RESOLUTION NO. ____
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, CALIFORNIA, ACTING FOR ITSELF AND AS THE LEGISLATIVE BODY OF COMMUNITY FACILITIES DISTRICT NO. 99-01, AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF SEPARATE SERIES OF SPECIAL TAX REFUNDING BONDS FOR CERTAIN IMPROVEMENT AREAS OF COMMUNITY FACILITIES DISTRICT NO. 99-01, APPROVING THE FORM OF A SEPARATE FISCAL AGENT AGREEMENT FOR EACH SUCH SERIES, BOND PURCHASE AGREEMENT AND AN ESCROW DEPOSIT AND TRUST AGREEMENT, PRELIMINARY OFFICIAL STATEMENT, CONTINUING DISCLOSURE AGREEMENT, AND AUTHORIZING OTHER ACTIONS IN CONNECTION THEREWITH WHEREAS, the City Council (“City Council”) of the City of San Marcos (the “City”) has previously conducted proceedings under and pursuant to the Mello-Roos Community Facilities Act of 1982, being Chapter 2.5 of Part 1 of Division 2 of Title 5, commencing with Section 53311 of the California Government Code (the “Act”), to form the City of San Marcos Community Facilities District No. 99-01 (the “Community Facilities District”) and to designate certain improvement areas within the Community Facilities District, including but not limited to the improvement areas identified in Exhibit A hereto which is incorporated herein by this reference (each, an “Improvement Area” and collectively, the “Improvement Areas”), to authorize the levy of special taxes upon the land within each such Improvement Area of the Community Facilities District, and to issue bonds for each such Improvement Area of the Community Facilities District secured by said special taxes the proceeds of which are to be used to finance certain public facilities; and WHEREAS, the Community Facilities District has previously issued the various series of special tax refunding bonds for the Improvement Areas identified in Exhibit B hereto (the “Prior Special Tax Refunding Bonds”); and WHEREAS, the Community Facilities District sold the Prior Special Tax Refunding Bonds to the San Marcos Public Financing Authority (the “Authority”) and the Authority purchased such bonds from the proceeds of the $32,395,000 San Marcos Public Financing Authority Special Tax Revenue Refunding Bonds, Series 2014A (the “Prior Authority Bonds”); and WHEREAS, as a result of a combination of favorable conditions in the municipal bond market and the level of development, diversity of ownership, and increase in value of the properties within the Improvement Areas for which the Prior Special Tax Refunding Bonds were issued and sold, this City Council, acting as the legislative body of the Community Facilities District, desires to issue the special tax refunding bonds identified in Exhibit C attached hereto and incorporated herein by this reference (the “Special Tax Refunding Bonds”) for the purpose of defeasing and redeeming the Prior Authority Bonds and thereby discharging the Prior Special Tax Refunding Bonds prior to their scheduled maturity in order to reduce the borrowing costs on such indebtedness; and WHEREAS, the reduction in such borrowing costs will, in turn, result in a reduction in the rate of special taxes necessary to be levied within the Improvement Areas thereby resulting in savings to the owners of the properties subject to the levy of such special taxes; and WHEREAS, the City Council proposes to sell each series of the Special Tax Refunding Bonds to the Authority; and WHEREAS, the Authority shall purchase the Special Tax Refunding Bonds with the proceeds of the San Marcos Public Financing Authority Special Tax Revenue Refunding Bonds, Series 2024 (the “2024 Authority Bonds”); and WHEREAS, for the purposes of the issuance, sale, and delivery of the Special Tax Refunding Bonds and the discharge of the Prior Special Tax Refunding Bonds, there are now on file with the City Clerk copies of the forms of:
