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HomeMy WebLinkAboutUpdate Documents - Central ServicesLiving Revenue -both bonds deficits below can be covered by other sales tax revenue and REET and economic enhancement monies As of 412412025, Compare Estimated Taxable Retail Sales column to Estimated Combined Annual Payment column Issued 91112022 Assume the Bonds are issued May 14, 2025 FINAL PAYMENT SCHEDULE FOR 2022 BOND EST. PAYMENT SCHEDULE FOR 2025 BOND 5•00% LG`' Fund Net Proceeds of $88,046,190, 35 years $60,000,000 Jail, financed 35.6 years times Surplus col. ::; , _.., PI;_;S ,L Assumed Retail Sales Estimated Tax Growth Period Taxable Retail Annual Annual Rate Ending Sales (1) Principal Interest Payment Principal (1) Interest (1) Payment (1) 26.28% 12/1/2022 5,433,475 2,000,000 1,004,166 3,004,165 0 0 0 14.18% 12/1/2023 6,741,146 885,000 3,916,663 4,801,663 0 0 0 6.45% 12/1/2024 6,750,812 930,000 # 3,872,413 4,802,413 0 0 0 2.00% 12/1/2025 ; _; '�4, � ' ' 980,000 # 3,825,913 4,805,913 0 1,661,265 1,681,265 2.00% 12/1/2026 7,007,400 1,025,000 # 3,776,913 4,801,913 0 31072,363 3,072,363 5.00% 12/1/2027 7,357,770 1,080,000 # 3,725,663 4,805,663 0 31072,363 310721363 5.00% 12/1/2028 7,725,659 1,130,000 # 3,671,663 4,801,663 200,000 31072,363 3,272,363 5.00% 12/1/2029 8,111,941 1,190,000 # 3,615,163 4,805,163 735,000 3,062,363 3,797,363 5.00% 12/1/2030 8,517,538 1,250,000 # 3,555,663 4,805,663 7701000 3,025,613 3,795,613 5M% 12/1/2031 8,943,415 1,310,000 # 3,493,163 4,803,163 810,000 2,987,113 3,797,113 5.00% 12/1/2032 9,390,58E 1,375,000 # 3,427,663 4,802,663 8501000 2,946,613 30796,613 5.00% 12/1/2033 9,860,116 1,445,000 # 3,358,913 4,803,913 1,120,000 2,904,113 4,024,113 5.00% 12/1/2034 101353,121 1,515,000 # 3,286,663 4,801,663 945,000 2,848,113 3,793,113 5.00% 12/1/2035 10,870,777 1,595,000 # 3,210,913 4,805,913 9951000 2,800,863 3,795,863 5.00% 12/1/2036 11,414,316 1,670,000 # 3,131,163 4,801,163 1,045,000 2,751,113 3,796,113 5.00% 12/1/2037 11,985,032 1,755,000 # 3,047,663 4,802,663 1,095,000 2,698,863 3,793,863 5.00% 12/1/2038 12,584,284 1,845,000 # 2,959,913 4,804,913 1,1501000 2,644,113 3,794,113 5.00% 12/1/2039 13,213,498 1,935,000 # 2,867,663 4,802,663 1,210,000 2,586,613 3,796,613 5.00% 12/1/2040 13,874,173 2,030,000 # 2,770,913 4,800,913 1,270,000 2,526,113 3,796,113 5.00% 12/1/2041 14,567,881 2,135,000 # 2,669,413 4,804,413 10330,000 2,462,613 3,792,613 5.00% 12/1/2042 15,296,275 2,240,000 # 2,562,663 4,802,663 1,400,000 2,392,788 3,792,788 5.00% 12/1/2043 16,0611089 2,350,000 # 2,450,663 4,800,663 1,475,000 2,3191288 3,794,288 5.00% 12/1/2044 16,864,144 2,475,000 # 2,327,288 4,802,288 11555,000 2,241,850 3,796,850 5.00% 12/1/2045 17,707,351 2,605,000 # 2,197,350 4,802,350 11635,000 2,160,213 3,795,213 5.00% 12/1/2046 18,592,718 2,745,000 # 2,060,588 4,805,588 117201000 2,074,375 3,794,375 5.00% 12/1/2047 19,522,354 2,885,000 # 1,916,475 4,801,475 1,810,000 1,984,075 3,794,075 5.00% 12/1/2048 20,498,472 3,040,000 # 1,765,013 4,805,013 1,9051000 1,8891050 3,794,050 5.00% 12/1/2049 21,523,396 3,165,000 # 1,639,613 4,804,613 