Page 11 - Moreno Valley City 2022 Bonded Debt Summary

lease Total Road
revenue bonds (taxable) 2019 2020 certificates of participation
Improvement Program

description description
The proceeds of the 2019 Lease Revenue Bonds financed The 2020 Total Road Improvement Program Certificates of
electric utility projects consisting of three categories of Participation (COPs) were issued in August 2020 to refund
electric infrastructure improvements: (1) the installation of the 2013 Total Road Improvement Program Certificates
approximately 5.8 miles of 12kV backbone infrastructure of Participation (COPs). The original bonds funded the
including conduit and cable, 17 vaults, 2 surface operable Original Issue Original Issue construction of certain roadway improvements, including
equipment enclosures, 13 manholes, 2 gas switches, and the extension of Nason Street between Cactus Avenue
1 pad mounted switch, in addition to pavement restoration AMOUNT AMOUNT and Fir Avenue and the Perris Boulevard widening between
work that is all designed to support increasing demand Ironwood Avenue and Manzanita Avenue.
for electricity and improve reliability and the flexibility of
the City’s electrical distribution system; (2) the retrofit $15,830,000 $20,970,000 repayment source
and/or replacement of switches to build automation,
communication, and protection to circuits and improve The repayment source for these bonds is the Measure A Fund.
reliability; and (3) the installation of smart meters and
associated data collection system, providing customers Issuance Issuance prepayment provisions
more detailed feedback regarding their energy use while
improving system reliability through faster outage detection DATE DATE Optional prepayment continuously after 6/1/30.
and restoration of service.
security
repayment source 03/28/2019 10/08/2020 The bonds are secured by the pledge of future
The repayment source for these bonds is Measure A revenues.
the Electric Utility Fund.
prepayment provisions Maturity Maturity debt service schedule

Optional prepayment continuously after 5/1/26 with no DATE DATE The annual debt service requirements for the 2020 Total
Road Improvement Program COPs outstanding at June 30, 2022,
prepayment premium.
are as follows:
security 05/01/2049 06/01/2039
These bonds are secured with bond insurance purchased
from Assured Guaranty Municipal Corporation as well as
City-owned property. This asset pool consists of the Moreno Interest Interest
Beach substation, the Kitching substation, the Conference
& Recreation Center and the Corporate Yard. This asset RATES RATES
pool is shared between the 2015 Lease Revenue Bonds,
the 2016 Refunding Lease Revenue Bonds and the 2019
Lease Revenue Bonds. 4% .435% - 3.238%
debt service schedule

The annual debt service requirements for the 2019 Lease
Revenue Bonds outstanding at June 30, 2022, are as follows
2019 LEASE 2020 TOTAL ROAD IMPROVEMENT
REVENUE BONDS (taxable) CERTIFICATES OF PARTICIPATION
YEAR ENDING PRINCIPAL INTEREST INTEREST RATE YEAR ENDING PRINCIPAL INTEREST INTEREST RATE
JUNE 30, JUNE 30,
2023 0 633,200 4% 2023 965,000 431,179 .701%
2024 0 633,200 4% 2024 970,000 424,415 .961%
2025 0 633,200 4% 2025 980,000 415,093 1.061%
2026 0 633,200 4%
2027 0 633,200 4% 2026 990,000 404,695 1.402%
2028-2032* 0 3,166,000 4% 2027 1,005,000 390,815 1.602%
2033-2037* 0 3,166,000 4% 2028-2032* 5,305,000 1,663,244 1.919%-2.419%
2038-2042* 4,345,000 2,913,800 4% 2033-2037* 5,990,000 986,353 2.569%-3.238%
2043-2047* 7,140,000 1,797,600 4% 2038-2039* 2,665,000 130,168 3.238%
2048-2049* 4,345,000 262,400 4%
$18,870,000 $4,845,962
$15,830,000 $14,471,800
*Represents the total amount due during the specified period. *Represents the total amount due during the specified period.