School Facilities Financing
|
|
- Jordan Bailey
- 5 years ago
- Views:
Transcription
1 School Facilities Financing October 17, 2017 JON GORES MANAGING DIRECTOR (206)
2 2 Discussion Topics Capital Facilities Financing Tax Rate Projections
3 3 Capital Financing Options Types of School District Bonds Voted Unlimited Tax General Obligation Bonds (UTGO) Non-voted Limited General Obligation Bonds (LGO) Voter approved bonds are (UTGO) Repaid with property taxes Approved with a 60% yes vote, 40% validation 5% Debt Capacity = $3,074,698,543* $26,936,770 (Outstanding Debt) = $126,798,157 Non-voted bonds are (LGO) Repaid with existing revenue Can t be used for new construction 3/8 of 1% Debt Capacity = $3,074,698,543 $3,111,770 = $8,418,350 * Preliminary 2018 Bond Assessed Value
4 4 Capital Financing Options Capital Projects Levy (no debt limit) Simple majority Two to six year collection No interest cost Bonds are the primary method used by Washington School Districts to finance the local share of capital projects because Cash is generated upfront Payments can be spread over time Districts have some control over taxpayer impacts
5 5 District s Current Debt The District has one outstanding Unlimited Tax General Obligation Bond (UTGO) issue: UTGO Bonds, 2010 All of the District s voter approved UTGO Bonds will be repaid on or before December 1, 2022
6 6 Historical Bond Tax Rates Over the past 14 years the District s bond tax rate has ranged from $2.23 in 2004 to $1.62 in Year Historical Bond AV Bond Levy Rate/$ ,170,087,965 $ ,318,986,927 $ ,567,966,218 $ ,899,812,179 $ ,457,753,418 $ ,582,882,455 $ ,386,053,542 $ ,614,362,931 $ ,487,266,474 $ ,198,623,263 $ ,344,025,867 $ ,484,972,166 $ ,620,704,588 $ ,898,380,375 $1.62
7 7 Tax Rate Planning Assumptions for Tax Rate Planning: Interest Rates Bond Rating Assessed Value Bond Structure
8 8 Tax Rate Planning Interest Rates Lower interest rates result in lower tax rates for bonds. Interest rates are determined when bonds are actually sold. Assumption: Future Bond Sales Current rates plus 1.50% (150 basis points).
9 9 Tax Rate Planning Bond Rating A higher bond rating results in lower interest rates. Assumption: Aa1 (with State Guarantee) Aa3 District Rating (Pending) A Guide to Bond Ratings Moody s Investors Service Founded 1860 Highest Quality Lowest Quality Aaa Aa1, Aa2, Aa3 A1, A2, A3 Baa1, Baa2, Baa3 NR (Nonrated)
10 10 Tax Rate Planning Bond Rating (continued) Bond raters consider the local economy, District finances, and other factors Assumption: Aa1 (with State Guarantee) Aa3 District Rating (Pending) Financial Performance Governmental Factors The Rating Economy Debt Factors Debt Factors Economy
11 11 Tax Rate Planning Assessed Value Year Historical Bond AV New Construction Bond Levy Rate/$1000 % change 2000 $834,370,632 $1.27 N/A ,669,645 $28,714,390 $ % ,600,270 31,822,265 $ % ,056,769,261 36,090,890 $ % ,170,087,965 48,775,326 $ % ,318,986,927 57,003,934 $ % ,567,966,218 82,815,138 $ % ,899,812, ,204,617 $ % ,457,753, ,841,005 $ % ,582,882,455 75,452,510 $ % ,386,053,542 62,155,252 $ % ,614,362,931 29,021,779 $ % ,487,266,474 32,967,071 $ % ,198,623,263 26,402,196 $ % ,344,025,867 32,985,909 $ % ,484,972,166 42,326,298 $ % ,620,704,588 33,087,316 $ % ,898,380,375 51,889,552 $ % 2018* 3,074,698,543 42,309, % * Preliminary value 5 year Compound Annual Growth Rate ( ): 6.94% 10 year Compound Annual Growth Rate ( ): 2.26% 11
12 12 Tax Rate Planning Assessed Value (continued) 4,000,000,000 Historical Assessed Value and Levy Rates for Bonds $4.50 Bond Assessed Value 3,000,000,000 2,000,000,000 1,000,000,000 $3.38 $2.25 $1.13 Bond Levy Rate (per $1,000 AV) 2018* '- $ Historical Bond AV Bond Levy Rate/$1000
13 13 Tax Rate Planning Assessed Value (continued) Projected Assessed Value Growth Final 2017: 10.6% growth Preliminary 2018: 6.1% growth Projected : 3.0% annual growth : 2.0% annual growth An individual s taxes will be based on the assessed value for their property Higher assessed values will lower the District s bond tax rates (but not the overall payment ) New construction vs. increase in value of existing property
14 14 Tax Rate Planning Bond Structure State law gives Districts great flexibility in determining bond structures Options Level Debt Level Tax Rate Stepped Level Tax Rate
15 15 Level Debt Results in level annual payments for the life of the bonds Debt Service 1,600,000 1,400,000 1,200,000 1,000, , , , , $0.55 $0.50 $0.45 $0.40 $0.35 $0.30 $0.25 Tax Rate New Debt Tax Rate
16 16 Level Tax Rate Attempts to result in a level annual tax rate over the life for the bonds * Debt Service 1,600,000 1,400,000 1,200,000 1,000, , , , , $0.55 $0.50 $0.45 $0.40 $0.35 $0.30 $0.25 Tax Rate New Debt Tax Rate * Based on assessed value projections.
