HomeMy WebLinkAbout18-1 AttachmentsBRANDIS TALLMAN LLC
22 Battery Street
Suite 500
San Francisco, CA 94111
Bob Mescher, Treasurer and Administrative Services Manager
Truckee Donner Public Utility District
11570 Donner Pass Road
Truckee, CA 96161
Dear Bob:
Phone: 415-912-5630
Fax: 415-912-5636
www.brandistallman.com
VIA EMAIL May 6, 2015
Thank you for the opportunity to provide this information to you and the Truckee Donner Public Utility District
(the "District").
We have performed a refunding analysis for a portion of the Refunding Revenue Certificates of Participation,
Series 2006 (the "2006 COPS"). A full set of numbers is attached, as well as a summary of the refunding results.
The 2006 COPS were issued for the purposes of issuing new money and refunding the Refunding Certificates of
Participation, Series 1996 (the "1996 COPS"). The 1996 COPS advance refunded Certificates of Participation that
were issued in May, 1991 (the "1991 COPs"). The advance refunding occurred because the 1996 COPS were
issued more than 90 days before the call date on the 1991 COPS. Because the 2006 COPS have an advance
refunding in their history after 1986, they cannot be advance refunded again. Therefore, the refunding analysis
is only for the new money portion of the 2006 COPS, not the refunding portion. The "savings methodology" was
used in determining the portion of the 2006 COPS that could be advance refunded.
The refunding is structured as an advance refunding because the 2006 COPs have a call date that is more than
90 days from the day we would perform the refunding (we estimated the refunding could close in June, 2015,
and the call date on the 2006 COPS is in November, 2016). With an advance refunding, proceeds are placed into
an escrow account that earns interest during the approximate one and a half years before the existing bonds
could be called. Because interest rates are so low right now, the escrow account does not earn as much interest
as is due on the refunding bonds, which creates "negative arbitrage".
Savings Methodology Refunding Results
The 2006 COPS are first callable on November 15, 2016. By advance refunding the new money portion of the
2006 COPS with current market interest rates, the District could realize approximately $102,300 of savings per
year from FYE 2016 to FYE 2036. Total savings are approximately $2,148,000. Net present value savings
achieved by the refunding are approximately $1,609,000, or 10.20%. In addition, we assumed a surety in lieu of
a cash funded reserve fund so the term of the refunding is shortened by one year to match the effective term
the 2006 COPs; the cash funded reserve fund on the 2006 COPS would be used to pay the last year of debt
service.
Member
FINRA SIPC MSRB
Page 2
Bob Mescher
May 6, 2015
We prepared this information as an underwriter and not a municipal advisor. As such, we are obligated to
provide the following disclosures:
We prepared the attached materials that consist of factual or general information (as defined in the SEC's Municipal Advisor Rules). We
are not hereby providing any advice or making any recommendation as to action concerning the structure, timing or terms of any issuance
of municipal securities or financial products. To the extent that we provided any alternatives, options, calculations or examples in the
attached information, such information is not intended to express any view that the District could achieve the particular results, and the
alternatives, options, calculation or examples do not constitute a recommendation that you should effect any municipal securities
transaction.
Brandis Tallman is providing this information in the regulatory framework of MSRB Rule G-23 as an underwriter and not as a financial
advisor. The primary role of an underwriter is to purchase securities for resale to investors in an arm's-length commercial transaction.
Serving in the role of underwriter, we have financial and other interests that differ from those of the District. Brandis Tallman is acting in
its own interests, and not as the City's municipal advisor and does not owe a fiduciary duty pursuant to Section 15B of the Securities
Exchange Act of 1934. The issuer should consult with its own financial, legal, accounting, tax and other advisors, as applicable, to the
extent you deem appropriate.
We look forward to further discussing these financing models with you.
