EAST PENN SC IIOOL D ISTRICT. East Penn School District. March 26, Ken Phillips. Scott Shearer I RBC. Capital Markets. pfm
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1 EAST PENN SC IIOOL D ISTRICT Eat Penn School Ditrict March 26, 2018 Scott Shearer 0 pfm Ken Phillip I RBC Capital Market
2 Eat Penn School Ditrict Topic of Dicuion March 26, 2018 I) Market Update The Federal Reerve ha teadily increaed the Fed Fund Rate ("Rate") over the pat few year, going from 0.25% at it low to 1.50% today For future forecat, Bloomberg conduct a urvey of 60 invetment banking firm' prediction on the trajectory of the Rate o Median forecat project it will reach 2.35% by the end of 2018 and 2.90% by the end of 2019 II) Refinancing Goal Due to recent and expected increae in hort term rate, the Ditrict ha aked it Financing Team to explore a refinancing that will convert ome or all of it variable rate debt (Emmau) into a fixed rate. 1. Emmau loan have performed very well, aving the Ditrict over $7mm of interet expene 2. The Ditrict alo received ubidie for virtually all of the iuance cot Outtanding Emmau Loan Statitic Outtanding P.ar $760,000 $6,100,000 $6,200,000 $10,500,000 Final Maturity 2/1/2019 8/1/2023 8/1/2023 8/1/2022 Budgeted Rate 3.75% 3.75% 3.75% 3.75% Prepay able Anytime Anytime Anytime Anytime Ill) Refund all of the Ditrict' Outtanding Emmau Loan 3. Lock in a fixed rate on all variable rate debt (new fixed rate will be lower than current budgeted rate) 4. Eliminate interet rik on all variable rate debt 5. Provide long-term budget tability PFM Financial Advior LLC
3 ext PENN croot bitaict 1SUMMARY OF OUTSTANDING INDEBtEDNESS DEBT SERVICE ReQUIREMENTS.. :.. I 1996 Pool l 1989 Pool 1968 Pool I 1989 Pool I Fical G.O. Note G.O. Note G.O. Note G.O. Note G.O. Bond G.O. Bond G.o. Booo Year Serie of Serie A Of Serie A of Serie of Serie of Serie A of Serie of Ended ,469 1,131,563 1,135,313 1,497, , ,770 1,210, ,625 1,097,813 1,101,563 1,455, , , / , , , , ,620 6/ ,123,125 1,126,875 2,814,375 1,532, ,470 6/ ,085,625 1,185,938 2,813,438 1,528, ,070 6/ ,144,688 1,144,688 2,808,750 1,533, ,420 6/ ,103,438 1,103,438 1,526, ,651 6/ , ,293 6/ ,990 6/ ,553 6/30/ ,801 6/ ,588 6/ /30/2031 6/ /30/2033 TOTALS 1,551, ,875 7,962, , ,302, , Fical G.O. Note G.O. Note G.O. Note G.O. Note G.O. Bond G.O. Bond G.O. Bond Year Serie of Serie A of Serie A of Serie of Serie of Serie A of Serie of Ended ' / , , , , ,827 1,082,325 6/30/ , , ,116 1,313, , , ,346 6/30/2020 1,020, ,886 1, ,339, ,907 6/ , , ,824 1,341, /30/ ,635 1,022,794 2,523,463 1,338, ,305 6/ ,003, ,933 2,516,649 1,342, , / , ,072 1,336, ,472 6/30/ , ,998 6/ ,268 6/30/ ,377 6/ ,903 6/ ,293 6/ / /2032 6/ TOTALS 1,551,094 6,892,456 6,876,452 11,679,695 8,715,100 8,226,601 1,461,671 li i re't) lliill'wj.t ' 6lt'LH X lo,t i!1jj! IM.fikt~ PE%: 0.00% 30.03% 33.67% 25.03% 29.96% 27.82% 25.43% PE% Statu: Temporary Permanent Permanent Permanent Permanent Permanent Permanent AR-.4 (17-18): 41.58% 41.58% 41.58% 41.58% 41.58% 41.58% 41.58% Call Date: 45 Day Anytime Anytime Anytime 3115/ /15/2017 Non-Callable G.O. Bond Serie of 701, , , , , , , , ,513 8, G.O.Bond Serie of 691, , , , , , , , ,190 8,806,889 ;( hl'x 3.48% Permanent 41.58% 5/15/2019 G.O. Bond Serie A of 2,726, , G.O. Bond Serie A of 2,467,908 2,467, % Permanent 41.58% Non-Callable G.O. Bond