HomeMy WebLinkAboutTDPUD Information for 6-8-15 Brd MtgBRANDIS 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 June 3, 2015
Per our recent conversations, we updated the refinancing model that was presented to the Board on
May 20' to reflect current market interest rates (as of 6/2/15). An interest rate graph showing
market movement follows this letter. This model assumes the contribution of a proportional share of
the reserve fund to the refunding, leaving a proportional share in place for the unrefunded COPS.
Based on today's rates, average annual savings are about $90,000, total savings are approximately
$1,854,000, and Net Present Value (NPV) savings are $1,373,000, or 8.71%. We also performed a
sensitivity analysis to monitor how an increase in interest rates affects savings. For every 10 basis
point (0.10%) increase in interest rates, average annual savings go down approximately $6,600. At
NPV savings of 5.00%, the minimum level set by the Resolution, average annual savings are about
$53,000. Please see the sensitivity analysis on Table 1, and debt service summaries on Tables 2 and 3.
Additionally, based on due diligence performed over the last two weeks with bond and tax counsel,
we updated the refinancing model to include a contribution of the entire reserve fund toward the
refunding, substituting a surety bond in lieu of the cash reserve fund for the unrefunded COPS. Based
on today's rates, average annual savings are about $108,000, total savings are approximately
$2,247,000 and NPV savings are $1,673,000, or 10.61%. At NPV savings of 5.00%, the minimum level
set by the Resolution, average annual savings are about $54,000. Please see the debt service
summaries on Tables 4 and 5.
Under both scenarios, we assumed a surety in lieu of a cash funded reserve fund on the refunding.
Therefore, the term of the refunding is shortened by one year to match the effective term the 2006
COPS; the cash reserve fund on the 2006 COPS would be used to pay the last year of debt service,
making its effective term 2035.
Best Regards,
Nicki Tallman
Member
FINRA SIPC MSRB
EI
rail
;�
OE:
u�
r
`o
O
N
0
u7
N
_
ti
OJ
c
7
LL7
O
O
r
I
47
4?
r
0
00
r_
47
O
�
ti
47
47
r
0
O
fiJ
O
47
O
Q
47
go
0
m
0
47
Q
kfl
r_
In
O
0
In
i
0
�
R
kcj
O
r
0
r
0
kci
1
u�
0
In
r
N
O
LO
r_
CD
0
m
0
0
•
�
gmg
I
o
0 LO
N O w Iq N O
m m N N N N
_T f9
p
r ti
O Sr]
o
C) co
sn o
O
o
O C2
T
Q
Q
O
Q }
d
C' Y
O
U' (O
i
7.
Z.
co ❑
❑ LC)
LO
T O
C3
ra m
c*) o
o co
cD o
O
i 4C7
tr) T
O ON
rT
r O
CD
ti
O
O
T
O
O
C7 rn
2
r-1
W
J
co
N 4
ba d
S L
n
N �
G
3 Z
E Nl
•C c
G Lf
h
al
Ln w
f0
•O r
aJ LA
Ln
Co o C
G _0
N
m
00
O
O O 00 p
Lr ui 00 p O O
D0
O Lr�O M p 0
Ln
0
O O O O
p o Op O O o
oLn r� p zt Sri