Best Regards,
Rick Brandis Nicki Tallman Jeff Land
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May 5, 2015 11:08 am Prepared by Brandis Tallman LLC Page i
Sources and Uses of Funds
Truckee Donner Public Utility District
2015 Refunding of 2006 Cerificates of Participation (Savings Method)
Sources:
Bond Proceeds:
Other Sources of Funds:
Uses:
Refunding Escrow Deposits:
Delivery Date Expenses:
Other Uses of Funds:
Par Amount 15,025,000.00
Net Premium 714.607.85
15,739,607.85
Prior Reserve Fund 1,328,401.00
17,068,008.85
Cash Deposit
SLGS Purchases
0.87
16,763,333.00
16,763,333.87
Cost of Issuance 170,378.13
Underwriter's Discount 90,150.00
Surety 41,454.75
301,982.88
Additional Proceeds 2,692.10
17,068,008.85
[ 1 ] Surety is being sized as 4% of the lesser of the three tests for the reserve requirement, or
maximum annual debt service.
May 5, 2015 11:08 am Prepared by Brandis Tallman LLC Page 2
Cost of Issuance
Truckee Donner Public Utility District
2015 Refunding of 2006 Cerificates of Participation (Savings Method)
Cost of Issuance
Amount
Bond Counsel/Disclosure Counsel
100,000.00
District Administative Fee
10,000.00
Trustee
6,000.00
Title
1,878.13
District Counsel
15,000.00
Rating
20,000.00
Verification
2,500.00
Printing/Miscellaneous
15,000.00
170,378.13
May 5, 2015 11:08 am Prepared by Brandis Tallman LLC Page 3
Escrow Requirements
Truckee Donner Public Utility District
2015 Refunding of 2006 Cerificates of Participation (Savings Method)
Principal
Period Ending Principal Interest Redeemed Total
11/15/2015 435,000.00 363,444.38 798,444.38
5/15/2016 354,744.38 354,744.38
11/15/2016 450,000.00 354,744.38 14,880,000.00 15,684,744.38
885,000.00 1,072,933.14 14,880,000.00 16,837,933.14
May 5, 2015 11:08 am Prepared by Brandis Tallman LLC
Page 4
Bond Summary Statistics
Truckee Donner Public Utility District
2015 Refunding of 2006 Cerificates of Participation (Savings Method)
Dated Date
6/25/2015
Delivery Date
6/25/2015
Last Maturity
11/15/2035
Arbitrage Yield
2.892605%
True Interest Cost (TIC)
3.239709%
Net Interest Cost (NIC)
3.396677%
All -In TIC
3.390650%
Average Coupon
3.764063%
Average Life (years)
11.313
Duration of Issue (years)
9.205
Par Amount
15,025,000.00
Bond Proceeds
15,739,607.85
Total Interest
6,397,893.54
Net Interest
5,773,435.69
Total Debt Service
21,422,893.54
Maximum Annual Debt Service
1,036,368.76
Average Annual Debt Service
1,050,714.12
Underwriter's Fees (per $1000)
Average Takedown
Other Fee 6.000000
Total Underwriter's Discount 6.000000
Bid Price 104.156125
Bond Component
Par Value
Price
Average Coupon Average Life
Bond Component
Term
11,480,000.00
3,545,000.00
102.048
113.526
2.962% 8.980
5.000% 18.867
15,025,000.00 11.313
All -In
Arbitrage
TIC
TIC
Yield
Par Value
15,025,000.00
15,025,000.00
15,025,000.00
+ Accrued Interest
+ Premium (Discount)
714,607.85
714,607.85
714,607.85
Underwriter's Discount