G.O. Bond G.O. Note Total Serie A of Serie B of Serie of Dobt Service 1,929, ,100 95,649 13,151, ,100 2,606,010 10,169, ,250 2, ,238, ,850 1,437,925 10,247, ,950 8,843, ,700 8,867, ,750 5,926,508 2,294,840 1,531,471 1,544,040 1,557,770 1,563,100 1,929,100 4,359,700 6,735,211 75,936, S G.O. Bond G.O. Bond G.O. Note Total Serie A of SerieBof Serie of Local Effort 1, , ,886, ,325,622 9,197, , ,356 9,214, , ,2211, ,950 7,969, ,988, ,750 5,346,188 2,099,102 1,431,1187 1,442,803 1,4115,702 1,461,482 1,669,454 4,359,700 6, ,717, % 0.00% 25.88% Permanent Etimate PefTllanent 41.58% 41.58% 41.58% Non-Callable 4/1/2020 Make Whole 3iilf4il l Purpoe: New Money New Money New Money New Money CurRer- 2006A CurRef- 2004AA & 2007 CurRer &2008 ArJv Ref CurRer- 2005A Cur Ref 09A & 2010 Cur Ref 2010A Cur Ref2011 Debt Service i calculated at 3.75% For Local Effort purpoe, State Aid I only baed off the bond rate (2.85%) Outtanding a of February 28, 2018 PFM Financial Advior LLC 2/28/2018 2
4 Bloomberg Median Taxable Interet Rate Forecat 11 A of March 5, Actual i Q4-201i] -=_ ~ ifed FundS*- 1.50% 1.75% 1.95% 2.15% % 2.65% 2.75% 2.90% 2.85% --- I! Two.:_Y~ar L 1.89% 2.22% 2.31% 2.44% 2.71% 2.82% 2.92% 3.01% _J_ 3.05% - -~ :Ten-Year 2.40% 2.76% 2.83% 2.93% 3.02% 3.12% 3.26% 3.36% 3.43% 3.50% 'Thirty-Year 2.74% 3.09% 3.18% 3.29% 3.40% 3.48% 3.59% 3.68% 3.74% -1. I 3.83% J % 2.58% Forecat I i _, ' % 3.11% % ' 3.86% I _j [fl Conit of economic forecat and projection from approximately 60 invetment banking firm and financial intitution. For thee purpoe, indicate upper bound of Fed Fund range. 4.50% 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% % 0.50% 0.00% Fed Fund* - Two-Year - Ten-Year - Thirty-Year 3
5 EAST PENN SCHOOL DISTRICT SERIES OF 2018 Settle 6/5/2018 REFUNDS ALL OF THE OUTSTANDING EMMAUS NOTES Dated 6/5/ Difference Semi-Annual Fical Year State Propoed Exiting to Date Principal Rate 111 Interet Debt Service Debt Service Aid Local Effort Local Effort Budgef 1 FY , , /1/2019 4,090, , ,488, ,488, , ,969, ,010, , /1/2019 3,410, , ,668, /1 / , , ,887, , ,438, ,475, , /1/2020 4,650, , ,868, /1/ , , ,029, , ,447, ,486, , /1/2021 4,785, , ,945, / , , ,042, , ,460, ,498, , /1/2022 4,925, , , 022, /1/ , , ,052, , ,468, ,505, , /1/2023 2,090, , ,119, /1/2024 2,119, , ,875, ,91 4, , TOTALS 23,950,000 1,670, ,620, ,620, ,960, ,659, ,959, , PE% 27.79% (Etimated) AR% 41.58% ( ) [1] Aume etimated current market rate. Actual rate would be locked in at time of pricing. [2] Aume Ditrict' current budget rate of 3.75% for all outtanding Emmau Note. PFM Financial Advior 2/28/2018 4
6 EAST PENN SCHOOL DISTRICT Preliminary Ref inancing Schedule M February 2018 March 2018 T w T F M T w T F M April2018 T w T May 2018 F M T w T F M June 2018 T w T F Tent at ive Timeline Object ive March 26th April 9th Apri * Regularly Scheduled Board Meeting * - Board review of refinancing * Regularly Scheduled Board Meeting * - Boa rd con ider parameter reolution Pricing of Bond - Lock in rate May 2018 Settlement of Financi ng PFM Financial Advior LLC 3/6/2018 5
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This teaching material has been prepared by IFRS Foundation (Foundation) education staff. For more information about the IFRS education initiative please visit www.ifrs.org/use+around+the+world/education/education.htm.