for each series of Special Tax Refunding Bonds, a separate Fiscal Agent Agreement by and between the Community Facilities District and U.S. Bank Trust Company, National Association, as fiscal agent (the “Fiscal Agent”), establishing the terms and conditions pertaining to the issuance of such Special Tax Refunding Bonds (each, a “Fiscal Agent Agreement” and collectively, the “Fiscal Agent Agreements”); the Bond Purchase Agreement by and among the Authority, the Community Facilities District, and Stifel, Nicolaus & Company, Incorporated (the “Underwriter”) related to the purchase of the 2024 Authority Bonds by the Underwriter and the purchase of the Special Tax Refunding Bonds by the Authority (the “Bond Purchase Agreement”); the Escrow Deposit and Trust Agreement by and among the Authority, the Community Facilities District, and U.S. Bank Trust Company, National Association, as escrow bank (the “Escrow Agreement”) to provide for the defeasance and redemption of the Prior Authority Bonds and the discharge of the Prior Special Tax Refunding Bonds; a Preliminary Official Statement containing information including but not limited to information regarding the 2024 Authority Bonds, the Authority, the Community Facilities District, the Improvement Areas and the Special Tax Refunding Bonds (the “Preliminary Official Statement”); and a Continuing Disclosure Agreement by and between the Community Facilities District, for itself and as agent for the Authority, and the Fiscal Agent, acting as dissemination agent, to provide continuing disclosure of certain information specified therein pertaining to the 2024 Authority Bonds, the Special Tax Refunding Bonds, the Community Facilities District and the Improvement Areas (the “Continuing Disclosure Agreement”); and WHEREAS, this City Council has reviewed and considered the form of such Fiscal Agent Agreements, the Bond Purchase Agreement, the Escrow Agreement, the Preliminary Official Statement, and the Continuing Disclosure Agreement and finds those documents suitable for approval, subject to the conditions set forth in this Resolution; and WHEREAS, Section 5852.1 of the California Government Code (“Section 5852.1”) provides that the City shall obtain from an underwriter, financial advisor, or private lender and disclose, in a meeting open to the public prior to authorization of the issuance of the Special Tax Refunding Bonds, good faith estimates of (a) the true interest cost of the Special Tax Refunding Bonds, (b) the finance charge of the Special Tax Refunding Bonds, meaning the sum of all fees and charges paid to third parties, (c) the amount of proceeds of the Special Tax Refunding Bonds received less the finance charge described above and any reserves or capitalized interest paid or funded with proceeds of the Special Tax Refunding Bonds, and (d) the sum total of all debt service payments on the Special Tax Refunding Bonds calculated to the final maturity of the Special Tax Refunding Bonds plus the fees and charges paid to third parties not paid with the proceeds of the Special Tax Refunding Bonds; and WHEREAS, in accordance with Section 5852.1, the City has obtained such good faith estimates from Fieldman, Rolapp & Associates, Inc., the City’s municipal advisor (the “Municipal Advisor”), and such estimates are disclosed in Exhibit D attached hereto; and WHEREAS, all conditions, things and acts required to exist, to have happened and to have been performed precedent to and in the issuance of the Special Tax Refunding Bonds as contemplated by this Resolution and the documents referred to herein exist, have happened and have been performed or have been ordered to have been performed in due time, form and manner as required by the laws of the State of California, including the Act.
NOW, THEREFORE, BE IT RESOLVED AND DETERMINED by the City Council of the City of San Marcos, California, acting for itself and as the legislative body of the Community Facilities District, as follows:
SECTION 1. Recitals. The above recitals are true and correct.
SECTION 2. Special Tax Refunding Bonds Authorized. Pursuant to the Act, this Resolution, and the Fiscal Agent Agreements, each series of Special Tax Refunding Bonds are hereby authorized to be issued. The date, manner of payment, interest rate or rates, interest payment dates, denominations, form, registration privileges, manner of execution, place of payment, terms of redemption and other terms, covenants, and conditions of each series of such Special Tax Refunding Bonds shall be as provided in the applicable Fiscal Agent Agreement as finally executed.
