HomeMy WebLinkAboutDocumentation_Regular_Tab 15_1/14/2021Agenda Item #15.
Regular Council
STAFF MEMO
Meeting: Regular Council - Jan 14 2021
Staff Contact: Hugh Dunkley, Finance Director Department: Finance
_TITLE
RESOLUTION 08-21, A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF
TEQUESTA, FLORIDA, AMENDING AND INCREASING THE FISCAL YEAR 2020/2021 BUDGETS
IN THE GENERAL FUND #001, CAPITAL IMPROVEMENT FUND #301 AND CAPITAL PROJECTS
FUND #303 TO RECOGNIZE LOAN PROCEEDS RESULTING FROM THE ISSUANCE OF
CAPITAL IMPROVEMENT REVENUE NOTE, SERIES 2021; PROVIDING AN EFFECTIVE DATE;
AND FOR OTHER PURPOSES.
The Village Council authorized the issuance of $6,890,000 Capital Improvement Revenue Notes,
Series 2021 ("the Series 2021 Notes") for the purpose of funding certain capital improvements
identified in the Village's Five -Year Capital Improvement Plan ("CIP"). These improvements include
construction of a new community center; partial funding of the Village's 20-year road replacement
plan as well as various other parks and recreational improvements. The adopted budget for
FY2020/2021 requires an amendment to provide for the receipt of the proceeds of the Series 2021
Note and to reflect Capital Outlay expenditures in connection with the CIP Projects as well as to
provide for payment of the related debt service and debt issuance costs in connection with the Series
2021 Note. Staff is therefore recommending an amendment to the FY2021 budget to reflect this
transaction.
POTENTIAL MOTION /DIRECTION REQUESTED:,
Staff recommends approval of the above budget amendment request.
RESO. 08-21 SERIES 2021 REVENUE NOTE
Teauesta -Capital Imp Rev Note Series 2021 -FINAL NUMBERS (003)
Page 348 of 394
Agenda Item #15.
RESOLUTION 08-21
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF
TEQUESTA, FLORIDA, AMENDING AND INCREASING THE FISCAL
YEAR 2020/2021 BUDGETS IN THE GENERAL FUND #001, CAPITAL
IMPROVEMENT FUND #301 AND CAPITAL PROJECTS FUND #303 TO
RECOGNIZE LOAN PROCEEDS RESULTING FROM THE ISSUANCE
OF CAPITAL IMPROVEMENT REVENUE NOTE, SERIES 2021;
PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES.
WHEREAS, the Village Council Authorized the issuance of $6,890,000 Capital
Improvement Revenue Notes, Series 2021 ("the Series 2021 Notes") for the purpose of
funding certain capital improvements identified in the Village's Five -Year Capital
Improvement Plan ("CIP55);
WHEREAS, the adopted budget for FY2020/2021 requires an amendment to
provide for the receipt of the proceeds of the Series 2021 Note and to reflect Capital
Outlay expenditures in connection with the CI P Projects as well as to provide for the
payment of debt service and debt issuance costs in connection with the Series 2021
Note;
WHEREAS, the Fiscal Year 2020/2021 Budget will be amended as specified in the
attached "Exhibit A";
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE
VILLAGE OF TEQUESTA, PALM BEACH COUNTY, FLORIDA, AS FOLLOWS:
Section 1: Resolution 08-21, amending the Fiscal Year 2020/2021 General
Fund #001, Capital Improvement Fund #301 and Capital Projects Fund #303 budgets is
hereby adopted in accordance with the attached "Exhibit A";
Section 2: This Resolution shall become effective immediately upon passage.
Page 349 of 394
Agenda Item #15.
