service and AA by Standard and Poor s. Source: The Bond Buyer & Bloomberg. 2

4 General Obligation Bond Refinancing Overview The District has two series of general obligation bonds that may be candidates for a refinancing ( Prior Bonds ): General Obligation Bonds, Series A ( Series A Bonds ) General Obligation Bonds, Series A-1 ( Series A-1 Bonds ) Depending on market conditions, the District may realize savings for its taxpayers by refinancing portions of the Prior Bonds Similar to refinancing a home mortgage, savings would be generated for the District s taxpayers by replacing the higher interest rate Prior Bonds with lower interest rate refunding bonds ( Refunding Bonds ) Refinancing does NOT extend the original bond term Savings are subject to fluctuations in interest rates until the Refunding Bonds are sold All financing costs (except for credit ratings) are contingent upon the successful issuance of the Refunding Bonds and are paid only from bond proceeds, not the General Fund 3

5 Refinancing Summary (1) Under current interest rates, a refinancing produces present value savings (present value debt service savings refunded bond principal) above the industry benchmark of 3% Debt Service Comparison (1) Estimated Refinancing Results (1) Current Estimated New Estimated Date Payments (2) Payments Savings 8/1/2016 $ 1,684,594 $ 1,682,800 $ 1,794 Debt Service Savings: $ 7,409,727 8/1/2017 3,369,188 3,093, ,296 Present Value Savings: $ 5,338,776 8/1/2018 3,369,188 3,070, ,288 Present Value Savings %: 8.04% 8/1/2019 3,369,188 3,074, ,738 8/1/2020 3,369,188 3,070, ,738 Call Date of Prior Bonds: August 1, 100% 8/1/2021 3,369,188 3,071, ,938 Escrow Yield (3) : 1.21% 8/1/2022 3,989,188 3,691, ,538 Refunding Bond Yield: 2.75% 8/1/2023 4,128,188 3,833, ,038 Negative Arbitrage: $ (5,363,618) 8/1/2024 4,273,688 3,975, ,288 Ratio of Negative Arbitrage to PV Savings: 1.00 to 1 8/1/2025 4,419,938 4,122, ,038 8/1/2026 4,576,438 4,279, ,538 Interest Rate of Prior Bonds: 5.10% 8/1/2027 4,787,188 4,490, ,788 Interest Rate of Refunding Bonds: 3.18% 8/1/2028 4,953,938 4,656, ,788 8/1/2029 5,128,188 4,828, ,538 Principal of Prior Bonds: $ 66,370,000 8/1/2030 5,303,938 5,006, ,038 Principal of Refunding Bonds: $ 73,230,000 8/1/2031 5,490,438 5,193, ,138 8/1/2032 5,681,438 5,382, ,738 8/1/2033 5,880,938 5,584, ,438 8/1/2034 6,087,688 5,792, ,988 8/1/2035 6,300,438 6,003, ,388 8/1/2036 6,522,938 6,223, ,588 8/1/2037 6,748,688 6,453, ,688 8/1/2038 6,986,438 6,689, ,238 8/1/2039 7,234,438 6,937, ,838 8/1/2040 7,485,513 7,187, ,513 8/1/2041 7,746,400 7,451, ,800 Total $ 132,256,569 $ 124,846,842 $ 7,409,727 (1) Represents interest rates provided by Piper Jaffray & Co. as of May 17, Assumes the District s current ratings of Aa2 from Moody s and AA from Standard & Poor s. Refinancing results are subject to market fluctuations until Refunding Bonds are sold. (2) Assumes refinancing of all outstanding callable maturities. (3) Subject to bid. Assumes usage of State and Local Government Series securities as of May 17,

6 Financing Timeline May 2016 June 2016 S M T W T F S S M T W T F S Legend D = District, Ohlone Community College District BC = Bond Counsel, Stradling Yocca Carlson & Rauth FA = Financial Advisor, Keygent LLC UW = Underwriter, Piper Jaffray & Co. Date Event Responsibility May 25 Distribution of draft issuance resolution and forms of preliminary official statement (POS) and other legal documents May 25 Credit packages sent to rating agencies FA May 26 Comments on draft legal documents to Bond Counsel All Parties May 26 Adoption version of legal documents sent to District to be placed on June 8 Board meeting agenda Week of May 30 th Rating agency conference calls All Parties June 8 District Board meeting to adopt issuance resolution and forms of POS and other legal documents BC BC All Parties June 9 Receive ratings FA June 9 Finalize POS and post electronically BC, FA, UW June 15 Pre-pricing conference call to discuss market conditions, interest rate comparables and preliminary interest rates for bonds All Parties June 16 Price bonds Interest rates locked in All Parties June 23 Print and mail final official statement BC June 29 Pre closing All documents signed All Parties June 30 Closing District receives bond proceeds All Parties 5

September 9, Geneva Community Unit School District 304, Kane County, Illinois. Update on Debt Restructuring Options

September 9, Geneva Community Unit School District 304, Kane County, Illinois. Update on Debt Restructuring Options September 9, 2013 Geneva Community Unit School District 304, Kane County, Illinois Update on Debt Restructuring Options Outstanding Debt Outstanding Debt Dated Issue Series Original Par Earliest Call Maturity

More information

January 25, 2017 Financial Markets & Debt Portfolio Update Contra Costa Transportation Authority Introduction Public Financial Management Inc. (PFM),

January 25, 2017 Financial Markets & Debt Portfolio Update Contra Costa Transportation Authority Introduction Public Financial Management Inc. (PFM), January 25, 2017 Introduction Public Financial Management Inc. (PFM), financial advisor to the (CCTA) has prepared the following report as an update of market conditions through December 30, 2016. The

