Item Q4
.,-""-', ....-.-."'. - . ''ff.'''''i".. ~:"
BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Time Approximate:
Meeting Date: July 17.2002
Division:
County Administrator
Bulk Item: Yes
No ---X-
Department: County Administrator
AGENDA ITEM WORDING:
Presentation of report in reference to the potential for debt financing of capital projects and request for
guidance from the County Commission.
ITEM BACKGROUND:
In May 2002, the Board of County Commissioners discussed additional capital items that are beyond
the scope of the infrastructure sales tax capital program. The Administrator was instructed to have a
financing feasibility report prepared for presentation to the Board in July 2002 so that guidance could
be developed for the future.
PREVIOUS RELEVANT BOCC ACTION:
As above.
CONTRACT/AGREEMENT CHANGES:
N/A
STAFF RECOMMENDATIONS:
Discussion of report and guidance from the County Commission.
TOTAL COST:
-0-
BUDGETED: Yes
No
COST TO COUNTY: -0-
REVENUE PRODUCING: Yes
No
AMOUNTPERMONTH_ Year
APPROVED BY: County Atty _ OMB/Purchasing _ Risk Management_
DIVISION DIRECTOR APPROVAL:
~~-~
James L. Roberts
DOCUMENTATION:
Included X
To Follow_
Not Required_
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Suite 201
10100 Deer Run Farm Road
Fort Myers, FL
33912-1045
239 939.3009
239 939-1220 fax
www.pfm.com
...=-
Public Financial Management
Financial and Investment Advisors
July 17, 2002
MEMORANDUM
TO:
J ames Roberts, County Administrator
Monroe County, Florida
FROM:
Hal Canary
Kyrle Turton
Public Financial Management, Inc.
RE:
Refunding Scenarios
Public Financial Management, Inc. ("PFM") has completed a refunding analysis for Monroe
County's Refunding Improvement Revenue Bonds, Series 1991 ("Series 1991 Bonds"), and
Refunding Revenue Bonds, Series 1993 ("Series 1993 Bonds"). In both refunding scenarios we
have chosen - based on preliminary analysis - to current refund all callable bonds, excluding
2002 maturities. Municipal bonds may be current refunded after 90 days prior to the earliest call
date. Once the call date has passed, the potential for savings decreases with each debt payment.
Therefore, we would recommend current refunding bonds whenever savings may be realized.
The following are additional assumptions/findings for this scenario:
Refundinf! Assumptions for Series 1991 and 1993 Bonds
Category Assumption
Dated/Delivery Date July 1, 2002
Costs of Issuance-Series 1991 Refunding $100,000
Costs of Issuance-Series 1993 Refunding $50,000
Underwriter's Discount (per bond) $6.00
Structure Level Savings
Proiected Results
Refunding of Refunding of
Cate20rv Series 1991 Bonds Series 1993 Bonds
Par Amount of Bond s Issued $5.97 million $3.60 million
Par Amount of Bonds Refunded $5.66 million $3.41 million
True Interest Cost 3.61% 3.24%
Total Issuance Costs $178,410 $96,548
Present Value Savings ($)/% $695,362 12.29% $71,637 2.1%
Mr. James Roberts
Monroe County, Florida
July 17, 2002
Page 2
We have included PFM's proprietary Call Option Value analysis for the refunding of the Series
1991 Bonds (pg. 13) and Series 1993 Bonds (pg. 24) to detail the opportunity associated with the
County's refunding each maturity of the Series 1991 Bonds and Series 1993 Bonds at this time.
We have also included a Refunding "Monitor" report for the Series 1991 Bonds (pgs. 11-12) and
Series 1993 Bonds (pgs. 22-23) to detail the percentage savings associated with refunding each
maturity of Series 1991 Bonds and Series 1993 Bonds.
Recommendation
Based on the current conditions of the market and PFM's knowledge and experience in the
issuance of tax-exempt debt, it is our opinion that the projected $695,000 or 12.3 percent in
present value savings is compelling and should be pursued. We understand the Series 1991
issued by the Municipal Service District have not been refunded because of their involvement in
a lawsuit. We propose to investigate further eliminate what obstacles may exist.
The 2.1 % or $71,600 savings on the Series 1993 Bonds is negligible and would not be
recommended. The savings (after paying the costs) are less than the cost. In our opinion, such a
bond issue is not worthwhile. We propose looking into a bank loan in order to minimize the
issuance costs. Any cost savings would flow to the County's savings, possibly achieving a
balance that is more attractive, such as $120,000 savings after paying $50,000 costs.
