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Resolution to Issue Bonds related to the Warner Industrial <br />Community Assessment District <br />June 21, 2016 <br />Page 4 <br />Approximate Date I Action <br />Concurrent <br />Award construction contract <br />. <br />July 13, 2016 <br />., <br />.. ..... ................. .... ,... . <br />Price bonds and enter bond purchase contract <br />July 27, 2016 <br />$1,733,415 <br />.... <br />Bond closing — proceeds are available <br />September 2016 <br />CITY CONTRIBUTION (51 %) <br />..... <br />Notice to Proceed given to the contractor <br />. <br />November 2016 <br />........ <br />Construction commences <br />Spring 2017 <br />Assessment District Prepay (Parcels and SAUSO) <br />_ ..... .. ....... ........ .,.... .........., ..__...... <br />Construction completed <br />Financing Structure <br />The financing structure for the WIC AD will be through Bond proceeds and City Measure M2 <br />Local Fairshare funds. The following tables summarize all the revenue sources and proposed <br />expenditures for the project: <br />Revenues <br />SOURCE OF FUNDS <br />Fund Type <br />CITY CONTRIBUTION <br />City Measure M2 Local Falrshare FY 13114 & 14/15 <br />$1,733,415 <br />City Measure M2 Local Fairshare FY 16/17 <br />$1,400,000 <br />CITY CONTRIBUTION (51 %) <br />$3,133,416 <br />ASSESSMENT DISTRICT <br />City Owned Parcel Prepay (City General Fund) <br />$27,443 <br />Assessment District Prepay (Parcels and SAUSO) <br />$916,935 <br />Assessment District Proceeds <br />Principal $1,229,122 * <br />Cost of Issuance/ Financing Costs $859,916 * <br />$2,089,038 <br />ASSESSMENT DISTRICT CONTRIBUTION (49 %) <br />$3,033,416 <br />TOTAL <br />REVENUE <br />$6,166,831 <br />-it adumonar payments are received, the pnncrpar will oe reducea oy the same amount, tot a total <br />assessment amount not to exceed $2,146,058 (excluding the City's prepayment). <br />"The updated Costs of Issuance and Financing are estimated to be $436,301 as of June 3, 2016; the <br />final amounts will be determined at the time of issuance. Any savings from the Cost of Issuance and <br />Financing will be credited to the finance component of the district assessments. <br />55B -4 <br />