More information

Business & Financial Services December 2017

Business & Financial Services December 2017 Business & Financial Services December 217 Completed Procurement Transactions by Month 2 4 175 15 125 1 75 5 2 1 Business Days to Complete 25 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 217 Procurement

More information

STYLE. Elk Grove Unified School District. Financial Stewardship: Bonds. Prepared by Lori Raineri and Rich Malone April 19, 2016

STYLE. Elk Grove Unified School District. Financial Stewardship: Bonds. Prepared by Lori Raineri and Rich Malone April 19, 2016 Elk Grove Unified School District Financial Stewardship: CLICK MASTER TITLE Savings TO FromEDIT Refinancing STYLE Community Facilities District #1 Bonds Government Financial Strategies Prepared by Lori

More information

XML Publisher Balance Sheet Vision Operations (USA) Feb-02

XML Publisher Balance Sheet Vision Operations (USA) Feb-02 Page:1 Apr-01 May-01 Jun-01 Jul-01 ASSETS Current Assets Cash and Short Term Investments 15,862,304 51,998,607 9,198,226 Accounts Receivable - Net of Allowance 2,560,786

More information

Portola Valley School District

Portola Valley School District Portola Valley School District September 6, 2017 Board Presentation: Bond Program Overview & Illustrative 2018 Bond Measure Keygent LLC 999 N. Sepulveda Blvd., Ste. 500 El Segundo, CA 90245 (310) 322 4222

More information

SCHOOL DISTRICT OF PALM BEACH COUNTY, FLORIDA SERIES 2014 TAN SALE

SCHOOL DISTRICT OF PALM BEACH COUNTY, FLORIDA SERIES 2014 TAN SALE SCHOOL DISTRICT OF PALM BEACH COUNTY, FLORIDA SERIES 2014 TAN SALE September 10, 2014 Palm Beach County School District TAN Cash flow Tax Anticipation Notes are short-term financings that allow the District

More information

Executive Summary. July 17, 2015

Executive Summary. July 17, 2015 Executive Summary July 17, 2015 The Revenue Estimating Conference adopted interest rates for use in the state budgeting process. The adopted interest rates take into consideration current benchmark rates

More information

Spheria Australian Smaller Companies Fund

Spheria Australian Smaller Companies Fund 29-Jun-18 $ 2.7686 $ 2.7603 $ 2.7520 28-Jun-18 $ 2.7764 $ 2.7681 $ 2.7598 27-Jun-18 $ 2.7804 $ 2.7721 $ 2.7638 26-Jun-18 $ 2.7857 $ 2.7774 $ 2.7690 25-Jun-18 $ 2.7931 $ 2.7848 $ 2.7764 22-Jun-18 $ 2.7771

More information

Fiscal Year 2018 Project 1 Annual Budget

Fiscal Year 2018 Project 1 Annual Budget Fiscal Year 2018 Project 1 Annual Budget Table of Contents Table Page Summary 3 Summary of Costs Table 1 4 Treasury Related Expenses Table 2 5 Summary of Full Time Equivalent Table 3 6 Positions Cost-to-Cash

More information

Mortgage Trends Update

Mortgage Trends Update Mortgage Trends Update UK Finance: Mortgage Trends Update December 218 of first-time reaches 12-year high in 218 Key data highlights: There were 37, new first-time buyer mortgages completed in 218, some

More information

Looking at a Variety of Municipal Valuation Metrics

Looking at a Variety of Municipal Valuation Metrics Looking at a Variety of Municipal Valuation Metrics Muni vs. Treasuries, Corporates YEAR MUNI - TREASURY RATIO YEAR MUNI - CORPORATE RATIO 200% 80% 175% 150% 75% 70% 65% 125% Average Ratio 0% 75% 50% 60%

More information

THE B E A CH TO WN S O F P ALM B EA CH

THE B E A CH TO WN S O F P ALM B EA CH THE B E A CH TO WN S O F P ALM B EA CH C OU N T Y F LO R I D A August www.luxuryhomemarketing.com PALM BEACH TOWNS SINGLE-FAMILY HOMES LUXURY INVENTORY VS. SALES JULY Sales Luxury Benchmark Price : 7,

More information

Big Walnut Local School District

Big Walnut Local School District Big Walnut Local School District Monthly Financial Report for the month ended September 30, 2012 Prepared By: Felicia Drummey Treasurer BIG WALNUT LOCAL SCHOOL DISTRICT SUMMARY OF YEAR-TO-DATE FINANCIAL

More information

Factors Impacting Investment Opportunities. Market Environment. Agenda. Economic Update and Investment Tips

Factors Impacting Investment Opportunities. Market Environment. Agenda. Economic Update and Investment Tips Agenda Economic Update and Investment Tips Presented to: Ohio Association of Public Treasurers June 16, 2016 Current economic factors Portfolio right-sizing Municipal securities Brokered CDs Step-up agency

More information

WESTWOOD LUTHERAN CHURCH Summary Financial Statement YEAR TO DATE - February 28, Over(Under) Budget WECC Fund Actual Budget

WESTWOOD LUTHERAN CHURCH Summary Financial Statement YEAR TO DATE - February 28, Over(Under) Budget WECC Fund Actual Budget WESTWOOD LUTHERAN CHURCH Summary Financial Statement YEAR TO DATE - February 28, 2018 General Fund Actual A B C D E F WECC Fund Actual Revenue Revenue - Faith Giving 1 $ 213 $ 234 $ (22) - Tuition $ 226