17 17 Stepped Level Tax Rate Allows for the issuance of future bonds
18 Bond Tax Rate Summary 18 Interest Rates: Current rates plus 150 basis points Bond Rating: Aa1 State Guarantee District Rating: Aa3 (Pending) Timber Assessed Value: Constant at 5 Year Average Assessed Value Growth: Final 2017: 10.6% growth; Preliminary 2018: 6.1% annual growth Projected : 3.0% annual growth Projected : 2.0% annual growth Scenario #31 Authorization Amount $76,000,000 Bond Sale Dates and Amounts June 1, 2018 $38,000,000 December 1, 2019 $38,000,000 Total Tax Rates Actual 2017 $5.38 Projected Final Maturity 2039 Interest Cost ($000s) $56,554,000 Term 20 Years
19 19 19
20 20 20
21 21 Tax Rate Comparison State School Tax M&O Levy Rate Enrichment Levy Rate Total Yelm SD - School Tax Rates Enrichment Levy Rate M&O Levy Rate State School Tax *2018 levy rate based on preliminary AV 21
22 22 Tax Rate Comparison District Assessed Value (2) ($) Bonds ($) M&O ($) Capital ($) Trans. ($) Total ($) Centralia School District No ,732, Griffin School District No ,000,864, Tenino School District No ,514, Rainier School District No ,692, Rochester School District No ,005,136, Olympia School District No ,379,468, Yelm School District No. 2 2,383,116, North Thurston School District No. 3 10,676,320, Tumwater School District No. 33 4,847,840, (1) 2017 Bond Assessed Value does not include TAV. (2) Thurston County values only. Thurston County School Districts 2017 Total Tax Rates (1) 22
23 23 Tax Rate Comparison District Assessed Value (2) ($) Bonds ($) M&O ($) Capital ($) Trans. ($) Total ($) Peninsula School District No ,334,740, Fife School District No ,865,098, Eatonville School District No ,245,336, Steilacoom Historical School District No. 1 2,814,914, Yelm School District No ,146, Clover Park School District No ,373,464, White River School District No ,605,638, Puyallup School District No. 3 13,852,497, Sumner School District No ,663,553, University Place School District No. 83 3,123,123, Bethel School District No ,969,022, Dieringer School District No ,763,366, Carbonado School District No ,691, Orting School District No ,233,887, Auburn School District No ,015, Tacoma School District No ,882,718, Franklin Pierce School District No ,557,220, (1) 2017 Bond Assessed Value does not include TAV. (2) Pierce County values only. Pierce County School Districts 2017 Total Tax Rates (1) 23
24 24 Neither this material nor any of its contents may be disclosed, sold, or redistributed, electronically or otherwise, without prior written consent of Davidson Companies. The information presented herein is based on public information we believe to be reliable, prevailing market conditions, as well as our views at this point in time. We make no representation or warranty with respect to the accuracy or completeness of this material. Past performance is not necessarily indicative of future results. Davidson Companies does not assume any liability for any loss which may result from the reliance by any person upon such material. We make no representations regarding the legal, tax, regulatory, or accounting implications of entering into a Transaction. Required Disclosure Pursuant to MSRB Rule G-23: An underwriter s primary role will be to purchase as principal, or arrange for the placement of the securities in a commercial arm s length transaction with the issuer, and may have financial and other interests that differ from those of the issuer. In its capacity as underwriter and not as financial advisor, an underwriter may provide incidental financial advisory services at the issuer s request, including advice regarding the structure, timing, terms and other similar matters concerning the issuance. However, an underwriter does not assume any financial advisory or fiduciary responsibilities with respect to the issuer.
