Page 11 - Moreno Valley 2025 Bonded Debt Summary

2021 STREETLIGHT

R E F IN A N C IN G ( T A X A B L E )

ORIGINAL ISSUE ISSUANCE MATURITY INTEREST
AMOUNT DA TE DA TE RA TES

$7,402,587 8/10/2021 6/01/2034 3.47%

DESCRIPTION
The 2021 Amended Purchase Agreement served to refinance the remaining balance of the 2018 Streetlight Financing
agreement. The original agreement funded the purchase of approximately 9,411 streetlights from Southern California Edison
(SCE) and the retrofit of those lights, as well as the approximately 2,000 additional streetlights already owned by the City, with
LED fixtures. This refinancing agreement was entered into on a taxable basis with Banc of America Capital Leasing.

REPAYMENT SOURCE
The repayment source for these bonds is the Electric Utility Fund.

PREPAYMENT PROVISIONS
Optional prepayment continuously after 6/1/26 with a prepayment premium (102%).

SECURITY
The security for this agreement consists of the City’s streetlights.

DEBT SERVICE SCHEDULE
The annual debt service requirements for the 2021 Streetlight Refinancing outstanding on June 30, 2025, are as follows:

2021 STREETLIGHT
REFINANCING (TAXABLE)
YEAR ENDING PRINCIPAL INTEREST INTEREST RATE
JUNE 30,
2026 523,769 183,904 3.47%
2027 542,103 165,571 3.47%
2028 561,078 146,595 3.47%
2029 580,718 126,955 3.47%
2030 601,045 106,628 3.47%
2031-2034* 2,622,064 208,629 3.47%

$5,430,777 $938,282

*Represents the total amount due during the specified period.
The 2021 Streetlight Refinancing Agreement reduced the rate from the former 2018 agreement at 5.42% to 3.47%,
resulting in savings of $855,000 with no extension of the maturity date.