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LCEC_BondRatingStructure

LCEC_BondRatingStructure

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Published by Irving Blog

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Published by: Irving Blog on Apr 17, 2012
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04/17/2012

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DiscussionRegardingUpdatedBondStructureandRatingAgencyReviewoftheIrvingEntertainmentVenue
Apri14,2012
FirstSouthwest
48!
CityofIrving
 
EstimatedPreliminaryStructure
Tax-ExemptTaxableSeriesASeriesBEstimatedParAmount$143,660,000$70,000,000EstimatedMaximumAnnual$14,219,275$6,159,043DebtServiceEstimatedTrueInterestCost(TIC)5.168%7.825%EstimatedPledge9%HOT9%HOT''Public''ProjectRevenues''PrivateActivity"ProjectRevenuesEstimatedCoverage(ProjectRevenue).83-1.74X1.78-3.94X
Provides
$170mmofproceeds
afterallcostofissuance,capitalizedinterest,anddebtservicereservefundsContingencyReservesTobefundedfromsurplusrevenuesofeachrespectiveSeriesofbondsTaxExemptSeriesA=$5mmTaxableSeriesB=$6mmRedemptionAccountsTobefundedfromsurplusrevenuesafterrequiredcontingencyreservesaremetCollectedtoretiredebt
FirstSouthwest~
MemberFINRA
&
SIPC
©
2012FirstSouthwestCompany
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ConsiderationsandRisks
70/0
HOTalreadyfullyutilizedbytheCityinitsbudget
-Budgetadjustmentswouldbenecessarytofreethesefundsforuse
Ifprojectrevenuesshouldfallshortofscheduleddebtservice,budgetadjustmentscouldbeidentifiedtomitigatepotentialtaxrateimpactStaffhasestimatedthetaxrateimpacttobe8.5centsasaresultofprojectshortfallsina"worstcase"scenarioEachoftheabovefactorscouldcontributetoadownwardadjustmenttotheCity'slong-termGOrating
Fir5tSouthwest~
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SIP2012FirstscumwestCompany
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