More information

TERMS OF REFERENCE FOR THE INVESTMENT COMMITTEE

TERMS OF REFERENCE FOR THE INVESTMENT COMMITTEE I. PURPOSE The purpose of the Investment Committee (the Committee ) is to recommend to the Board the investment policy, including the asset mix policy and the appropriate benchmark for both ICBC and any

More information

1 Long Term Debt $ 9,298,554 $ (250,000) $ 9,048, Preferred Stock 30,450 30, % 5 Common Equity 250, %

1 Long Term Debt $ 9,298,554 $ (250,000) $ 9,048, Preferred Stock 30,450 30, % 5 Common Equity 250, % SUMMARY SCHEDULE ($000'S) Schedule 1 Page 1 of 1 Line Capitalization HISTORICAL YEAR ENDED 12/31/16 Hybrid Percent Equity Adjusted of Total Cost of Cost of Amount Adjustment Amount Capitalization Capital

More information

Attachment A Financial Markets & Debt Portfolio Update October 21, 2016 Introduction Public Financial Management Inc. (PFM), financial advisor to the

Attachment A Financial Markets & Debt Portfolio Update October 21, 2016 Introduction Public Financial Management Inc. (PFM), financial advisor to the Attachment A Financial Markets & Debt Portfolio Update October 21, 2016 Introduction Public Financial Management Inc. (PFM), financial advisor to the Contra Costa Transportation Authority (CCTA) has prepared

More information

Cost Estimation of a Manufacturing Company

Cost Estimation of a Manufacturing Company Cost Estimation of a Manufacturing Company Name: Business: Date: Economics of One Unit: Manufacturing Company (Only complete if you are making a product, such as a bracelet or beauty product) Economics

More information

PRESS RELEASE. Securities issued by Hungarian residents and breakdown by holding sectors. January 2019

PRESS RELEASE. Securities issued by Hungarian residents and breakdown by holding sectors. January 2019 7 March 2019 PRESS RELEASE Securities issued by Hungarian residents and breakdown by holding sectors January 2019 According to securities statistics, the amount outstanding of equity securities and debt

More information

Division of Bond Finance Interest Rate Calculations. Revenue Estimating Conference Interest Rates Used for Appropriations, including PECO Bond Rates

Division of Bond Finance Interest Rate Calculations. Revenue Estimating Conference Interest Rates Used for Appropriations, including PECO Bond Rates Division of Bond Finance Interest Rate Calculations Revenue Estimating Conference Interest Rates Used for Appropriations, including PECO Bond Rates November 16, 2018 Division of Bond Finance Calculation

More information

Review of Registered Charites Compliance Rates with Annual Reporting Requirements 2016

Review of Registered Charites Compliance Rates with Annual Reporting Requirements 2016 Review of Registered Charites Compliance Rates with Annual Reporting Requirements 2016 October 2017 The Charities Regulator, in accordance with the provisions of section 14 of the Charities Act 2009, carried

More information

Semi-annual Return of Capital Payments. Alternative to investing in bond ETFs, mutual funds or holding the Underlying Bonds.

Semi-annual Return of Capital Payments. Alternative to investing in bond ETFs, mutual funds or holding the Underlying Bonds. January 24, 2014 DEBT LINKED DEBT SECURITIES I RBC Non-Protected Bond RoC Securities, Series 1F 3- Term Semi-annual Return of Capital Payments INVESTMENT HIGHLIGHTS Variable Return linked to a Notional

More information

Financial Markets & Debt Portfolio Update August 23, 2016 Introduction Public Financial Management Inc., (PFM), financial advisor to the Contra Costa

Financial Markets & Debt Portfolio Update August 23, 2016 Introduction Public Financial Management Inc., (PFM), financial advisor to the Contra Costa Administration and Projects Committee STAFF REPORT Meeting Date: September 1, 2016 Subject Summary of Issues Recommendations Financial Implications Options Attachments Accept Quarterly Financial Markets

More information

Beginning Date: January 2016 End Date: June Managers in Zephyr: Benchmark: Morningstar Short-Term Bond

Beginning Date: January 2016 End Date: June Managers in Zephyr: Benchmark: Morningstar Short-Term Bond Beginning Date: January 2016 End Date: June 2018 Managers in Zephyr: Benchmark: Manager Performance January 2016 - June 2018 (Single Computation) 11200 11000 10800 10600 10400 10200 10000 9800 Dec 2015

More information

HUD NSP-1 Reporting Apr 2010 Grantee Report - New Mexico State Program

HUD NSP-1 Reporting Apr 2010 Grantee Report - New Mexico State Program HUD NSP-1 Reporting Apr 2010 Grantee Report - State Program State Program NSP-1 Grant Amount is $19,600,000 $9,355,381 (47.7%) has been committed $4,010,874 (20.5%) has been expended Grant Number HUD Region

More information

PRESS RELEASE. Securities issued by Hungarian residents and breakdown by holding sectors. October 2018

PRESS RELEASE. Securities issued by Hungarian residents and breakdown by holding sectors. October 2018 PRESS RELEASE 10 December 2018 Securities issued by Hungarian residents and breakdown by holding sectors October 2018 According to securities statistics, the amount outstanding of equity securities and

More information

Beginning Date: January 2016 End Date: September Managers in Zephyr: Benchmark: Morningstar Short-Term Bond

Beginning Date: January 2016 End Date: September Managers in Zephyr: Benchmark: Morningstar Short-Term Bond Beginning Date: January 2016 End Date: September 2018 Managers in Zephyr: Benchmark: Manager Performance January 2016 - September 2018 (Single Computation) 11400 - Yorktown Funds 11200 11000 10800 10600

