San Pablo Successor Agency
Refinancing Analysis
August 5, 2024
Outstanding 2014A Tax Allocation Bonds
Issuer Successor Agency to the Redevelopment Agency of the City of San Pablo Issue Tax Allocation Refunding Bonds, Series 2014A (and Series 2014B) Tax Status Tax-Exempt
Date of Issuance June 12, 2014
Purpose Refinance outstanding 1999/2001/2004/2006 Bonds; Original Par Amount $47,595,000
Outstanding Par Amount $24,150,000
Original Rating (S&P) 'A-' (upgraded from 'BBB -')
Current Rating (S&P) 'A'
Bond Insurance Assured Guaranty Municipal (AGM)
Surety Assured Guaranty Municipal (AGM)
Optional Redemption June 15, 2024 @ par
Final Maturity June 15, 2031
2 Proposed 2024 Tax Allocation Refunding Bonds
Issuer Successor Agency to the Redevelopment Agency of the City of San Pablo Issue Tax Allocation Refunding Bonds, Series 2024
Tax Status Tax-Exempt
Estimated Par Amount $22,730,000
Purpose Current refunding of all outstanding Series 2014A Bonds IPD's June 15 and December 15, commencing December 15, 2024 PPD's June 15 commencing June 15, 2025
Final Maturity June 15, 2031
Expected Rating (S&P) 'AA-'
Outstanding Senior Debt none
Outstanding Parity Debt Series 2016 Tax Allocation Refunding Bonds Bond Insurance none
Reserve Fund Surety
Optional Redemption n/a
3 Estimated Sources & Uses of Funds
Sources of Funds:
Par Amount of Bonds 22,730,000
Net original Issue Premium (Discount) 1,721,827
Transfer from 2014A Interest Account 449,458
Total Sources 24,901,286
Uses of Funds:
Deposit to Redemption Fund 24,599,458
Estimated Costs of Issuance 301,827
Total Uses 24,901,286
4 Estimated Annual Debt Service Savings
Principal Interest Total Principal Interest Total
2025 3,260,000 1,207,500 4,467,500 3,440,000 713,469 4,153,469 314,031 2026 3,425,000 1,044,500 4,469,500 3,190,000 964,500 4,154,500 315,000 2027 3,540,000 873,250 4,413,250 3,295,000 805,000 4,100,000 313,250 2028 3,725,000 696,250 4,421,250 3,465,000 640,250 4,105,250 316,000 2029 3,915,000 510,000 4,425,000 3,640,000 467,000 4,107,000 318,000 2030 3,625,000 314,250 3,939,250 3,340,000 285,000 3,625,000 314,250 2031 2,660,000 133,000 2,793,000 2,360,000 118,000 2,478,000 315,000 24,150,000 4,778,750 28,928,750 22,730,000 3,993,219 26,723,219 2,205,531 12-Mo.
Ending
June 15,
2014 Bonds 2024 Refunding Bonds Debt
Service
Savings
5 Estimated Net Present Value (NPV) Savings
Present Value of Cash Flow Savings 2,009,075
(less) Transfer from Prior Debt Service Fund (449,458)
Net Present Value of Debt Service Savings 1,559,617
Par Amount of Refunded Bonds 24,150,000
NPV Savings / Refunded Par Amount 6.46%
6 Estimated Costs of Issuance
Service Vendor Estimated Fee
Underwriter:
Takedown ($3.00) Stifel Nicolaus 68,190
Deal Expenses ($0.50) various 11,365
UW Counsel TBD 12,500
Total UW Discount ($) 92,055
Total UW Discount ($/$1,000) 4.05
Reserve Fund Surety (1.50%) TBD (AGM or BAM) 34,095
Legal Services:
Bond Counsel Jones Hall 50,000
Disclosure Counsel Jones Hall 30,000
Reimburseable Expenses Jones Hall 2,500
82,500
Other Expenses:
Financial Advisor Steven Gortler 42,500
Rating Agency Standard & Poor's 25,000
Fiscal Consultant Willdan Financial Services 12,500
Trustee Computershare 6,000
Verification Agent Causey Demgen & Moore 2,500
Financial Printer Royce Printing 2,500
Rounding Amount n/a 2,177
93,177
301,827TOTAL
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