Upon review, please call to discuss. Thank you.
SOURCES AND USES OF FUNDS
Refunding of Revenue Refunding Bonds, Series 1993
Revenue Refunding Bonds, Series 2002A
Monroe County, Florida
(Guaranteed Entitlement)
Sources:
Bond Proceeds:
Par Amount
3,640,000.00
3,640,000,00
Uses:
Refunding Escrow Deposits:
Cash Deposit
SLG Purchases
0,66
3,539,208,00
3,539,208,66
Delivery Date Expenses:
Cost of Issuance
Underwriter's Discount
Bond Insurance
Surety Policy
50,000.00
21,840.00
14,190,58
10,920,00
96,950,58
Other Uses of Funds:
Additional Proceeds
3,840,76
3,640,000,00
Julll,2002 2:14 pm Prepared by Public Financial Mangement
(Monroe:REFI993-CASE,2002A) Page 3
SUMMARY OF REFUNDING RESULTS
Refunding of Revenue Refunding Bonds, Series 1993
Revenue Refunding Bonds, Series 2002A
Monroe County, Florida
(Guaranteed Entitlement)
Dated Date
Delivery Date
Arbitrage yield
Escrow yield
10/01/2002
10/01/2002
3,231720%
1.642856%
Bond Par Amount
True Interest Cost
Net Interest Cost
Average Coupon
Average Life
3,640,000,00
3,205701 %
3.204088%
3.043696%
3,741
Par amount of refunded bonds
Average coupon of refunded bonds
Average life of refunded bonds
3,405,000,00
5.000000%
3,811
PV of prior debt to 10/01/2002 @ 3,231720%
Net PV Savings
Percentage savings ofrefunded bonds
Percentage savings of refunding bonds
3,673,417,66
62,369,00
1.831689%
1.713434%
Julll,2002 2:14 pm Prepared by Public Financial Mangement
(Monroe:REFI993-CASE,2002A) Page 4
SA VINGS
Refunding of Revenue Refunding Bonds, Series 1993
Revenue Refunding Bonds, Series 2002A
Monroe County, Florida
(Guaranteed Entitlement)
Present Value
Prior Refunding Annual to 10/01/2002
Date Debt Service Debt Service Savings Savings @ 3.2317195%
12/01/2002 85,125,00 16,706,00 68,419,00 68,419,00 68,054.40
06/01/2003 85,125,00 50,118,00 35,007,00 34,266,75
12/01/2003 585,125.00 625,118,00 -39,993,00 -4,986,00 -38,524,81
06/01/2004 72,625,00 45,230,50 27,394,50 25,969,19
12/01/2004 597,625,00 625,230,50 -27,605,50 -211.00 -25,753,08
06/01/2005 59,500,00 38,995,50 20,504,50 18,824.40
12/01/2005 609,500.00 633,995.50 -24,495,50 -3,991.00 -22,130,79
06/01/2006 45,750,00 31,022,50 14,727.50 13,094.17
12/0112006 625,750,00 641,022,50 -15,272.50 -545.00 -13,362,81
06/01/2007 31,250,00 21,903,00 9,347,00 8,048,19
12/01/2007 641,250,00 651,903.00 -10,653,00 -1,306,00 -9,026,86
06/01/2008 16,000.00 11,602,50 4,397.50 3,666,98
12/01/2008 656,000,00 661,602,50 -5,602,50 -1,205,00 -4,597,52
4,110,625,00 4,054,450,00 56,175,00 56,175,00 58,528,24
Savings Summary
PV of savings from cash flow 58,528.24
Plus: Refunding funds on hand 3,840,76
Net PV Savings 62,369,00
Jul II, 2002 2: 14 pm Prepared by Public Financial Mangement
(Monroe:REFI993-CASE,2002A) Page 5
PRIOR BOND DEBT SERVICE
Refunding of Revenue Refunding Bonds, Series 1993
Revenue Refunding Bonds, Series 2002A
Monroe County, Florida
(Guaranteed Entitlement)
Annual
Period Debt Debt
Ending Principal Coupon Interest Service Service
1 % 1/2002
12/01/2002 85,125 85,125 85,125
06/01/2003 85,125 85,125
12/01/2003 500,000 5,000% 85,125 585,125 670,250
06/01/2004 72,625 72,625
12/01/2004 525,000 5.000% 72,625 597,625 670,250
06/01/2005 59,500 59,500
12/01/2005 550,000 5,000% 59,500 609,500 669,000
06/01/2006 45,750 45,750
12/0112006 580,000 5,000% 45,750 625,750 671,500
06/01/2007 31,250 31,250
