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City of Santa Ana
<br />Pension Obligation Bonds
<br />Scenario 2 - Fresh Start
<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 />13.0 years
<br />12.0 years
<br />13.6 years
<br />TIC
<br />2.857%
<br />2.808%
<br />2.882%
<br />All -in TIC
<br />2.878%
<br />2.831%
<br />2.903%
<br />Financial PV Savings (% of Par)
<br />40.14%
<br />38.19%
<br />41.25%
<br />Financial PV Savings
<br />260,471.814
<br />89,708.417
<br />170,763.398
<br />Cumulative Savings
<br />311,127.629
<br />107,120.761
<br />204,006.868
<br />Budgetary Savings (vs FY22 UAL)
<br />136,067.118
<br />Savings (FY22-26)
<br />102,595.058
<br />35,340.898
<br />102,595.058
<br />Maximum Annual Debt Service
<br />47,238.786
<br />19,060.874
<br />30,332.342
<br />Maximum Annual Total Obligation
<br />47,238.786
<br />26,532.866
<br />30,332.342
<br />Actuarial PV Savings (% of Par)
<br />31.98%
<br />30.43%
<br />32.87%
<br />Actuarial PV Savings
<br />207,541.398
<br />71,474.280
<br />136,067.118
<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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