Page 9 - Moreno Valley 2025 Bonded Debt Summary

2019 LEASE REVENUE

BONDS (T AXABLE)

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

$15,830,000 4/11/2019 5/01/2049 4%

DESCRIPTION
The proceeds of the 2019 Lease Revenue Bonds financed electric utility projects consisting of three categories of electric
infrastructure improvements: (1) the installation of approximately 5.8 miles of 12kV backbone infrastructure including conduit
and cable, 17 vaults, 2 surface operable equipment enclosures, 13 manholes, 2 gas switches, and 1 pad mounted switch,
in addition to pavement restoration work that is all designed to support increasing demand for electricity and improve
reliability and the flexibility of the City’s electrical distribution system; (2) the retrofit and/or replacement of switches to build
automation, communication, and protection to circuits and improve reliability; and (3) the installation of smart meters and
associated data collection system, providing customers more detailed feedback regarding their energy use while improving
system reliability through faster outage detection and restoration of service.

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 2019 Lease Revenue Bonds outstanding on June 30, 2025, are as follows:

2019 LEASE REVENUE
BONDS (TAXABLE)

YEAR ENDING PRINCIPAL INTEREST INTEREST RATE
JUNE 30,
2026 0 633,200 4%
2027 0 633,200 4%
2028 0 633,200 4%
2029 0 633,200 4%
2030 0 633,200 4%
2031-2035* 0 3,166,000 4%
2036-2040* 2,085,000 3,125,000 4%
2041-2045* 6,005,000 2,287,600 4%
2046-2049* 7,740,000 827,600 4%

$15,830,000 $12,572,200

*Represents the total amount due during the specified period.