|
Debt Structure
<br />The Statement of Financing Sources and Uses is as follows:
<br />Sources & Uses
<br />Sources Of Funds
<br />Par Amount of Bonds ........................................................ $ 7,435,000
<br />Reoffering Premium .......................................................... $ 72.104
<br />Total Sources ................................................................... $ 7,507,104
<br />Uses Of Funds
<br />Deposit to Project Construction Fund ............................... $ 6,629,562
<br />Deposit to Debt Service Reserve Fund (DSRF) ................ $ 743,500
<br />Costs of Issuance ............................................................... $ 76,750
<br />Total Underwriter's Discount (0.725%) ........................... $ 53,904
<br />Rounding Amount ............................................................. $ 3,389
<br />Total Uses ......................................................................... $ 7,507,104
<br />The debt service schedule is subject to change subject to actual bids received at the time of the actual debt
<br />issuance. The following estimates reflect interest rate levels and market conditions at the time of this report.
<br />Net Debt Service Schedule
<br />Date Principal Coupon Interest Total P+l DSR Net New D/S
<br />02/01/2008 1,005,000.00 4.000% 223,050.00 1,228,050.00 (20,717.22) 1,207,332.78
<br />02/01Y2009 965,000.00 4.000% 257,200.00 1,222,200.00 (27,665.48) 1,194,534.52
<br />02101/2010 1,005,000.00 4.000% 218,600.00 1,223,600.00 (27,665.48) 1,195,934.52
<br />02/01/2011 1,030,000.00 4.000°k 178,400.00 1,208,400.00 (27,665.48) 1,180,734.52
<br />02/01/2012 1,085,000.00 4.000°~ 137,200.00 1,222,200.00 (27,665.48) 1,194,534.52
<br />02/01/2013 1,145,000.00 4.000% 93,800.00 1,238,800.00 (27,665.48) 1,211,134.52
<br />02/01/2014 1,200,000.00 4.000% 48,000.00 1,248,000.00 (771,165.48) 476,834.52
<br />Total $7,435,000.00 - $1,156,250.00 $8,591,250.00 (930,210.10) $7,661,039.90
<br />Member Debt Obligation
<br />The bonds will tie secured by the obligation of the individual members of DCC to pay their proportionate shares of
<br />capital costs. Pursuant to Article IV of the JPA, withdrawal of a Member shall not discharge any liability incurred or
<br />chargeable to such Member before the effective date of withdrawal. Article XII of JPA also states that a
<br />withdrawing Member shall continue to be responsible for 100% of that Member's pro rata share of any capital
<br />debts, liabilities or obligations of the DCC that were incurred prior to the date of providing notice of intent to
<br />withdraw and are due and payable before the effective date of withdrawal.
<br />The Resolution therefore will commit each respective entity to the repayment of the debt, while any bonds are
<br />outstanding or upon receipt of the withdrawal payment. Each entitys respective percentage of debt is the same as
<br />that which was adopted by the Board for the 2007 budgets.
<br />•Page 2
<br />
|