10-01-2019 Interfund Loan
Presented by
Ade Ariwoola, Finance Director
October 10, 2019 1 PAEC CONSTRUCTION
INTERFUND LOAN
BONDING
City Council Meeting
October 10, 2019
2
Introduction Bond Counsel –
Ms. Nancy Neraas, Principal
Foster Garvey PC
Bond Underwriter -
Ms. Caitlin Caldwell, VP
KeyBanc Capital Markets
3 Interfund Loan - $13 M
Authorized Date - 7/2014
Resolution # - 14-667
First Draw - 2016
Due Date - 12/2019
Issue Date - 11/4/2009
Current Amount - $6.76 M
Background
4 1 – Interfund Loan Requirement
2 - Spread the Time for repayment
Reason For The Bond
5
•FWCC - $9.89 M
•Target - $6 M
•SCORE - $12.89 M
•HUD - $2.71 M
Current Debt
6
•No Vote - $140.58 M
•Outstanding- $31.50 M
•Excess Cap. - $109.08 M
•With Vote - $819.54 M
Debt Capacity
7
•Bond Amount - Not to
Exceed $7 million
•Bond Maturity - 20 years
•Purpose – Interfund
Loan
•Type of Bond – Limited
Tax General Obligation
Bonds (LTGO)
Bond Detail
8 Consider 1st reading of the
Bond Ordinance.
Council Action
9 Questions?