Ayla Burchfield. Patty Fountain Tracy Cotterill Ed Husmann Cindy Buoy
Roll Call Board Members Present Russ Sumpter Patty Fountain Tracy Cotterill Ed Husmann Cindy Buoy Board Members Absent Sultan School District No. 311 Minutes of Study Session Board Meeting February 4,
More information2013 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 informationBOND ISSUE PLANNING. Presentation to: FPS 2030 Committee. Prepared by:
BOND ISSUE PLANNING Prepared by: Trevor Carlson Managing Director Public Finance (206) 6282890 Trevor.L.Carlson@pjc.com Presentation to: FPS 2030 Committee January 27, 2015 Since 1895. Member SIPC and
More informationPierce County School Impact Fee Program Review
Pierce County School Impact Fee Program Review Pierce County DISCUSSION DRAFT March 15, 2018 Prepared for: Pierce County Prepared by: Community Attributes Inc. tells data-rich stories about communities
More informationStatistical Report of 2016 Assessments for Taxes Payable in 2017
Statistical Report of 2016 Assessments for Taxes Payable in 2017 STEVEN J. DREW Assessor OFFICE OF THE ASSESSOR Service, Integrity, Fairness, Internationally Recognized for Excellence TABLE OF CONTENTS:
More informationBonds 101. Michigan Association of School Boards. November 10, PFM Financial Advisors LLC. 555 Briarwood Circle Suite 333
Bonds 101 Michigan Association of School Boards November 10, 2017 PFM Financial Advisors LLC 555 Briarwood Circle Suite 333 P: 734-994-9700 F: 734-994-9710 Ann Arbor, MI 48108 www.pfm.com PFM 1 Overview
More informationBonds 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 informationReagan Holliday Edward Jones. This Presentation will be Available May 3rd at
Reagan Holliday Edward Jones Shannon Creighton Gilmore & Bell, P.C. Joy Howard WM Financial Strategies This Presentation will be Available May 3rd at http://www.munibondadvisor.com/resources.htm Copyright
More informationSchool District of Milton Board of Education
School District of Milton Board of Education Financing a Facility Referendum Lisa Voisin, Managing Director 414-765-3801 lvoisin@rwbaird.com Robert W. Baird & Co. Incorporated ( Baird ) is not recommending
More informationCory Plager Director, School Financial Services NEWESD Spokane
Presented by Cory Plager Director, School Financial Services NEWESD 101 - Spokane cplager@esd101.net 2016 BMC - Suquamish, WA Overview of Bonds & Other Funding Options Planning Conducting a Bond Sale Responsibilities
More informationRepor. Capital. Finance. Pierce Transit Seeks Sales Tax Increase. Background. MVET repeal. Washington Research Council January 28, 2002
page 1 Washington Capital Research Council Finance Repor eport Washington Research Council January 28, 2002 Pierce Transit Seeks Sales Tax Increase On February 5 th voters will be asked to approve a sales
More informationFacilities Advisory Committee Wednesday, September 21, 2016, 5:30 p.m. Auxiliary Services Center. Minutes
Facilities Advisory Committee Wednesday, September 21, 2016, 5:30 p.m. Auxiliary Services Center Minutes Facilities Advisory Committee Members: (in attendance) Ron Banner CPSD Assist. Superintendent Dale
More informationFinancing Alternatives
Topics Addressed Financing Alternatives Debt Options For Ohio Political Subdivisions Matt Stout 614.227.8861 mstout@bricker.com Jacquelin Lewis 614.227.7735 jlewis@bricker.com Sources of funding capital
More informationMUNICIPAL BONDS IN TEXAS and THE BOND SALE PROCESS
MUNICIPAL BONDS IN TEXAS and THE BOND SALE PROCESS Government Treasurers Organization of Texas Winter Seminar December 5, 2017 9:30 AM 10:30 AM Robert W. Baird & Co. Incorporated ( Baird ) is providing
More informationUPDATE 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 informationSelling Illinois School Bonds Now and in the Future
Selling Illinois School Bonds Now and in the Future This presentation is to be informative and not to promote specific products, services companies, etc. Illinois ASBO Sponsored Programs are permitted
More informationBonds 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 informationSeptember 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 informationPreparing for Bond and Override Elections
ARIZONA FIRE DISTRICT ASSOCIATION Preparing for Bond and Override Elections PUBLIC FINANCE Bryan Lundberg, Managing Director Michael LaVallee, Managing Director Friday, January 13, 2017 Table of Contents
More informationVillage of Kenilworth
Village of Kenilworth Village Board of Trustees KW2023 FUNDING AND OPTIONS FOR THE SERIES 2015B BONDS September 18, 2017 Village of Kenilworth Funding Options KW2023 Phase II No formal decision regarding
More informationCory Plager, Financial Services Director NorthEast Washington ESD
Cory Plager, Financial Services Director NorthEast Washington ESD 101 cplager@esd101.net 509.789.3564 Dave Loomer, Levy Specialist Spokane County dloomer@spokanecounty.org 509.477.5914 Jon Gores, Managing
More information11/8/2013. Bonds 101. Presentation Overview. What is a Municipal Bond?