O M M 00 M 00
L ri ri
N
0
O O O
O O 0 0 0
on o po C C
00 M N
M
p p N CDe-i O
ko
�
� N
H
O
�
3
3
tko
N
(A
>
>
c m
m
c
c
c
0 cc a,
o
•>
CI-Q
aL m
N
�a
L
a
L
a
z
z
a u a<
0o O
r, p °r'
N
o
a)
v �o
L � L
N �
O = Q
Ln
Ln U
dJ p N c O
L 4-+
Q o 41
h0 4-1Ln 4-
U [0 O U
L u L
v .s
O ca
c Q- 4,
O N .� O
U N �
N Q Ln
=3 = o �+
O w �
Ln a1 i
Q � >
4' v
O V) L
tw Ln c Q w Q vL
U L — L
U
Q O o
E O
c O Ln
-0 to on
aJ O cn �
O a) -0
4- bn 'a O m
N O L
a, +� o aJ
CID L
L aJ dA
U O U
v c
u O a 4-CL
L
-O a1 3
Ln O v O
toU C Ln
E 4- L .�
Q
a1 ra c
Q O N n3
vOi O ai >
L L a � r
cu
t
4-J W i 4- W
f�6 :ELn'3 U,
_N
Ln
N a) �
LJ O O bA
a% f° -0
•� � Q u O
v — 3
3 c p
o � V 5
-L
O
U
LL
L
N
GJ
O
L
O
C-
O
L
a
t
3
(A
0)
4-0
m
L
L
V
1
L
m
E
E
3
—&A ;�:, � u in � o ;:;, rn rn ; ,q ; ri a1 lD to a lD ;: o R*
O N N N r\ " o Ln ri Ct ri ri ri � -ct 00 00 m w ri -ct o
_ N N r lD M 00 --i ri 00 -ct N r- m m m Ln lD N Ln Ln ri Ln N
•> M N 01 ri 00 O1 00 O1 Ol c-I 00 O 00 O1 r--I N 00 O1 00 N ri
lD 00 00 m 00 00 00 00 00 01 00 01 00 00 01 01 00 00 00 00 01 LM
V —
(a 1
O
00
m
m
m
m
m
M
m
m
M
M
m
M
M
Ln
W
00
w
00
00
Ln
Ln
C
_
w
2
-cT
lD
Ln
*
Ln
c-I
Ln
00
O
ri
Ln
r I
O
lD
Ln
M
Ln
Ln
O
M
Ln
Ln0
O
0
Ln
�
Ln
M
lD
lD
r-
-
PV
00
N
O
N
00
N
O
l0
N
Ln
ri
C
3
0)
aJ
Q
+,
dl
Z
O
H
>
L-
Ln
0)
0
lD
4.0
M
ri
O
Ol
n
ri
r\
00
n
r-I
N
00
t\
ri
N
Ol
n
ri
WLn
00
n
r-I
r-
r\
r-I
N
Ln
O
ri
N
Ln
O
c-I
O
Ln
O
c-I
lD
Ln
O
ri
C)M
Ln
O
c-I
Ln
O
c-I
C)
Ln
O
c-1
C)M
Ln
O
c-I
-CI-
O
ri
O
Ln
O
c-I
r-I
Ln
O
ri
�
Ln
O
ri
N�
Ln
O
ri
Ol
N
N
LA
O
N
C
M
00
00
00
00
00
M
-:I-
N
N
-;J-
-zl-
-zJ-
-;1-
-;3-
-zt
-zt
I:t
-z3-
01
ri
O
Gl
C
ri
V
.>
Ln
00
r,
lD
r�
00
�
�
r�
r�
01
Ln
�
O
Ln
r-
m
Ln
n
to
n
ri
Ln
lD
N
l0
N
r-+
O
lD
n
ri
Ln
l0
N
ri
M
Ln
ri
�t
Ln
`...
O
�
�
�
+O+
O
+,
Z
ate+
H
G
O1
N
�
r-I
r,
r\
00
r-I
l0
r-
00
r-I
�
r,
00
ri
O
00
00
ri
N
r\
00
ri
M
(.0-:3-
00
r-I
r-I
ri
r-I
N
�
ri
ri
r-I
-;I-
rl
c-I
�
�
ri
ri
c-1
�
ri
ri
r-I
ri
ri
O
�
ri
ri
N
ct
ri
r4
r-I
�
ri
r�
01
M
ri
r-I
O
�
ri
ri
M
ri
ri
O1
M
ri
c-I
Ln
00
M
w
O
G1
N
a
GO N
r `�
1.0 n 00 M O ri N M G M W n 00 M O r-r N M G M lD
ri ri r-1 r-I N N N N N N N N N N M M M M M M M
W 0 o o o o O O O O O O O O O O O O O O O O O O
N N N N N N N N N N N N. N N N N. N N N H
U-
LL
00
pq
�
�
O
N
o0
ri
0
Ln
00
O
N
o0
-
O
N
cn
w
N
l0
ri
O
Ln
ri
ri
ri
C
3
LL
N
E
V)
0
O3
0J
'a
OJ
L
C
OC
Q
L
4+
LL
O
f0
�
`�
•L
O
a
Qi
L
U
3
0
O
JA
D_
N
L
�
�
3
C
L
L
m
r-
O
O O
O
Ln
0
0
0q:T
0
0
w
Ln
O
O O
O
N
O
O
O
M
O
O
ri
M
O
O O
O
l0
6
6
6�*
6
n
ri
Ln
O
O O
O
O
O
O
O
N
O
Ln
RCT
Ln
C
O O
O
(7
O
O
Ln
ri
Ln
Ln
ri
ri
O
O O
l0
ri
Ln
O
N
Ln
ri
N
w
lD
Tt ri
ri
N
ri
0)
�
O
lD
n
ri
ri
v
LL
N
3
a
C
�
>
�
3
O
a-
N
V)�
C ,
3 C
-
U
p
U E
tOif
7
N
vi
N
C
O
O
Q
U
i-
N
p
C
U
-D
in
L
v
41
Ol
C
_O
U a..'