EXHIBIT "A"
BUDGET AMENDMENT SUMMARY
GENERAL FUND #001:
Account Description
Debt Service — Interest
Transfer to Capital Improvement Fund
CAPITAL IMPROVEMENT FUND #301:
Account Description
Transfer from General Fund
Capital Outlay — Transportation
Allocate to Fund Balance
CAPITAL PROJECTS FUND #303:
Account Description
Other Financing Sources — Loan Proceeds
Capital Outlay — Culture & Recreation
Capital Outlay — Transportation
Allocate to Fund Balance
Debt Issuance Costs
Amount Incr. (Decr.)
$29,206
($29,206)
($29,206)
($255,000)
$2253794
$61890y000
$61350y000
$2551000
$2553000
$30YO00
Page 350 of 394
Agenda Item #15.
TABLE OF CONTENTS
Village of Tequesta, Florida
Capital Improvement Revenue Note, Series 2021
(Lender: Sterling National Bank)
FINAL NUMBERS
Report
Page
Sources and Uses of Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Bond Summary Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Bond Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Aggregate Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Cost of Issuance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Form 8038 Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Dec 28, 2020 4:15 pm Prepared by Hilltop Securities Inc. (MJS) Page 351 of 394
Agenda Item #15.
SOURCES AND USES OF FUNDS
Village of Tequesta, Florida
Capital Improvement Revenue Note, Series 2021
(Lender: Sterling National Bank)
FINAL NUMBERS
Dated Date 01/21/2021
Delivery Date 01/21/2021
Sources:
Bond Proceeds:
Par Amount 6,890,000.00
6,890,000.00
Uses:
Project Fund Deposits:
Community Center
6,000,000.00
Streets & Roadway
510,000.00
Parks & Recreational
350,000.00
6,860,000.00
Delivery Date Expenses:
Cost of Issuance
30,000.00
6,890,000.00
Dec 28, 2020 4:15 pm Prepared by Hilltop Securities Inc. (MJS) Page 351W �94
Aaenda Item #15.
BOND SUMMARY STATISTICS
Village of Tequesta, Florida
Capital Improvement Revenue Note, Series 2021
(Lender: Sterling National Bank)
FINAL NUMBERS
Dated Date
01/21/2021
Delivery Date
01/21/2021
First Coupon
04/01/2021
Last Maturity
10/01/2040
Arbitrage Yield
2.180147%
True Interest Cost (TIC)
2.180147%
Net Interest Cost (NIC)
2.180000%
All -In TIC
2.226183
Average Coupon
2.180000%
Average Life (years)
11.037
Duration of Issue (years)
9.591
Par Amount
6,890,000.00
Bond Proceeds
6,890,000.00
Total Interest
1,657,731.34
Net Interest
1,657,731.34
Total Debt Service
8,547,731.34
Maximum Annual Debt Service
434,583.40
Average Annual Debt Service
434,017.39
Underwriter's Fees (per $1000)
Average Takedown
Other Fee
Total Underwriter's Discount
Bid Price
100.000000
Par Average Average PV of 1 by
Bond Component Value Price Coupon Life change
Term Bond 6,890,000.00 100.000 2.180% 11.037 10,955.10
6,890,000.00 11.037 10,955.10
Par Value
+ Accrued Interest
+ Premium (Discount)
- Underwriter's Discount
- Cost of Issuance Expense
- Other Amounts
Target Value
Target Date
Yield
TIC
6,890,000.00
6,890,000.00
01/21/2021
2.180147%
All -In
TIC
6,890,000.00
(30,000.00)
6,860,000.00
01/21/2021
2.226183
Arbitrage
Yield
6,890,000.00
6,890,000.00
01/21/2021
2.180147%
Dec 28, 2020 4:15 pm Prepared by Hilltop Securities Inc. (MJS) Page 35SW 394
Aaenda Item #15.