SECTION 3. Findings. In furtherance of the issuance of the Special Tax Refunding Bonds, the City Council hereby makes the following findings and determinations: (i) it is prudent in the management of the fiscal affairs of the Community Facilities District to issue the Special Tax Refunding Bonds for the purpose, inter alia, of defeasing and redeeming the Prior Authority Bonds and thereby discharging the Prior Special Tax Refunding Bonds, (ii) as to each series of the Special Tax Refunding Bonds, the total net interest cost to maturity of such Special Tax Refunding Bonds plus the principal amount of such Special Tax Refunding Bonds will not exceed the total net interest cost to maturity on the series of the Prior Special Tax Refunding Bonds being defeased and redeemed from the proceeds of such Special Tax Refunding Bonds plus the principal amount of such Prior Special Tax Refunding Bonds, and (iii) the issuance of the Special Tax Refunding Bonds is in compliance with the City's Goals and Policies for community facilities districts. The principal amount of each series of the Special Tax Refunding Bonds will be less than one-fourth of the value of the property in the applicable Improvement Area, subject to the levy of the special taxes authorized under the Act securing such Special Tax Refunding Bonds, as confirmed by the aggregate assessed value of taxable parcels in such Improvement Area. In accordance with the requirements of Section 53345.8 of the Act, the City Council hereby determines that the value of the real property in the applicable Improvement Areas of the Community Facilities District subject to the special tax to pay debt service on the applicable Special Tax Refunding Bonds is at least three times the principal amount of the Special Tax Refunding Bonds, the Prior Special Tax Refunding Bonds to remain outstanding after the issuance of the Special Tax Refunding Bonds, and the principal amount of all other bonds outstanding that are secured by a special tax levied pursuant to the Act or a special assessment levied on property within the applicable Improvement Area of the Community Facilities District.
For purposes of Section 53363.2 of the Act, the City Council hereby further finds and determines that (i) it is expected that the purchase of each series of the Special Tax Refunding Bonds will occur on the Closing Date (as such term is defined in each Fiscal Agent Agreement); (ii) the date, denomination, maturity dates, places of payment and form of each series of such Special Tax Refunding Bonds shall be as set forth in the applicable Fiscal Agent Agreement, as executed; (iii) the Special Tax Refunding Bonds will bear interest at the minimum rate of 0.10% per annum; and (iv) the designated costs of issuing the Special Tax Refunding Bonds shall be as described in Section 53363.8 of the Act, and as otherwise described in the applicable Fiscal Agent Agreement, the Official Statement for the 2024 Authority Bonds to finance the acquisition of the Special Tax Refunding Bonds, and the closing certificates for the 2024 Authority Bonds and the Special Tax Refunding Bonds, including but not limited to, a proportionate share of the Bond Counsel fees and expenses, Disclosure Counsel fees and expenses, underwriter’s discount, printing costs for the Official Statement, Special Tax Consultant fees and expenses, Municipal Advisor fees and expenses, escrow verification costs, initial Fiscal Agent fees and expenses, costs of issuance of the 2024 Authority Bonds, and costs of City staff incurred in connection with the sale and issuance of the 2024 Authority Bonds and the Special Tax Refunding Bonds.
In satisfaction of the requirements contained in Section 53364.2 of the Act, the City Council hereby determines that any savings achieved through the issuance of the Special Tax Refunding Bonds shall be used to reduce special taxes of the Community Facilities District, and such reductions shall be made in accordance with the rate and method of apportionment of special taxes for the Community Facilities District.
SECTION 4. Authorization and Conditions. The Mayor, City Manager or the Director of Finance of the City and each of their specified designees (the “Authorized Officers,” and each an “Authorized Officer”), acting for and on behalf of the City or the Community Facilities District, as applicable, are, and each of them individually is, hereby authorized and directed to execute and deliver the various documents and instruments described in this Resolution with such changes, insertions, and omissions as the Authorized Officer executing the same may require or approve as being in the best interests of the Community Facilities District subject to any limiting conditions contained herein and further subject to the approval thereof as to form by the City Attorney or specified designee and Best Best & Krieger LLP (“Bond Counsel”). The approval of such additions or changes shall be conclusively evidenced by the execution and delivery of such documents or instruments by the Authorized Officer.
SECTION 5. Fiscal Agent Agreement. The form of Fiscal Agent Agreement to be entered into with respect to each series of the Special Tax Refunding Bonds on file in the City Clerk’s office is hereby approved with such changes, insertions, and omissions as the Authorized Officer executing the same may require or approve.
SECTION 6. Sale of Special Tax Refunding Bonds; Bond Purchase Agreement. This City Council hereby authorizes and approves the sale of the Special Tax Refunding Bonds by negotiated sale to the Authority. The form of the Bond Purchase Agreement on file in the City Clerk’s office is hereby approved with such changes, insertions, and omissions as the Authorized Officer executing the same may require or approve. Notwithstanding the foregoing, the authorization to execute the Bond Purchase Agreement is subject to the satisfaction of the following conditions precedent: (a) all findings set forth in Section 3 above have been confirmed, (b) the final maturity of each series of Special Tax Refunding Bonds shall not exceed the final maturity of the applicable series of Prior Special Tax Refunding Bonds to be discharged; and (c) that the City Manager has determined, in his professional and prudent judgment, that under the circumstances existing at the time of the execution of the Bond Purchase Agreement the level of savings to be realized from the issuance of the Special Tax Refunding Bonds will be in the best interest of the taxpayers within the Improvement Areas of the Community Facilities District, as applicable.
