City of Stockton
CFD No. 2025-1
(Cannery Park East)
Special Tax Bonds, Series 2026
September 1, 2026
Agenda Item 10.1
Background
CFD No. 2019-1 (Cannery Park II) formed in May 2019
Fixed annual special tax of $1,600 per year on
single-family residential units
Total bonded indebtedness of $15 million
Issued two series of bonds
CFD
Boundary
331 Single Family unit
Tax rate range $922 to
$2,386
2% escalation
2 The 2026 Bonds
3 Not-To-Exceed Amount $9,000,000
Expected Issuance(1) $7,650,000
Project Fund(1),(2) $6,650,000
Final Maturity Sept. 1, 2056
Total Debt Service(1),(2) $16,280,457
All-In True Interest Cost (“AIC”)(1) 5.34%
Estimated Value-To-Lien(3) 6.14:1
(1) Assumes Interest Rates and
Yields as of July 9, 2026
(2) Assumes Escrow Release by
September 1, 2028 in the
amount of $905,000
(3) Excluding escrow bonds
The sale of the bonds will be as two distinct series: a non-escrow piece and an escrow piece
Sources and Uses of Funds 4
Sources of Funds Non-Escrow Escrow Total
Par Amount $6,465,000.00 $1,185,000.00 $7,650,000.00
Net Premium / Discount $117,841.70 $0.00 $117,841.70
Total Sources of Funds $6,582,841.70 $1,185,000.00 $7,767,841.70
Uses of Funds Non-Escrow Escrow Total
Project (Improvement) Fund $5,715,648.30 $955,792.59 $6,671,440.89 Reserve Fund $572,140.90 $107,028.97 $679,169.87
Capitalized Interest $0.00 $122,178.44 $122,178.44
Costs of Issuance $235,000.00 $0.00 $235,000.00
Underwriter’s Discount $60,052.50 $0.00 $60,052.50
Total Uses of Funds $6,582,841.70 $1,185,000.00 $7,767,841.70
Estimated Costs of Issuance 5
Role Company Total
Bond Counsel Jones Hall 65,000.00
Disclosure Counsel Jones Hall 45,000.00 Bond / Disclosure Counsel Expenses Jones Hall 1,500.00 Municipal Advisor Del Rio Advisors LLC 42,500.00 Municipal Advisor Expenses Del Rio Advisors LLC 750.00 City Administration Fee City of Stockton 50,750.00 Special Tax Consultant (POS Tables) Willdan 11,140.00 Printing of Official Statement Royce Printing 5,000.00 Fiscal Agent / Fiscal Agent Counsel U.S. Bank, National Association 8,000.00 Rounding Adjustment / Miscellaneous Misc. 5,360.00 Total Estimated Costs $235,000.00
Debt Service and Coverage(*)
6 (*) Assumes No Escrow Release
Documents & Items for
Consideration
Official Statement (Exhibit 2)
Fiscal Agent Agreement (Exhibit 1)
The Continuing Disclosure Agreement (included as an exhibit to the official statement)
Bond Purchase Agreement (Exhibit 3)
7