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Home My WebLink About15, 2006 COPs Financing Approval Documentation ACTION ITEM #15Financing Approval Documentation2006 Certificates of Participation Financing Approval Documentation2006 Certificates of Participation May 4, 2016 2006 COPs Refunding Financing Approval the most favorable lender’s commitment letterOn April 06, 2016 the Board authorized the General Manager to accept •refund the remaining balance of the 2006 COPs On March 02, 2016 a workshop item presented an opportunity to •savings, however a balance of $4,315,000 was ineligible for refundingIn 2015 the District refunded the COPs to achieve interest rate •Corporation issued $26,570,000 of Certificates of Participation (COPs)In 2006 the Truckee Donner Public Utility District Financing •BACKGROUND / HISTORY 2006 COPs Refunding Financing Approval NEW INFORMATION Rate lock and closing terms in compliance with RFP•providing the District an interest rate of 1.54%JPMorgan Chase (Chase) was selected as the most favorable lender, •schedule, and overall savings Evaluated based on interest rate, rate lock terms, compliance to closing •Three proposals were received in response to the RFP•2006 COPs Refunding Financing Approval2006 COPs Refunding Financing Approval NEW INFORMATION Agreement to JPMorgan ChaseThe Corporation then assigns the rights under the Installment Sale •exempt status and that borrowing goals are not compromisedprofit public benefit corporation whose involvement ensures tax -A non•District Financing Corporation (Corporation)This refunding will also involve the Truckee Donner Public Utility •2006 COPs Refunding Financing Approval2006 COPs Refunding Financing Approval FISCAL IMPACT Savings are not yet included in the Financial Master Plan •District ratepayers The refunding is a direct savings to •interest cost of 2.32%in total -Cost of issuance is included in above savings and results in a all•NPV savings of over 5.8% •District is estimated to save $243,860 ($48,772 annually)•2006 COPs Refunding Financing Approval2006 COPs Refunding Financing Approval RECOMMENDATION balance of the 2006 Certificates of Participation (COPs) of certain financing documents for the refunding of the remaining 09 to authorize the finalization and execution -Adopt Resolution 2016•2006 COPs Refunding Financing Approval2006 COPs Refunding Financing Approval Backup Slides 2006 COPs Refunding Financing Approval2006 COPs Refunding Financing Approval Backup Slides 2006 COPs Refunding Financing Approval2006 COPs Refunding Financing Approval Backup Slides 2006 COPs Refunding Financing Approval2006 COPs Refunding Financing Approval Backup Slides 2006 COPs Refunding Financing Approval2006 COPs Refunding Financing Approval Backup Slides 2006 COPs Refunding Financing Approval2006 COPs Refunding Financing Approval