More information

Orange Unified School District

Orange Unified School District Orange Unified School District Financing Information Ron Lebs Assistant Superintendent, Facilities and Planning Orange Unified School District Tel: 714.628.4500 rlebs@orangeusd.org Adam Bauer Chief Executive

More information

HIPIOWA - IOWA COMPREHENSIVE HEALTH ASSOCIATION Unaudited Balance Sheet As of July 31

HIPIOWA - IOWA COMPREHENSIVE HEALTH ASSOCIATION Unaudited Balance Sheet As of July 31 Unaudited Balance Sheet As of July 31 Total Enrollment: 407 Assets: Cash $ 9,541,661 $ 1,237,950 Invested Cash 781,689 8,630,624 Premiums Receivable 16,445 299,134 Prepaid 32,930 34,403 Assessments Receivable

More information

HIPIOWA - IOWA COMPREHENSIVE HEALTH ASSOCIATION Unaudited Balance Sheet As of January 31

HIPIOWA - IOWA COMPREHENSIVE HEALTH ASSOCIATION Unaudited Balance Sheet As of January 31 Unaudited Balance Sheet As of January 31 Total Enrollment: 371 Assets: Cash $ 1,408,868 $ 1,375,117 Invested Cash 4,664,286 4,136,167 Premiums Receivable 94,152 91,261 Prepaid 32,270 33,421 Assessments

More information

Financial & Business Highlights For the Year Ended June 30, 2017

Financial & Business Highlights For the Year Ended June 30, 2017 Financial & Business Highlights For the Year Ended June, 17 17 16 15 14 13 12 Profit and Loss Account Operating Revenue 858 590 648 415 172 174 Investment gains net 5 162 909 825 322 516 Other 262 146

More information

Asset Manager Performance Comparison

Asset Manager Performance Comparison Cape Peninsula University of Technology Retirement Fund August 2017 DISCLAIMER AND WARNINGS: Towers Watson (Pty) Ltd, a Willis Towers Watson company, is an authorised financial services provider. Although

More information

FINANCIAL MANAGEMENT STRATEGY REPORT ON OUTCOMES FOR THE YEAR ENDED MARCH 31, 2016

FINANCIAL MANAGEMENT STRATEGY REPORT ON OUTCOMES FOR THE YEAR ENDED MARCH 31, 2016 FINANCIAL MANAGEMENT STRATEGY REPORT ON OUTCOMES FOR THE YEAR ENDED MARCH 31, 2016 Manitoba Finance General Inquiries: Room 109, Legislative Building Winnipeg, Manitoba R3C 0V8 Phone: 204-945-5343 Fax:

More information

Release date: 16 May 2018

Release date: 16 May 2018 Release date: 16 May 218 UK Finance: Mortgage Trends Update March 218 Remortgaging market softens in March after busy start to year Key data highlights: There was 51bn of new lending to first-time in the

More information

Asset Manager Performance Comparison

Asset Manager Performance Comparison Cape Peninsula University of Technology Retirement Fund September 2017 DISCLAIMER AND WARNINGS: Towers Watson (Pty) Ltd, a Willis Towers Watson company, is an authorised financial services provider. Although

More information

Big Walnut Local School District

Big Walnut Local School District Big Walnut Local School District Monthly Financial Report for the month ended September 30, 2013 Prepared By: Felicia Drummey Treasurer BIG WALNUT LOCAL SCHOOL DISTRICT SUMMARY OF YEAR TO DATE FINANCIAL

More information

EMPLOYER S MUNICIPAL INCOME TAX WITHHOLDING FORMS INSTRUCTIONS FOR FILING FORM LW-1

EMPLOYER S MUNICIPAL INCOME TAX WITHHOLDING FORMS INSTRUCTIONS FOR FILING FORM LW-1 CITY TAX DEPT 50 TOWN SQUARE P.O. BOX 155 LIMA, OHIO 45802 PHONE (419) 221-5245 FAX (419) 998-5527 (MONTHLY OR QUARTERLY STATEMENT) FORM LW-3 (ANNUAL RECONCILIATION) EMPLOYER S MUNICIPAL INCOME TAX WITHHOLDING

More information

Government Bond Market Development in Myanmar

Government Bond Market Development in Myanmar Government Bond Market Development in Myanmar Daw Si Si Pyone Deputy Director General Treasury Department 11-8-2017 Ministry of Planning and Finance 1 Outlines I. Key Milestones in Development of Treasury

More information

FOR RELEASE: MONDAY, MARCH 21 AT 4 PM

FOR RELEASE: MONDAY, MARCH 21 AT 4 PM Interviews with 1,012 adult Americans conducted by telephone by Opinion Research Corporation on March 18-20, 2011. The margin of sampling error for results based on the total sample is plus or minus 3

More information

Development of Economy and Financial Markets of Kazakhstan

Development of Economy and Financial Markets of Kazakhstan Development of Economy and Financial Markets of Kazakhstan National Bank of Kazakhstan Macroeconomic development GDP, real growth, % 116 112 18 14 1 113,5 11,7 216,7223,8226,5 19,8 19,8 19,3 19,619,7 199,

More information

REFUNDING OPPORTUNITIES IN A RISING RATE ENVIRONMENT

REFUNDING OPPORTUNITIES IN A RISING RATE ENVIRONMENT REFUNDING OPPORTUNITIES IN A RISING RATE ENVIRONMENT CALIFORNIA SOCIETY OF MUNICIPAL FINANCE OFFICERS 2016 Conference Anaheim, California Thursday, March 3, 2016 (4:00 5:30 p.m.) 2016 Panelists Nadia Sesay,

