Culver City Public Finance Authority
Bond Financing Overview
June 2026
1 I. The Series 2026 Bond Financing Summary
CITY COUNCIL STRATEGIC GOALSSTRATEGIC GOALS ICONS TO USE IN PPTOverview of Proposed Financing The Culver City Public Finance Authority (the “CCPFA”) proposes to issue two series of lease revenue bonds totaling up to approximately $42.6 million (including costs of issuance and capitalized interest), to be sold through a direct purchase.
Series 2026 – $26,595,000 (Taxable): Proceeds will reimburse the City of Culver City (“City”) for prior expenditures on the Jubilo affordable housing project, fund other future economic development projects, capitalized interest (through 8/1/2027), and costs of issuance.
Series 2026 – $16,040,000 (Tax-Exempt): Proceeds, of which include $259k* of premium, will fund various City capital projects, capitalized interest (through 8/1/2027), and costs of issuance.
The Series 2026 Bonds will be structured with aggregate level debt service payments through maturity (2/1/2056).
*Preliminary, subject to change 3
CITY COUNCIL STRATEGIC GOALSSTRATEGIC GOALS ICONS TO USE IN PPTThe Series 2026 Bonds The Series 2026 Bonds will be structured with aggregate level debt service commencing in 2028.
Sources: Series 2026
(Taxable)
Series 2026
(Tax-Exempt) Total
Par Amount $26,695,000 $16,270,000 $42,965,000
Premium $76,849 $76,849
Total $26,695,000 $16,346,849 $43,041,849
Uses:
Project Fund $24,650,000 $15,250,000 $39,900,000
Capitalized Interest Fund $1,694,604 $883,551 $2,578,155 Cost of Issuance $348,183 $213,212 $561,395
Additional Proceeds $85 $2,213 $2,299
Total $26,695,000 $16,346,849 $43,041,849
*Preliminary, subject to change 4
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
Net Annual Debt Service
Principal (Taxable) Interest (Taxable) Principal
(Tax-Exempt)
Interest
(Tax-Exempt)
CITY COUNCIL STRATEGIC GOALSSTRATEGIC GOALS ICONS TO USE IN PPTUse of Series 2026 Bond Proceeds Project List Taxable Tax-Exempt Total Costs
Jubilo Village Affordable Housing Loan $17,150,000 $ - $17,150,000 Admin Costs 1,000,000 - 1,000,000
Affordable Housing 5,000,000 - 5,000,000
School District 1,500,000 - 1,500,000
Bill Botts Field - 2,500,000 2,500,000
Recreation Design and Planning - 1,500,000 1,500,000
Tree Canopy - 500,000 500,000
Sidewalks - 1,000,000 1,000,000
Streets and Right of Way Improvements - 6,500,000 6,500,000 Alley Paving - 250,000 250,000
City Infrastructure Projects - 3,000,000 3,000,000
TOTALS $24,650,000 $15,250,000 $39,900,000
5 CITY COUNCIL STRATEGIC GOALSSTRATEGIC GOALS ICONS TO USE IN PPTNet Debt Service* / Lease Schedule Par Amount Final
Maturity
Indicative
Yields
True
Interest
Cost (TIC)
Taxable $26,695,000 2/1/2056 4.76 - 6.00% 5.97%
Tax-
Exempt $16,270,000 2/1/2056 2.97 – 4.81% 4.97%
Total $42,965,000 5.49%
The indicative debt service (City lease payment
schedule) is provided to the right.
Capitalized interest will fund payments for two
years, meaning the first lease payment due from the
City to the CCPFA will be February 1, 2028.
6*Preliminary, subject to change
Feb. 1 Tax Exempt Taxable Total
2027 - - -
2028 $406,750 $2,480,125 $2,886,875
2029 $813,500 $2,107,699 $2,921,199
2030 $813,500 $2,109,997 $2,923,497
2031 $813,500 $2,110,492 $2,923,992
2032 $813,500 $2,109,184 $2,922,684
2033 $813,500 $2,108,114 $2,921,614
2034 $813,500 $2,109,824 $2,923,324
2035 $813,500 $2,109,037 $2,922,537
2036 $813,500 $2,110,752 $2,924,252
2037 $813,500 $2,109,692 $2,923,192
2038 $813,500 $2,107,947 $2,921,447
2039 $813,500 $2,107,984 $2,921,484
2040 $813,500 $2,109,512 $2,923,012
2041 $813,500 $2,107,237 $2,920,737
2042 $813,500 $2,111,159 $2,924,659
2043 $813,500 $2,107,727 $2,921,227
2044 $813,500 $2,109,735 $2,923,235
2045 $813,500 $2,106,575 $2,920,075
2046 $813,500 $2,108,247 $2,921,747
2047 $813,500 $2,109,143 $2,922,643
2048 $813,500 $2,107,229 $2,920,729
2049 $813,500 $2,108,826 $2,922,326
2050 $2,813,500 $118,316 $2,931,816
2051 $2,813,500 $123,372 $2,936,872
2052 $2,813,500 $117,810 $2,931,310
2053 $2,808,250 $112,248 $2,920,498
2054 $2,812,750 $106,686 $2,919,436
2055 $2,811,250 $101,124 $2,912,374
2056 $2,808,750 $95,562 $2,904,312
TOTAL $37,171,750 $47,541,351 $84,713,101
CITY COUNCIL STRATEGIC GOALSSTRATEGIC GOALS ICONS TO USE IN PPTSeries 2026 Bonds – Current Schedule APRIL 2026 MAY 2026 JUNE 2026
S M T W T F S S M T W T F S S M T W T F S
1 2 3 4 1 2 1 2 3 4 5 6
5 6 7 8 9 10 11 3 4 5 6 7 8 9 7 8 9 10 11 12 13
12 13 14 15 16 17 18 10 11 12 13 14 15 16 14 15 16 17 18 19 20 19 20 21 22 23 24 25 17 18 19 20 21 22 23 21 22 23 24 25 26 27 26 27 28 29 30 24 25 26 27 28 29 30 28 29 30
31 Holiday FOMC Meeting
Date Activity
Week of May 25 Submit Rating Request
Week of June 1 Rating Meeting
Week of June 8 Receive Rating
Week of June 15 Pricing
Week of June 29 Closing
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