Metropolitan Council Environmental Services A Clean Water Agency Presented to the Environment Committee January 11, 2011 Info Item 3: Capital Finance Update.

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Presentation transcript:

Metropolitan Council Environmental Services A Clean Water Agency Presented to the Environment Committee January 11, 2011 Info Item 3: Capital Finance Update ($70M PFA & $65M BABs) Jason Willett, MCES Finance Director

2 Build America Bonds (BAB) Summary $65 million Council BAB — Competitive bids — Closed on December 22 — 2.97% after federal 35% credit (3.9% before credit) — $65M projected to last about months

3 PFA Loan Summary $70 million PFA loan — Closing January 13, 2011 — Interest rate locked on October 22, 2010 at all-time low of 1.77% — PFA loans to provide about 60% of wastewater capital project spending — $70M projected to last about months

4 Total DebtPresent ServiceValue 2.62% Council BABs* $90.8$ % PFA loan Savings Interest Rate $ 7.1$ 5.5 Underwriters Disc./Issuance Cost Saved $ 0.6 Interest Savings from Reimbursement Basis $ 0.5 Total Present Value Savings$ 6.6 PFA Compared to BAB $70 million loan * 2.62% is after 35% federal rebate (estimated rate on 10/22/10).

5 PFA Loan Key Terms Loan closing date is Jan. 13, 2011 (day after Council approval) Funds received after expenses incurred No interest accrual until fund disbursement Council must complete projects even after funding is exhausted Loan backed by Council’s general obligation

6 Key Terms, cont. Sale of assets and management contracts restricted — Blue Lake project has extra restriction and must have declaration recorded against title Federal prevailing wage rates (Davis-Bacon) must be used Refunding or prepayment savings is split with PFA

7 Rates* * Chart of national average G.O. AAA 20-year bonds.

8 MCES Outstanding Debt * Actual through 2009, projected thereafter based on CIP and level debt service on all new debt.

9 MCES Debt Service * Actual through 2009, projected thereafter based on CIP and level debt service on all new debt.

Planned Refunding $9.6 million of 2002B bonds “callable” in June “Current” refunding sale in March 4.00% interest cost reduced to estimated 1.51% About $570,000 savings estimated (net present value)

11 Questions/Concerns