Human Services Commission Meeting Agenda Packet 10022024

Page 4 of 7 entering into Phase I, Feasibility and Planning. Phase I is expected to be completed by spring 2025. FINANCIAL STATEMENT PFM Financial Advisors LLC (PFM), the Municipal Advisor, has provided estimates regarding certain financial aspects of the proposed financing based on market conditions as of April 18, 2024. The current estimates indicate that the principal amount of the Bonds will be approximately $17.2 million (below the not-to-exceed amount of $19 million). The principal and interest payments, together, on the Bonds will be approximately $1.12 million each fiscal year until final maturity. The term of the Bonds will be 30 years. The Bonds are expected to sell at a premium, and the proceeds are expected to total about $19 million including principal. Pursuant to Government Code Section 5852.1, the following good faith estimates (obtained from the Underwriter and the Municipal Advisor) are being disclosed at a public meeting in connection with the authorization of the Bonds. Information to be disclosed per Government Code Section 5852.1: Estimates as of April 18, 2024* True interest cost of the Bonds (the rate necessary to discount the amounts payable on the respective principal and interest payment dates to the purchase price received for the new issue of Bonds) 4.10% Finance charge of the Bonds (the sum of fees and charges paid to third parties) $233,337 Amount of proceeds received by the public body from the sale of the Bonds, less the finance charge of the bonds and any reserves or capitalized interest paid or funded with proceeds of the Bonds $19,000,000 The total payment amount (the sum total of all debt service payments on the Bonds, plus the finance charge of the Bonds not paid from bond proceeds) $33,401,225 * These are good faith estimates only. Final results will likely differ based on market conditions as of the actual sale date and other factors. BOND DOCUMENTS AND FINANCING SCHEDULE Staff has been working with PFM, as the City’s Municipal Advisor, and Jones Hall, the City’s bond counsel and disclosure counsel, and Siebert Williams Shank & Co., LLC, the underwriter, to develop the bond issuance. U.S. Bank will serve as trustee. An RFP process was utilized to select bond counsel/disclosure counsel, underwriter, and trustee. The finance team has prepared a set of documents for the issuance, including the documents referred to in the attached resolutions. The financing team has submitted the documents, including the Preliminary Official Statement, and other related economic and financial information to S&P Page 213 of 448Page 222 of 557