Bonds 101 Gary Olsen, Senior Financial Advisor/Vice President Jodie Zesbaugh, Financial Advisor Ehlers 2013 MASBO Fall Conference November 15, 2013 1 Presentation Overview Introduction and Background Information
More informationSCHOOL DISTRICT ELECTIONS INFORMATION
PUBLIC FINANCE Phoenix Public Finance Office 2325 E. Camelback Road, Suite 750 ~ Phoenix, AZ 85016 602-794-4000 www.stifel.com/institutional/public-finance SCHOOL DISTRICT ELECTIONS INFORMATION Kyrene
More informationMSRB Rule G-17: Interpretive Notice on Duties of Underwriters to Issuers
MSRB Rule G-17: Interpretive Notice on Duties of Underwriters to Issuers Webinar Part 2: Required Disclosure of Role, Obligations and Conflicts of Interest Required Underwriter Disclosures to Issuers Under
More informationTexas Association of County Auditors
David K. Medanich Vice Chairman 777 Main Street Suite 1200 Fort Worth, Texas 76102 817.332.9710 david.medanich@firstsw.com January 15, 2015 Current Issues in Public Finance: New Regulations & Current Market
More informationMarket Update Overview of Market Conditions & California Land- Secured Sector Update. February 17, 2017
Market Update Overview of Market Conditions & California Land- Secured Sector Update February 17, 2017 Overview of Market Conditions 2 Treasury Rate History February 2012 - Present 5.00% 4.00% 3.25% 3.00%
More informationROBERT LEWIS SVP / MANAGING DIRECTOR PMA SECURITIES, INC. Center Cass 66. Referendum Overview JANUARY 5, 2017
Center Cass 66 Referendum Overview ROBERT LEWIS SVP / MANAGING DIRECTOR PMA SECURITIES, INC. JANUARY 5, 2017 OVERVIEW OF REFERENDUM PLAN OF FINANCE What is a Municipal Bond? A Municipal Bond is a debt
More informationDallas Austin Chicago Houston Miami New York San Antonio San Diego
January 2017 DIMMIT COUNTY, TEXAS Financing 101 Dallas Austin Chicago Houston Miami New York San Antonio San Diego Financing Team Issuer A state, political subdivision, agency or authority which borrows
More informationRECOMMENDATION Adopt a Resolution approving the Debt Management and Disclosure Policy.
Page 1 of 14 Office of the City Manager ACTION CALENDAR March 14, 2017 To: From: Honorable Mayor and Members of the City Council Dee Williams-Ridley, City Manager Submitted by: Henry Oyekanmi, Director,
More informationBONDS 101 AND MARKET UPDATE
BONDS 101 AND MARKET UPDATE October 19, 2018 Martin Ghafoori Director (314) 342-8467 ghafoorim@stifel.com Dan Smith Vice President (314) 609-4126 dan.smith@stifel.com Bonds 101 Bond Basics Bonds = loans
More informationTexas Market Update Week of December 10, 2018
Texas Market Update Week of December 10, 2018 0 bps Market Update * Commentary for the week of December 10 th On Friday the 10-year Treasury yield fell three basis points to 2.85%, while the 30-year Treasury
More informationSchool District Property Tax Levies Collections
School District Property Tax Levies 2007 Collections Dr. Terry Bergeson State Superintendent of Public Instruction August 2007 School District Property Tax Levies 2007 Collections Prepared by Steve Shish,
More informationCounty School Facilities Sales Tax
County School Facilities Sales Tax Presentation for: Capital Area Realtors Association August 9, 08 Illinois County School Facility Tax Public Act 97 054 Illinois County School Facilities Sales Tax Map
More informationKEY CONSIDERATIONS: DEVELOPING A SUCCESSFUL BOND IMPLEMENTATION STRATEGY
KEY CONSIDERATIONS: DEVELOPING A SUCCESSFUL BOND IMPLEMENTATION STRATEGY 1300 Clay Street, Suite 1000, Oakland, CA 94612 phone 510-839-8200 fax 510-208-8282 1451 Quail Street, Suite 200, Newport Beach,
More informationSEC Municipal Advisor Rule Overview and Key Elements to Consider for Washington Schools April 25, 2014
SEC Municipal Advisor Rule Overview and Key Elements to Consider for Washington Schools April 25, 2014 Presented by Mark Prussing Susan Musselman Fred Eoff Public Financial Management, Inc. 1200 Fifth
More informationEast Sandoval County Arroyo Flood Control Authority ( ESCAFCA )
East Sandoval County Arroyo Flood Control Authority ( ESCAFCA ) Capital Improvement and Finance Plan Review Date: January 12, 2010 History of Plan Development SECTION I East SCAFCA Overview New Mexico
More informationBond Election is called by the Board of Trustees Bonds are authorized by the voters Bonds are sold
May 20, 2014 Bond Election is called by the Board of Trustees Bonds are authorized by the voters Bonds are sold Sale is approved by the Attorney General of Texas, and shortly thereafter, cash is received
More informationLooking Forward: Private Placements in the Post Credit Crisis World
Looking Forward: Private Placements in the Post Credit Crisis World Chuck Maguire Bank of America Public Capital Corp Courtney Rogers Davenport & Company LLC Bruce Serchuk Nixon Peabody LLP What is a Private
More informationHelp! I need funds to operate!