More information

Text. New gtld Auctions #ICANN49

Text. New gtld Auctions #ICANN49 Text Text New gtld Auctions Agenda Auction Summary Text Public Comment Recap Auction Logistics Looking Ahead Q &A Auctions Summary Auctions Method of Last Resort per Applicant Text Guidebook 4.3 o Ascending

More information

Credit Sensitive Fixed Income Market Data

Credit Sensitive Fixed Income Market Data Credit Sensitive Fixed Income Market Data April 2013 NORTH AMERICA KEVIN FLANAGAN Morgan Stanley Wealth Management Chief Fixed Income Strategist Managing Director kevin.flanagan@morganstanley.com +1 914

More information

State College Area School District Administrative Offices 240 Villa Crest Drive State College, PA

State College Area School District Administrative Offices 240 Villa Crest Drive State College, PA Administrative Offices 240 Villa Crest Drive State College, PA 16801 814-231-1021 To: From: RE: Robert O Donnell Randy L. Brown and Donna Watson Capital Financing Plan Date: January 5, 2017 Following the

More information

University of Wisconsin - Madison Retirement Association Fundamental Concepts of Investing. September 15, Jim Hamre Steve Hawk

University of Wisconsin - Madison Retirement Association Fundamental Concepts of Investing. September 15, Jim Hamre Steve Hawk University of Wisconsin - Madison Retirement Association Fundamental Concepts of Investing September 15, 2009 Jim Hamre Steve Hawk 1 Investment Environment Large Federal Budget Deficits Potential for Higher

More information

Release date: 12 July 2018

Release date: 12 July 2018 Release date: 12 July 218 UK Finance: Mortgage Trends Update May 218 Mortgage market sees pre-summer boost as remortgaging continues strong upward trend Key data highlights: There were 32,2 new first-time

More information

FUEL PRICE RISK MANAGEMENT POLICY REPORT "FUEL HEDGE"

FUEL PRICE RISK MANAGEMENT POLICY REPORT FUEL HEDGE FUEL PRICE RISK MANAGEMENT POLICY REPORT "FUEL HEDGE" Sep-18 FUEL PRICE RISK MANAGEMENT POLICY REPORT Sep-18 (Office of Management and Budget 09/30/2018) The Fuel Price Risk Management Policy approved

More information

PRESS RELEASE. Securities issued by Hungarian residents and breakdown by holding sectors. April 2016

PRESS RELEASE. Securities issued by Hungarian residents and breakdown by holding sectors. April 2016 10 June 2016 PRESS RELEASE Securities issued by Hungarian residents and breakdown by holding sectors April 2016 According to securities statistics data, the amount outstanding of equity securities and

More information

Opinions on technical and scientific matters concerning mutual recognition: working procedure for the Biocidal Products Committee (BPC)

Opinions on technical and scientific matters concerning mutual recognition: working procedure for the Biocidal Products Committee (BPC) 1 (5) Opinions on technical and scientific matters concerning mutual recognition: working procedure for the Biocidal Products Committee (BPC) The purpose of this document is to establish principles to

More information

Outstanding debt in all sectors of the US fixed income market has gone from $4.6 trillion in 1985 to $33 trillion in 2008.

Outstanding debt in all sectors of the US fixed income market has gone from $4.6 trillion in 1985 to $33 trillion in 2008. US Fixed Income Debt Outstanding and Issuance, Selected Years Outstanding debt in all sectors of the US fixed income market has gone from $4.6 trillion in 1985 to $33 trillion in 2008. In 2008, NYSE total

More information

2013 WASBO Annual Conference

2013 WASBO Annual Conference 2013 WASBO Annual Conference Refundings: The Before and After May 3, 2013 Jon Gores Senior Vice President D.A. Davidson & Co. (206) 389-4043 jgores@dadco.com Cory Plager Dir. Of School Financial Srvs.

More information

Bonds 101: An Overview of City Financing

Bonds 101: An Overview of City Financing Bonds 101: An Overview of City Financing Presentation to the City of Yakima August 11, 2016 Deanna Gregory, Partner, Pacifica Law Group LLP (206) 245-1700, Deanna.Gregory@pacificalawgroup.com Lindsay Sovde,

More information

London Borough of Barnet Pension Fund. Communication Strategy (2018)

London Borough of Barnet Pension Fund. Communication Strategy (2018) London Borough of Barnet Pension Fund Communication Strategy (2018) Background This document sets out the communication strategy for the London Borough of Barnet Pension Fund. The London Borough of Barnet

More information

Protected Loan Taxation Guide

Protected Loan Taxation Guide Protected Loan Taxation Guide An Explanatory Note The taxation implications of your Protected Loan (PL) can depend on a number of factors. In order to assist you in identifying the implications of your

More information

Mechanics of Cash Flow Forecasting

Mechanics of Cash Flow Forecasting Texas Association Of State Senior College & University Business Officers July 13, 2015 Mechanics of Cash Flow Forecasting Susan K. Anderson, CEO Anderson Financial Management, L.L.C. 130 Pecan Creek Drive

More information

EMPLOYER S MUNICIPAL INCOME TAX WITHHOLDING FORMS

EMPLOYER S MUNICIPAL INCOME TAX WITHHOLDING FORMS CITY TAX DEPT 50 TOWN SQUARE P.O. BOX 155 LIMA, OHIO 45802 PHONE (419) 221-5245 FAX (419) 998-5527 FORM LW-1 (MONTHLY OR QUARTERLY STATEMENT) FORM LW-3 (ANNUAL RECONCILIATION) EMPLOYER S MUNICIPAL INCOME