2,005,000 1,789,038 3,794,038 5.00% 12/1/2050 22,599,565 3,295,000 # 1,509,056 4,804,056 21110,000 11683,775 3,7931775 5.00% 12/1/2051 23,729,544 3,430,000 # 1,373,138 4,803,138 2,220,000 1,573,000 3,793,000 5.00% 12/1/2052 24,916,021 3,570,000 # 1,231,650 4,801,650 2,345,000 114501900 3,795,900 5.00% 12/1 /2053 26,161, 822 3,720, 000 # 1,084,388 4,804,388 2,470, 000 11321,925 3,791,925 5.00% 12/1/2054 27,469,913 3,915,000 # 889,088 4,804,088 2,610,000 1,186,075 3,796,075 5.00% 12/1/2055 28,843,409 4,120,000 # 683,550 4,803,550 2,750,000 1,042,525 3,792,525 5.00% 12/1/2056 30,285,579 4,335,000 # 467,250 4,802,250 219051000 891,275 3,796,275 5.00% 12/1/2057 31,799,858 4,565,000 # 239,663 4,804,663 31065,000 731,500 31796,500 5.00% 12/1/2058 33,389,851 0 # 0 0 3,2301000 562,925 3,792,925 5.00% 12/1/2059 35,059,343 0 # 0 0 3,410,000 3851275 3,795,275 5.00% 12/1/2060 36,812,311 0 # 0 0 3,595,000 197,725 3,792,725 5.00% 12/1 /2061 381652, 926 0# 0 0 0 0 0 5.00% 12/1/2062 40,5851572 0# 0 0 0 0 0 Total 737,944,453 81,535,000 89,585,684 171,120,684 57,740,000 75,020,140 132,760,140 Avg. Payment 2023-2057: 41803,329 Avg. Payment 2028-2060 (1): 3,785,883 All -in True Interest Cost %: 4.31 % All -in True Interest Cost % (1): 5.07% (1) Preliminary and subject to change Estimated Surplus Less Surplus Less Combined remaining for for Program Less Surplus for Equipment Net Remaining for Annual Operating Maintenance Wage Replace Annual Operating Payment (1) Costs (1) Fund (1) Supplements (1) Fund (1) Costs (1) 3,004,166 2,429,309 1211465 0 0 2,307,844 D10 as per county revenue report 12-31-2022 4,801,663 1,939,484 96,974 0 0 11842,509 D11 as per county revenue report 12-31-2023 4,802,413 11948,400 97,420 0 0 1,850,980 D12 as per county revenue report 12-31-2024 6,487,178 382,823 19,141 0 0 363,6811, Projected 7,874,275 (866(866,875) 875) 0 0 0 For years 2026-2030 7,878,025 (520,255) p Q Q (520,255) Deficits can be covered by other sales tax revenue and BEET, 8,074,025 (348,367) Q Q Q (348,367) and economic enhancement monies of the County, 8,602,525 (490,584) Q 0 0 (490,584) as well monies from the General Fund 8,601,275 (83,737) 0 0 0 (83,737) 8,6001275 343,140 171157 34,314 100,000 191/669' 81599,275 791,311 39,566 79,131 100,000 5721615 81828,025 1,032,091 511605 103,209 100,000 7771277 ..,,,,,,.,.,,......,.,..,.,,.,.,_.,.,,_.,,, ,,..,,,...,,.,,,,,,,,,,_.ti..,,.,.,,,..,,,,.,,...._..,,,,.,.,H------,_.,,, 8,594775 1,758,346 87,917 175,835 100,000 1,394,594 117-Criminal justice sales and use tax 1311- New jail equipment replacement 8,601,775 2,269,002 113,450 226,900 100,000 1,828,652 8,597,275 2,817,041 140,852 281,704 100,000 21294,485 fund 8,596,525 3 388 507 169,425 8 851 33I 100 000 f 313-Bond expense for jail 21780,231 i 8,599, 025 3,985,259 199,263 398,526 1001000 3,287,470 8,599,275 416147223 2301711 461,422 100,000 3,822,089 8,597,025 5,277,148 263,857 5271715 100,000 4,385,576 81597,025 5,970,856 298,543 597,086 100,000 41975,228 8,5951450 6,700,825 3351041 670,083 1001000 5,595,702 8,594,950 7,466,139 373,307 746,614 1001000 6,246,218 8,5991138 8,265,006 