Exeter Township School District Refinancing Plan June 20, 2017 - - PDF document
Exeter Township School District Refinancing Plan June 20, 2017 Prepared by: Jamie Schlesinger Director & Wes Hall Senior Analyst PFM Financial Advisors LLC 2533 Yellow Springs Road Malvern, PA 19355 610.647.5487 (P) 610.647.2467
June 20, 2017
Prepared by: Jamie Schlesinger Director & Wes Hall Senior Analyst
PFM Financial Advisors LLC 2533 Yellow Springs Road Malvern, PA 19355 610.647.5487 (P) 610.647.2467 (F) www.pfm.com
MMD YIELD CURVE HISTORICAL MMD CURVE ILLUSTRATION ‐ SINCE JANUARY 1, 2007 SPOT ANALYSIS ‐ 10 YEAR MMD ‐ SINCE JANUARY 1, 2007
MUNICIPAL MARKET UPDATE
June 15, 2017
The MMD Yield Curve is a high grade municipal yield curve published daily by Municipal Market Data. It is one of the most commonly used benchmarks in municipal finance. The yields within the curve reflect the current yields for each maturity year at which bondholders would be likely to sell high quality (AAA rated) general obligation backed bonds. The yield curve is typically influenced by new issuances in the primary market as well as post‐issuance trading in the secondary market. Municipal bonds typically trade at a "spread to MMD", meaning the difference between the yield in a specific year of a bond issue and the respective yield in the MMD Yield Curve. While these spreads vary over time, they can be a meaningful and powerful tool in trying to compare relative yield levels in a volatile interest rate environment.
0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28 Year 29 Year 30 Year Range Average Current
Maturity Year Yield (%)
1.10 1.60 2.10 2.60 3.10 3.60 4.10 4.60 1/1/07 1/1/08 1/1/09 1/1/10 1/1/11 1/1/12 1/1/13 1/1/14 1/1/15 1/1/16 1/1/17
Yield (%)
Since 1/1/2007 Amount Date Min 1.290 6/27/2016 Max 4.860 10/15/2008 Average 2.614 n/a Current 1.840 6/15/2017 PFM Financial Advisors LLC 6/15/2017
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EXETER TOWNSHIP SCHOOL DISTRICT SUMMARY OF OUTSTANDING INDEBTEDNESS A B 1 2 3 4 5 6 7 8 9 10 11 12 Fiscal CABS* G.O. Bonds LTd Tax Bonds G.O. Bonds G.O. Bonds G.O. Bonds G.O. Bonds G.O. Note G.O. Bonds G.O. Bonds Total Year Series of Series of Series of Series A of Series B of Series of Series of Series of Series A of Series B of Debt Ended 1994 2011 2012 2012 2012 2013 2014 2015 2015 2015 Service 6/30/2018 3,800,000 903,646 531,608 756,750 551,470 265,265 1,102,041 800,010 209,145 100,300 9,020,235 6/30/2019 3,800,000 900,776 537,958 756,750 553,330 264,605 1,091,241 803,615 306,970 100,200 9,115,446 6/30/2020 906,276 1,374,645 756,750 3,043,241 268,505 1,007,391 798,092 307,670 100,100 8,562,671 6/30/2021 898,769 1,373,245 2,876,750 930,684 267,305 991,773 806,407 303,820 100,000 8,548,752 6/30/2022 899,894 5,981,950 266,105 758,765 306,020 124,650 8,337,384 6/30/2023 898,969 5,979,550 264,905 764,725 303,720 158,700 8,370,569 6/30/2024 896,113 2,978,750 3,268,705 768,525 301,420 157,400 8,370,913 6/30/2025 896,663 189,150 6,061,275 776,025 304,070 156,100 8,383,283 6/30/2026 899,363 132,350 2,002,013 1,573,820 4,065,225 8,672,770 6/30/2027 1,437,200 115,250 7,112,385 8,664,835 6/30/2028 3,017,900 2,555,025 5,572,925 TOTAL 7,600,000 8,100,468 3,817,455 24,863,850 5,078,726 10,926,670 11,932,774 3,208,124 