CITY COUNCIL PRESENTATION
Oct. 6, 2026
*Preliminary, subject to change.
Based on market conditions as of
Sep. 29, 2026. Par amount is more
current than figures shown in the
staff report and POS.
Moreno Valley
Public Financing Authority
$133,890,000*
Lease Revenue Bonds, Series 2026A
*Preliminary, subject to change 2
Executive Summary
• Financing Purpose – Provide $135 million for the New Public Safety Campus • Financing Structure – 30-year, fixed-rate Lease Revenue Bonds with a final maturity of November 1, 2056
• Security – Base Rental Payments secured by a pool of leased City assets • Parity Debt – Bonds will be issued on parity with the outstanding Lease Revenue Bonds, Series 2024A
• 2026A and 2024A Bonds have an underlying rating of AA- from S&P • Credit Enhancement – Bond insurance will be provided by Assured Guaranty Tonight’s Action would authorize the issuance of :
$133.89 Million*
Lease Revenue Bonds, Series 2026A
3 Projects to Be Financed
The Series 2026A Bonds will provide $135 million for the development of the City’s new Public Safety Campus
Fire Administration Facility & New 6-Bay Fire Station
Police Administration Facility/Station
4 Legal Structure and Bond Terms*
▪ Security
• Authority/Lease Structure – City leases the assets to the Authority, which leases them back to the City in exchange for Base Rental Payments
• Base Rental Payments are made by the City pursuant to the Lease Agreement and are subject to abatement ▪ Leased Assets
• Asset pool includes City Hall and other municipal facilities • Upon completion and availability for use and occupancy of the new Public Safety Campus, the intention is to have all other assets (other than the Public Safety Campus) be released ▪ Parity Debt
• Series 2026A Bonds will be issued on parity with the outstanding Series 2024A Bonds ▪ Credit Enhancement
• Bond insurance expected to be provided by Assured Guaranty ▪ Structure & Term
• Tax-exempt, fixed-rate bonds structured with approximately level debt service • 30-year financing with a final maturity of November 1, 2056 • Series 2026A Bonds will be sold without a debt service reserve fund *Preliminary and subject to change
5 Legal Documents
▪ City and Authority Resolutions
• Authorize the issuance of the Series 2026A Bonds and approve the financing documents ▪ Supplemental Indenture
• Establishes the terms of the Bonds and their parity with the outstanding Series 2024A Bonds
▪ First Amendment to the Lease & Ground Lease Agreements • Adds additional leased property and amends the City’s Base Rental Payment obligations ▪ Bond Purchase Agreement
• Provides for the negotiated sale of the Bonds to Stifel ▪ Preliminary Official Statement
• Provides investors with information regarding the Bonds, the City and the financing ▪ Continuing Disclosure Certificate
• Establishes the City’s ongoing disclosure requirements following issuance 6 *Preliminary and subject to change. Based on market conditions as of Sep. 29, 2026. Par amount is more current than figures shown in the staff report and POS
Plan of Finance*
Project Fund - $135 Million
Final Maturity – Nov. 1, 2056
Fixed–Rate/Tax-Exempt
Level Debt Service
Parameters Set in Resolutions
All parameters are not-to-exceed
▪ Par: $150 Million
▪ True Interest Cost: 5.75%
▪ Underwriter’s Discount: 0.40%
Sources
Bond Proceeds:
Par Amount $133,890,000
Premium 3,200,423
Total Sources $137,090,423
Uses
Project Fund $135,000,000
Costs of Issuance 2,090,423
Total Uses $137,090,423
7 Projected Debt Service*
▪ Existing Series 2024A Bonds mature in 2035, reducing combined annual debt service from approximately $11.5 million to $9.1 million thereafter
*Preliminary and subject to change
8 *Preliminary and subject to change
October 6th November 17th
Pricing Closing
October 22nd
City Council
Approval
Financing Schedule*
9 Staff Recommendation
Staff Recommends that:
1. City Council adopt the City Resolution approving the issuance of the Series 2026A Lease Revenue Bonds by the Moreno Valley Public Financing Authority and approving all related financing documents and actions
2. Board of Directors of the Moreno Valley Public Financing Authority adopt the Authority Resolution authorizing the issuance and sale of the Series 2026A Lease Revenue Bonds and approving the related financing documents and actions
10 Finance Team Available to Answer Questions
• Jim Fabian, Fieldman, Rolapp & Associates, Inc., Municipal Advisor • Nicolas Yeager, Stradling Yocca Carlson & Rauth LLP, Bond Counsel • Tom Jacob, Stifel, Nicolaus & Company, Inc., Underwriter Appendix A – Leased Assets
12 Leased Assets*
*Preliminary and subject to change
(1) Land value for City facilities calculation based on City’s purchase of 37.77 acres for the Public Safety Campus Building on July 16, 2026 at $423,617 per acre. (2) Value from the City’s Property Insurance Schedule from PERMA dated July 2026. (3) City Hall is currently a pledged asset under the 2024A LRBs. The 2024A LRBs have $17.3 million outstanding after the Nov. 1, 2026 payment.
Site # Address Occupancy Site Description APN's. Acreage Land
Value $(1)
Facilities
Value $(2) Total Value $
101 10511 VILLAGE FIRE STATION FIRE STATION #48 260460009 0.90 381,255 2,561,075 2,942,330 113 13400 MORRISON STREET FIRE STATION FIRE STATION #99 487370018 1.40 593,064 5,245,124 5,838,188 116 14041 ELSWORTH ANIMAL FACILITY ANIMAL SHELTER
297210008,
297210009,
297210010
2.83 1,198,836 5,637,203 6,836,039
132 16110 LASSALLE STREET FIRE STATION FIRE STATION # 91 308030018, 308030019 5.00 2,118,085 4,087,693 6,205,778
136 22-870 CALLE SAN JUAN DE LOS
LAGOS FIRE DEPARTMENT PUBLIC SAFETY BUILDING (EOC) Separate additional value from Public Safety Bldg. 297140020 3.31 0 4,566,254 4,566,254 137 22250 EUCALYPTUS AVENUE FIRE DEPARTMENT FIRE STATION # 6 291650017 1.25 529,521 4,127,498 4,657,019 139 22850 CALLE SAN JUAN DE LOS
LAGOS HQ / OFFICES PUBLIC SAFETY BUILDING
297140020,
297140045,
297140043
10.17 4,308,185 19,431,265 23,739,450
146 24935 HEMLOCK AVENUE FIRE STATION FIRE STATION # 2 481322044 1.72 728,621 4,773,419 5,502,040 158 28040 EUCALYPTUS AVENUE FIRE STATION FIRE STATION 58 488330001 3.59 1,520,785 5,070,793 6,591,578 118 14177 FREDERICK STREET CITY HALL CITY HALL (3) 297140021 3.33 1,410,645 43,433,276 44,843,921 130 15670 PERRIS BLVD WAREHOUSE CORPORATE YARD
486170018,
486170019,
486170020,
486170026,
486170029,
486170031,
486170033
17.48 7,404,825 16,545,858 23,950,683
117 14075 FREDERICK STREET COMMUNITY CENTER CONFERENCE AND RECREATION CENTER 297140043,
297140046,
297140047
23.12 9,794,025 25,319,369 35,113,394
TBD
SOUTHWEST CORNER OF REDLANDS
BLVD. AND BRODIAEA AVE..
NEW PUBLIC SAFETY
BUILDING PUBLIC SAFETY BUILDING
478120001/
002/005/006/027
and
478110001 37.77 16,000,014 0 16,000,014
Total 45,987,862 140,798,827 186,786,689