HomeMy WebLinkAboutInfo Rprt - PD Bond Refunding (2) �-�--� SUCCESSOR AGENCY TO THE
� � PALM DESERT REDEVELOPMENT AGENCY
INTEROFFICE MEMORANDUM
To: Oversight Board Members
From: Justin McCarthy, Interim Executive Director
Date: September 26, 2016
Subject: Consideration of Palm Desert Bond Refunding
Executive Summary
Staff has been reviewing the options for refunding outstanding bonds of the former Palm
Desert Redevelopment Agency (the "Former Agency") to take advantage of the bond
market's low interest rates. As shown in the attached Plan of Refunding and Savings
Analysis, prepared by Del Rio Advisors, LLC, the Successor Agency's financial advisor
(the "Municipal Advisor"), a refunding would generate significant debt service savings
(approximately $1.96 million in annual savings in interest expense), based on current
bond market estimates.
Backqround
Before its dissolution, the Former Agency issued bonds through the Palm Desert
Financing Authority (the "Authority Bonds"), to finance affordable housing projects and
other projects for each of the Former Agency's four redevelopment project areas.
Debt service payments on the Authority Bonds were paid with tax increment received by
the Former Agency. After the Former Agency's dissolution, tax increment revenues with
respect to the project areas are now deposited in the Redevelopment Property Tax
Trust Fund ("RPTTF"). If approved, the Refunding Bonds will be paid from moneys
deposited in the RPTTF.
In June, Successor Agency Staff met with staff from the County of Riverside to better
understand the County's request to consider refunding the Former Agency's debt to
realize savings from the bond market's low interest rates. Staff has since been
reviewing the options for refunding the Former Agency's outstanding bonds to take
advantage of the municipal bond market's currently low interest rates. The attached
Plan of Refunding and Savings Analysis shows that, based on bond market conditions
as of the end of August 2016, the refunding is projected to generate annual debt service
savings of $1.96 million (or $49 million in total debt service savings). Such savings will
G:\rda\Veronica Tapia\Word Files\Successor Agency\Memo to OB-Debt Refunding.doc Page 1 of 4
become moneys available to the Successor Agency to pay its enforceable obligations,
as approved on the Successor Agency's Recognized Obligation Payment Schedule
("ROPS"), or if not needed for ROPS-approved obligations, for disbursement to taxing
entities (such as the City, the County, and the school districts) through the semi-annual
RPTTF distribution process.
Under the dissolution law, the Successor Agency may issue the Refunding Bonds, but
only so long as it results in debt service savings. If authorized, the Successor Agency
will refund 18 out of the 19 series of bonds currently outstanding. One of the
outstanding series of bonds is not subject to optional prepayment before its final
maturity on April 1, 2018. Because no savings can be achieved from a refunding, it
cannot be included in this refunding.
There will be many participants involved in the issuance of the Refunding Bonds,
including Stifel, Nicolaus & Company, Incorporated, the bond underwriter; Del Rio
Advisors, LLC, the Municipal Advisor; Richards, Watson & Gershon, A Professional
Corporation, to act as Bond Counsel; Best, Best & Krieger LLP, to act as Disclosure
Counsel; and Keyser Marston Associates, Inc, to act as Fiscal Consultant.
The Underwriter will market the Refunding Bonds to the potential investors, buy the
Refunding Bonds from the Successor Agency at closing, and then sell the Refunding
Bonds to the investors. The Underwriter will be compensated through the underwriter's
discount, which will be deducted from the purchase price for the Refunding Bonds to be
paid by the Underwriter at closing. The underwriter's discount will be finalized when the
Successor Agency and the Underwriter sign the Bond Purchase Agreement upon the
"pricing" of the Refunding Bonds, which is expected to occur in January, as explained
below.
The Municipal Advisor will advise the Successor Agency with regard to the refunding
from a financial perspective. Bond Counsel will provide advice from a bond law
perspective, prepare the key legal documents for the transaction and, upon closing,
deliver its opinions regarding the legal validity of the Refunding Bonds. Disclosure
Counsel will assist the Successor Agency with the preparation of an official statement,
the document which provides disclosure to investors regarding the terms, the source of
repayment and certain investment risks pertaining to the Refunding Bonds. Some of
the key information in the official statement will be based on a report by the Fiscal
Consultant. These are the legal and financial representations that the buyers of the
bonds rely upon to make their investments.
The costs of issuance for the Refunding Bonds (including the underwriter's discount,
compensation to the Municipal Advisor, Bond Counsel, Disclosure Counsel, Fiscal
Consultant and other costs such as rating agency fees (i.e. Standard and Poors, Fitch,
etc.) and printing costs for the official statement) are estimated to be under .66% of the
total principal amount of the Refunding Bonds, or approximately $1,700,000. This
amount will depend on the actual debt issued, particularly because the estimated
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underwriter's discount will depend on the actual principal amount of the Refunding
Bonds.
The Oversight Board must also approve the issuance of Refunding Bonds and is
expected to consider this in October. If the Oversight Board takes action to approve the
Successor Agency's issuance of the Refunding Bonds, Staff will forward the related
Oversight Board resolution to the California State Department of Finance ("DOF") for
review and approval.
By law, DOF is allowed an initial 5 business days to review the Oversight Board
resolution but may decide to extend this review period by another 60 days. Based on
the current financing schedule, Staff anticipates receiving the DOF's approval in late
December. The pricing (i.e., the final determination of the principal amount and interest
rates of the Refunding Bonds) is expected to take place in mid-January 2017, with the
closing to occur in late January 2017. The bonds being refunded can only be redeemed
on their interest payment dates. While some of the refunded bonds have April 1 and
October 1 as interest payment dates, others have interest payment dates that fall on
February 1 and August 1. A January 2017 closing will allow the Successor Agency to
redeem bonds on the first available date of February 1, 2017. If the closing is after
January then the redemptions would be April and August and subject to the conditions
of the bond market at that time.
If the Board approves this request, the Interim Executive Director, the Executive
Director and the Finance Officer (i.e., the Interim City Manager and/or the City Manager
and the Finance Director of the City of Palm Desert) will begin working with the
participants to prepare the necessary preliminary documentation for the issuance of the
Refunding Bonds. This will include entering into engagement letters and agreements
for the participants for their services.
The future actions required by the Successor Agency Board will include: resolutions
approving the issuance of the Refunding Bonds and a request of the Oversight Board to
also provide its approval; the approval of the draft of the related indentures which will
contain the contractual terms governing the Refunding Bonds and establish the funds
and accounts that will be held by U.S. Bank National Association, as the bond trustee;
the preliminary official statement(s); continuing disclosure agreement(s); escrow
agreement(s); and bond purchase agreement(s). Many of these actions will be
requested closer to the pricing date of the Refunding Bonds.
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Fiscal Analysis
As shown in the Plan of Refunding and Savings Analysis, the estimated debt service
savings from the refunding, based on bond market conditions as of end of August 2016,
are follows:
Expected Total Net Present
Outstanding Debt Service Value Savings as
Principal to be Savings from Average Annual Percentage of
Refunded Refunding Savings Prior Issue
$268,426,791 $49,041,136 $1,961,645 9.372%
The savings will become moneys available for the Successor Agency's enforceable
obligations, as approved on the ROPS or, if not needed for ROPS-approved obligations,
for disbursement to taxing entities through the semi-annual RPTTF distribution process.
Submitted by:
� • l
�
, R�,��
J in cCarthy, Interim E uf e Director � �'��.� BY OVERSIG.HT BOARD
�OhT �-��p '�
VERIFIED BY
Origina!on file with City Clerks Oi�ice
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