BOND PRICING
Village of Tequesta, Florida
Capital Improvement Revenue Note, Series 2021
(Lender: Sterling National Bank)
FINAL NUMBERS
Maturity
Bond Component Date Amount Rate Yield Price
Term Bond:
10/01/2021
197,000
2.180%
2.180%
100.000
10/01/2022
288,000
2.180%
2.180%
100.000
10/01/2023
294,000
2.180%
2.180%
100.000
10/01/2024
301,000
2.180%
2.180%
100.000
10/01/2025
307,000
2.180%
2.180%
100.000
10/01/2026
314,000
2.180%
2.180%
100.000
10/01/2027
321,000
2.180%
2.180%
100.000
10/01/2028
328,000
2.180%
2.180%
100.000
10/01/2029
335,000
2.180%
2.180%
100.000
10/01/2030
342,000
2.180%
2.180%
100.000
10/01/2031
350,000
2.180%
2.180%
100.000
10/01/2032
358,000
2.180%
2.180%
100.000
10/01/2033
365,000
2.180%
2.180%
100.000
10/01/2034
373,000
2.180%
2.180%
100.000
10/01/2035
381,000
2.180%
2.180%
100.000
10/01/2036
390,000
2.180%
2.180%
100.000
10/01/2037
398,000
2.180%
2.180%
100.000
10/01/2038
407,000
2.180%
2.180%
100.000
10/01/2039
416,000
2.180%
2.180%
100.000
10/01/2040
425,000
2.180%
2.180%
100.000
6,890,000
Dated Date
Delivery Date
First Coupon
Par Amount
Original Issue Discount
Production
Underwriter's Discount
Purchase Price
Accrued Interest
Net Proceeds
01/21/2021
01/21/2021
04/01/2021
6,890,000.00
6, 890, 000.00 100.000000 %
6, 890, 000.00 100.000000 %
6,890,000.00
Dec 28, 2020 4:15 pm Prepared by Hilltop Securities Inc. (MJS)
Page 354V -394
Aaenda Item #15.
BOND DEBT SERVICE
Village of Tequesta, Florida
Capital Improvement Revenue Note, Series 2021
(Lender: Sterling National Bank)
FINAL NUMBERS
Dated Date 01/21/2021
Delivery Date 01/21/2021
Period
Ending
Principal
Coupon
Interest
Debt Service
10/01/2021
197,000
2.180%
104,306.94
301,306.94
10/01/2022
288,000
2.180%
145,907.40
433,907.40
10/01/2023
294,000
2.180%
139,629.00
433,629.00
10/01/2024
301,000
2.180%
133,219.80
434.0219.80
10/01/2025
307,000
2.180%
126,658.00
433,658.00
10/01/2026
314,000
2.180%
119,965.40
433,965.40
10/01/2027
321,000
2.180%
113,120.20
434,120.20
10/01/2028
328,000
2.180%
106,122.40
434,122.40
10/01/2029
335,000
2.180%
98,972.00
433,972.00
10/01/2030
342,000
2.180%
91,669.00
433,669.00
10/01/2031
350,000
2.180%
84,213.40
434,213.40
10/01/2032
358,000
2.180%
76,583.40
434,583.40
10/01/2033
365,000
2.180%
68,779.00
433,779.00
10/01/2034
373,000
2.180%
60,822.00
433,822.00
10/01/2035
381,000
2.180%
52,690.60
433,690.60
10/01/2036
390,000
2.180%
44,384.80
434,384.80
10/01/2037
398,000
2.180%
35,882.80
433,882.80
10/01/2038
407,000
2.180%
27,206.40
434.8206.40
10/01/2039
416,000
2.180%
18,333.80
434,333.80
10/01/2040
425,000
2.180%
9,265.00
434.8265.00
6,890,000
1,657,731.34
8,547,731.34
Dec 28, 2020 4:15 pm Prepared by Hilltop Securities Inc. (MJS) Page 356W t94
Agenda Item #15.