12/01/2007 610,000 5,000% 31,250 641,250 672,500
06/0112008 16,000 16,000
12/01/2008 640,000 5,000% 16,000 656,000 672,000
3,405,000 705,625 4,110,625 4,110,625
Julll,2002 2:14 pm Prepared by Public Financial Mangement
(Monroe:REFI993-CASE,2002A) Page 6
BOND DEBT SERVICE
Refunding of Revenue Refunding Bonds, Series 1993
Revenue Refunding Bonds, Series 2002A
Monroe County, Florida
(Guaranteed Entitlement)
Annual
Period Debt
Ending Principal Coupon Interest Debt Service Service
10/01/2002
12/01/2002 16,706.00 16,706,00 16,706
06/01/2003 50,118,00 50,118,00
12/01/2003 575,000 1.700% 50,118,00 625,118,00 675,236
06/01/2004 45,230,50 45,230,50
12/01/2004 580,000 2,150% 45,230,50 625,230,50 670,461
06/01/2005 38,995,50 38,995,50
12/01/2005 595,000 2,680% 38,995,50 633,995,50 672,991
06/01/2006 31,022,50 31,022,50
12/01/2006 610,000 2,990% 31,022,50 641,022.50 672,045
06/01/2007 21,903,00 21,903.00
12/01/2007 630,000 3,270% 21,903.00 651,903,00 673,806
06/01/2008 11,602,50 11,602,50
12/01/2008 650,000 3,570% 11,602,50 661,602,50 673,205
3,640,000 414,450.00 4,054,450,00 4,054,450
Julll,2002 2: 14 pm Prepared by Public Financial Mangement
(Monroe:REFI993-CASE,2002A) Page 7
BOND SUMMARY STATISTICS
Refunding of Revenue Refunding Bonds, Series 1993
Revenue Refunding Bonds, Series 2002A
Monroe County, Florida
(Guaranteed Entitlement)
Dated Date
Delivery Date
Last Maturity
10/01/2002
10/01/2002
12/01/2008
Arbitrage Yield
True Interest Cost (TIC)
Net Interest Cost (NIC)
All-In TIC
Average Coupon
3,231720%
3.205701 %
3,204088%
3,811564%
3,043696%
Average Life (years)
Duration of Issue (years)
3,741
3,532
Par Amount
Bond Proceeds
Total Interest
Net Interest
Total Debt Service
Maximum Annual Debt Service
Average Annual Debt Service
3,640,000,00
3,640,000,00
414,450,00
436,290,00
4,054,450,00
675,236,00
657,478,38
Underwriter's Fees (per $1000)
Average Takedown
Other Fee
6.000000
Total Underwriter's Discount
6,000000
Bid Price
99.400000
Bond Component
Par
Value
Price
Average
Coupon
Average
Life
Serial Bonds
3,640,000,00
100,000
3,044%
3,741
3,640,000,00
3,741
TIC
All-In
TIC
Arbitrage
Yield
Par Value
+ Accrued Interest
+ Premium (Discount)
- Underwriter's Discount
- Cost of Issuance Expense
- Other Amounts
3,640,000.00
3,640,000,00
3,640,000,00
-21,840.00
-21,840,00
-50,000.00
-25,110,58
-25,110,58
Target Value
3,618,160,00
3,543,049,42
3,614,889.42
Target Date
Yield
10/01/2002
3.205701 %
1 % 1/2002
3.811564%
10/01/2002
3,231720%
Jul 11, 2002 2: 14 pm Prepared by Public Financial Mangement
(Monroe:REFI993-CASE,2002A) Page 8
SOURCES AND USES OF FUNDS
Refunding ofMSD Revenue Ref, Bonds, Series 1991
Refunding Revenue Bonds, Series 2002B
Monroe County, Florida
(Solid Waste Collection Revenues and Special Assessments)
Sources:
Bond Proceeds:
Par Amount
5,965,000,00
5,965,000,00
Uses:
Refunding Escrow Deposits:
SLG Purchases
5,782,383.00
Delivery Date Expenses:
Cost of Issuance
Underwriter's Discount
Bond Insurance
Surety Policy
100,000,00
35,790,00
24,725,30
17,895,00
178,410,30
Other Uses of Funds:
Additional Proceeds
4,206,70
5,965,000.00
lul11,2002 1:51 pm Prepared by Public Financial Mangement
(Monroe:REF1991-CASE,2002B) Page 9
SUMMARY OF REFUNDING RESULTS
Refunding ofMSD Revenue Ref. Bonds, Series 1991
Refunding Revenue Bonds, Series 2002B
Monroe County, Florida
(Solid Waste Collection Revenues and Special Assessments)