Illinois Community College CFOs Spring 2016 Conference Help! I need funds to operate! A Review of Community College Borrowing Alternatives for Operations April 27, 2016 Disclosure This presentation does
More informationTopics for Discussion
Topics for Discussion Introduction. Identify the Characteristics of a Financially Strong Utility System. Multi-Step Approach to Establishing a Financially Strong Utility System. Perform an Internal Assessment
More informationPublic Finance Tools to Fund Infrastructure February 22, 2018
Public Finance Tools to Fund Infrastructure February 22, 2018 August 15, 2016 Presentation Title Second Line 1 Introductions JOAN MICHAELS AGUILAR DEPUTY CITYMANAGER ADMINSERVICES CITY OF DIXON KENNETH
More informationDEBT MANAGEMENT EXAMINATION
1. Duration: a) is a measure of volatility of bond returns. b) is influenced by the coupon rate and yield to maturity. c) provides an approximation of the percentage price change in a bond due to a change
More informationFixed Income Conference March 11, 2014
Fixed Income Conference March 11, 2014 2014 by FINRA. All Rights Reserved. The FINRA Fixed Income Conference Video is reproduced by permission of the Financial Industry Regulatory Authority, Inc. (FINRA)
More informationSt. Marys County, Maryland; General Obligation
Summary: St. Marys County, Maryland; General Obligation Primary Credit Analyst: Danielle L Leonardis, New York (1) 212-438-2053; danielle.leonardis@spglobal.com Secondary Contact: Steven E Waldeck, Boston
More informationStrategic and Holistic Plan of Finance Prepared for the City of Petersburg, Virginia
Strategic and Holistic Plan of Finance Prepared for the City of Petersburg, Virginia March 14, 2017 Member NYSE FINRA SIPC Table of Contents Tab Section Title 1 Background 2 Current State of the City 3
More informationCUSD 200. Financing Options for Refinancing/Restructuring ROBERT E. LEWIS III SVP MANAGING DIRECTOR PMA SECURITIES, INC.
CUSD 200 Financing Options for Refinancing/Restructuring ROBERT E. LEWIS III SVP MANAGING DIRECTOR PMA SECURITIES, INC. MAY 9, 2018 Market Update 2 VARIABLES THAT IMPACT THE MUNICIPAL BOND MARKET Inflation
More informationUTILITY SYSTEM IMPROVEMENT FINANCING
UTILITY SYSTEM IMPROVEMENT FINANCING Stauder, Barch & Associates Ann Arbor 1 UTILITY SYSTEM FINANCING OPTIONS POSSIBLE FUNDING SOURCES Utility System Reserves Grants Bond Financing (Including SRF) Installment
More informationFinancial Impact of Proposed 2018 Bond and Recommended Tax Rate Administrative Recommendation
Financial Impact of Proposed 2018 Bond and Recommended Tax Rate Administrative Recommendation August 2, 2018 2018 Bond Recommendation Summary 2 Committee Recommendation Recommendation Bond Cost Estimated
More informationFREQUENTLY ASKED QUESTIONS
FREQUENTLY ASKED QUESTIONS Table of Contents 1. General Information 2. Payments 3. Rates, Fees, and Charges GENERAL INFORMATION 1. When is the 2017 Rate Hearing for the former customers of the H&R Waterworks,
More informationSchool District of Kewaskum Financial Overview
School District of Kewaskum Financial Overview October 20, 2015 KEY FINANCIAL METRICS Revenue Limit State Equalization Aids Mill Rate Equalized Valuation (tax base) Outstanding Debt Debt Service as a percentage
More informationFundamentals of a Bond Sale & Current Market Impacts
October 5, 2016 Fundamentals of a Bond Sale & Current Market Impacts Theory of Public Finance and Capital Projects Why Do Governments or Political Subdivisions Issue Debt? Cost are too high for cash payment
More informationStormwater Utility & Water Utility Charges & Rates. October 20, 2015
Stormwater Utility & Water Utility Charges & Rates October 20, 2015 1 Agenda Fiscal Policies/Goals System Development Charge Stormwater Utility Charges & Rates Water Utility Charges & Rates 2 Fiscal Policies/Goals
More informationTexas Market Update Week of January 21, 2019
Texas Market Update Week of January 21, 0 bps (%) Market Update * Commentary for the week of January 21 st On Friday the 10-year and 30-year Treasury yield rose three and two basis points to 2.78% and
More informationTroy Bernberg. Vice President, Public Finance April 29, 2016
Navigating the New (municipal bond) World Troy Bernberg Vice President, Public Finance April 29, 2016 What ss new? (but What (b t th the same)) 24 2.4 10yr Treasury & Municipal Rates 11/2015 to Present
More informationPrivate Activity Bonds
Private Activity Bonds Private Activity Bonds Subject to U.S. Treasury Regulations Below market interest rates Issued in the name of a City, County, or State Authority (NIFA) Interest on the bonds is exempt
More informationZONE 7 WATER AGENCY POLICY AND PROCEDURE
ZONE 7 WATER AGENCY POLICY AND PROCEDURE POLICY TITLE: DEBT POLICY NUMBER: Z7AF-142-17 PAGE: 1 of 11 APPROVED BY: BOARD OF DIRECTORS REVISION: EFFECTIVE DATE: JUNE 21, 2017 1. STATEMENT OF CAPITAL FINANCING
More informationICCCFO FALL CONFERENCE. Bond Basics TAMMIE BECKWITH SCHALLMO SENIOR VICE PRESIDENT PMA SECURITIES, INC.
