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City of Santa Ana
<br />Pension Obligation Bonds
<br />Scenario 2 - Base Case
<br />Amounts in $000s
<br />Long -Term UAL Funded by POB
<br />% UAL Funded
<br />Balance 6/30/22
<br />Deposit
<br />Total Par Amount
<br />648,905.000
<br />Total UAL Funded
<br />631,263.250
<br />90.00%
<br />701,395.050
<br />591,634.604
<br />Miscellaneous
<br />222,571.872
<br />76.04%
<br />292,703.672
<br />208,599.536
<br />Safety
<br />408,691.378
<br />100.00%
<br />408,691.378
<br />383,035.067
<br />Summary Statistics
<br />Total
<br />Miscellaneous
<br />Safety
<br />Average Life
<br />13.2 years
<br />12.7 years
<br />13.5 years
<br />TIC
<br />2.862%
<br />2.843%
<br />2.872%
<br />All -in TIC
<br />2.883%
<br />2.864%
<br />2.893%
<br />Financial PV Savings (% of Par)
<br />40.79%
<br />39.82%
<br />41.34%
<br />Financial PV Savings
<br />264,693.169
<br />93,547.844
<br />171,145.325
<br />Cumulative Savings
<br />316,816.423
<br />111,113.474
<br />205,702.949
<br />Budgetary Savings (vs FY22 UAL)
<br />170,855.462
<br />Savings (FY22-26)
<br />103,421.460
<br />37,465.702
<br />103,421.460
<br />Maximum Annual Debt Service
<br />46,833.924
<br />19,058.015
<br />29,806.858
<br />Maximum Annual Total Obligation
<br />46,833.924
<br />26,602.790
<br />29,806.858
<br />Actuarial PV Savings (% of Par)
<br />32.43%
<br />31.83%
<br />32.77%
<br />Actuarial PV Savings
<br />210,433.520
<br />74,777.556
<br />135,655.964
<br />80,000
<br />70,000
<br />60,000
<br />50,000
<br />40,000
<br />30,000
<br />20,000
<br />10,000
<br />01L Otis OVA Otih OHO 0�1 Otis Oti0 O''O O�ti O''L O''li O''A O�h O''�o 0�1 O''4� OOP Otp OA, Opti Ot' i �tp, 00� Obi Ob1 Ob'b Obi Oho
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<br />Debt Service Unrefunded UAL -Current UAL FY22 UAL
<br />Deposit Date 7/15/2021
<br />Deposit Discount Factor 0.937223
<br />Miscellaneous Safety Total
<br />POB Proceeds 208,599.536 383,035.067 - 591,634.604
<br />Discounting (Actuarial Rate) 13,972.336 25,656.311 - 39,628.646
<br />UAL Payment 222,571.872 408,691.378 - 631,263.250
<br />BofA Securities - Preliminary Analysis 3/10/2021 Page 2 of 18
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