SECTION 7. Escrow Agreement. The form of the Escrow Agreement on file in the City Clerk’s office is hereby approved with such changes, insertions, and omissions as the Authorized Officer executing the same may require or approve.
SECTION 8. Preliminary Official Statement. The form of Preliminary Official Statement presented at this meeting is hereby approved. The Authorized Officers, acting for and on behalf of the Community Facilities District, are, and each of them individually is, hereby authorized and directed to approve such changes, insertions, and omissions therein as are necessary to enable such Authorized Officer to certify on behalf of the Community Facilities District that the information pertaining to the Community Facilities District, the Improvement Areas, and the Special Tax Refunding Bonds contained in the approved Preliminary Official Statement is deemed final as of its date except for the omission of certain information as permitted by Section 240.15c2-12(b)(1) of Title 17 of the Code of Federal Regulations. The Authorized Officers, acting for and on behalf of the Community Facilities District, are, and each of them individually is, further authorized and directed to bring the Preliminary Official Statement into the form of a final official statement (the “Final Official Statement”) and to execute a statement that the facts contained in the Final Official Statement pertaining to the Community Facilities District, the Improvement Areas, and the Special Tax Refunding Bonds, and any supplement or amendment thereto (which shall be deemed an original part thereof for the purpose of such statement) were, at the time of sale of the 2024 Authority Bonds, true and correct in all material respects and that the Final Official Statement did not, on the date of sale of the 2024 Authority Bonds, and does not, as of the date of delivery of the 2024 Authority Bonds, contain any untrue statement of a material fact with respect to the Community Facilities District, the Improvement Areas, and the Special Tax Refunding Bonds or omit to state material facts with respect to the Community Facilities District, the Improvement Areas, and the Special Tax Refunding Bonds required to be stated where necessary to make any statement made therein not misleading in light of the circumstances under which it was made. The City Council authorizes and directs the Authorized Officers, acting for and on behalf of the Community Facilities District, and each of them individually, to execute the final form of the Final Official Statement. The Underwriter is hereby authorized to distribute copies of the Preliminary Official Statement to persons who may be interested in the purchase of the 2024 Authority Bonds and is directed to deliver copies of the Final Official Statement to all actual purchasers of the 2024 Authority Bonds.
SECTION 10. Continuing Disclosure Agreement. The form of the Continuing Disclosure Agreement on file in the City Clerk’s office is hereby approved with such changes, insertions, and omissions as the Authorized Officer executing the same may require or approve.
SECTION 11. Actions. All actions heretofore taken by the officers and agents of the City, acting for and on behalf of itself and the Community Facilities District, as applicable, with respect to the sale and issuance of the Special Tax Refunding Bonds are hereby approved, confirmed, and ratified and the proper officers of the City, acting for and on behalf of itself or the Community Facilities District, as applicable, are hereby authorized and directed to do any and all things and take any and all actions and execute any and all certificates, agreements, contracts, and any other documents, which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and delivery of the Special Tax Refunding Bonds in accordance with the Act, this Resolution, the applicable Fiscal Agent Agreement, the Bond Purchase Agreement, the Continuing Disclosure Agreement and any certificate, agreement, contract, and other document described in the documents herein approved.
SECTION 12. Effective Date. This Resolution shall take effect from and after its adoption.
PASSED, APPROVED AND ADOPTED by the City Council of the City of San Marcos this _______ day of ______________, 2024 by the following votes:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
ABSTAIN: COUNCILMEMBERS:
____________________________
Rebecca D. Jones, Mayor
City of San Marcos
ATTEST:
_______________________________
Phillip Scollick, City Clerk
City of San Marcos
EXHIBIT A
Improvement Areas of CFD No. 99-01
The Improvement Areas of CFD No. 99-01 referred to in the first recital to this Resolution are:
Improvement Area A1;
Improvement Area A2;
Improvement Area B1;
Improvement Area B2;
Improvement Area C1;
Improvement Area D1;
Improvement Area F2/V2;
Improvement Area G3;
Improvement Area H1A;
Improvement Area H1B;
Improvement Area J:
Improvement Area M;
Improvement Area N1;
Improvement Area N2;
Improvement Area R1;
Improvement Area R2; and
Improvement Area V1A.
