Ohlone Community College District
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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
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