413,250 826,501 100,000 6,925,255 8,597,563 9109,788 455,489 910,979 100,000 7,643,320 8,599,963 9,992,756 499,638 999,276 100,000 8393,842 81595,550 10,9261804 546,340 1,092,680 1001000 9,187,784 8,5991063 11,899,409 594,970 11189,941 100,000 10,014,498 8,598,650 121924,746 646,237 1,2921475 100,000 10,886,034 8,597,831 14,001;734 700.1087 1,400,173 100,000 11,801,474 815961138 15,133,406 756,670 1,513,341 1001000 121763,395 8,5971550 16,318,471 815,924 11631,847 100,000 13,770,700 8,596,313 17,565,509 878,275 11756,551 100,000 14,830,683 81600,163 18,869,750 943,488 1,886,975 100,000 15,939,288 815961075 20,247,334 11012,367 2,024,733 1001000 17,110,234 8,5981525 21,687,054 1,084,353 21168,705 1001000 18,333,996 17,865,000 8,601,163 23,198,695 1,159,935 2,319,870 100,000 19,618,891 y,,, - - ----------- --------------------------- Example, on 12/2/2056, call in 2057 maturity of the 2022 Bonds 3,792,925 29,596,926 1,479,846 2,959,693 100,000 25,057,387.plus maturities 2057-2060 of the 2025 Bonds 3,795,275 31,264,068 1,563,203 3,126,407 100,000 26,474,458 i 3,792,725 33,019,586 1,650,979 3,301,959 100,000 27,966,648 0 38,652,926 1,932,646 3,865,293 100,000 32,754,987 0 40,585,572 2,029,279 4,058,557 1001000 34,397,7371 303,880,824 434,063,629 21,818,672 42,967,343 3,200,000 366 077,614 --------------- - - - ------------------ Note: The County is allowed to capitalize (fund from the bonds) a portion of the interest cost during the construction period and 6 months after construction is completed. Prepared by: D.A. Davidson and Company - Public Finance - Phone 206-389-4062 Living Revenue -both bonds Deficit Change 26 Assumed Retail Sales Estimated Tax Growth Period Taxable Retail Rate Ending Sales (1) 26.28% 12/1/2022 14.18% 12/1 /2023 6.45 % 12/1 /2024 2.00% 12/1 /2025 2.00% 12/1/2026 5.00% 12/1 /2027 5.00% 12/1/2028 5.00% 12/1 /2029 5.00% 12/1/2030 5.00% 12/1 /2031 5.00% 12/1 /2032 5.00% 12/1/2033 5,00% 12/1/2034 5.00% 12/1/2035 5,00% 12/1/2036 5.00% 12/1 /2037 5.00% 12/1/2038 5.00% 12/1 /2039 5.00% 12/1/2040 5.00% 12/1/2041 5,00% 12/1/2042 5.00% 12/1 /2043 5,00% 12/1/2044 5.00% 12/1/2045 5.00% 12/1/2046 5.00% 12/1/2047 5.00% 12/1 /2048 5.00% 12/1 /2049 5.00% 12/1 /2050 5.00% 12/1/2051 5.00% 12/1 /2052 5.00% 12/1/2053 5.00% 12/1 /2054 5.00% 12/1 /2055 5.00% 12/1 /2056 5.00% 12/1/2057 5.00% 12/1/2058 5.00% 12/1 /2059 5.00% 1211 /2060 5.00% 12/1 /2061 5.00% 12/1 /2062 Total 5,433,475 6,741,146 6,750,812 8,152, 768 8,560,406 8,988,427 9,437,848 9,909,740 10,405,227 10,925,489 11,471,763 12, 045, 351 12,647,619 13,280,000 13, 944, 000 14,641,200 15, 373, 260 16,1411923 16, 949, 019 17,796,470 18,686,293 19,620,608 20, 601, 638 21,6310720 22,713,306 23, 848, 972 26,041,420 26,293,491 27,608,166 28,988,574 30,438, 003 31, 959, 903 33,5571898 35,235,793 36,997,583 38,847,462 40,789,835 42, 829, 326 44,9709793 47, 219, 332 deficits below can be covered by other sales tax revenue and REST and economic enhancement monies As of 412412025, Compare Estimated Taxable Retail Sales column to Estimated Combined Annual Payment column Issued 91112022 Assume the Bonds are