-90,150.00
-90,150.00
Cost of Issuance Expense
-170,378.13
Other Amounts
-41,454.75
Target Value
15,649,457.85
15,437,624.97
15,739,607.85
Target Date
6/25/2015
6/25/2015
6/25/2015
Yield
3.239709%
3.390650%
2.892605%
May 5, 2015 11:08 am Prepared by Brandis Tallman LLC Page 5
Bond Pricing
Truckee Donner Public Utility District
2015 Refunding of 2006 Cerificates of Participation (Savings Method)
Bond
Component
Bond Component:
Term:
Dated Date
Delivery Date
First Coupon
Par Amount
Premium
Production
Underwriter's Discount
Purchase Price
Accrued Interest
Net Proceeds
Maturity Date Amount Rate Yield Price
11/15/2015
605,000
11/15/2016
560,000
11/15/2017
575,000
11/15/2018
585,000
11/15/2019
595,000
11/15/2020
610,000
11/15/2021
625,000
11/15/2022
640,000
11/15/2023
660,000
11/15/2024
680,000
11/15/2025
700,000
11/15/2026
720,000
11/15/2027
740,000
11/15/2028
760,000
11/15/2029
785,000
11/15/2030
810,000
11/15/2031
830,000
11,480,000
2.000% 0.250%
2.000% 0.450%
2.000% 0.790%
2.000% 1.100%
2.000% 1.380%
2.000% 1.630%
3.000% 1.810%
3,000% 2.000%
3.000% 2.210%
3.000% 2.400%
3.000% 2.510%
3.000% 2.730%
3.000% 3.000%
3.000% 3.130%
3.125% 3.250%
3.125% 3.320%
3.250% 3.380%
100.679
102.143
102.857
102.985
102.630
101.900
107.148
106.835
106.017
105.015
104.454
102.625
100.000
98.584
98.570
97.662
98.372
11/15/2035 3,545,000 5.000% 3.440% 113.526 C
15,025,000
6/25/2015
6/25/2015
11/15/2015
15,025,000.00
714,607.85
15,739,607.85 104.756125%
-90,150.00-0.600000%
15,649,457.85 104.156125%
15,649,457.85
May 5, 2015 11:08 am Prepared by Brandis Tallman LLC Page 6
Prior Bond Debt Service
Truckee Donner Public Utility District
2015 Refunding of 2006 Cerificates of Participation (Savings Method)
Period Ending
Principal
Coupon
Interest
Debt Service
Annual Debt
Service
11/15/2015
435,000
4.000%
363,444.38
798,444.38
5/15/2016
354,744.38
354,744.38
1,153,188.76
11/15/2016
450,000
4.000%
354,744.38
804,744.38
5/15/2017
345,744.38
345,744.38
1,150,488.76
11/15/2017
470,000
4.000%
345,744.38
815,744.38
5/15/2018
336,344.38
336,344.38
1,152,088.76
11/15/2018
490,000
4.000%
336,344.38
826,344.38
5/15/2019
326,544.38
326,544.38
1,152,889.76
11/15/2019
510,000
5.000%
326,544.38
836,544.39
5/15/2020
313,794.38
313,794.38
1,150,338.76
11/15/2020
535,000
4.500%
313,794.38
848,794.38
5/15/2021
301,756.88
301,756,88
1,150,551.26
11/15/2021
560,000
5.000%
301,756.88
861,756.88
5/15/2022
287,756.88
287,756.88
1,149,513.76
11/15/2022
585,000
4.125%
287,756.88
872,756.88
5/15/2023
275,691.25
275,691.25
1,148,448.13
11/15/2023
610,000
4.200%
275,691.25
885,691.25
5/15/2024
262,881.25
262,881.25
1,148,572.50
11/15/2024
635,000
4.250%
262,881.25
897,881.25
5/15/2025
249,387.50
249,387.50
1,147,268.75
11/15/2025
665,000
5.000%
249,387.50
914,387.50
5/15/2026
232,762.50
232,762.50
1,147,150.00
11/15/2026
695,000
5.000%
232,762.50
927,762.50
5/15/2027
215,387.50
215,387.50
