Page 12 - Moreno Valley 2025 Bonded Debt Summary
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2021                      REFUNDING LEASE

                                  REVENUE BONDS (T AXABLE)



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


        $30,985,000                  10/12/2021                   5/1/2045                     0.183%-3.100%






        DESCRIPTION
        The 2021 Refunding Lease Revenue Bonds were issued in October 2021 to refund the outstanding portion of both the 2015
        Lease Revenue Bonds and the 2016 Refunding Lease Revenue Bonds. The 2015 Lease Revenue Bonds financed the Kitching
        Substation, serving the south industrial area of the City. The 2016 Lease Revenue bonds financed the City-owned 115kV to
        12kV substation (Moreno Beach substation), an 115kV to 12kV switchyard, and other infrastructure improvements to support
        planned growth of the City-owned electrical distribution system.

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


        PREPAYMENT PROVISIONS
        Optional prepayment continuously after 5/1/26 with no prepayment premium.

        SECURITY
        These bonds are secured with bond insurance purchased from Assured Guaranty Municipal Corporation as well as City-owned
        property. This asset pool consists of the Moreno Beach substation, the Kitching substation, the Conference & Recreation
        Center and the Corporate Yard. This asset pool is shared between the 2021 Refunding Lease Revenue Bonds and the 2019
        Lease Revenue Bonds.

        DEBT SERVICE SCHEDULE
        The annual debt service requirements for the 2021 Refunding Lease Revenue Bonds outstanding on June 30, 2025, are as follows:




                    2021 REFUNDING LEASE
                    REVENUE BONDS (TAXABLE)

                    YEAR ENDING                 PRINCIPAL            INTEREST         INTEREST RATE
                    JUNE 30,
                    2026                       1,470,000               604,780            1.140%
                    2027                       1,490,000               588,022            1.415%
                    2028                       1,505,000               566,939            1.615%
                    2029                       1,535,000               542,633            1.854%
                    2030                       1,560,000               514,174            2.024%
                    2031-2035*                 8,345,000             2,029,432        2.204% -2.754%
                    2036-2040*                 6,470,000               862,116        2.824% -3.100%
                    2041-2045*                 2,525,000               239,475            3.100%


                                            $24,900,000            $5,947,571

                 *Represents the total amount due during the specified period.
                 This refunding transaction resulted in an economic gain of $5.9 million and a net savings in debt service costs of $4.6 million.
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