More information

Investment Tips & Techniques

Investment Tips & Techniques Investment Tips & Techniques Ohio Association of Public Treasurers June 15, 2017 Presented by Jason Click President, Public Funds Meeder Investment Management Jason Headings Sr. Vice President, Director

More information

Billing and Collection Agent Report For period ending January 31, To NANC

Billing and Collection Agent Report For period ending January 31, To NANC Billing and Collection Agent Report For period ending January 31, 2016 To NANC February 4, 2016 NANPA FUND STATEMENT OF FINANCIAL POSITION JANUARY 31, 2016 Assets Cash Balance in bank account $ 3,587,973

More information

The ABCP Market. For the IMF Conference on Operationalizing Systemic Risk Monitoring, May 27, 2010

The ABCP Market. For the IMF Conference on Operationalizing Systemic Risk Monitoring, May 27, 2010 The ABCP Market For the IMF Conference on Operationalizing Systemic Risk Monitoring, May 27, 2010 Contents ABCP Market Background August 2007 and September 2008 ABCP Market Today 2 ABCP Market Overview

More information

Key IRS Interest Rates After PPA

Key IRS Interest Rates After PPA Key IRS Rates - After PPA - thru 2011 Page 1 of 10 Key IRS Interest Rates After PPA (updated upon release of figures in IRS Notice usually by the end of the first full business week of the month) Below

More information

Financial & Operations Compliance Current Trends & Issues. FAS Annual Conference September 9, 2016

Financial & Operations Compliance Current Trends & Issues. FAS Annual Conference September 9, 2016 Financial & Operations Compliance Current Trends & Issues FAS Annual Conference September 9, 2016 AGENDA Trends: Early Warnings and Capital Deficiencies Number of Dealer Members by Peer Group Number of

More information

Dulles Corridor Enterprise Financial Update Dulles Corridor Advisory Committee Meeting

Dulles Corridor Enterprise Financial Update Dulles Corridor Advisory Committee Meeting Dulles Corridor Enterprise Financial Update Dulles Corridor Advisory Committee Meeting May 30, 2014 Discussion Outline Finance Plan for the Metrorail Project Allocation of Estimated Capital Costs and TIFIA

More information

Mount Diablo Unified School District

Mount Diablo Unified School District Mount Diablo Unified School District August 24, 2015 $38,500,000 General Obligation 2010 Election, 2015 Series F Bonds SUMMARY OF GENERAL OBLIGATION BOND SALE Prepared by: 650 California Street, 8th Floor

More information

Effective Investment Policy and Strategies

Effective Investment Policy and Strategies Agenda for Today Effective Policy and Strategies For Today s Economic Environment Objectives and Goals Decisions Policy Permissible s Strategy Implementation Case Studies 2 Objectives & Goals Making Informed

More information

PHOENIX ENERGY MARKETING CONSULTANTS INC. HISTORICAL NATURAL GAS & CRUDE OIL PRICES UPDATED TO July, 2018

PHOENIX ENERGY MARKETING CONSULTANTS INC. HISTORICAL NATURAL GAS & CRUDE OIL PRICES UPDATED TO July, 2018 Jan-01 $12.9112 $10.4754 $9.7870 $1.5032 $29.2595 $275.39 $43.78 $159.32 $25.33 Feb-01 $10.4670 $7.8378 $6.9397 $1.5218 $29.6447 $279.78 $44.48 $165.68 $26.34 Mar-01 $7.6303 $7.3271 $5.0903 $1.5585 $27.2714

More information

Section 6621 of the Internal Revenue Code establishes the interest rates on

Section 6621 of the Internal Revenue Code establishes the interest rates on Part 1 Section 6621.--Determination of Rate of Interest 26 CFR 301.6621-1: Interest rate. Rev. Rul. -32 Section 6621 of the Internal Revenue Code establishes the interest rates on overpayments and underpayments

More information

Distribution Group Study Process. August 26, 2014

Distribution Group Study Process. August 26, 2014 Distribution Group Study Process August 26, 2014 Agenda Overview Applying for DGSP DGSP Interconnection Process Applicability and Utility Contacts Questions 2 Process Overview Open Window Period Evaluation

More information

CALLABLE BONDS: FRIEND AND FOE GIOA INVESTMENT CONFERENCE George E.A. Barbar Mesirow Financial William M. Quinn, CFA FTN Financial

CALLABLE BONDS: FRIEND AND FOE GIOA INVESTMENT CONFERENCE George E.A. Barbar Mesirow Financial William M. Quinn, CFA FTN Financial CALLABLE BONDS: FRIEND AND FOE GIOA INVESTMENT CONFERENCE 2017 George E.A. Barbar Mesirow Financial William M. Quinn, CFA FTN Financial GSE Callables Market Update Quick Refresh Why? and Why Not? Friend

More information

Common stock prices 1. New York Stock Exchange indexes (Dec. 31,1965=50)2. Transportation. Utility 3. Finance

Common stock prices 1. New York Stock Exchange indexes (Dec. 31,1965=50)2. Transportation. Utility 3. Finance Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 000 97 98 99 I90 9 9 9 9 9 9 97 98 99 970 97 97 ""..".'..'.."... 97 97 97 97 977 978 979 980 98 98 98 98 98 98 987 988

More information

Budget Manager Meeting. February 20, 2018

Budget Manager Meeting. February 20, 2018 Budget Manager Meeting February 20, 2018 Meeting Agenda DISCUSSION DRAFT NOT FOR DISTRIBUTION Budget Office Current Year Forecast Process Endowment Payout Control Charts FY19 Target Meetings Delphi Project

