HomeMy WebLinkAboutSupplemental Received at Meeting from Bruce BennettCALPERS ACTUARIAL VALUATION - June 30, 2018
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Amortization Schedule and Alternatives
Current Amortization
Schedule
15 Year Amortization 10 Year Amortization
DateAGjKqPayment
SW_911,647
Balance
Payment Balance
Payment
14,195,198
1,280,318 14,195,198
1,750,263
6/30/2021
14,245,847
1,051,345
13,864,491
1,315,526 13,378,375
1,798,395
6/30/2022
14,155,536
1,166, 276
13, 474, 214
1,351,703 12,454, 587
1,847,851
6/30/2023
13,940,018
1,231,503
13,019,196
1,388,875 11,414,976
1,898,667
6/30/ 2024
13,641,943
1,301,832
12,493,876
1,427,069 10,250,027
1,950,881
6/30/2025
13,250,253
1,337,633
11,892,276
1,466,314 8,949,523
2,004,530
6/30/2026
12,794,113
1,374,417
11,207,968
1,506,637 7,502,488
2,059,654
6/30/2027
12,267,992
1,412,214
10,434,048
1,548,070 5,897,139
2,116,295
6/30/2028
11,665,946
1,451,050
9,563,096
1,590,642 4,120,826
2,174,493
6/30/2029
10,981,585
1,490,954
8,587,140
1,634,384 2,159,971
2,234,291
6/30/2030
10,208,041
1,531,955
7,497,620
1,679,330
6/30/2031
9,337,938
1,574,084
6,285,341
1,725,511
6/30/2032
8,363,349
1,554,633
4,940,431
1,772,963
6/30/2033
7,340,658
1,532,922
3,452,294
1,821,720
6/30/2034
6,268,838
1,484,940
1,809,554
1,871,817
6/30/2035
5,171,622
1,406,502
I, t2✓pY`C`Otc7 1'} j � I t_ 64 ,i55u'tN a
�k e y—o
6/30/2036
4,078,740
1,267,969
L)( ya(p1� rv►�i.r�7 O►JO .(
SRS
6/30/2037
3,052,654
733,612_l
11
6/30/2038
2,507,486
640,523
�_ ( NO b1h u_r4v oe R
to ALkA l
6/30/2039
2,020,448
569,131
SlNklfl�_UND �! I,, 6S,40_`___.
6/30/2040
1,573,165
523,861
3 j t5 yP
► ,1 � (e 3 (5- =.___Ij7 Te -1)g yq — —�
6/30/2041
1,141,401
410,760
I
l ` '-'�l�i��
R�_
6/30/2042
796,406
387,828X711
6/30/2043
450,982
307,179
6/30/20"
164,80l
155,518
6/30/2045
15,468
16,000
6/30/2046
6/30/2047
6/30/2048
6/30/2049
Totals
Interest Paid 12,631,090
Estimated Savings
23,380,879
9,185,682
3,445,409
19,835,321
5,640,124
6,990,968
I 4q
n- w C� t.4 civ i4 f9� i�18 {�/ p PMT 5 ,?31 * _L=
I,, IsS 4,23* = l� '�___J_ qq
Rate Plan belonging to the Miscdllaneobs Risk Pool Page 12
$64,420,000
CITY OF GLENDORA
TAXABLE PENSION OBLIGATION BONDS
SERIES 2019
MATURITY SCHEDULE
Base CUSIP' 878912
Maturity
(Jane 1)
Principal
Amount
Interest
Rate
Yield
Price
CUSIPt
2020
51,715,000
1.814%
1.814a/a
100.000
AA3
2021
1,470,000
1.814
1.814
100.000
ABI
2022
2,440,000
1.812
1.812
100.000
AC9
2023
2,580,000
1.848
1.848
100.000
AD7
2024
2,625,000
1.898
1.898
100.000
AE5
2025
2,675,000
1.988
1.988
100.000
AH8
2026
2,730,000
2.108
2.108
100.000
AM
2027
2,785,000
2.215
2.215
100.000
AKI
2028
2,845,000
2.265
2.265
100.000
AL9
2029
2,910,000
2.315
2.315
100.000
AM7
2030
2,980,000
2.395
2.395
100.000
ANS
2031
3,050,000
2.515
2.515
100.000
APO
2032
3,125,000
2.565
2.565
100.000
AQ8
2033
3,210,000
2.615
2.615
100.000
AR6
2034
3,290,000
2.665
2.665
100.000
AS4
$14,526,000 3.001% Term Bond due June 1, 2039; Yield 3.001% Price 100.00096; CUSIPI: 378612AF2
$9,466,000 3.121% Terra Bond due June 1, 2044; Yield 3.1219(x, Price 100.000966 CUSH": 378612AG0
1 CUSW* is a ra&tw d traderoartr of the Amedcm Bw,Jmm Amaddion. CUSIP Global Services (CGS) is managed on behalf of the American
Banters Association by S&P Global mareet hommm ence. Capyrlght(c) 2019 CURB' Global Service All dgbia reserved CUW* data herein is
provided by CLW Global Services. Iles data is not intended to creole a database and does not serve in any way m a erste far the CGS
databam. CUSIN nmd)m are provided for convrdence otrekraice only. None of the City, the Underwriter or their agents or cowed aenmte
mapmadbiWy for the achy of much numbers.