Dated Date
Delivery Date
Arbitrage yield
Escrow yield
07/05/2002
07/05/2002
3.631814%
1.699746%
Bond Par Amount
True Interest Cost
Net Interest Cost
Average Coupon
Average Life
5,965,000,00
3,607270%
3,614011 %
3,500067%
5.266
Par amount of refunded bonds
Average coupon of refunded bonds
Average life of refunded bonds
5,660,000,00
6,746952%
5.494
PV of prior debt to 07/05/2002 @ 3,631814%
Net PV Savings
Percentage savings of refunded bonds
Percentage savings of refunding bonds
6,613,534.81
695,361.81
12,285544%
11,657365%
Jul 11, 2002 1 :51 pm Prepared by Public Financial Mangement
(Monroe:REFI991-CASE,2002B) Page 10
SAVINGS
Refunding ofMSD Revenue Ref, Bonds, Series 1991
Refunding Revenue Bonds, Series 2002B
Monroe County, Florida
(Solid Waste Collection Revenues and Special Assessments)
Present Value
Prior Refunding Annual to 07/0512002
Date Debt Service Debt Service Savings Savings @ 3,6318143%
10/01/2002 190,642.50 44,733,50 145,909,00 144,659.83
04/01/2003 190,642,50 93,628,25 97,014.25 94,468.23
09/30/2003 242,923,25
10/01/2003 700,642,50 723,628,25 -22,985,75 -21,983,32
04/01/2004 173,812,50 88,273.25 85,539,25 80,349,73
09/30/2004 62,553,50
1 % 1/2004 713,812,50 728,273,25 -14,460,75 -13,341.18
04/01/2005 155,587,50 81,393,25 74,194,25 67,229,20
09/30/2005 59,733,50
10/01/2005 735,587,50 736,393,25 -805,75 -717,09
04/01/2006 136,012,50 72,616,25 63,396,25 55,414,06
09/30/2006 62,590,50
10/01/2006 751,012.50 742,616.25 8,396,25 7,208,19
04/01/2007 115,256,25 62,599,75 52,656.50 44,399.40
09/3012007 61,052,75
10/01/2007 765,256,25 747,599,75 17,656,50 14,622,25
04/01/2008 93,318.75 51,400.00 41,918,75 34,095,90
09/30/2008 59,575,25
10/01/2008 783,318,75 751,400,00 31,918.75 25,499.06
04/01/2009 70,031,25 38,905.00 31,126,25 24,422.46
09/30/2009 63,045.00
10/01/2009 805,031.25 763,905,00 41,126,25 31,693,20
04/01/2010 45,225,00 25,275.00 19,950.00 15,099,91
09/3012010 61,076,25
1 % 1/20 1 0 685,225,00 635,275,00 49,950,00 37,132,24
04/01/2011 23,625,00 13,227,50 10,397,50 7,591.52
09/30/2011 60,347,50
10/01/2011 723,625,00 663,227.50 60,397,50 43,311,52
09/30/2012 60,397,50
7,857,665,00 7,064,370,00 793,295,00 793,295.00 691,155,11
Savings Summary
PV of savings from cash flow 691,155,11
Plus: Refunding funds on hand 4,206,70
Net PV Savings 695,361.81
Julll,2002 1:51 pm Prepared by Public Financial Mangement
(Monroe:REFI991-CASE,2002B) Page 11
PRIOR BOND DEBT SERVICE
Refunding ofMSD Revenue Ref, Bonds, Series 1991
Refunding Revenue Bonds, Series 2002B
Monroe County, Florida
(Solid Waste Collection Revenues and Special Assessments)
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
07/0512002
10/01/2002 190,642,50 190,642,50
04/01/2003 190,642,50 190,642,50
09/30/2003 381,285,00
10/01/2003 510,000 6,600% 190,642,50 700,642,50
04/01/2004 173,812.50 173,812,50
09/30/2004 874,455,00
10/01/2004 540,000 6,750% 173,812.50 713,812,50
04/01/2005 155,587,50 155,587,50
09/30/2005 869,400,00
10/01/2005 580,000 6,750% 155,587,50 735,587,50
04/01/2006 136,012,50 136,012,50
09/3012006 871,600,00
10/0112006 615,000 6,750% 136,012,50 751,012,50
04/01/2007 115,256,25 115,256,25
09/3012007 866,268.75
10/01/2007 650,000 6,750% 115,256,25 765,256,25
04/01/2008 93,318,75 93,318,75
09/30/2008 858,575,00
10/0112008 690,000 6,750% 93,318,75 783,318.75
04/01/2009 70,031,25 70,031.25