ICCCFO FALL CONFERENCE Bond Basics TAMMIE BECKWITH SCHALLMO SENIOR VICE PRESIDENT PMA SECURITIES, INC. OCTOBER 12, 2016 1 The Official Statement Rating Agency Preparation Refundings Method of Sale 2 The
More informationMeasure F: Bond Financing 101. Updated September 2016
Measure F: Bond Financing 101 Updated September 2016 What is a General Obligation (GO) bond? A GO bond is a common type of municipal bond in the United States that is secured by a state or local government's
More informationWhat is a Municipal Bond? General Session: Basic Structure & Documentation & Financial Aspects of Municipal Bonds. Why Are We Here?
General Session: Basic Structure & Documentation & Financial Aspects of Municipal Bonds Why Are We Here? To understand the basic elements, financial aspects and law relating to the issuance of municipal
More informationEmerging Debt Regulations and Best Practices
Emerging Debt Regulations and Best Practices Michael G. Sudsina (216) 215-7753 fax (216) 803-2280 mike@sudsina.com Stephen Szanto (440) 773-5090 fax (216) 803-2280 szanto@sudsina.com www.sudsina.com Page
More informationVGFOA/SPIA Debt Management Workshop
VGFOA/SPIA Debt Management Workshop Kyle A. Laux, Senior Vice President Davenport & Company Public Finance June 15, 2017 901 East Cary Street Richmond, VA 23219 Phone: 804-697-2913 1. Choosing Debt Versus
More informationMeasure D Overview and Bond Issuance Next Steps
Measure D Overview and Bond Issuance Next Steps by Isom Advisors, a Division of Urban Futures, Inc. August 15, 2016 1470 Maria Lane, Ste. 315 - Walnut Creek, CA 94596 Measure D Plan of Finance $60 million
More informationOak Park Village, Illinois; General Obligation
Summary: Oak Park Village, Illinois; General Obligation Primary Credit Analyst: Helen Samuelson, Chicago (1) 312-233-7011; helen.samuelson@spglobal.com Secondary Contact: Eric J Harper, Chicago (1) 312-233-7094;
More informationBest Practices for Debt Management
Best Practices for Debt Management Steve Szanto & Greg Van Wagnen Tuesday, June 12, 2017, 8:00 AM 1 Presentation Objective Overview of best practices for debt planning, execution and on-going management,
More informationCREDIT RATINGS AND RATING PRESENTATIONS
CREDIT RATINGS AND RATING PRESENTATIONS Prepared by: Lindsay Sovde Managing Director Public Finance (206) 628-2875 Lindsay.A.Sovde@pjc.com WPPA Finance and Administration Conference June 2014 Since 1895.
