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T . r i. i VILLAGE OF iTEQUESTA
Post Office Box 3273 • 357 Tcquesta Drive
5 e_t I „i Tcqucsta,Florida 33469-0273 • (407) 575-6200
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• Fax: (407)575-6203
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MEMORANDUM:
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TO: Village Council
FROM: Thomas G. Bradford, Village Manager �__,�
DATE: June 3, 199.3
SUBJECT: Proposed 1993 Bond Issue; Agenda Item
,
Even though the Finance and Administration Committee has been
reviewing and making recommendations relative to the proposed, Bond
Issue, I thought it would be worthwhile for the full Village
Council to have a discussion on this matter due to its importance.
A listing of the proposed projects, a financial analysis and a
projection of the millage rate impact for proposed 20-Year Revenue
Bonds in the aggregate amount of $3,000,050 is attached hereto for
your review. I believe it would be beneficial to have a general
discussion of this issue so that each of us is fully aware of the
direction in which the Village is heading and so that any changes,
whether they be additions or deletions, can be made at the earliest
opportune time. .
TGB/krb. -
Attachment
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VILLAGE OF TEQUESTA
0 � Post Office Box 3273 • 357 Tequesta Drive
�'r1 �;41 ''� Tequesta,Florida 33469-0273 • (407) 575-6200
' ��� k Fax:(407)575-6203
C, CO01
MEMORANDUM
TO: Thomas G. Bradford, Villa a er
-
FROM: Bill Kascavelis, Director o Fl ance
'DATE: May 18, 1993 �
SUBJECT: Finance & Administration Committee Meeting;
May 21, 1993, Agenda Item III
Attached is a hypothetical analysis of the proposed twenty
(20) year Revenue Bond Issue required to finance the Fire
Department equipment purchases and the Capital Improvement Projects
recommended for approval by the Finance & Administration Committee.
of Council.
Enclosures consist of:
. o Financial Analysis/Millage Rate Matrix
o List of Projects to be Bonded
o Bond Issue Required for Funding
o Hypothetical Amortization Schedule
o Fire Equipment Amortization Schedule .
o Aerial Ladder Truck Amortization Schedule
An analysis is currently in progress to estimate the required
- millage increase necessary for the FY 94 General Fund operating
budget.
Respectfully submitted. -
BCK/mk
Enclosures -
Recycled Pater i
•
VI
FINANCIAL ANALYSIS
PROJECTS AND FIRE EQUIPMENT FINANCING
20-YEAR REVENUE BONDS $3,050,000
Average Annual Debt Service $230,000
Current Debt Service 79 Bonds 85,000
Increased Average Annual Debt Service 145,000
Less: Average Annual D/S Fire Equipment 45,000
Increased Debt Service (Ad Valorem Taxes) $100,000
Millage Increase Required .3053 mills
Current Millage Rate FY 93 5.9000
Millage Required for D/S Cap. Imp. Projects .3053
Total Millage 6.2053
Percent Increase 5. 17%
Allocation of Increased Millage Rate to Improvement Projects
Average annual debt service to be allocated $100,000
Projects Amount Percent Millage
Transportation
Dover Ditch 826, 850 .5311 . 1621
Tequesta Drive Sidewalk 70,000 .0449 .0137
896, 850 .5760 .1758
Parks & Recreation
Tequesta Park.
Parking Lot Paving &
Landscaping 145,000 .0931 .0284
Playground Improvements 85,000 .0546 .0167
New Bailfields & Lighting 215,000 .1381 .0422
Parking Lot Expansion 80,000 .0514 .0157
525,000 .3372 .1030
Constitution Park
Expansion of Facilities 135,000 .0868 .0265
660,000 .4240 .1295
Total Projects 1,556,850 1.000 .3053
VILLAGE OF TEQUESTA, FLORIDA
IMPROVEMENT REFUNDING REVENUE BONDS, SERIES 1993
REFUND SERIES 1979 BONDS $615,000
AND $2,175,000 NEW MONEY
ISSUE DATE: 8/1/93
HYPOTHETICAL ANALYSIS
SOURCE OF FUNDS
Par Amount of Bonds $3,050,000.00
Plus premium or minus discount .00
Bond Proceeds $3,050,000.00
Existing Debt Service Reserve 123,720.00
$3, 173,720.00
USE OF FUNDS _
Retire Existing Bonds 635,000.00
Underwriter's .Discount (1.00%) 30,500.00
Cost of Issuance 50,000.00