1,143,150.00
11/15/2027
730,000
5.000%
215,387.50
945,387.50
5/15/2028
197,137.50
197,137.50
1,142,525.00
1 1 /15/2028
765,000
5.000%
197,137.50
962,137.50
5/15/2029
178,012.50
178,012.50
1,140,150.00
11/15/2029
805,000
5.000%
178,012.50
983,012.50
5/15/2030
157,887.50
157,887.50
1,140,900.00
11/15/2030
845,000
5.000%
157,887.50
1,002,887.50
5/15/2031
136,762.50
136,762.50
1,139,650.00
11/15/2031
885,000
5.000%
136,762.50
1,021,762.50
5/15/2032
114,637.50
114,637.50
1,136,400.00
11/15/2032
930,000
4.500%
114,637.50
1,044,637.50
5/15/2033
93,712.50
93,712.50
1,138,350.00
11/15/2033
975,000
4.500%
93,712.50
1,068,712.50
5/15/2034
71,775.00
71,775.00
1,140,487.50
11/15/2034
1,015,000
4.500%
71,775.00
1,086,775.00
5/15/2035
48,937.50
48,937.50
1,135,712.50
11/15/2035
1,065,000
4.500%
48,937.50
1,113,937.50
5/15/2036
24,975.00
24,975.00
1,138,912.50
11/15/2036
1,110,000
4.500%
24,975.00
1,134,975.00
5/15/2037
1,134,975.00
15,765,000
9,416,710.70
25,181,710.70
25,181,710.70
May 5, 2015 11:08 am Prepared by Brandis Tallman LLC Page 7
Bond Debt Service
Truckee Donner Public Utility District
2015 Refunding of 2006 Cerificates of Participation (Savings Method)
Period Ending
Principal
Coupon
Interest
Debt Service
Annual Debt
Service
11/15/2015
605,000
2.000%
190,718.40
795,718.40
5/15/2016
239,159.38
239,159.38
1,034,877.78
11/15/2016
560,000
2.000%
239,159.38
799,159.38
5/15/2017
233,559.38
233,559.38
1,032,718.76
11/15/2017
575,000
2.000%
233,559.38
808,559.38
5/15/2018
227,809.38
227,809.38
1,036,368.76
11/15/2018
585,000
2.000%
227,809.38
812,809.39
5/15/2019
221,959.38
221,959.38
1,034,768.76
11/15/2019
595,000
2.000%
221,959.38
816,959.38
5/15/2020
216,009.38
216,009.38
1,032,968.76
11/15/2020
610,000
2.000%
216,009.38
826,009.38
5/15/2021
209,909.38
209,909.38
1,035,918.76
11/15/2021
625,000
3.000%
209,909.38
834,909.38
5/15/2022
200,534.38
200,534.38
1,035,443.76
11/15/2022
640,000
3.000%
200,534.38
840,534.38
5/15/2023
190,934.38
190,934.38
1,031,468.76
11/15/2023
660,000
3.000%
190,934.38
850,934.38
5/15/2024
181,034.38
181,034.38
1,031,968.76
11/15/2024
680,000
3.000%
181,034.38
861,034.38
5/15/2025
170,834.38
170,834.38
1,031,868.76
11/15/2025
700,000
3.000%
170,834.38
870,834.38
5/15/2026
160,334.38
160,334.38
1,031,168.76
11/15/2026
720,000
3.000%
160,334.38
880,334.38
5/15/2027
149,534.38
149,534.38
1,029,868.76
11/15/2027
740,000
3.000%
149,534.38
889,534.38
5/15/2028
138,434.38
138,434.38
1,027,968.76
11/15/2028
760,000
3.000%
138,434.38
898,434.38
5/15/2029
127,034.38
127,034.38
1,025,468.76
11/15/2029
785,000
3.125%
127,034.38
912,034.38
5/15/2030
114,768.75
114,768.75
1,026,803.13
11/15/2030
810,000
3.125%
114,768.75
924,768.75
5/15/2031
102,112.50
102,112.50
1,026,881.25
11/15/2031
830,000
3.250%
102,112.50
932,112.50
5/15/2032
88,625.00
88,625.00
1,020,737.50
11/15/2032
870,000
5.000%
88,625.00
958,625.00
5/15/2033
