Page 13 - Moreno Valley 2025 Bonded Debt Summary

2024 REFUNDING LEASE

REVENUE BONDS

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

$21,960,000 11/01/2024 11/01/2035 5%

DESCRIPTION
The 2024 Refunding Lease Revenue Bonds, were issued in November 2024, to refund the 2014 Refunding Lease Revenue
Bonds, issued in November 2014. The 2014 Refunding Lease Revenue Bonds refunded the remaining portion of the
2005 Lease Revenue Bonds. The 2005 Lease Revenue Bonds were issued to fund the construction of improvements to
various roadways, expansion of the Public Safety Building, construction of electric utility infrastructure and construction
of Fire Station 58 (Moreno Beach).

REPAYMENT SOURCE
The repayment source for these bonds is the General Fund. The General Fund may seek reimbursement from the Development
Impact Fee Funds and the Moreno Valley Utility as funds are available.

PREPAYMENT PROVISIONS
See the Official Statement (https://moval.gov/departments/financial-mgmt-svcs/prog-investor-relations.html), as the bonds
are not subject to redemption prior to maturity.

SECURITY
These bonds are secured by City-owned property. This asset pool consists of the City Hall building, Public Safety Building/
Emergency Operations Center, Fire Station 99 (Morrison Park), Sunnymead Park and John F. Kennedy Park.

DEBT SERVICE SCHEDULE
The annual debt service requirements for the 2024 Refunding Lease Revenue Bonds outstanding on June 30, 2025, are as follows:

2024 REFUNDING LEASE
REVENUE BONDS

YEAR ENDING GOVERNMENTAL ACTIVITIES MORENO VALLEY UTILITY TOTAL DEBT SERVICE INTEREST
JUNE 30, RATE
PRINCIPAL INTEREST PRINCIPAL INTEREST PRINCIPAL INTEREST
2026 1,274,805 872,124 150,195 102,751 1,425,000 974,875 5%
2027 1,328,481 807,041 156,519 95,084 1,485,000 902,125 5%
2028 1,404,522 738,715 165,478 87,035 1,570,000 825,750 5%
2029 1,471,617 666,812 173,383 78,563 1,645,000 745,375 5%
2030 1,543,185 591,442 181,815 69,683 1,725,000 661,125 5%
2031-2035* 8,977,311 1,685,986 1,057,689 198,639 10,035,000 1,884,625 5%
2036 2,079,945 51,999 245,055 6,126 2,325,000 58,125 5%
$18,079,866 $5,414,119 $2,130,134 $637,881 $20,210,000 $6,052,000

*Represents the total amount due during the specified period.
The 2024 Refunding Lease Revenue Bond resulted in savings of $1,328,946.