More informationLOCAL REVENUE SOURCES
Statement of Purpose Scope Objective Type of Authorized Debt Unlimited Tax Bonds Maintenance Tax Notes and Tax Anticipation Notes The purpose of the District s debt management policy is to establish and
More informationMassachusetts Municipal Auditors and Accountants Association Annual Meeting South Yarmouth, Massachusetts June 11, 2018 Peter Frazier, Managing
Massachusetts Municipal Auditors and Accountants Association Annual Meeting South Yarmouth, Massachusetts June 11, 2018 Peter Frazier, Managing Director Bonds and Notes An interest bearing promise to pay
More informationOFFICIAL NOTICE OF SALE
FINAL OFFICIAL NOTICE OF SALE $13,000,000 ATASCADERO UNIFIED SCHOOL DISTRICT (San Luis Obispo County, California) GENERAL OBLIGATION BONDS 2014 ELECTION, SERIES C (GO Reauthorization Bonds ) NOTICE IS
More informationI N T R O D U C T I O N T O T A X - E X E M P T B O N D S
I N T R O D U C T I O N T O T A X - E X E M P T B O N D S July 2010 S T R I C T L Y P R I V A T E A N D C O N F I D E N T I A L This material is not a product of the Research Departments of J.P. Morgan
More informationColumbia School District, MO
CREDIT OPINION Columbia School District, MO New Issue - Moody's Assigns Aa1 to Columbia School District's (MO) $10M GO Improvement Bonds, Series 2017 New Issue Summary Rating Rationale Moody's Investors
More information2017 GFOA of South Carolina: Financing Energy Efficiency Projects Creative Financing Approaches
2017 GFOA of South Carolina: Financing Energy Efficiency Projects Creative Financing Approaches Geoff Culm Banc of America Public Capital Corp Energy Services October 2017 ARYDJRSG 4.17 Notice to Recipient
More informationCAD 15 million Callable Zero Coupon Notes due 17 May 2041 Final Terms & Conditions
CAD 15 million Callable Zero Coupon Notes due 17 May 2041 Final Terms & Conditions This term sheet is provided for discussion and/or information purposes only and it does not constitute either an offer
More informationGeneral Shafter School District STYLE. General Obligation. Government Financial. for Strategies. Presented by Lori Raineri September 3, 2015
General Shafter School District CLICKFacilities TO EDIT MASTER Funding Needs with STYLE General Obligation Bonds TITLE Government Financial Strategies Presented by Lori Raineri September 3, 2015 2015 Government
More informationBorrowing from a Bank 101
Borrowing from a Bank 101 WPTA Washington Public Treasurer s Association April 2017 Co-Presented by: Alice Ostdiek, Stradling Yocca Carlson & Rauth PC (Bond Counsel) Pete Sullivan, Washington Federal With
More informationParker Water & Sanitation District, Colorado; General Obligation
Summary: Parker Water & Sanitation District, Colorado; General Obligation Primary Credit Analyst: Misty L Newland, San Francisco (1) 415-371-5073; misty.newland@standardandpoors.com Secondary Contact:
More informationNew Issue: Moody's assigns Aaa rating to the Village of Glenview's (IL) $18.6 million General Obligation Refunding Bonds, Series 2012A
New Issue: Moody's assigns Aaa rating to the Village of Glenview's (IL) $18.6 million General Obligation Refunding Bonds, Series 2012A Global Credit Research - 21 May 2012 Aaa rating applies to $128.2
More informationDEBT POLICY SAN JUAN COUNTY PUBLIC HOSPITAL DISTRICT #3 D/B/A/ORCAS ISLAND HEALTH CARE DISTRICT. Section I. Purpose and Overview
SAN JUAN COUNTY PUBLIC HOSPITAL DISTRICT #3 D/B/A/ORCAS ISLAND HEALTH CARE DISTRICT DEBT POLICY Section I. Purpose and Overview This Debt Policy is adopted by the San Juan County Public Hospital District
More informationThe New Era of Tax-Exempt Financing
The New Era of Tax-Exempt Financing Information Prepared For ICCCFO 2012 Spring Conference April 25, 2012 William Hofherr Senior Vice President hofherr@gkbaum.com George K. Baum & Company Illinois Public
More informationCentral Florida Expressway Authority
Central Florida Expressway Authority Fiscal Year 2016 Bond Financing Review December 2015 2016 Protiviti Inc. All Rights Reserved. This document has been prepared for use by CFX s management, audit committee,
More informationCity of Los Angeles 2017 General Obligation Bonds Investor Presentation
City of Los Angeles 2017 General Obligation Bonds Investor Presentation June 9, 2017 Disclaimer The Investor Presentation you are about to view is provided as of June 9, 2017 for a proposed offering of
More informationJanuary 11, Glen Ellyn School District 41, Du Page County, Illinois. Referendum Options
January 11, 2017 Glen Ellyn School District 41, Du Page County, Illinois Referendum Options Table of Contents Section I Referendum Bonding Option for $24.2M Impact on the Taxpayer Section II Proposed Referendum
More informationParks Levy Stakeholder Committee Recommendations to Mercer Island City Council Revised May 9, 2008
Parks Levy Stakeholder Committee Recommendations to Mercer Island City Council Revised May 9, 2008 The Parks Levy Stakeholder Committee which convened in December of 2007 recommends to the Mercer Island
More information1 - Rating Distribution
1 - Rating Distribution L&R Government Rating L&R Government Ratings (# Released) Cantons (26) Municipalities (2 197) Distribution Characteristics Ø Aa Investment > 95% Subinvestment < 5% Swiss Cantons
More informationICCCFO SPRING CONFERENCE The New Federal Tax Law Its Impact and Debt Strategies Going Forward
ICCCFO SPRING CONFERENCE The New Federal Tax Law Its Impact and Debt Strategies Going Forward TAMMIE BECKWITH SCHALLMO SENIOR VICE PRESIDENT/MANAGING DIRECTOR STEPHEN ADAMS MANAGING DIRECTOR PMA SECURITIES,
More informationQ & A: HOW PROPERTY TAXES ARE DETERMINED
Q & A: HOW PROPERTY TAXES ARE DETERMINED From the time of statehood until the 1930 s, property tax was the only major tax that supported most state and local government programs. Property tax continues
More informationAGREEMENT AND PLAN OF REORGANIZATION AGREEMENT AND PLAN OF REORGANIZATION, dated as of July 8, 2016 (this Agreement ), by and between Commencement Ban
AGREEMENT AND PLAN OF REORGANIZATION AGREEMENT AND PLAN OF REORGANIZATION, dated as of July 8, 2016 (this Agreement ), by and between Commencement Bank, a Washington state chartered bank ( Commencement
More informationSECTOR IN-DEPTH. Sovereign & Supranational South Korea s Sovereign Credit Risk: Calmer Against a Friendlier Backdrop.