66,875.00
66,875.00
1,025,500.00
11/15/2033
915,000
5.000%
66,875.00
981,875.00
5/15/2034
44,000.00
44,000.00
1,025,875.00
11/15/2034
955,000
5.000%
44,000.00
999,000.00
5/15/2035
20,125.00
20,125.00
1,019,125.00
11/15/2035
805,000
5.000%
20,125.00
825,125.00
5/15/2036
825,125.00
15,025,000
6,397,893.54
21,422,893.54
21,422,893.54
May 5, 2015 11:08 am Prepared by Brandis Tallman LLC Page 8
Unrefunded Bond Debt Service
Truckee Donner Public Utility District
2015 Refunding of 2006 Cerificates of Participation (Savings Method)
Annual Debt
Period Ending Principal Coupon Interest Debt Service Service
11/15/2015
550,000
4.000%
94,600
644,600
5/15/2016
83,600
83,600
728,200
11/15/2016
570,000
4.000%
83,600
653,600
5/15/2017
72,200
72,200
725,800
11/15/2017
590,000
4.000%
72,200
662,200
5/15/2018
60,400
60,400
722,600
11/15/2018
610,000
4.000%
60,400
670,400
5/15/2019
48,200
48,200
718,600
11/15/2019
640,000
5.000%
48,200
688,200
5/15/2020
32,200
32,200
720,400
11/15/2020
670,000
4.500%
32,200
702,200
5/15/2021
17,125
17,125
719,325
11/15/2021
685,000
5.000%
17,125
702,125
5/15/2022
702,125
4,315,000
722,050
5,037,050
5,037,050
May 5, 2015 11:08 am Prepared by Brandis Tallman LLC Page 9
Savings
Tnickee Donner Public Utility District
2015 Refunding of 2006 Cerificates of Participation (Savings Method)
Date
Prior Debt
Service
Prior Receipts
Prior Net Cash
Flow
Refunding Debt
Service
Savings
Annual Savings
Present Value to
06/25/2015 @
2.8926046%
11/15/2015
798,444.38
5,166.01
793,278.37
795,718.40
-2,440.03
-2,412.93
5/15/2016
354,744,38
6,642.01
348,102.37
239,159.38
108,942.99
106,502.96
106,197.10
11/15/2016
804,744.38
6,642.01
798,102.37
799,159.38
-1,057.01
-1,015.68
5/15/2017
345,744.38
6,642.01
339,102,37
233,559.38
105,542.99
104,485.98
99,970.15
11/15/2017
815,744.38
6,642-01
809,102.37
808,559.38
542.99
506.99
5/15/2018
336,344,38
6,642.01
329,702.37
227,809.38
101,892.99
102,435.98
93,780.56
11/15/2018
826,344,38
6,642.01
819,702.37
812,809.38
6,892.99
6,253.74
5/15/2019
326,544.38
6,642.01
319,902.37
221,959.38
97,942.99
t04,835.98
87,593.00
11/15/2019
836,544.38
6,642.01
829,902,37
816,959.38
12,942.99
11,410.23
5/15/2020
313,794.38
6,642.01
307,15237
216,009.38
91,142.99
104,085.98
79,203-96
11/15/2020
848,794.38
6,642.01
842,152.37
826,009-38
16,142.99
13,828.38
5/15/2021
301,756;88
6,642,01
295,114.87
209,909.38
85,205.49
101,348.48
71,948.00
11/15/2021
861,756.88
6,642.01
855,114.87
834,909.38
20,205.49
16,818.39
5/15/2022
287,756.88
6,642.01
281,114.87
200,534.38
80,580,49
100,785.98
66,116.31
11/15/2022
872,756;88
6,642.01
866,114,87
840,534.38
25,580,49
20,689.57
5/15/2023
275,691.25
6,642.01
269,049.24
190,934.38
78,114.86
103,695,35
62,278.76
11/15/2023
885,691.25
6,642.01
879,049.24
850,934.38
28,114.86
22,095.61
5/15/2024
262,881.25
6,642.01
256,239.24
181,034.38
75,204.86
103,319.72
58,261.24
11/15/2024