09/3012009 853,350,00
10/01/2009 735,000 6,750% 70,031,25 805,031.25
04/01/2010 45,225.00 45,225,00
09/3012010 850,256,25
10/01/2010 640,000 6,750% 45,225,00 685,225,00
04/01/2011 23,625,00 23,625,00
09/30/2011 708,850,00
10/01/2011 700,000 6,750% 23,625.00 723,625,00
09/3012012 723,625,00
5,660,000 2,197,665,00 7,857,665,00 7,857,665,00
J ul 11, 2002 1 : 51 pm Prepared by Public Financial Mangement
(Monroe:REFI991-CASE,2002B) Page 12
BOND DEBT SERVICE
Refunding ofMSD Revenue Ref, Bonds, Series 1991
Refunding Revenue Bonds, Series 2002B
Monroe County, Florida
(Solid Waste Collection Revenues and Special Assessments)
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
07/05/2002
10/01/2002 44,733.50 44,733.50
04/01/2003 93,628,25 93,628,25
09/30/2003 138,361.75
10/01/2003 630,000 1.700% 93,628,25 723,628,25
04/01/2004 88,273,25 88,273,25
09/30/2004 811,901.50
1 % 1/2004 640,000 2,150% 88,273,25 728,273,25
04/01/2005 81,393,25 81,393,25
09/30/2005 809,666,50
10/01/2005 655,000 2,680% 81,393.25 736,393,25
04/01/2006 72,616.25 72,616,25
09/30/2006 809,009,50
10/01/2006 670,000 2,990% 72,616,25 742,616,25
04/01/2007 62,599,75 62,599,75
09/30/2007 805,216.00
10/01/2007 685,000 3.270% 62,599,75 747,599,75
04/01/2008 51,400,00 51,400,00
09/30/2008 798,999,75
10/01/2008 700,000 3,570% 51,400,00 751,400,00
04/01/2009 38,905,00 38,905,00
09/30/2009 790,305,00
10/01/2009 725,000 3,760% 38,905,00 763,905,00
04/01/2010 25,275,00 25,275.00
09/30/2010 789,180,00
10/01/2010 610,000 3,950% 25,275.00 635,275,00
04/01/2011 13,227,50 13,227,50
09/30/2011 648,502,50
10/01/2011 650,000 4,070% 13,227,50 663,227,50
09/30/2012 663,227.50
5,965,000 1,099,370,00 7,064,370,00 7,064,370,00
JuI11,2002 1:51 pm Prepared by Public Financial Mangement
(Monroe:REFI991-CASE,2002B) Page 13
BOND SUMMARY STATISTICS
Refunding of MSD Revenue Ref, Bonds, Series 1991
Refunding Revenue Bonds, Series 2002B
Monroe County, Florida
(Solid Waste Collection Revenues and Special Assessments)
Dated Date
Delivery Date
Last Maturity
07/05/2002
07/05/2002
10/0112011
Arbitrage Yield
True Interest Cost (TIC)
Net Interest Cost (NIC)
All-In TIC
Average Coupon
3,631814%
3,607270%
3,614011 %
4,128098%
3,500067%
Average Life (years)
Duration oflssue (years)
5,266
4,782
Par Amount
Bond Proceeds
Total Interest
Net Interest
Total Debt Service
Maximum Annual Debt Service
Average Annual Debt Service
5,965,000,00
5,965,000.00
1,099,370.00
1,135,160.00
7,064,370,00
811,901.50
764,634,16
Underwriter's Fees (per $1000)
Average Takedown
Other Fee
6.000000
Total Underwriter's Discount
6,000000
Bid Price
99.400000
Bond Component
Par
Value
Price
Average
Coupon
Average
Life
Serial Bonds
5,965,000,00
100,000
3.500%
5,266
5,965,000,00
5,266
TIC
All- In
TIC
Arbitrage
Yield
Par Value
+ Accrued Interest
+ Premium (Discount)
- Underwriter's Discount
- Cost of Issuance Expense
- Other Amounts
5,965,000,00
5,965,000,00
5,965,000.00
-35,790,00
-35,790.00
-100,000,00
-42,620,30
-42,620,30
Target Value
5,929,210,00
5,786,589,70
5,922,379,70
Target Date
Yield
07/05/2002
3,607270%
07/05/2002
4,128098%
07/05/2002
3,631814%
Julll,2002 1:51 pm Prepared by Public Financial Mangement
(Monroe:REFI991-CASE,2002B) Page 14
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MONROE COUNTY, FLORIDA
DEBT CAPACITY REPORT
July 17, 2002
Public Financial Management, Inc.
