HomeMy WebLinkAboutFinancing Corporation-annual meetingAnnual Meeting of the TDPUD
Financing Corporation
December 4, 2013
Background / History
• The Truckee Donner Public Utility District Financing
Corporation was formed in 1986 to sell Certificates of
Participation (COP's)
— Finance public works projects
— Other long-term financing
— Secured by District revenue
• 2003 COP — Buyout of the Idaho Energy power contract
— $26 million
— Last payment January 1, 2013
• 2006 COP — Pipeline replacement and refinance the 1996
COP for various water system improvement projects
— $27 million
— Last payment 2036
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Background / History
• All responsibilities of the Financing Corporation are passed
onto the District
— Disclose annual reports
— Report qualifying events
• Officers of the District served as officers of the Financing
Corporation for 2013
— President, Jeff Bender
— Vice President, Joe Aguera
— Secretary, Michael D. Holley
— Treasurer, Robert Mescher
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Background / History
• The 2006 COP disclosure report for the period ending
December 31, 2012 was presented at the July 17, 2013
Financing Corporation Meeting
— Debt service coverage ratio (DSCR) and customer service
expense was misreported for FY12
— Correct DSCR was 1.61; still exceeding the minimum DSCR
of 1.25
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Agenda Item #4 - Revised 2006 COP Report
• The 2006 COP disclosure report for the period ending
December 31, 2012 was presented at the July 17, 2013
Financing Corporation Meeting
• The debt service coverage ratio (DSCR) and customer
service expense was misreported for FY12
• The correct DSCR was 1.61; still exceeding the minimum
DSCR of 1.25
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New Information
Agenda Item #5 — Elections and Appointments
• Election of President and Vice President for the Financing
Corporation
• Appointment of the Secretary and Treasurer for the Financing
Corporation
Agenda Item #6 — 2013 Minutes
• Minutes of last meeting on July 17, 2013
a
Recommendation
• Agenda Item #4
— Accept the revised page of the 2006 COP Disclosure Report
for the period ending December 31, 2012
• Agenda Item #5
— Elect a President and Vice President for the Financing
Corporation
— Appoint Michael D. Holley as Secretary and
Robert Mescher as Treasurer for the Financing Corporation
• Agenda Item #6
— Approve the minutes of the last meeting held on July17, 2013
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