Project Fund 2, 175,000.00
Bond Insurance 30,000.00
Debt Service Reserve 250,000.00
Contingency 3,220.00
Total Uses $3, 173,720.00
PROJECTS AND FIRE EQUIPMENT
TO BE CONSIDERED FOR
BOND FINANCING FY 93
GENERAL GOVERNMENT
FIRE DEPARTMENT
Pumper Truck ( 160, 000 - 210,000) $ 165,000
Ladder Truck (223,000 - 400,000) 452,000
TOTAL GENERAL GOVERNMENT. $ 617,000
TRANSPORTATION
Dover Ditch $ 826, 850
Tequesta Drive Sidewalks ( 70,000 - 100,000) 70,000
TOTAL TRANSPORTATION $ 896,850
• PARKS AND RECREATION •
TEQUESTA PARK
Parking Lot Paving & Landscaping $ 145,000
Playground Improvements 85,000
New Fields and Lighting 215,000
Parking Lot Expansion 80,000
TOTAL $ 525,000
CONSTITUTION PARK
Expansion of Facilities $ 135,000
TOTAL PARKS AND RECREATION S. 660,000
TOTAL NEW PROJECTS $2,173,850
•
Refund 79 Series Bonds $ 615,000
GRAND TOTAL $2,788,850
HYPOTHETICAL AMORTIZATION SCHEDULE
20-YEAR REVENUE BONDS $3,050,000
PERIOD
ENDING RATE PRINCIPAL INTEREST TOTAL BALANCE
8-1-93 $ 3, 050,000
8-1-94 2.80 $130, 000 $ . 85,400 $ 215,400 2, 920,000
95 3.30 130,000 96,360 226,360 2, 790,000
96 3. 60 130,000 100,440 230, 440 2, 660,000
97 4.00 130,000 106,400 236,400 2, 530,000
98 4.25 130, 000 107, 525 237,525 2, 400,000
99 4.50 130, 000 108,000 238,000 2, 270,000
00 4. 60 130,000 104,420 234,420 2, 140,000
01 4.70 130,000 100, 580 230,580 2,010,000
02 4.80 145,000 96,480 241,480 1, 865,000
03 5.00 150,000 93, 250 243,250 1, 715,000
04 5.25 150,000 90,038 240,038 1, 565,000
05 5.40 150,000 84, 510 234, 510 1,415,000
06 5.50 160,000 77,825 237,825 1, 255,000
07 5. 60 160,000 70,280 230,280 1,095,000
08 5.70 160,000 62,415 222,415 935,000
09 5.80 170,000 54, 230 224,230 765,000
10 5.90 180,000 45, 135 225, 135 585,000 ,
11 5.90 190,000 34, 515 224, 515 395,000
12 5.90 195,000 23,305 218,305 200,000
13 5. 90 200,000 11, 800 211,800 00
3,050,000 1, 552,908 4, 602,908
Average Annual Debt Service $230,146
HYPOTHETICAL AMORTIZATION SCHEDULE
20-YEAR REVENUE BONDS
PUMPER AND AERIAL LADDER TRUCK PURCHASES
PERIOD
ENDING RATE PRINCIPAL INTEREST TOTAL BALANCE
8-1-93 $ 620,000
94 2.80 $31, 000 $ 17,360 $ 48,360 589,000
95 3.30 31,000 19,437 50, 437 558,000
96 3.60 31,000 20,088 51,088 527,000
97 4.00 31,000 21,080 52,080 496,000
98 4. 25 31,000 21,080 52,080 465,000
99 4. 50 31,000 20, 925 51, 925 434,000
00 4. 60 31,000 19,964 50,964 403,000
01 4.70 31,000 18,941 49, 941 372,000
02 4.80 31,000 17, 856 48, 856 341,000
03 5.00 31,000 17,050 48,050 310,000
04 5.25 31,000 16, 275 47,275 279,000
05 5.40 31, 000 15,066 46,066 248,000
06 5. 50 31, 000 13, 640 44, 640 217,000
07 5. 60 31,000 12, 152 43, 152 186,000
08 5.70 31,000 10, 602 41, 602 155,000
09 5. 80 31,000 8,990 39,990 124,000
10 5.90 31,000 7,316 38,316 93,000
11 5.90 31,000 5,487 36,487 62,000
12 5.90 31,000 3, 658 34, 658 31,000
13 5.90 31,000 1, 829 32,829 00
620,000 288,796 908, 796
Average Annual Debt Service 45,440
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HYPOTHETICAL AMORTIZATION SCHEDULE
20-YEAR REVENUE BONDS
AERIAL LADDER TRUCK PURCHASE
PERIOD
ENDING RATE PRINCIPAL INTEREST TOTAL BALANCE
8-1-93 $455, 000
94 2.80 $20,000 $12, 740 $32, 740 435, 000
95 3.30 20,000 14,355 34,355 415,000
96 3. 60 20,000 14, 940 34, 940 395,0'00
97 4.00 20,000 15, 800 35, 800 375,000
98 4.25 20, 000 15,938 35, 938 355,000
99 4. 50 20, 000 16,330 36, 330 335,000
00 4. 60 20,000 15,410 35,410 315,000
01 4.70 20,000 14, 805 34, 805 295,000
02 4.80 20,000 14, 160 34, 160 275,000
03 5.00 20,000 13,750 33, 750 255,000
04 5.25 25,000 13,388 38,388 230,000
05 5.40 25,000 12,420 37, 420 205,000
06 5.50 25,000 11,275 36, 275 180,000
07 5. 60 25,000 10,080 35, 080 155, 000
08 5.70 25,000 8,835 33, 835 130,000
09 5.80 25, 000 7, 540 32, 540 105,000
10 5.90 25, 000 6, 195 31, 195 80,000
11 5.90 25,000 4,720 29, 720 55, 000
12 5.90 25,000 3,245 28, 245 30,000
13 5.90 30,000 1,770 31, 770 00
455,000 227, 696 682, 696
Average Annual Debt Service 34,135
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