issued May 14, 2025 FINAL PAYMENT SCHEDULE FOR 2022 BOND EST. PAYMENT SCHEDULE FOR 2025 BOND 5.00% 10.00% Fund Net Proceeds of $88,046,190, 35 years $60,000,000 Jail, financed 35.6 years times surplus col. times surplus col. Annual Principal Interest Payment 2.000,000 # 1,004,166 3.004,166 880,mrj 3,916,663 4,801,663 930,OG0 # 3,872,413 4,802,413 980,000 # 3,825,913 4,805,913 1,025,000 # 3,776,913 4,801,913 1,080,000 # 3,725,663 4,805,663 1,130,000 # 3,671,663 4,801,663 1,190,000 # 3,615,163 4,805,163 1,250,000 # 3,555,663 4,805,663 1,310,000 # 3,493,163 4,803,163 1,375,000 # 3,427,663 4,802,663 1,445,000 # 3,358,913 4,803,913 1,515,000 # 3,286,663 4,801,663 1,595,000 # 3,210,913 4,805,913 1,670,000 # 3,131,163 4,801,163 1,755,000 # 3,047,663 4,802,663 1,845,000 # 2,959,913 4,804,913 1,935,000 # 2,867,663 4,802,663 2,030,000 # 2,770,913 4,800,913 2,135,000 # 2,669,413 4,804,413 2,240,000 # 2,562,663 4,802,663 2,350,000 # 2,450,663 4,800,663 2,475,000 # 2,327,288 4,802,288 2,605,000 # 2,197,350 4,802,350 2,745,000 # 2,060,588 4,805,583 2,885,000 # 1,916,475 4,801,475 3,040,000 # 1,765,013 4,805,013 3,165,000 # 1,639,613 4,804,613 3,295,000 # 1,509,056 4,804,056 3,430,000 # 1,373,138 4,803,138 3,570,000 # 1,231,650 4,801,650 3,720,000 # 1,084,388 4,804,388 3,915,000 # 889,088 4,804,088 4,120,000 # 683,550 4,803,550 4,335,000 # 467,250 4,302,250 4,565,000 # 239,663 4,804,663 0# 0 0 0# 0 0 0# 0 0 0# 0 0 0# 0 0 Annual Principal (1) Interest (1) Payment (1) 0 0 0 0 0 0 0 0 0 0 11681,265 1,681,265 0 3,0721363 30072,363 0 3,072,363 3,072,363 2001000 300721363 3,272,363 735,000 31062,363 3,797,363 7701000 31025,613 3,795,613 810,000 2,987,113 3,797,113 850,000 21946,613 3,796,613 1,1201000 2,904,113 4,024,113 945,000 2,8481113 3,793,113 995,000 2,800,863 3,795,863 1,045,000 217511113 31796,113 1,095,000 2,6980863 3,793,863 11150,000 2,644,113 3,794,113 1,2101000 2,586,613 3,796,613 1,270,000 2,526,113 3,796,113 1,3301000 2,462,613 3,792,613 1,400,000 2,3921788 3,792,788 1,475)000 2,3191288 3,794,288 11555,000 2,241,850 3,796,850 1,635,000 2,160,213 3,795,213 1,720,000 2,074,375 3,794,375 1,8101000 1,984,075 3,794,075 1 X51000 1,889,050 3,794,050 2,005,000 1,789,038 3,794,038 2,110,000 1,683,775 3,793,775 2,220,000 1,573,000 3,793,000 2,3451000 1,450,900 3,795,900 2,470,000 1,3211925 3,791,925 21610,000 1,1861075 3,796,075 275Q,000 1,042,525 3,792,525 21905,000 891,275 3,796,275 31065,000 731,500 3,7961500 3,230,000 562,925 3,792,925 3,410,000 385275 3,795,275 3,595,000 197,725 3,792,725 0 0 0 0 0 0 Estimated Surplus Combined remaining for Annual Operating Payment (1) Costs (1) 3,004,166 2,429,309 4,801,663 1,939,484 4,802,413 1,948,400 6,487,178 1,5051732 7,874,275 278,493 7,878,025 682,381 8,074,025 9141402 8,602,525 835,323 8,601,275 1,308,465 8,600,275 1,804,952 8,599,275 2,326,214 8,828,025 2,643,738 8,594,775 3,450,576 8,601,775 4,045,844 8,597,275 4,682,725 8,596,525 5,347,475 8,599,025 6,042,175 8,599,275 6,773,985 8,597,025 7,544,898 81597,025 81351,994 8,595,450 9,201,020 8,594,950 10,091,343 8#599,138 11,021,470 8,597,563 12,004,076 8,599,963 13,031,758 