BOND DEBT SERVICE
Village of Tequesta, Florida
Capital Improvement Revenue Note, Series 2021
(Lender: Sterling National Bank)
FINAL NUMBERS
Dated Date 01/21/2021
Delivery Date 01/21/2021
Period
Ending
Principal
Coupon
Interest
Debt Service
Annual
Debt Service
04/01/2021
29,205.94
29,205.94
10/01/2021
197,000
2.180%
75,101.00
2721101.00
301,306.94
04/01/2022
72,953.70
72,953.70
10/01/2022
288,000
2.180%
72,953.70
360,953.70
433,907.40
04/01/2023
69,814.50
69,814.50
10/01/2023
294,000
2.180%
69,814.50
363,814.50
433,629.00
04/01/2024
66,609.90
66,609.90
10/01/2024
301,000
2.180%
66,609.90
367,609.90
4341219.80
04/01/2025
63,329.00
63,329.00
10/01/2025
307,000
2.180%
63,329.00
370,329.00
433,658.00
04/01/2026
59,982.70
59,982.70
10/01/2026
314,000
2.180%
59,982.70
373,982.70
433,965.40
04/01/2027
56,560.10
56,560.10
10/01/2027
321,000
2.180%
56,560.10
377,560.10
434,120.20
04/01/2028
53,061.20
53,061.20
10/01/2028
328,000
2.180%
53,061.20
381,061.20
4341122.40
04/01/2029
49,486.00
49,486.00
10/01/2029
335,000
2.180%
49,486.00
3841486.00
433,972.00
04/01/2030
45,834.50
45,834.50
10/01/2030
342,000
2.180%
45,834.50
387,834.50
433,669.00
04/01/2031
42,106.70
42,106.70
10/01/2031
350,000
2.180%
421#106.70
3921106.70
434.8213.40
04/01/2032
38,291.70
38,291.70
10/01/2032
358,000
2.180%
38,291.70
396,291.70
434,583.40
04/01/2033
34,389.50
34,389.50
10/01/2033
365,000
2.180%
34,389.50
399,389.50
433,779.00
04/01/2034
30,411.00
30,411.00
10/01/2034
373,000
2.180%
30,411.00
403,411.00
433,822.00
04/01/2035
26,345.30
26,345.30
10/01/2035
381,000
2.180%
26,345.30
407,345.30
433,690.60
04/01/2036
22,192.40
22,192.40
10/01/2036
390,000
2.180%
221#192.40
4121192.40
434,384.80
04/01/2037
17,941.40
17,941.40
10/01/2037
398,000
2.180%
17,941.40
415,941.40
433,882.80
04/01/2038
13,603.20
13,603.20
10/01/2038
407,000
2.180%
13,603.20
420,603.20
434.1206.40
04/01/2039
91166.90
9,166.90
10/01/2039
416,000
2.180%
91166.90
425,166.90
434,333.80
04/01/2040
41632.50
41632.50
10/01/2040
425,000
2.180%
4,632.50
429,632.50
4341265.00
61890,000
11657,731.34
8,547,731.34
81547,731.34
Dec 28, 2020 4:15 pm Prepared by Hilltop Securities Inc. (MJS) Page 356W 394
Agenda Item #15.
AGGREGATE DEBT SERVICE
Village of Tequesta, Florida
Capital Improvement Revenue Note, Series 2021
(Lender: Sterling National Bank)
FINAL NUMBERS
Period
Ending
Capital
Improvement
Revenue Note,
Series 2021
Promissory
Note, Series
2002
Aggregate
Debt Service
10/01/2021
301,306.94
248,334.32
549,641.26
10/01/2022
433,907.40
372,501.48
806,408.88
10/01/2023
433,629.00
433,629.00
10/01/2024
434,219.80
434,219.80
10/01/2025
433,658.00
433,658.00
10/01/2026
433,965.40
433,965.40
10/01/2027
434,120.20
434,120.20
10/01/2028
434,122.40
434,122.40
10/01/2029
433,972.00
433,972.00
10/01/2030
433,669.00
433,669.00
10/01/2031
434, 213.40
434, 213.40
10/01/2032
434,583.40
434,583.40
10/01/2033
433,779.00
433,779.00
10/01/2034
433,822.00
433,822.00
10/01/2035
433,690.60
433,690.60
10/01/2036
434,384.80
434,384.80
10/01/2037
433,882.80
433,882.80
10/01/2038
434,206.40
434,206.40
10/01/2039
434,333.80
434,333.80
10/01/2040
434,265.00
434,265.00
8,547,731.34
620,835.80
9,168,567.14
Dec 28, 2020 4:15 pm Prepared by Hilltop Securities Inc. (MJS) Page 35-fW t94
Agenda Item #15.