SECTOR IN-DEPTH 12 January 2018 Sovereign & Supranational South Korea s Sovereign Credit Risk: Calmer Against a Friendlier Backdrop Contacts Dana Gordon +1.212.553.0398 Assc Dir-Senior Editor dana.gordon@moodys.com
More informationMSRB Rule G-17: Interpretive Notice on Duties of Underwriters to Issuers
MSRB Rule G-17: Interpretive Notice on Duties of Underwriters to Issuers Webinar Part 4: Required Manner and Timing of Disclosures, and Financial Aspects of Underwriting Transactions Required Manner of
More informationTexas Market Update Week of July 9, 2018
Texas Market Update Week of July 9, 2018 0 bps Market Update * Commentary for the week of July 9 th Municipal volume for this week is estimated at $6.6 billion, significantly higher than the revised total
More informationDEBT POLICY Policy 520
DEBT POLICY Policy 520 Table of Contents.1 ROLES AND RESPONSIBILITIES... 1.2 DEBT PLANNING... 1.3 CREDIT OBJECTIVES... 1 3.1 Credit Ratings... 1 3.2 Credit Enhancement... 2.4 PURPOSE, TYPE AND USE OF DEBT...
More informationOFFICIAL STATEMENT dated December 16, 2009 BONDS ARE NOT BANK QUALIFIED
OFFICIAL STATEMENT dated December 16, 2009 NEW ISSUE BONDS ARE NOT BANK QUALIFIED BOOK-ENTRY ONLY MOODY S RATINGS: District: A1 Washington State School District Credit Enhancement Program: Aa1 (See Ratings
More informationMoody s Local Government Ratings PASBO Vanessa Youngs, Analyst, Moody s Investors Service
Moody s Local Government Ratings PASBO 2017 Vanessa Youngs, Analyst, Moody s Investors Service 1 Agenda 1. What Goes into a Moody s Rating? 2. General Obligation Methodology 3. State Aid Intercept Methodology
More informationCity of Mercer Island. Section C Budget Summary
City of Mercer Island Section C Budget Summary This section has been prepared as a general summary of the 2017-2018 biennial budget for the City of Mercer Island. It is designed to provide City residents
More informationRating Update: Moody's affirms Aa3 on Waukegan Park District, IL's GO debt
Rating Update: Moody's affirms Aa3 on Waukegan Park District, IL's GO debt Global Credit Research - 29 May 2015 Affects $8.5 million of rated debt WAUKEGAN PARK DISTRICT, IL Park/Recreation Districts IL
More informationArkansas School Boards Association
Presentation to: Arkansas School Boards Association Public Finance Stephens December 9, 2015 Arkansas Public Education Funding Sources Local Property Taxes (Millage) State Foundation Aid/Categorical Funds
More informationForsyth County Planning and Financing Capital Projects
Forsyth County Planning and Financing Capital Projects Presented to: Joint Legislative Committee on Local Government Presented by: Paul L. Fulton, Jr. Chief Financial Officer, Forsyth County Why Issue
More informationBonds 101: General Obligation Bond Basics
May 17, 2018 Bonds 101: General Obligation Bond Basics Lauren MacMillan SENIOR VICE PRESIDENT PIPER JAFFRAY Tel: +1 503-275-8302 Email: lauren.m.macmillan@pjc.com BONDS IN GENERAL Textbook definition:
More informationCredit 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 informationColorado League of Charter Schools Conference
February 26, 2016 Colorado League of Charter Schools Conference CAPITAL CONSTRUCTION: THE FINANCING OPTIONS & PREPARING FOR A FINANCING Presenters: Eric Duran Managing Direct Matt DeAngelis Senior Vice
More informationTown of East Greenwich. Overview of Municipal Bonds
Town of East Greenwich Overview of Municipal Bonds Table of Contents East Greenwich s Bond Rating Section 1 Existing Debt Service Section 2 Ways in Which to Measure Debt Section 3 Basics of Issuing Bonds
More information