8,595,550 14,117,756 8,599,063 15,249,909 8,598,650 16,442,770 81597,831 17,695,660 8,596,138 19,012,028 8,597,550 20,391,024 8,596,313 21,841,690 8,600,163 231359,740 81596,075 24,961,823 81598,525 26,637,268 8,601,163 28,396,420 3,792,925 35,054,537 3,795,275 36,994,560 3,792,725 39,036,601 0 441970,793 0 47,219,332 Less Surplus Less for Program Less Surplus for Equipment Net Remaining for Maintenance Wage Replace Annual Operating Fund (1) Supplements (1) Fund (1) Costs (1) 1211465 0 0 2,307,844 D10 as per county revenue report 12-31-2022 96,974 0 0 11842509 D11 as per county revenue report 12-31-2023 97,420 0 0 1,850,980 D12 as per county revenue report 12-31-2024 75,287 0 0 1,430,446 Projected 0 0 0 278,493 .�.._.....�..-...___..._-.�_,.�.�.._.........�.,.,.,.,,,,..,...........�..,,.,...,_.._�,�.,,.,.,..�„�.,,.,...,,..,..,,.,w...,,,,,...a.,,�.��..,,,,.. For years 2026-2030 0 0 0 682,381 Deficits can be covered by other sales tax revenue and BEET, 0 0 0 914,402 and economic enhancement monies of the County, 0 0 0 835,323 as well monies from the General Fund 0 0 0 1,308,4651 90,248 180,495 100,000 1,434,209 3 116,311 232,621 100,000 1,877,282 132,187 2641374 100,000 2,147,177 172,529 3451058 100,000 2,832,990 2021292 4041584 100,000 3,338,967 117-Criminal justice sales and use tax 311-New jail equipment replacement 2341136 468,272 100,000 3,880,316 fund 267,374 ' 534 747 100,000 4,445,354 313-Bond expense for jail 3021109 6041217 100,000 5,035,849 338,699 677,398 100,000 5,657,887..,,.,,,,,,,,-_....,.,,,_. 377,245 7541490 100,000 6,313,163 417,600 835,199 100,000 6,999,195 460,051 920,102 100,000 7,720,867 504,567 1/009/134 100,000 8,477,642 551,074 111021147 100,000 9,268,250 600,204 1,200,408 100,000 101103,464 651,588 1,303,176 100,000 10,976,994 705,888 1/411/776 100,000 11,900,093 7621495 1,524,991 100,000 12,862,423 8221139 1/644/277 100,000 13,876,355 8841783 11769,566 100,000 14,941,311 950,601 1,901,203 100,000 16,060,224 1,019,551 2,039,102 100,000 17/232/370 11092,085 2,184,169 100,000 18,465,437 11167,987 2,335,974 100,000 19,755,779 11248,091 2,496,182 100,000 21,117,550 1,331,863 2,663,727 100,000 22,541,678 171865,000 1,419, 821 2,839, 642 100,000 24,03 6,957 Example, on 12/2/2056, call in 2057 maturity of the 2022 Bonds 1,752,727 3,505,454 100,000 291696,356 plus maturities 2057-2060 of the 2025 Bonds 1,849,728 3,699,456 100,000 31,345,376 ; 1,951,830 3,903,660 100,000 33,081,111 21248,540 4/497/079 100,000 38,125,174 2,360,967 4,721,933 100,000 40,036,433 855,468,966 81,535,000 89,585,684 171,120,684 57,740,000 75,020,140 132,760,140 303,880,824 551588,142 27,378,454 53,974,615 3,200,000 467,035,072 Avg. Payment 2023-2057: 49803,329 Avg. Payment 2028-2060 (1): 31785,883 All -in True Interest Cost %: 4.31 % All -in True Interest Cost % (1): 5.07% (1) Preliminary and subject to change Note: The County is allowed to capitalize (fund from the bonds) a portion of the interest cost during the construction period and 6 months after construction is completed. Prepared by: D.A. Davidson and Company - Public Finance - Phone 206-389-4062