10100 Deer Run Farms Road, Suite 201
Fort Myers, FL 33912-1045
Monroe County, Florida
Debt Capacity Analysis
July 17,2002
I. INTRODUCTION
Monroe County has identified a number of capital facilities and infrastructure needs that its traditional
reliance on pay-as-you-go financing will not support within the required timeframes for completion of
the projects. The County's principal capital funding source has been the one-cent Infrastructure Sales
Surtax.
Public Financial Management, Inc., the County's financial advisor, has identified eXlstmg revenue
sources and determined the estimated debt capacity of each to aid in the evaluation of potential funding
sources and methods for the County's proposed capital projects. Further, PFM has reviewed the County's
Capital Projects Plan as it relates to the Surtax and identified opportunities for restructuring the Plan to
increase and accelerate the capital financing program.
II. DEBT CAPACITY FACTORS
There are several factors that will affect the debt capacity of any given revenue source. Debt capacity is a
function of the following:
. Amount of Revenue
. Required Covenants
. Existing Debt
. Interest Rates
. Financing Costs
. Structure
III. EXISTING REVENUES
PFM has compiled a summary of the County's existing revenue sources that may be utilized to secure
any potential debt financing. The revenues are based upon the County's FY 2002 revenue budget
information. Some of the revenues may have restrictions related to outstanding debt that would govern
the use of the revenue.
Re\ enuc FY 2002
Infrastructure Sales Surtax (1 cent) 10,500,000
Const, County and Local Fuel Taxes 4,050,000
Tourist Devel Taxes 9,987,000
Half-Cent Sales Tax 4,700,000
Guaranteed Entitlement 950,000
Cable Franchise Fees 380,000
Public Financial Management
Page 1
IV. PROPOSED DEBT COVENANTS
Typically with the issuance of debt, there are limitations related to certain coverage requirements and
additional bonds tests. Financial institutions and bond insurers evaluate each revenue pledge to
determine compliance with the necessary coverage requirements and credit criteria. Below are estimated
coverage requirements for those revenues that have not previously been pledged by the County and the
actual coverage requirements for those revenues that are currently pledged to existing debt.
Rcycnuc CO\cragc
Infrastructure Sales Surtax (1 Cent) 1.25
Const. County and Local Fuel Tax 1.25
Tourist Development Taxes 1.25
Half-Cent Sales Tax 1.25
Guaranteed Entitlement 1.00
Franchise Fees 1.35
Covenant to Budget and Appropriate
V. EXISTING DEBT
The County has a small amount of debt outstanding as of June 30, 2002. The section below summarizes
the status, debt service, security, existing covenants and other details of the outstanding debt.
Municipal Service District Refunding Improvement Bonds, Series 1991
Amount $6,140,000
Purpose Solid Waste Refunding
Security Solid Waste Revenues
Status Currently callable - 12% PV Savings
Guaranteed Entitlement Revenue Refunding Bonds, Series 1993
Amount
Purpose
Security
Status
$3,880,000
Jail Expansion Refunding
Guaranteed Entitlement
Currently callable - 2% PV Savings
Sales Tax Revenue Refunding Bonds, Series 1998
Amount
Purpose
Security
Status
$6,140,000
Refunding and New Money
Infrastructure One-Cent Sales Tax
Non-callable
Public Financial Management
Page 2
VI. INTEREST RATE MARKET
Interest rates have a significant impact on the debt capacity of any given revenue. As interest rates rise
debt capacity will decrease and vice versa. Therefore, any estimated debt capacity may change on a daily
basis as the market fluctuates. Today's interest rates are at historically low levels and therefore increase
the amount of debt capacity.
