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Overview of 2012 B COP Refinancing and Debt Repayment Plan Plumas Lake Elementary School District November 8, 2012
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Background During the 2012 calendar year, the District has taken steps to address its long term financing commitments: –Issuance of 2012 A COPs –Issuance of 2012 B COPs Slide 2
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2012 A COPs In June, the District issued 2012 A COP to: –Refinanced 2007 Bond Anticipation Note issued by CFD No. 1 –Fund $935,000 for the middle school site acquisition True Interest Cost 4.45% Can prepay at par on or after Sept. 1, 2022 Final Maturity Sept. 1, 2042 Slide 3
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2012 B COPs On November 1, the District issued $6.58 million of 2012 B COPs to refinance the 2007 COPs –Refunded $6,555,000 –True interest cost of less than 3.8% –Shift maturity date from June 1, 2037 to Sept. 1, 2037 –Can prepay at par on or after Sept. 1, 2022 Purpose of the refinance was to save money Slide 4
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Future Development Needed to Fund Shortfall Slide 9 New units represent minimum future development required to fully cover debt service Special tax revenue from new development may further reduce general fund liability
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Questions? Page 10
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