NEW ISSUE—BOOK-ENTRY ONLY RATING- S&P: "AAA"
(See "RATING" herein)
In the opinion of StnwUing Yocca Carlson & Rauth, a Pmfessional Corporation, Newport Beach,
California ("Bond Counsel"), under ansting statutes, regulations, rulings and judicial decisions, interest
on the Bonds is not excluded from gross incmne for federal income tax purposes under Section 103 of the
Code but interest on the Bonds is exempt from State of California personal income tax. See `TA%MA7TER3"
herein.
$64,420,000
CITY OF GLENDORA
TAXABLE PENSION OBLIGATION BONDS
SERIES 2019
Dated: Date of Delivery Due: June 1, as shown on the inside front cover
The City of Glendora (the "City-) is issuing its $64,420,000 Taxable Pension Obligation Bonds, Series 2019
(the "Bonds', pursuant to a Trust Agreement, dated as of September 1, 2019, by and between the City and U.S.
Bank National Association, as trustee, and pursuant to Articles 10 and 11 (commencing with Section 63670)
of chapter 3 of Part 1 of Division 2 of Title 5 of the California Government Code. The Bonds are being issued
to: (i) pay the Cityts currently unamortiz unfunded accrued liability ("Unfunded Liability") to the California
Public Employees' Retirement System ("CalPERS' for the benefit of the City's employees, and (it) pay costs of
issuance of the Bonds. See `PLAN OF REFINANCING" herein.
The Bonds will be delivered in fully registered form only, and when delivered will be registered in the
name of Cede & Co., as nominee of The Depository Trust Company, New York, New York ("DTC"). See `=
BONDS—General" herein So long as Cede A Co. is the registered owner of the Bonds, references herein to the
owners of the Bonds shall mean Cede & Co. and shall not mean the Beneficial Owners of the Bonds,
The interest on the Bonds is payable semiannually on June 1 and December Keach an "Interest Payment
Date') of each year, commencing December 1, 2019, through the maturity date of such Bonds. The Bonds will
be issued in denominations of $6,000 or any integral multiple thereof. The Bonds will be issued in such principal
amounts, and will bear interest at the rates, payable on the dates as shown on the inside front cover of this
Official Statement
The Bonds are subject to optional and mandatory sinldng fund redemption prior to maturity as described
herein. See "THE BONDS" herein
THE OBLIGATIONS OF THE CITY UNDER THE BONDS, INCLUDING THE OBLIGATION TO MAKE
ALL PAYMENTS OF THE INTEREST ON AND THE PRINCIPAL OF THE BONDS WHEN DUE OR UPON
PRIOR REDEMPTION, ARE ABSOLUTE AND UNCONDITIONAL, WITHOUT ANY RIGHT OF SET-OFF OR
COUNTERCLAIK THE BONDS DO NOT CONSTITUTE AN OBLIGATION OF THE CITY FOR WHICH THE CITY
IS OBLIGATED TO LEVY OR PLEDGE ANY FORM OF TAXATION OR FOR WHICH THE CITY HAS LEVIED
OR PLEDGED ANY FORM OF TAXATION. See "SECURITY AND SOURCE OF PAYMENT FOR THE BONDS."
This cover page and the inside front cover page contain information for reference only. They are not
a summary of this issue. Investors must read the entire Official Statement to obtain information essential in
making an informed investment decision.
The Bonds will be R0'ered when, as and if issued, and received by the Underwriter, subject to approtxil as
to their legality by slnuusng Carlson Yocca & Rauth, aPrq%ssional Corporation, Newport Beach, California,
as Bond Counsel to the City. Certain additional matters will be passed upon by Stmdling Yoeca Carlson
& Rauth, a Professional Corporation, as Disclosure Counsel to the City. Certain other legal matters will be
passed upon for the City by the City Attorney, for the Underwriter by Orrick, Herrington & Sutcliffe LLP, Los
Angeles, Caltfornia and for the Trustee by its counsel. 71ne Bouts, in boo entry forvn, will be available for
delivery through the facilities gf DTC in New York, New York, on or about September 5, 2019.
STIFEL
Dated: August 22, 2019