to
+,
C
C
•L
C
-0
0J
L
3
0
LL
m
p p
p
0C
>
D_
p
Ln
U
(A
W
4,
m
ao
p
L
Q)
N
>
vOi
0)
p
0:
p
a%
C
0J
E
A
m
Q
v
U
UJ
N
Ln
c-I
O
N
t
U
L
m
C
G
to
v
3
U
x
LU
M
W
m
a
GJ
�L
0
U
i
LL
�1
L
(A
Q)
0
L
A0
YL
0
L
a
3
0
Ln
4-
0
0
ao
c
.5
M
N
a
Z
E
3
E
.5
G
1
L
M
E
3
Nf
.� .� lD
c-I M M M 00 M 0 Ln N Ln ri r-I ri -4 r-I --I 00 M 00 -i
O I, ri O 1, N Ln Ln N w to ri LD LO I- m N O Ln 1� Ln Ln
•> M Lli M Ln c-I M r-� N M r-i -�F c-I c-I r-I r-I N -ce -�F -ci a)-
Cr Ln Ln Ln o Ln Ln Ln Ln m o Ln Lf) Ln Ln Ln Lf1 Ln Ln Ln �*
ri I� n r,r� r� r, r, n n r- N n M M M 00 00 00 00 Ln
4 C'f ct ct O) 4 O) 4 �t O) cT O) qt Ln O Ln N N N N lD
00 Q) I� qzt (.D I� r-I O) r-I 00 r-I M r-I LO M 00 N N 00 00 00 '
LD r-I' M a) 00 C(• N 00 O) lD M rl O 00 O ai r- lO 00 -ce Ln
00 N N r-I N N r-1 00 00 00 O) 00 O) 00 O) 00 00 00 00 00 M
M 00 00 00 00 00 00 O O O O O O O O O O O O O M
ri r-I ri r-I ri ri r-I r-I r-I ri r-I r-1 ri ri r-I ri ri ri r-I
M M 00 00 00 00 M M N N -* -Zl- Zt It -Zt -t �t ICT M ri O
M n n n n r� Ln O r� M lD r-I LD lD r-I LD ri lD r-I M ri qzt
00 LO w KT-zt M I- Ln M r- n Ln n N O n Ln N t Lf) It Ln
N I" l^D n 00 n t0 -zt lzt Ict �t I;t It Izil M ill -41 M 00
ll 00 o0 00 00 00 00 ri t-i ri ri r-1 ri ri ri ri ri ri ri ri M
ri ri ri ri ri ri ri ri r-I r-I r-1 ri ci r-I r-I ri r-I ri ri ri
%D
co
O
L/1
O
co
�o
N
()
O
q*
LO
O
o;
n
N
pp N
C `J
:a L-r)i lD I- 00 O) O r-I N co Ln lD I- 00 17) O r-1 NM � Ln lD
r
O ri ri ri ri N N N N N N N N N N m m M M M f+" ) M O
W N O 0 o o o O O O O O O O O O O O O O O O O O
N N N N N N N N N N N N N N N N N N N N N H
LLL
o�
o
r�
00
o
�
0000
L.
c I
fn
O
ri
lD
Ln
�
ri
Ln
ri
C
7
L.L
E
a
O
O
a1
O
E
a)
iii
-a
Ln
a
E
L
c
cr.'
a_=5
L
L
4-1
LL
O
M
a)
4-
L
z
O
a
V)
a1
aJ
a%
L
U
�
O
O
H
U
L
�
N
L
aJ
3
C
t
V)
m
0
I-
O
O O
O
M
O
0
0
LD
O
Ln
ri
In
OOOOri000�o�Lo
M
0000�000�ao�
Ln
O
o 0
o
m
0
0
0
r1
M
N
Ln
Ln
O
O O
O
rn
O
O
Ln
M
O
O
M
r-I
O
O O
lD
ri
Ln
O
N
lD
l'n
:F
0
1�
LD
� r-I
ri
N
ri
O)
t
00
I�
O
lO
I�
ri
ri
a,
a,
L.L
N
a
0
>
3
O
O
vi
(A
1
O C
N
of
U E
7
C
v
�^
a) -a
O
O
t
'i
O
O Q
U
++
—
Q
U
O L
a:
L
to
•C
3
v
c
u +�
�"
a
+J
+�
aU
c
v
x
+�
O
L
W
m
0 O
F-
O
>
O_
N
u
LI
CU
W
4-+
m
txo
M
L
H
3
>
un
N
a)
O
=
O
7
1?