897,881.25
6,642.01
891,239.24
861,034.38
30,204.86
23,066.11
5/15/2025
249,387.50
6,642.01
242,745.49
170,834.38
71,911.11
102,115,97
54,132.41
11/15/2025
914,387,50
6,642,01
907,745.49
870,834.38
36,911.11
27,389.38
5/15/2026
232,762.50
6,642.01
226,120.49
160,334.38
65,786.11
102,697.22
48,119.73
11/15/2026
927,762.50
6,642.01
921,120.49
880,334.38
40,786.11
29,407.97
5/15/2027
215,397.50
6,642.01
208,745.49
149,534.38
59,211.11
99,997.22
42,084.26
11/15/2027
945,387.50
6,642.01
938,745.49
889,534.38
49,211.11
34,478.11
5/15/2028
197,137.50
6,642.01
190,495.49
138,434.38
52,061.11
101,272.22
35,954.85
11/15/2028
962,137;50
6,642.01
955,495.49
898,434.38
57,061,11
38,846.16
5/15/2029
178,012.50
6,642.01
171,370.49
127,034.38
44,336.11
101,397.22
29,752.89
11/15/2029
993,012.50
6,642.01
976,370.49
912,034.38
64,336.11
42,558.88
5/15/2030
157,887.50
6,642.01
151,245.49
114,768.75
36,476.74
100,812.85
23,785.66
11/15/2030
1,002,887,50
6,642.01
996,245.49
924,768.75
71,476.74
45,943.88
5/15/2031
136,762.50
6,642.01
130,120.49
102t12.50
29,007.99
99,484.73
17,746.34
11/15/2031
1,021,762.50
6,642.01
1,015,120.49
932,112.50
83,007.99
51,845.42
5/15/2032
114,637.50
6,642.01
107,995.49
88,625.00
19,370.49
102,378.48
11,926.00
11/15/2032
1,044,637.50
6,642.01
1,037,995.49
958,625.00
79,370.49
48,170.05
5/15/2033
93,712.50
6,642.01
87,070.49
66,875.00
20,195.49
99,565.98
12,081.93
11/15/2033
1,068,712.50
6,642.01
1,062,070.49
981,875.00
80,195.49
47,292.86
5/15/2034
71,775.00
6,642.01
65,132.99
44,000,00
21,132.99
101,328.48
12,284.86
11/15/2034
1,086,775.00
6,642.01
1,080,132.99
999,000.00
81,132.99
46,491.19
5/15/2035
48,937.50
6,642.01
42,295.49
20,125.00
22,170.49
103,303.48
12,523.11
11/15/2035
1,113,937.50
206,043,01
907,894.49
825.125.00
82,769.49
46,086.21
5/15/2036
24,975.00
5,645.00
19,330.00
19,330.00
102,099.49
10,60954
11/15/2036
1,134,975.00
1,134,645.00
330.00
330,00
17&54
5/15/2037
330.00
25,181,710.70
1,610,537AI
23,571,173.29
21,422,893.54
2,148,279.75
2,148,279.75
1,606,279.74
Savings Summary
PV of savings from cash flow 1,606,279.74
Plus: Refunding funds on hand 2,692.10
Net PV Savings 1,609,971.84
May 5, 2015 11:08 am Prepared by Brandis Tallman LLC Page 10
Summary of Refunding Results
Truckee Donner Public Utility District
2015 Refunding of 2006 Cerificates of Participation (Savings Method)
Dated Date
6/25/2015
Delivery Date
6/25/2015
Arbitrage yield
2.892605%
Escrow yield
0.333920%
Value of Negative Arbitrage
556,519.03
Bond Par Amount
15,025,000.00
True Interest Cost
3.239709%
Net Interest Cost
3.396677%
Average Coupon
3.764063%
Average Life
11.313
Par amount of refunded bonds 15,765,000.00
Average coupon of refunded bonds 4.665271 %
Average life of refunded bonds 12.694
PV of prior debt to 06/25/2015 @ 2.892605% 18,690,861.05
Net PV Savings 1,608,971.84
Percentage savings of refunded bonds 10.205974%
