Laserfiche WebLink
<br />4 <br />THE REFINANCING PLAN <br />The Bonds are being issued to provide funds to (i) refinance all of the outstanding 2007 <br />Certificates, and the City’s related lease payment obligations, and (ii) pay the costs of issuing <br />the Bonds. <br />The 2007 Certificates were executed and delivered for the primary purpose of refunding <br />the City’s lease payment obligations relating to the $26,000,000 original principal amount of <br />1999 Certificates of Participation (Library and fire Stations Financing) (the “1999 Certificates”) <br />that the City caused to be executed and delivered in 1999. The total principal amount of 2007 <br />Certificates currently outstanding is $16,735,000, $910,000 of which will be paid as due on <br />November 1, 2016 and the remaining amount ($15,825,000) will be prepaid with the proceeds of <br />the Bonds and other amounts on hand related to the 2007 Certificates. <br /> <br />The outstanding 2007 Certificates that are expected to be prepaid are as follows: <br /> <br />2007 CERTIFICATES OF PARTICIPATION <br /> (Library and Fire Stations Refunding Project) <br />Maturity Date <br />(November 1) <br />Principal Amount <br />to be Prepaid CUSIP† <br /> <br />Prepayment <br />Date* <br />Prepayment <br />Price (% of <br />Par Amount) <br />2017 $945,000 798432 DP7 12/02/2016 101.0% <br />2018 985,000 798432 DQ0 12/02/2016 101.0 <br />2019 1,020,000 798432 DR8 12/02/2016 101.0 <br />2020 1,060,000 798432 DS6 12/02/2016 101.0 <br />2021 1,105,000 798432 DT4 12/02/2016 101.0 <br />2022 1,150,000 798432 DU1 12/02/2016 101.0 <br />2023 1,200,000 798432 DV9 12/02/2016 101.0 <br />2024 1,250,000 798432 DW7 12/02/2016 101.0 <br />2025 1,305,000 798432 DX5 12/02/2016 101.0 <br />2026 1,360,000 798432 DY3 12/02/2016 101.0 <br />2027 1,420,000 798432 DZ0 12/02/2016 101.0 <br />2028 1,480,000 798432 EA4 12/02/2016 101.0 <br />2029 1,545,000 798432 EB2 12/02/2016 101.0 <br /> <br />* Preliminary; subject to change. † Copyright 2016, American Bankers Association. CUSIP data herein are provided by CUSIP Global Services, managed by Standard & Poor’s Capital IQ, and are provided for convenience of reference only. Neither the District nor the Underwriter assumes any responsibility for the accuracy of these CUSIP data. <br />On the prepayment date set forth above, a portion of the proceeds of the Bonds, <br />together with other available moneys held by U.S. Bank National Association, as trustee for the <br />2007 Certificates (the “2007 Certificates Trustee”), will be used to prepay, in full, the 2007 <br />Certificates. Funds for this purpose will be held by the 2007 Certificates Trustee pursuant to <br />Irrevocable Refunding Instructions for the 2007 Certificates dated as of December 1, 2016 and <br />given by the Authority and the City to the 2007 Certificates Trustee. The amounts held by the 2007 Certificates Trustee are pledged solely to the payment of the 2007 Certificates. Neither <br />the funds so–deposited with the 2007 Certificates Trustee nor the interest on such funds will be available for the payment of debt service on the Bonds.