San Pablo Successor Agency
Preliminary Debt Service Savings Analysis
August 27, 2024
The Outstanding 2014A Bonds Being Refinanced
Date of Issuance June 12, 2014
Purpose To refinance bonds previously isssued in 1999, 2001, 2004, 2006 Original Par Amount $47,595,000
Outstanding Par Amount $24,150,000
Optional Redemption June 15, 2024 @ par
Final Maturity June 15, 2031
Recent Trends in Municipal Bond Yields
S&P Municipal Bond Revenue Index
October 30, 2023 to present
4.00%
4.05%
4.10%
4.15%
4.20%
4.25%
4.30%
4.35%
4.40%
4.45%
4.50%
4.55%
4.60%
4.65%
4.70%
4.75%
4.80%
4.85%
4.90%
4.95%
5.00%
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,
2014A Bonds 2024 Refunding Bonds Debt
Service
Savings
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%
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
Estimated Costs of Issuance
Service Vendor Estimated Fee
Underwriter:
Takedown ($3.00) Stifel Nicolaus 68,010
Deal Expenses ($0.50) various 11,335
UW Counsel Stradling 12,500
Total UW Discount ($) 91,845
Total UW Discount ($/$1,000) 4.05
Reserve Fund Surety (1.50%) TBD (AGM or BAM) 34,005
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 3,815
94,815
303,165