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Water Revenue Bonds <br />June 4, 2024 <br />Page 4 <br />notices of listed events to investors in order to allow the underwriter to comply <br />with federal securities laws. <br />If the proposed resolutions are adopted by the City Council and the Authority Board, the <br />sale of the 2024 Water Revenue Bonds is expected to be completed on or about the <br />week of June 10, 2024, with a delivery/closing date on or about the week of June 24, <br />2024, at which time bond proceeds will be available for the water improvements. <br />FISCAL IMPACT <br />In accordance with California Government Code Section 5852.1, good faith estimates <br />are provided below with respect to the 2024 Water Revenue Bonds. <br />The 2024 Water Revenue Bonds are expected to be sold with a premium in order to <br />generate $40 million in project proceeds, $9 million to refinance the Series 2014 Bonds <br />and $348,992 in finance charges. The true interest cost for the 2024 Water Revenue <br />Bonds is estimated to be approximately 3.99%. The final maturity of the bonds will be in <br />2049, and the total debt service over the 25-year term is estimated to be $78.4 million, <br />with average annual debt service estimated to be $3.1 million. <br />The Discussion section of this report includes the estimated long-term fiscal impact of <br />the proposed refinancing. <br />Debt service on the refunding bonds will begin in Fiscal Year 2024-25. <br />EXHIBIT(S) <br />1. Public Financing Authority Resolution No. SAPFA 2024-XXX <br />2. Master Installment Purchase Agreement <br />3. First Supplement to Master Installment Purchase Agreement <br />4. Escrow Agreement <br />5. Bond Purchase Agreement <br />6. Indenture of Trust <br />7. Preliminary Official Statement <br />Submitted By: Kathryn Downs, Authority Treasurer <br />Approved By: Alvaro Nunez, Acting Executive Director <br />