O
u
C
v-
v
L
a
Qi
C
f0
c
a
L
� u
L >
a) �
L N
c -0
O aJ
Ln -0
c O
•= N
L L
f0
a)
4-
V,
a) V)
L M
ai
}i
m
V) 3
O O
U
CL
r I CL
m
K
R*
W
J
m
a
H N Ln L!) Ln ll) Ll) O O a) a) N N N N 13 13 ;� .;F a) ;� O Q
Ln ri ri ri r-I l0 a) m Ln o0 O O Ln Ln -:t -zt ri lD ri m 1- -q n
a) lO ri O m m lD w M m O Ln N oo -q 00 ri o0 mt M r� Ln m
M 1-z O 1� 00 O 00 a) O l0 a) l0 a) Ln r, 00 Ln Ln O a) Ln l0
m O ri 0 0 ri 0 0 ri 0 0 0 0 0 0 0 0 0 ri O O R*
`••' r-I .--I r-I r-I ri r-I ri c-I ri ri ri ri c-I ri ri c-I r-I ri ri c-I N
O
H
I�
M
M
M
M
m
m
m
M
M
M
M
M
m
m
m
O
O
O
O
I-
R*
=
W
00
z
lD
w
w
ri
w
r-I
ri
l0
w
ri
r-I
e-I
lD
r-I
O
O
O
O
M
N
'6
u_
Ln
O
I-
�
Ln
lD
O
M
O
n
r-O
Ln
�
Ln
M
*
�
O
N
l0
Ln
c
++
>
Cl
O
lD
rl
ri
r-
Ln
ri
N
Lfl
Lry
N
-IF
N;F
-IF
rr�
O
a)
M
w
a)
�
I�
w
wI�
lD
Ln
M
M
m
m
m
M
m
M
M
M
M
M
M
I�
wO
M
I�
F-
t`
�
r-
r-
O
O
O
O
O
O
O
O
O
O
O
O
O
N
l0
z
N
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
�
},�
c-I
c-I
c-I
ri
c-I
ri
c-I
ri
ri
ri
ri
ri
ri
c-I
c-1
ri
ri
ri
c-I
r-I
Lf)
i
N
aJ
O
aJ
Q
H
0
tki
IA
w
u
L
3
O
M I� N r, r� N Ln O I, ul) LO r-I l0 lD ri 1.0 ri l0 r-I M r-1 -:t G)
Ln l0 oo ll:: ":t a) rl Ln M I� Ln I� N O � Ln N Ln Rt Ln O
M I� lND N 00 r- (.D It� Rt-t Rt���� M Rt� M 00 v rq
O
zl- 00 00 00 00 00 00 r-I r-I r-I ri r-I ri r-I r-I ri ri ri r-I ri M m
ri ri ri ri ri ri ri ri ri ri ri ri ri ri r-I r-I ri ri ri ri n
N
ho N
c
Ill l0 I, 00 m O ri N m Ln lD I, w m O ri N M -q Ln lD
r_ r-I r-I ri r-I r-I N N. N N N. N N N M M M M M m M 41
W 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 C) 0 0 0 0 0 0
N N N N N N N N N N N N N N N N N N N . N NLL
H
LL
0 000
O 00
Lri T
,�* Ln
Ln LD
It
r-I
, E
C C_
:3 C
O N
Q a
L
a z
v
v
u
O
O_
O
In
c
LL
4-
0
0
a)
U
O
O
Ln
I—
aj
L
L4
I
lD LO
n Ln
oo ri
o �
� O
00
a) ri
ri n
ri
aJ
H
r-
Ln
rvi
Ln
Ln
ri
n
ri
Qi
a
a
x
w
aj
+,
m
i
a)
aj
0
O O O O m 0 0 0 l0 O O O
O O O O ri O O O m 0 Ln O
6 6 6 6 00 6 6 o ri o lD o0
O O O O ri O O O m r- lD o0
O O O O 00 O O Ln LD Nq:T
O O O l0 r I Ln O N Ln r- ri a)
lD t ri ri N ri 00 * N
a1
�
d
LL
N
a-
C
O
cu
>
O
:3
U
O
O
to
O
N
N
`a)
C
O C
—
U
p
v
kn
V
CAU
7
C
I I-^
4J
D
L ) -D
O
O
2
+J
L
O O a
U
.P
--
OA
L
0
V U
QJ
U
0A
U
O V) Ln
L}
Ln
m
a1
'L
r-
O
O
m 0 6
H
H 0
Of>