The Bond Buyer's 25 Revenue Bond Index
Last T en Years
8%
8%
7%
7%
6%
6%
5%
5%
4%
~ 0/ 0/ ~ ~ ~ ~ ~ ~ ~ ~ ~
~ & ~ ~ ~ ~ ~ ~ ~ ~ ~ ~
~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~
VII. DEBT CAPACITY FINANCING SCENARIOS
Given the type and amount of the revenues, there are several financing mechanisms available to the
County. These financing mechanisms include but are not limited to the following:
Public Offering or Private Placement
. General Obligation Bonds
secured by ad valorem revenues
. Revenue Bonds - secured by:
half-cent sales tax
infrastructure sales tax
state and local fuel taxes
franchise fees
guaranteed entitlement
Public Financial Management
Page 3
VIII. DEBT CAPACITY
PFM has summarized the results of the debt capacity analysis completed for each of the potential security
pledges of the County for future financings. The type of financing assumptions are based upon the
estimated amount of the capacity - if less than $3.0 million PFM assumed a bank loan, if more than $3.0
million PFM assumed a bond issue. The estimates are based on a 5.00 percent interest rate assumption.
){n ('nul' Supported Bond
){('\ ('IIUl' Source ( 'm ('rage , laturit~ Strudlln'
\mollllt Size
Infrastructure Sales Tax 1.25 $10,500,000 15 Years $87.2 million Wrap Around 1998's
State and Local Fuel Tax 1.25 4,050,000 30 Years 49.1 million Level Debt
Tourist Development Taxes 1.25 9,987,000 30 Years 121.0 million Level Debt
Half-Cent Sales Tax 1.25 4,700,000 30 years 56,9 million Level Debt
Guaranteed Entitlement 1.00 950,000 20 years 9,5 million Wrap Around 1993's
Franchise Fees 1.35 380,000 20 years 3,8 million Level Debt
IX. NEW REVENUES
PFM suggests also considering other new revenue sources such as special assessments. Prior to making
any revenue assumptions relating to assessments, PFM would need to identify information regarding the
direct benefit received by each property owner versus the cost of the project. Other policy decisions
would need to be made by the County regarding the following
. Basis for assessment
. Cost of project that provides direct benefit
. Will County provide any subsidy of cost
. Collection method
Special assessments may be utilized to secure debt if certain criteria are met. Below is a summary of the
issues that are considered:
. Assessment Area Demographics . Forec1osure/Bankruptcy Provisions
. Collection Method . Term and Redemption of Debt
. Value-to-Debt Ratios . Cash Flow
. Lien Position . Collection Rates of other Similar Areas
. Treatment of Property Sales
Public Financinl Management
Page 4
X. ISSUES TO CONSIDER
This report is intended as a general reference regarding potential security pledges and debt capacity of
the County's existing revenue base. There are various factors and issues to consider that may have an
impact on the capacity or ability to pledge any of the above revenues. Some of these issues include the
following.
. Type of Financing - there are various types of financings and bonds that may be issued. Types of
financings include revenue bonds, general obligation bonds, certificates of participation, leases,
private placements, etc. and types of bonds include current interest bonds, capital appreciation bonds,
super-sinkers, etc. PFM has assumed current interest bonds for all scenarios and revenue bonds for
non-ad valorem and enterprise fund revenue pledges and general obligation bonds for ad valorem
revenues. The type of financing and the type of bond may have a significant impact on the debt
capacity.
~ General Obligation Bonds - Projects that benefit the entire community could be a candidate for
general obligation financing. General obligation bonds issued by local units of government are
secured by a pledge of the issuer's ad valorem taxing power. Such bonds constitute debt of the
issuer and require approval by election prior to issuance of the bonds. There a two types of
general obligation bonds: (i) limited ad valorem, and (ii) unlimited ad valorem. Limited ad
valorem bonds have legal limits on tax rates (millages) that can be levied for debt service.
Unlimited ad valorem bonds are secured by a full faith and credit pledge and have no statutory
upper limit on tax rate or amount.
. Most cost effective method of financing
. Maturity up to 30 years
. Requires voter approval
. Requires I.OOX coverage
. May be an unfair distribution of payment
~ Revenue Bonds - Revenue bonds are long-term obligations that are secured by some specified
revenue source. Revenue bonds do not require voter approval. Since revenue bonds are secured
by a specified revenue and not the full faith and credit of the entity, the costs of issuance and the
overall cost of the debt are usually higher than general obligation bonds. In addition, revenue
bonds typically require a debt service reserve fund and certain bond coverage tests.