More information

Factor Leave Accruals. Accruing Vacation and Sick Leave

Factor Leave Accruals. Accruing Vacation and Sick Leave Factor Leave Accruals Accruing Vacation and Sick Leave Factor Leave Accruals As part of the transition of non-exempt employees to biweekly pay, the UC Office of the President also requires standardization

More information

Board of Directors October 2018 and YTD Financial Report

Board of Directors October 2018 and YTD Financial Report Board of Directors October 2018 and YTD Financial Report Consolidated Financial Results Operating Margin October ($30,262) $129,301 ($159,563) Year-to-date $292,283 $931,358 ($639,076) Excess of Revenue

More information

Billing and Collection Agent Report For period ending April 30, To NANC

Billing and Collection Agent Report For period ending April 30, To NANC Billing and Collection Agent Report For period ending April 30, 2011 To NANC May 17, 2011 STATEMENT OF FINANCIAL POSITION April 30, 2011 Assets Cash Balance in bank account $ 1,824,073 Receivable from

More information

UPDATE ON THE MUNICIPAL BOND MARKET: LANDSCAPE, TRENDS & OPPORTUNITIES

UPDATE ON THE MUNICIPAL BOND MARKET: LANDSCAPE, TRENDS & OPPORTUNITIES UPDATE ON THE MUNICIPAL BOND MARKET: LANDSCAPE, TRENDS & OPPORTUNITIES FGFOA Annual Conference June 27, 2017 FLORIDA PUBLIC FINANCE INTRODUCTIONS Head of Florida Public Finance 17 years in Public Finance

More information

Section 6621(c) provides that for purposes of interest payable under 6601 on any large corporate underpayment, the underpayment

Section 6621(c) provides that for purposes of interest payable under 6601 on any large corporate underpayment, the underpayment Section 6621. Determination of Interest Rate 26 CFR 301.6621 1: Interest rate. Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the calendar

More information

Asset Liability Management Report 4 Q 2018

Asset Liability Management Report 4 Q 2018 Asset Liability Management Report 4 Q 2018 Performance Indicators and Key Measures Cash, Investment and Debt Balances Book Value ($M) Restricted Cash and Investments 529.8 Unrestricted Cash and Investments

More information

OTHER DEPOSITS FINANCIAL INSTITUTIONS DEPOSIT BARKAT SAVING ACCOUNT

OTHER DEPOSITS FINANCIAL INSTITUTIONS DEPOSIT BARKAT SAVING ACCOUNT WEIGHTAGES JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC ANNOUNCEMENT DATE 19.Dez.14 27.Jän.15 24.Feb.15 26.Mär.15 27.Apr.15 26.Mai.15 25.Jun.15 28.Jul.15 26.Aug.15 23.Sep.15 27.Okt.15 25.Nov.15 MUDARIB

More information

ABI MONTHLY REPORT 1 January 2017 (Main evidence)

ABI MONTHLY REPORT 1 January 2017 (Main evidence) ABI MONTHLY REPORT 1 January 2017 (Main evidence) LOANS AND DEPOSITS 1. At the end of 2016, loans to customers granted by banks operating in Italy, totalling 1,807.7 billion euro (cf. Table 1) was nearly

More information

Performance Report October 2018

Performance Report October 2018 Structured Investments Indicative Report October 2018 This report illustrates the indicative performance of all Structured Investment Strategies from inception to 31 October 2018 Matured Investment Strategies

More information

Billing and Collection Agent Report For period ending August 31, 2016 To B&C Working Group September 15, 2016

Billing and Collection Agent Report For period ending August 31, 2016 To B&C Working Group September 15, 2016 Billing and Collection Agent Report For period ending August 31, 2016 To B&C Working Group September 15, 2016 Welch LLP - Chartered Professional Accountants 123 Slater Street, 3 rd floor, Ottawa, ON K1P

More information

Release date: 14 August 2018

Release date: 14 August 2018 Release date: 14 August 218 UK Finance: Mortgage Trends Update June 218 House purchase activity slows in June but remortgaging activity remains high Key data highlights: There were 34,9 new first-time

More information

REVENUE RULE C.B. 3, I.R.B. 4. Internal Revenue Service

REVENUE RULE C.B. 3, I.R.B. 4. Internal Revenue Service REVENUE RULE 90-60 1990-2 C.B. 3, 1990-30 I.R.B. 4. Internal Revenue Service Revenue Ruling LOW-INCOME HOUSING CREDIT; SATISFACTORY BOND Published: July 3, 1990 Section 42. - Low-Income Housing Credit

More information

PRESS RELEASE. Securities issued by Hungarian residents and breakdown by holding sectors. October 2017

PRESS RELEASE. Securities issued by Hungarian residents and breakdown by holding sectors. October 2017 11 December 2017 PRESS RELEASE Securities issued by Hungarian residents and breakdown by holding sectors October 2017 According to securities statistics, the amount outstanding of equity securities and

More information

QUARTERLY FINANCIAL REPORT December 31, 2017

QUARTERLY FINANCIAL REPORT December 31, 2017 California Independent System Operator QUARTERLY FINANCIAL REPORT December 31, 2017 Preliminary and Unaudited 250 Outcropping Way Folsom, CA 95630 (916) 351-4000 CALIFORNIA INDEPENDENT SYSTEM OPERATOR

More information

QUESTION 2. QUESTION 3 Which one of the following is most indicative of a flexible short-term financial policy?