a
D
Ln
Ln
C
O
4.1
C
aJ
E
m
O_
ai
U
aJ
Ln
a)
Ln
ri
O
N
L
U
fc0
G
N
v
7
U
x
w
Ln
NJ
J
m
Q
F-
�1
3
C
O
V
LL
�1
i
H
3
s
a-+
3
O
-01
Ln
O
NO
c
.;
m
M
Z
E
3
E
._
1
L
m
E
3
N
N
r�
uu
3
O
LA
00 O O O O O Ln n n N n a1 N N N O
_-tt mt t --t al ri ri oo ri n r- r- Ln r-, r, N M Ln Ln �D mt
_ m m-zt M N to O o t0 m o Ln O O ri ch N-tt n m m Ln
M ri ::F -I M F M zzF Ct l0 M L r M-ze lD M lD to M N
IA m Ln Ln Ln Ln m 0 Ln Ln Ln m Ln m Ln 0 Ln Ln Ln m Ln 0
ri o0 00 0o w w 00 w 00 w w w 00 m 00 00 00 Ln M o0 0
M M M M M 00 M W W M W M 00 ri M 00 W N tD W 0
r-I Il ri N N I� � <D ` tD al t0 N W N N 0o LD Lf1 �
O Lil N M I, M O n N Ln ri Ln 00 tD Ln 00 M �* al I- N
a) N N N N N ri 00 00 00 al 00 00 00 00 00 00 00 00 00 M
cn 00 00 00 00 00 00 0 0 0 0 0 0 0 0 0 0 0 0 0 m
ri r� ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri
m 00 00 00 00 00 M M N N :t -zl- -q --t Kt -Cl- lqt IZT m ri O
M rl n r, n r- Ln O I, Ln 9.0 ri t0 t0 ri tD ri l0 ri M ri zt
Ln W oo ZT-t m r- Ln M rl rl Lrn r, N 0 r, Ln N-q Ln q Ln
tvj r--: tD T O r-: M' ri N ri ri r-I' o N ri al o M al Ln
M r- r- r- 00 n w Iq �* Iq M1:11 TT M 00
00 00 00 00 00 00 ri ri ri ri ri ri ri ri ri ri ri ri ri M
ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri
40 N
c `-
:a Ln t0 r, 00 al
ri ri ri ri
0 0 0 0 0 W
N N N N N
LL
LPL
OCO
I*
R:�
O
all
00
00
00
ri
O
N
O
tD
r-I
N
Ln
Ln
0
Cq
00
Ma)
ri
ri
C
7
W
E
Q'
3
O
E
N
-a
N
N
E
QJ
L
C
QJ
�
Q
a
�
L
M
N
F
.O
a
Z
O
a
a,
a,
Qi
L
U
3
O
O
a
N
v
C
L
c0
O
Ln
N
N
N
ri
ri
ri
RT
00
00
LO
N
O
6
ri
o�
N
O ri N m Rt Ln (.0 I- 00 m O ri N M Rt Ln tD
N N N N N N N N N N M M M M m M M
O O O O O O O O O O O O O O O O O O
N N N N N N N N N N N N N N N N N H
I-
O
O
O
O
Ln
O
O
O
m
0
0
0
ri
Ln
O
O
O
O
N
O
O
O
O
O
Ln
O
Mt
rf)
O
O
O
O
LD
O
O
O
I,
O
M
w
00
Ln
O
O
O
O
M
O
O
O
N
O
M
W
ri
Ln
O
O
O
O
00
O
O
Lil
O
ri
t0
lz
N
c-I
O
O
O
to
ri
Ln
O
N
w
m
M
m
I�
t0
zt
ri
ri
N
ri
00
I�t
N
O
I�
ri
l0
1�
ri
ri
v
N
<1
O
Q1
O
7
V
.>
Q)
OV
tD
N m
N
O
C
coC
v-
Q1
vi
O 'C
C
V
N
C
}'
Ln
V E
7
C
N
Ln
O
LJ 'a
O
O
E
L
Q
O
Q
U
+�
L
0
Q1
to
U
O
o U
3?
QJ
V
b4
V
C
3
C
'�..1
' L
C
L
L
x
a
W
co
O O
H
H O
>
d
Vl
Ln
u
LU
Q)
W
+,
f6
OA
0
C
�
L
c
v
O
N
_?
Q)
�
O
C
QJ
E
m
Q
Q1
V
Q1
Ln
v
Ln
c-1
O
N
s
U
m
C
N
v
U
X
W