. More costly than general obligation bonds
. Maturity up to 30 years
Public Financial Management
Page 5
. Does not require voter approval
. Most security pledges require a minimum of 1.1OX coverage depending upon the specific
security source (Most state shared revenue sources require 1.25X -1.35X coverage.)
. May be secured by existing revenue source such as half-cent sales tax, utility tax, covenant to
budget & appropriate, etc.
. Type of Sale - There are basically three types of municipal bond sales: competitive sales and
negotiated sales, both of which are public offerings, and private placements.
~ Public Offerings - Public offerings are bond issues sold to underwriting firms - either through a
competitive bid process or a negotiation - who remarket the bonds to investors. Public offerings
mat be sold insured or uninsured, and rated or non-rated. There are various costs associated with
public offerings including bond insurance, ratings, underwriter's discount, bond counsel, printing
the preliminary and final official statement and other issuance costs. Public offerings are usually
cost effective with financings of over $5.0 million.
. Maturity up to 30 years
. Higher costs of issuance
. Minimal impact bank qualified/non-bank qualified
. Expanded documentation
. Standard call provisions (10 years @ 10 1)
~ Private Placement - A private placement entails selling bonds, notes or other securities to a
limited number of investors or simply placing them at a bank as a placement or a loan. The
securities are either purchased for investment purposes rather than resale, or held in the bank's
portfolio. The pledge or security of the issue may be ad valorem revenues, covenant to budget
and appropriate, or other specified revenue source. The documents would create a lien on that
revenue. The advantage of using a private placement rather than a public offering is that there are
fewer disclosure requirements, therefore the fixed cost of issuance are reduced.
. Maturity up to 15 - 20 years
. Lower costs of issuance
. Significant impact bank qualified/non-bank qualified
. Limited documentation
. Call provisions may vary - mayor may not have prepayment penalty
Public Financial Management
Page 6
. Additional Issues to Consider:
~ Structure - there are numerous ways to structure debt service based upon a given revenue
stream and coverage requirements. PFM generally recommends level debt service for those
revenues that have not been previously pledged to other debt. The actual structure may have a
significant impact on the debt capacity.
~ Covenant to Budget and Appropriate - if the County pledges any specific non-ad valorem
revenue to a financing, it will have an impact on the capacity of a covenant to budget and
appropriate pledge due to the anti-dilution test requirements contained in most covenant bond
resolutions. The table below is a typical formula to calculate legally available non-ad valorem
revenue. If this type financing is considered further, PFM would consult with the County
Attorney and Bond Counsel to identify any other revenue restrictions,
Revenues - Governmental Fund Types (Paee CS 1)
General
Special Revenue 2
Debt Service
Capital Projects
Total Revenue
Less Restricted Funds:
Capital Projects
Debt Service
Total Revenue
Less Ad Valorem Revenue (Page K3)
$ Thousands
30,905
108,408
756
14,357
154,426
(14,357)
(756)
139,314
67,551
Total Non-Ad Valorem Revenue
71,763
Essential & Mandated Expenditures (Paee Dl)
Public Safety
General Government
Total E & M
Less: E & M Expenditures Paid
from Ad Valorem Revenues
32,858
16,797
49,654
(24,077)
25,578
Legally Available Non-Ad Valorem Revenues
46,185
1
References to Monroe County 2001 CAFR
2 Special Revenues may be restricted depending on project description.
Public Financial Management
Page 7
~ Bank Qualified versus Non-Bank Qualified - Federal tax law currently allows financial
institutions to deduct a portion of the interest income from their loans to municipal issuers of less
than $10 million of tax-exempt debt per calendar year in calculating their income tax liability.
Financial institutions, in turn, typically pass a portion of the tax savings associated with these
"bank qualified" loans to issuers in the form of lower interest rates. Bank qualification is a
classification per the Internal Revenue Code and applies to all types of debt issued in any
calendar year (for example, loans, private placements, public offerings, etc.). There can be as
much as 100 basis points difference between a bank qualified and non-bank qualified private
placement interest rate and as much as 25 basis points difference in a public offering interest
rate. Public offerings may be less sensitive to bank qualification than private placements. If the
County issues or plans to issue more than $10 million in debt of all types in any calendar year,
bank qualification will not be available.
Public Financial Management
Page 8