Page 8 - Moreno Valley 2025 Bonded Debt Summary

SUBORDINATE TAX ALLOCATION

2017 REFUNDING BONDS

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

$38,045,000 9/13/2017 8/01/2038 3%-5%

DESCRIPTION
The 2017 Subordinate Tax Allocation Refunding Bonds were issued in August 2017 to refund the outstanding balance from
the 2007 Redevelopment Agency (RDA) Tax Allocation Bonds. The 2007 bonds were used to construct public facilities and
for improvements to existing City infrastructure. Projects included the construction of Fire Station 99 (Morrison Park), the
Nason/U.S. Route 60 Bridge and other street improvements.

REPAYMENT SOURCE
The bonds are payable by the Successor Agency from the Redevelopment Property Tax Trust Fund (RPTTF) as approved on
the Recognized Obligation Payment Schedule (ROPS) by the California Department of Finance.

PREPAYMENT PROVISIONS
Optional prepayment continuously after 8/1/27 with no prepayment premium.

SECURITY
The bonds are secured with bond insurance and a reserve account funded with a surety bond both purchased through Ambac
Assurance Corporation. The bonds are also secured by the pledge of future Tax Increment revenues.

DEBT SERVICE SCHEDULE
The annual debt service requirements for the 2017 Subordinate Tax Allocation Refunding Bonds outstanding on June 30, 2025,
are as follows:

2017 SUBORDINATE TAX ALLOCATION
REFUNDING BONDS
YEAR ENDING PRINCIPAL INTEREST INTEREST RATE
JUNE 30,
2026 1,395,000 1,478,981 4%
2027 2,045,000 1,399,956 5%
2028 2,145,000 1,295,206 5%
2029 2,250,000 1,185,331 5%
2030 2,360,000 1,070,081 5%
2031-2035* 14,315,000 3,468,982 5%-3%
2036-2039* 13,535,000 860,091 3%-3.13%

$38,045,000 $10,758,628

*Represents the total amount due during the specified period.