EXHIBIT B
Prior Special Tax Refunding Bonds
The following are the Prior Special Tax Refunding Bonds:
$1,475,359.26 City of San Marcos Community Facilities District No. 99-01 Improvement Area A1 Special Tax Refunding Bonds, Series 2014. $1,562,336.46 City of San Marcos Community Facilities District No. 99-01 Improvement Area A2 Special Tax Refunding Bonds, Series 2014. $1,481,085.88 City of San Marcos Community Facilities District No. 99-01 Improvement Area B1 Special Tax Refunding Bonds, Series 2014. $1,266,764.81 City of San Marcos Community Facilities District No. 99-01 Improvement Area B2 Special Tax Refunding Bonds, Series 2014. $2,403,561.51 City of San Marcos Community Facilities District No. 99-01 Improvement Area C1 Special Tax Refunding Bonds, Series 2014. $1,293,335.80 City of San Marcos Community Facilities District No. 99-01 Improvement Area D1 Special Tax Refunding Bonds, Series 2014. $2,555,000.00 City of San Marcos Community Facilities District No. 99-01 Improvement Area F2/V2 Special Tax Refunding Bonds, Series 2014. $948,429.42 City of San Marcos Community Facilities District No. 99-01 Improvement Area G3 Special Tax Refunding Bonds, Series 2014. $1,029,351.34 City of San Marcos Community Facilities District No. 99-01 Improvement Area H1A Special Tax Refunding Bonds, Series 2014. $957,906.19 City of San Marcos Community Facilities District No. 99-01 Improvement Area H1B Special Tax Refunding Bonds, Series 2014. $3,715,000.00 City of San Marcos Community Facilities District No. 99-01 Improvement Area J Special Tax Refunding Bonds, Series 2014. $3,004,456.51 City of San Marcos Community Facilities District No. 99-01 Improvement Area M Special Tax Refunding Bonds, Series 2014. $1,856,315.82 City of San Marcos Community Facilities District No. 99-01 Improvement Area N1 Special Tax Refunding Bonds, Series 2014. $1,746,324.14 City of San Marcos Community Facilities District No. 99-01 Improvement Area N2 Special Tax Refunding Bonds, Series 2014. $1,937,773.71 City of San Marcos Community Facilities District No. 99-01 Improvement Area R1 Special Tax Refunding Bonds, Series 2014. $1,525,227.84 City of San Marcos Community Facilities District No. 99-01 Improvement Area R2 Special Tax Refunding Bonds, Series 2014. $2,185,000.00 City of San Marcos Community Facilities District No. 99-01 Improvement Area V1A Special Tax Refunding Bonds, Series 2014.