COST OF ISSUANCE
Village of Tequesta, Florida
Capital Improvement Revenue Note, Series 2021
(Lender: Sterling National Bank)
FINAL NUMBERS
Cost of Issuance $/1000 Amount
Issuer Counsel Fee 0.72569
5,000.00
Bond Counsel Fee 1.45138
10,000.00
Financial Advisor Fee 2.17707
15,000.00
4.35414
30,000.00
Dec 28, 2020 4:15 pm Prepared by Hilltop Securities Inc. (MJS) Page 356W 394
Aaenda Item #15.
FORM 8038 STATISTICS
Village of Tequesta, Florida
Capital Improvement Revenue Note, Series 2021
(Lender: Sterling National Bank)
FINAL NUMBERS
Dated Date 01/21/2021
Delivery Date 01/21/2021
Redemption
Bond Component Date Principal Coupon Price Issue Price at Maturity
Term Bond:
10/01/2021
197,000.00
2.180%
100.000
197,000.00
197,000.00
10/01/2022
288,000.00
2.180%
100.000
288,000.00
288,000.00
10/01/2023
294,000.00
2.180%
100.000
294,000.00
294,000.00
10/01/2024
301,000.00
2.180%
100.000
301,000.00
301,000.00
10/01/2025
307,000.00
2.180%
100.000
307,000.00
307,000.00
10/01/2026
314,000.00
2.180%
100.000
314,000.00
314,000.00
10/01/2027
321,000.00
2.180%
100.000
321,000.00
321,000.00
10/01/2028
328,000.00
2.180%
100.000
328,000.00
328,000.00
10/01/2029
335,000.00
2.180%
100.000
335,000.00
335,000.00
10/01/2030
342,000.00
2.180%
100.000
342,000.00
342,000.00
10/01/2031
350,000.00
2.180%
100.000
350,000.00
350,000.00
10/01/2032
358,000.00
2.180%
100.000
358,000.00
358,000.00
10/01/2033
365,000.00
2.180%
100.000
365,000.00
365,000.00
10/01/2034
373,000.00
2.180%
100.000
373,000.00
373,000.00
10/01/2035
381,000.00
2.180%
100.000
381,000.00
381,000.00
10/01/2036
390,000.00
2.180%
100.000
390,000.00
390,000.00
10/01/2037
398,000.00
2.180%
100.000
398,000.00
398,000.00
10/01/2038
407,000.00
2.180%
100.000
407,000.00
407,000.00
10/01/2039
416,000.00
2.180%
100.000
416,000.00
416,000.00
10/01/2040
425,000.00
2.180%
100.000
425,000.00
425,000.00
6,890,000.00 6,890,000.00 6,890,000.00
Stated Weighted
Maturity Interest Issue Redemption Average
Date Rate Price at Maturity Maturity
Yield
Final Maturity 10/01/2040 2.180% 425,000.00 425,000.00
Entire Issue 6,890,000.00 6,890,000.00 11.0367 2.1801%
Proceeds used for accrued interest
Proceeds used for bond issuance costs (including underwriters' discount)
Proceeds used for credit enhancement
Proceeds allocated to reasonably required reserve or replacement fund
0.00
30,000.00
0.00
0.00
Dec 28, 2020 4:15 pm Prepared by Hilltop Securities Inc. (MJS)
Page 359rcbf 394