Conroe Independent School District

Transcription

1 Final Pricing Results: $206,675, Unlimited Tax School Building and Refunding Bonds, Series 2016A Tuesday, November 15, 2016 Securities, insurance and advisory services offered through BOK Financial Securities, Inc., member FINRA/SIPC and a subsidiary of BOK Financial Corporation. Services may be offered under our trade name, BOK Financial Advisors. NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

2 The Bond Buyer 20-Bond Index ATax-Exempt General Obligation Bond Yield Index January 1, 2000 To The Present Yiel ld (%) High = 6.09% Average = 4.47% Fixed interest rates are currently 1.15% below the historical average and are within 0.52% of the historical low. Low = 2.80% Current = 3.32%

3 Final Sources and Uses of Funds $206,675,000 Unlimited Tax School Building and Refunding Bonds, Series 2016A Refunding Portion New Money Portion Principal Amount of the Bonds: $69,155,000 Principal Amount of the Bonds: $137,520,000 Plus: Net Premium: 11,726, Plus: Net Premium: 13,418,968 Less: Expenses: 462,252 Less: Expenses: 938,968 Underwriters' Discount 321,815 Underwriters' Discount 658,242 Bond Counsel 33,695 Bond Counsel 67,005 Rating Agencies 57,619 Rating Agencies 114,581 Financial Advisor 38,592 Financial Advisor 76, Paying Agent/Trustee 1,556 Paying Agent/Trustee 3,094 Attorney General Fee 3,179 Attorney General Fee 6,321 Printing/Distribution 1,171 Printing/Distribution 2,329 Verification Agent 1,171 Verification Agent 2,329 PSF Guarantee (TEA) 502 PSF Guarantee (TEA) 998 Miscellaneous 2,952 Miscellaneous 7,326 Issuer Contribution: 1,370,100 Total Proceeds (Deposited into Escrow ): $81,788,984 Total Proceeds (Construction Fund): $150,000,000 "All Cost" True Interest Rate (a): 2.493% "All Cost" True Interest Rate (a): 3.274% Average Life: Years Average Life: Years Total Bonds Refunded: $72,295,000 Average Rate on the Refunded Bonds: 4.987% Total Debt Service Savings (a): $9,314,300 Present Value Savings: 7,137,896 PV Savings Percentage: 9.873% (a) Includes estimated transaction costs. 2

4 Final Debt Service Requirements Less: Debt Plus: The Series 2016A Plus: The Series 2016A Fiscal Year Current Total Service on the Refunding Portion New Money Portion (b) Total Ending (8/31) Debt Service Refunded Bonds Principal Interest Savings (a) Principal Interest Debt Service 2017 $87,077,713 $3,571,700 $2,442,400 $4,304,533 $90,252, ,073,213 3,571,700 3,096,000 $475,700 $1,405,000 5,442,400 93,444, ,073,194 3,571,700 3,096, ,700 1,445,000 5,413,900 93,456, ,079,875 3,571,700 3,096, ,700 1,210,000 5,387,350 93,201, ,078,981 4,380,200 $650, ,089, ,700 1,235,000 5,362,900 93,036, ,919,725 10,440,725 6,890,000 2,910, ,975 2,470,000 5,288,800 93,038, ,922,888 9,714,700 6,500,000 2,576, ,700 2,595,000 5,162,175 93,041, ,922,584 10,412,500 7,550,000 2,224, ,750 2,730,000 5,029,050 93,043, ,918,756 8,288,850 5,755,000 1,892, ,725 2,870,000 4,889,050 93,036, ,919,844 9, 7,941,650, 5,695,000,9, 1,605,875, 640,775 3,015,000, 4,741,925,9 93,035,994 9,, ,922,631 8,146,050 6,200,000 1,308, ,550 3,170,000 4,587,300 93,042, ,918,356 8,142,750 6,515, , ,125 3,335,000 4,424,675 93,040, ,920,481 6,718,100 5,330, , ,300 3,470,000 4,289,250 93,039, ,922,053 6,717,475 5,495, , ,050 3,575,000 4,183,575 93,043, ,845, , , ,100 6,985,000 4,025,175 64,642, ,849,875 7,181,800 6,160, , ,000 7,235,000 3,775,700 64,218, ,848,278 7,183,750 6,415, , ,450 7,530,000 3,480,400 64,218, ,848,034 7,840,000 3,173,000 64,861, ,847,178 8,160,000 2,853,000 64,860, ,197,275 8,495,000 2,519,900 24,212, ,195, ,840, ,173, ,209, ,198,525 9,200,000 1,812,400 24,210, ,196,775 9,575,000 1,436,900 24,208, ,197,800 9,965,000 1,046,100 18,208, ,196,100 10,375, ,300 18,210, ,795, ,900 11,010,900 Totals $1,545,091,138 $110,271,450 $69,155,000 $30,672,850 $9,314,300 $137,520,000 $95,657,858 $1,767,825,396 (a) (b) Includes transaction costs and any necessary debt service fund transfers. Generates proceeds of $150,000,000 to the District. 3