Percentage savings ofrefunding bonds 10.708631%
May 5, 2015 11:08 am Prepared by Brandis Tallman LLC Page 1 l
Escrow Descriptions
Truckee Donner Public Utility District
2015 Refunding of 2006 Cerificates of Participation (Savings Method)
Type of First Int Pint
Purchase Date Security Type of SLGS Maturity Date Date Par Amount Rate Max Rate
Jun 25, 2015:
SLGS Certificate
11/15/2015 11/15/2015
777,635
0.040% 0.040%
SLGS Certificate
5/15/2016 5/15/2016
327,573
0.190% 0.190%
SLGS Note
11/15/2016 11/15/2015
15,658,125
0.340% 0.340%
16,763,333
SLGS Summary
SLGS Rates File
27APR15
Total Certificates of Indebtedness
1,105,208.00
Total Notes
15,658,125.00
Total original SLGS 16,763,333.00
May 5, 2015 11:08 am Prepared by Brandis Tallman LLC Page 12
Escrow Cost
Truckee Donner Public Utility District
2015 Refunding of 2006 Cerificates of Participation (Savings Method)
Type of
Security Maturity Date Par Amount Rate Total Cost
SLGS
SLGS
SLGS
11/15/2015
5/15/2016
11/15/2016
777,635
327,573
15,658,125
0.040%
0.190%
0.340%
777,635.00
327,573.00
15,658,125.00
16,763,333
16,763,333.00
Purchase Date
Cost of
Securities
Cash Deposit
Total Escrow
Cost
Yield
6/25/2015
16,763,333
0.87
16,763,333.87
0.333920%
16,763,333
0.87
16,763,333.87
May 5, 2015 11:08 am Prepared by Brandis Tallman LLC Page 13
Escrow Cash Flow
Truckee Donner Public Utility District
2015 Refunding of 2006 Cerificates of Participation (Savings Method)
Present Value to
Net Escrow 06/25/2015 @
Date Principal Interest Receipts 0.3339195%
11/15/2015 777,635.00
20,808.98
798,443.98
797,409.68
5/15/2016 327,573.00
27,171.48
354,744.48
353,693.97
11/15/2016 15,658,125.00
26,618.81
15,684,743.81
15,612,230.35
16,763,333.00
74,599.27
16,837,932.27
16,763,333.00
Escrow Cost Summary
Purchase date 6/25/2015
Purchase cost of securities 16,763,333.00
Target for yield calculation 16,763,333.00
May 5, 2015 11:08 am Prepared by Brandis Tallman LLC Page 14
Escrow Sufficiency
Truckee Donner Public Utility District
2015 Refunding of 2006 Cerificates of Participation (Savings Method)
Net Escrow Excess Excess
Date Escrow Requirement Receipts Receipts Balance
6/25/2015 0.87 0.87 0.87
11/15/2015 798,444.38 798,443.98 -0.40 0.47
5/15/2016 354,744.38 354,744.48 0.10 0.57
11/15/2016 15,684,744.38 15,684,743.81 -0.57
16, 837, 933.14 16, 837, 933.14
May 5, 2015 11:08 am Prepared by Brandis Tallman LLC Page 15
Escrow Statistics
Truckee Donner Public Utility District
2015 Refunding of 2006 Cerificates of Participation (Savings Method)
Yield to
Value of
Total Escrow Modified Yield to
Disbursement
Perfect Escrow
Negative
Cost of Dead
Cost Duration (years) Receipt Date
Date
Cost
Arbitrage
Time
Global Proceeds Escrow:
16,763,333.87 1.329 0.333920%
0.333920%
16,206,814.81
556,519.03
0.03
16,763,333.87
16,206,814.81
556,519.03
0.03
Delivery date 6/25/2015
Arbitrage yield 2.892605%
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