QUESTION 2. QUESTION 3 Which one of the following is most indicative of a flexible short-term financial policy? QUESTION 1 Compute the cash cycle based on the following information: Average Collection Period = 47 Accounts Payable Period = 40 Average Age of Inventory = 55 QUESTION 2 Jan 41,700 July 39,182 Feb 18,921

More information

Blackstone s 2Q 18 Supplemental Financial Data. July 19, 2018

Blackstone s 2Q 18 Supplemental Financial Data. July 19, 2018 Blackstone s 2Q 18 Supplemental Financial Data July 19, 2018 Total Segments Year-to-Date (Dollars in Thousands) 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 2Q'17 2Q'18 Revenues Management

More information

Decision on Refinancing of 2009 Series A Bonds

Decision on Refinancing of 2009 Series A Bonds Decision on Refinancing of 2009 Series A Bonds Ryan Seghesio Chief Financial Officer & Treasurer Board of Governors Meeting General Session July 11-12, 2013 Management is proposing the issuance of advance

More information

2009 Reassessment As Impacted by Senate Bill 711

2009 Reassessment As Impacted by Senate Bill 711 Saint Louis County 2009 Reassessment As Impacted by Senate Bill 711 Impacts of SB711 on the 2009 Reassessment Plan The County must notify property owners of changes in the projected tax liability resulting

More information

Your Health Benefits for 2018 Self-Insurance, Regionalization, Medicare, Next Steps

Your Health Benefits for 2018 Self-Insurance, Regionalization, Medicare, Next Steps Your Health Benefits for 2018 Self-Insurance, Regionalization, Medicare, Next Steps Lisa Ellinger, Director Office of Strategic Health Policy Your Health Benefits for 2018 February 24, 2017 1 We want to

More information

Idaho Economic Development Funding Projects with Limited Options

Idaho Economic Development Funding Projects with Limited Options Economic Development Funding Projects with Limited Options Cameron Arial, Vice President ZIONS BANK Public Finance 208.501.7481 Cameron.Arial@zionsbank.com June 10, 2015 ZIONS is the #1Advisor to Cities

More information

HOPE NOW. Snapshot Industry Extrapolations and HAMP Metrics

HOPE NOW. Snapshot Industry Extrapolations and HAMP Metrics Snapshot Industry Extrapolations and HAMP Metrics Three Month Q2-215 Q3-215 Q4-215 Q1-216 Q2-216 Jun-16 Jul-16 Aug-16 Total Completed Modifications 119,658 97,773 84,798 86,167 1,198 41,872 34,815 36,6

More information

MEDICAID FEDERAL SHARE OF MATCHING FUNDS

MEDICAID FEDERAL SHARE OF MATCHING FUNDS MEDICAID FEDERAL SHARE OF MATCHING FUNDS revised by EDR based on FFIS Estimated for FFY 2019 August 3, 2017 Effective State Budget Year State adopted February 2017 State State FY real Difference in state

More information

Bonds 101 Presentation to Corvallis SD No. 509J

Bonds 101 Presentation to Corvallis SD No. 509J Bonds 101 Presentation to Corvallis SD No. 509J April 25, 2017 Carol Samuels Managing Director Alex Bowers Associate What is a Bond? Bonds are loans that are broken into pieces and sold to investors. General

More information

Unrestricted Cash / Board Designated Cash & Investments December 2014

Unrestricted Cash / Board Designated Cash & Investments December 2014 Unrestricted Cash / Board Designated Cash & Investments December 2014 25.0 20.0 21.0 20.8 18.9 19.9 15.0 10.0 11.5 12.8 11.6 9.1 10.4 9.8 11.1 10.2 9.8 17.0 16.8 15.4 14.7 14.2 14.1 13.6 13.0 12.0 10.2

More information

MESA ROYALTY TRUST FEDERAL INCOME TAX INFORMATION HOU:

MESA ROYALTY TRUST FEDERAL INCOME TAX INFORMATION HOU: MESA ROYALTY TRUST 2017 FEDERAL INCOME TAX INFORMATION HOU:3877012.1 (The Trust ) 2017 FEDERAL INCOME TAX INFORMATION This booklet provides 2017 tax information which will allow Certificate Holders to

More information

CITY COUNCIL AGENDA REPORT. DEPARTMENT: Administrative Services MEETING DATE: November 7, 2017

CITY COUNCIL AGENDA REPORT. DEPARTMENT: Administrative Services MEETING DATE: November 7, 2017 CITY COUNCIL AGENDA REPORT DEPARTMENT: Administrative Services MEETING DATE: November 7, 2017 PREPARED BY: Buffy Bullis, Administrative Services Director AGENDA LOCATION: AR-2 TITLE: Authorize the Issuance

More information

MESA ROYALTY TRUST FEDERAL INCOME TAX INFORMATION HOU:

MESA ROYALTY TRUST FEDERAL INCOME TAX INFORMATION HOU: MESA ROYALTY TRUST 2011 FEDERAL INCOME TAX INFORMATION HOU:3196608.1 MESA ROYALTY TRUST (The Trust ) 2011 FEDERAL INCOME TAX INFORMATION This booklet provides 2011 tax information which will allow Certificate

More information

2017 Tax Cuts & Jobs Act Summary & Implementing Legislation Impacting Facilities Financing for Community Colleges

2017 Tax Cuts & Jobs Act Summary & Implementing Legislation Impacting Facilities Financing for Community Colleges Community College League of California March Legislative Webinar 2017 Tax Cuts & Jobs Act Summary & Implementing Legislation Impacting Facilities Financing for Community Colleges Community College League

More information