5 Comparison of Estimated and Actual Results Series 2016A Refunding Savings Summary Actual Savings from Series 2016A Refunding: $ 9,314,300 Estimated Savings Presented to the Board (9/20/16): 8,384,850 Savings Difference: $ 929,450 Series 2016A NewMoney Debt Requirements Summary (a) Actual Debt Requirements on Series 2016A New Money: $ 233,177,858 Estimated Debt Requirements Presented to the Board (9/20/16): 260,882,217 Debt Requirement Difference: $ 27,704,359 Total Difference between Estimated and Actual Results: $ 28,633,809 (a) The interest rate on the new money portion of the District s Series 2016A Bonds was estimated at 4.25%. The actual All Cost True Interest rate was 3.274%. 4

6 Final Pricing Comparison Final Pricing Comparison Issuer: Del Valle ISD Ector County ISD Conroe ISD Mansfield ISD Pricing Date: Wednesday, October 26, 2016 Wednesday, October 26, 2016 Thursday, October 27, 2016 Thursday, October 27, 2016 Par Amount: $31,575,000 $49,235,000 $206,675,000 $32,760,000 Maturity Dates: June 15 August 15 February 15 February 15 Call Date: June 15, 2025 August 15, 2025 February 15, 2026 Non-Callable Insurance: Permanent School Fund Guarantee Permanent School Fund Guarantee Permanent School Fund Guarantee Permanent School Fund Guarantee Enhanced Ratings: NAF / AAA / NAF Aaa / AAA / NAF Aaa / AAA / NAF Aaa / NAF / AAA Unenhanced Ratings: NAF / AA / NAF Aa3 / AA- / NAF Aa1 / AA+ / NAF Aa2 / NAF / AA+ Yield To Yield To Yield To Yield To Maturity: Par Amount Coupon Yield Maturity Par Amount Coupon Yield Maturity Par Amount Coupon Yield Maturity Par Amount Coupon Yield Maturity 2017 $ 1,265, % 0.740% --- $ 680, % 0.830% $ 790, % 0.730% ,485, % 0.940% , % 0.980% --- $ 1,405, % 0.880% --- 3,905, % 0.900% ,655, % 1.060% --- 1,995, % 1.100% --- 1,445, % 1.050% --- 2,635, % 1.050% ,805, % 1.220% --- 1,210, % 1.170% 170% , % 1.170% 170% ,040, % 1.350% --- 1,885, % 1.260% , % 1.290% , % 1.420% --- 5,000, % 1.460% --- 9,360, % 1.390% --- 2,830, % 1.410% , % 1.540% --- 5,565, % 1.590% --- 9,095, % 1.530% --- 2,380, % 1.540% ,000, % 1.700% --- 5,840, % 1.750% ,280, % 1.670% --- 6,380, % 1.690% ,035, % 1.850% --- 6,150, % 1.890% --- 8,625, % 1.810% --- 6,060, % 1.820% ,090, % 2010% 2.010% 2185% 2.185% ,520, % 2.010% 2258% 2.258% 8,710, % 1940% 1.940% ,385, % 1.950% ,130, % 2.150% 2.445% 6,850, % 2.110% 2.544% 9,370, % 2.060% 2.290% ,180, % 2.320% 2.686% ,850, % 2.150% 2.555% ,225, % 2.670% 2.762% ,800, % 2.670% 2.740% ,260, % 2.840% 2.892% ,070, % 2.830% 2.875% ,300, % 2.960% 2.974% ,985, % 2.950% 2.965% ,340, % 2.690% 3.183% ,395, % 2.700% 3.124% ,390, % 2.750% 3.255% ,945, % 2.770% 3.209% ,450, % 2.800% 3.313% ,840, % 2.830% 3.279% ,505, % 2.840% 3.361% ,160, % 2.870% 3.330% ,565, % 2.870% 3.399% ,495, % 2.890% 3.366% ,630, % 2.900% 3.434% ,840, % 2.930% 3.409% ,200,000, 4.000% 2.970% 3.449% ,575, % 2.990% 3.475% ,965, % 3.000% 3.494% ,190, % 3.020% 3.549% ,375, % 3.010% 3.512% ,795, % 3.020% 3.529%