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28 <br />Illustrative Debt Sizing Analysis <br />>> Lease Revenue Bonds –No Voter Approval <br />The City receives Measure BB sales tax revenues (through ACTC) to support <br />local paratransit, streets and roads, and bike/ped programs <br />A bond program supported by Measure BB revenues can be implemented in two <br />ways: <br />i.GENERAL FUND BONDS: Bonds secured by the City General Fund <br />utilizing the City’s annual Measure BB direct allocation to pay debt service <br />ii.REVENUE BONDS: Bonds secured solely by the Measure BB annual <br />direct allocation <br />1.Estimated term of the Bonds assumes issuance in 2023 and a final term of 2045, consistent with the Measure BB sales tax term. <br />2.Based on FY 2021-22 revenues reported in the Measure BB Special Revenue Fund. <br />MEASURE BB DEBT SIZING AND CAPACITY ANALYSIS <br />BOND ASSUMPTIONS <br />Bond Term 1 22 22 22 <br />Interest Rate 5%5%5% <br />Cost of Issuance and Reserves 1%1%1% <br />CAPACITY ANALYSIS <br />Leverage Constraint 1.2x 1.5x 2.0x <br />Measure BB Revenues 2 $5,900,000 $5,900,000 $5,900,000 <br />Maximum Debt Service $4,916,667 $3,933,333 $2,950,000 <br />Measure BB PAYGO $983,333 $1,966,667 $2,950,000 <br />Bonding Capacity $64,718,096 $51,774,477 $38,830,858 <br />Net Proceeds to City $64,070,915 $51,256,732 $38,442,549