EXHIBIT C
The Special Tax Refunding Bonds
City of San Marcos Community Facilities District No. 99-01 Improvement Area A1 Special Tax Refunding Bonds, Series 2024 in a principal amount not to exceed $900,000.00; City of San Marcos Community Facilities District No. 99-01 Improvement Area A2 Special Tax Refunding Bonds, Series 2024 in a principal amount not to exceed $1,000,000.00; City of San Marcos Community Facilities District No. 99-01 Improvement Area B1 Special Tax Refunding Bonds, Series 2024 in a principal amount not to exceed $1,000,000.00; City of San Marcos Community Facilities District No. 99-01 Improvement Area B2 Special Tax Refunding Bonds, Series 2024 in a principal amount not to exceed $800,000.00; City of San Marcos Community Facilities District No. 99-01 Improvement Area C1 Special Tax Refunding Bonds, Series 2024 in a principal amount not to exceed $1,500,000.00; City of San Marcos Community Facilities District No. 99-01 Improvement Area D1 Special Tax Refunding Bonds, Series 2024 in a principal amount not to exceed $900,000.00; City of San Marcos Community Facilities District No. 99-01 Improvement Area F2/V2 Special Tax Refunding Bonds, Series 2024 in a principal amount not to exceed $1,700,000.00; City of San Marcos Community Facilities District No. 99-01 Improvement Area G3 Special Tax Refunding Bonds, Series 2024 in a principal amount not to exceed $700,000.00; City of San Marcos Community Facilities District No. 99-01 Improvement Area H1A Special Tax Refunding Bonds, Series 2024 in a principal amount not to exceed $700,000.00; City of San Marcos Community Facilities District No. 99-01 Improvement Area H1B Special Tax Refunding Bonds, Series 2024 in a principal amount not to exceed $700,000.00; City of San Marcos Community Facilities District No. 99-01 Improvement Area J Special Tax Refunding Bonds, Series 2024 in a principal amount not to exceed $2,400,000.00; City of San Marcos Community Facilities District No. 99-01 Improvement Area M Special Tax Refunding Bonds, Series 2024 in a principal amount not to exceed $1,700,000.00; City of San Marcos Community Facilities District No. 99-01 Improvement Area N1 Special Tax Refunding Bonds, Series 2024 in a principal amount not to exceed $1,200,000.00; City of San Marcos Community Facilities District No. 99-01 Improvement Area N2 Special Tax Refunding Bonds, Series 2024 in a principal amount not to exceed $1,100,000.00; City of San Marcos Community Facilities District No. 99-01 Improvement Area R1 Special Tax Refunding Bonds, Series 2024 in a principal amount not to exceed $1,200,000.00; City of San Marcos Community Facilities District No. 99-01 Improvement Area R2 Special Tax Refunding Bonds, Series 2024 in a principal amount not to exceed $1,000,000.00; and City of San Marcos Community Facilities District No. 99-01 Improvement Area V1A Special Tax Refunding Bonds, Series 2024 in a principal amount not to exceed $1,500,000.00.
EXHIBIT D
Good Faith Estimates
The good faith estimates set forth herein are provided with respect to the Special Tax Refunding Bonds for the Improvement Areas in accordance with California Government Code Section 5852.1. Such good faith estimates have been provided to the City by the Municipal Advisor in consultation with the Underwriter.
Principal Amount. The Municipal Advisor has informed the City that, based on the financing plan and current market conditions, its good faith estimate of the aggregate principal amount of the Special Tax Refunding Bonds for each Improvement Area to be sold is set forth in Column A in the table below (the “Estimated Principal Amount”), which excludes net premium for each Improvement Area in the amounts identified in Column B in the table below estimated to be generated based on current market conditions. Net premium is generated when, on a net aggregate basis for a single issuance of Special Tax Refunding Bonds for each Improvement Area, the price paid for such Special Tax Refunding Bonds for each Improvement Area is higher than the face value of the Special Tax Refunding Bonds for each Improvement Area.
True Interest Cost. The Municipal Advisor has informed the City that, assuming that the Estimated Principal Amount of the Special Tax Refunding Bonds for each Improvement Area is sold, and based on market interest rates prevailing at the time of preparation of such estimate, its good faith estimate of the true interest cost of the Special Tax Refunding Bonds for each Improvement Area, which means the rate necessary to discount the amounts payable on the respective principal and interest payment dates to the purchase price received for the Special Tax Refunding Bonds, are identified in Column C in the table below.
Finance Charge. The Municipal Advisor has informed the City that, assuming that the Estimated Principal Amount of the Special Tax Refunding Bonds for each Improvement Area is sold, and based on market interest rates prevailing at the time of preparation of such estimate, its good faith estimate of the finance charge for the Special Tax Refunding Bonds for each Improvement Area, which means the sum of all fees and charges paid to third parties (or costs associated with the Special Tax Refunding Bonds for each Improvement Area), are identified in Column D in the table below.
Amount of Proceeds to be Received. The Municipal Advisor has informed the City that, assuming that the Estimated Principal Amount of the Special Tax Refunding Bonds for each Improvement Area is sold, and based on market interest rates prevailing at the time of preparation of such estimate, its good faith estimate of the amount of proceeds expected to be received by the City for the sale of the Special Tax Refunding Bonds for each Improvement Area, less the finance charge of the Special Tax Refunding Bonds for each Improvement Area, as estimated above, and any reserve fund paid or funded with proceeds of the Special Tax Refunding Bonds for each Improvement Area, are identified in Column E below.
