Agenda #: D.2
Meeting Date: December 5, 2023
TO: Honorable Chair and Members of the Public Financing Authority FROM: Daniel Fox, City Manager
TITLE: PUBLIC FINANCING AUTHORITY TREASURER'S STATEMENT FOR NOVEMBER 1, 2022 THROUGH OCTOBER 31, 2023.
STRATEGIC
GOAL: Responsible Stewardship of Public Resources
RECOMMENDATION:
Approve the Annual Public Financing Authority Treasurer's Statement.
FINANCIAL IMPACT:
None.
BACKGROUND:
In 2002, the City of Diamond Bar (City), through the Public Financing Authority (Authority), issued Variable Rate Lease Revenue Bonds in the principal amount of $13,755,000 for the purpose of building the Diamond Bar Center. In December 2011, the City, through the Authority, refinanced and converted the outstanding principal amount of $11,790,000 to Fixed Rate Lease Revenue Bonds. On June 9, 2021, the City, through the Authority, refunded the outstanding principal of $7,839,851 on the 2011 bonds and issued new Lease Revenue Refunding Bonds, 2021 Series A, with a principal amount of $6,735,000, generating an average annual savings of $144,700 through the remaining term ending June 1, 2033. The fixed interest rate paid to the bondholders through this period is 4%. As of October 31, 2023, the outstanding principal amount of the 2021 Bonds was $5,815,000.
The Authority bank account which reflects the principal and interest payment activities is included in this Treasurer’s Statement. Although the Authority’s Fund has been incorporated into the City’s monthly Treasurer’s Statement presented to the City Council, a separate annual Treasurer’s Statement has been prepared herein for review
and approval by the Authority. This statement shows the cash and equivalent balance with the fiscal agent/trustee (US Bank).
The 2021 Lease Revenue Refunding Bonds, 2021 Series A were rated AA+ by Standard & Poor’s Global Ratings. This rating remains unchanged.
PREPARED BY:
REVIEWED BY:
Attachments:
1. D.2.a PFA Treasurer's Cash Statement 11-01-2022 - 10-31-2023
2. D.2.b PFA US Bank Trustee Statements 11-01-2022 - 10-31-2023