Total Payment Amount. The Municipal Advisor has informed the City that, assuming that the Estimated Principal Amount of the Special Tax Refunding Bonds for each Improvement Area is sold, and based on market interest rates prevailing at the time of preparation of such estimate, its good faith estimate of the total payment amount, which means the sum total of all payments the City will make to pay debt service on the Special Tax Refunding Bonds for each Improvement Area, plus the finance charge for the Special Tax Refunding Bonds in each Improvement Area, as described above, not paid with the proceeds of the Special Tax Refunding Bonds, calculated to the final maturity of the Special Tax Refunding Bonds for each Improvement Area are identified in Column F below.
The foregoing estimates constitute good faith estimates only. The actual principal amount of the Special Tax Refunding Bonds of each Improvement Area issued and sold, the true interest cost thereof, the finance charges thereof, the amount of proceeds received therefrom and total payment amount with respect thereto may differ from such good faith estimates due to (a) the actual date of the sale of the Special Tax Refunding Bonds of each Improvement Area being different than the date assumed for purposes of such estimates, (b) the actual principal amount of Special Tax Refunding Bonds of each Improvement Area sold being different from the Estimated Principal Amount, (c) the actual amortization of the Special Tax Refunding Bonds of each Improvement Area being different than the amortization assumed for purposes of such estimates, (d) the actual market interest rates at the time of sale of the Special Tax Refunding Bonds of each Improvement Area being different than those estimated for purposes of such estimates, (e) other market conditions, or alterations in the financing plan or finance charges, or a combination of such factors. The actual date of sale of the Special Tax Refunding Bonds of each Improvement Area and the actual principal amount of Special Tax Refunding Bonds of each Improvement Area sold will be determined by the City based on the timing of the need for proceeds of the Special Tax Refunding Bonds of each Improvement Area and other factors. The actual interest rates borne by the Special Tax Refunding Bonds of each Improvement Area will depend on market interest rates at the time of sale thereof. The actual amortization of the Special Tax Refunding Bonds of each Improvement Area will also depend, in part, on market interest rates at the time of sale thereof. Market interest rates are affected by economic and other factors beyond the control of the City.
A
B
C
D
E
F
Improvement Area No.
Principal Amount
Excluded Net Premium
True Interest Cost
Finance Charge
Proceeds to be Received
Total Payment Amount
A1
$742,620
$84,751
3.12%
$16,152
$769,851
$988,410
A2
822,878
93,910
3.10 17,898
853,052
1,095,232
B1
782,843
89,341
3.10 17,027
811,548
1,041,946
B2
637,337
72,736
3.12 13,862
660,707
848,281
C1
1,321,854
150,856
3.10 28,750
1,370,324
1,759,357
D1
681,455
77,771
3.10 14,822
706,442
907,001
F2/V2
1,582,990
180,658
3.21 34,430
1,641,036
2,106,924
G3
496,486
56,661
3.10 10,799
514,691
660,812
H1A
542,816
61,948
3.11 11,806
562,720
722,475
H1B
526,950
60,138
3.10 11,461
546,272
701,358
J
2,302,782
262,803
3.22 50,085
2,387,221
3,064,950
M
1,587,703
181,195
3.11 34,532
1,645,921
2,113,196
N1
979,309
111,763
3.10 21,300
1,015,219
1,303,438
N2
957,379
109,260
3.10 20,823
992,485
1,274,250
R1
1,080,779
123,343
3.10 23,507
1,120,409
1,438,492
R2
846,628
96,621
3.10 18,414
877,673
1,126,843
V1A
1,347,189
153,747
3.21 29,301
1,396,588
1,793,078
D-1
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1 61012.00014\42035275.3
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A-1
61012.00014\42035275.361012.00014\42035275.3
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09960.00000\9152828.1 A - 1
B - 2
61012.00014\42035275.361012.00014\42035275.3
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B-1
61012.00014\42035275.361012.00014\42035275.3
61012.00014\42035275.3
61012.00014\42035275.3
C-1
61012.00014\42035275.361012.00014\42035275.3
61012.00014\42035275.3
61012.00014\42035275.3
D-2
61012.00014\42035275.361012.00014\42035275.3
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61012.00014\42035275.3