11,029,040 5,062,675 91,619,781 13 14 15 16 17 18 19 20 21 22 23 24 Fiscal CABS* G.O. Bonds LTd Tax Bonds G.O. Bonds G.O. Bonds G.O. Bonds G.O. Bonds G.O. Note G.O. Bonds G.O. Bonds Total Year Series of Series of Series of Series A of Series B of Series of Series of Series of Series A of Series B of Local Ended 1994 2011 2012 2012 2012 2013 2014 2015 2015 2015 Effort 6/30/2018 2,926,587 792,084 439,055 713,792 551,470 249,650 1,035,670 693,258 195,671 93,855 7,691,092 6/30/2019 2,926,587 789,569 444,299 713,792 553,330 249,029 1,025,520 696,382 287,194 93,762 7,779,464 6/30/2020 794,389 1,135,320 713,792 3,043,241 252,699 946,720 691,596 287,849 93,668 7,959,275 6/30/2021 787,809 1,134,163 2,713,446 930,684 251,570 932,042 698,801 284,247 93,575 7,826,337 6/30/2022 788,795 5,642,374 250,441 713,068 286,305 116,641 7,797,624 6/30/2023 787,984 5,640,111 249,311 718,669 284,154 148,503 7,828,732 6/30/2024 785,481 2,809,656 3,076,293 722,240 282,002 147,287 7,822,958 6/30/2025 785,963 178,413 5,704,478 729,288 284,481 146,070 7,828,693 6/30/2026 788,329 124,837 1,881,439 1,472,430 3,804,024 8,071,060 6/30/2027 1,355,615 108,309 6,654,187 8,118,111 6/30/2028 2,846,584 2,401,146 5,247,730 TOTAL 5,853,173 7,100,403 3,152,837 23,452,411 5,078,726 10,283,472 11,214,110 2,780,037 10,318,521 4,737,386 83,971,075 Principal **: 1,652,582 7,035,000 3,595,000 19,995,000 4,715,000 9,340,000 9,540,000 3,123,000 9,235,000 4,265,000 72,495,582 PE%: 40.53% 21.77% 30.70% 10.01% 0.00% 10.38% 10.62% 23.53% 11.36% 11.33% PE% Status: Perm. Perm Perm Perm Perm Perm Perm Perm Perm Perm AR% (16-17): 56.71% 56.71% 56.71% 56.71% 56.71% 56.71% 56.71% 56.71% 56.71% 56.71% Call Date: Noncallable 11/15/2017 11/15/2017 11/15/2020 Noncallable 5/15/2018 5/15/2019 Anytime 3/1/2020 3/1/2020 Purpose: New Money, Adv Ref 1992, 1993 Adv Ref 2006 Cur Ref 2007 Adv Ref 2003, Swap Term Swap Term Adv Ref 2003 Adv Ref 2009A, 2009C, 2010, New Money Cur Ref 2009A & 2009B Bonds Cur Ref Portion 2010 Cur Ref Portion 2010 * Value at Maturity ** Outstanding as of 6/15/2017 ***Vo-Tech payments not included Debt Service Requirements Local Effort Requirements
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EXETER TOWNSHIP SCHOOL DISTRICT SUMMARY OF NEW MONEY OPTIONS 1 2 3 4 OPTION 1A OPTION 1B OPTION 2A OPTION 2B Principal $4,995,000 $4,995,000 $5,820,000 $5,820,000 Settlement September 2017 September 2017 September 2017 September 2017
$89,773 $158,526 $176,050 $266,529 5 6 7 8 9 Fiscal Estimated Estimated Estimated Estimated Year Local Effort Local Effort Local Effort Local Effort Ending Savings Savings Savings Savings 6/30/2018 56,407 77,497 83,295 103,864 6/30/2019 22,189 22,199 49,876 55,679 6/30/2020 358 22,220 36,784 90,395 6/30/2021 18 27,403 13 5,100 6/30/2022 457 787 2,671 3,214 6/30/2023 368 184 (4) 4,766 6/30/2024 709 874 1,023 1,189 6/30/2025 1,734 551 1,541 1,605 6/30/2026 1,532 812 851 717 6/30/2027 6/30/2028 6/30/2029 6/30/2030 TOTAL $83,773 $152,526 $176,050 $266,529 Paying Agent Savings: $6,000 $6,000 $0 $0 Combined Savings: $89,773 $158,526 $176,050 $266,529 September 1 BANK LOAN BOND ISSUE Principal Payment Dates May 15 September 1 May 15
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ALTERNATIVE 1 ALTERNATIVE 2 Bank Loan Bond Issue April/May 2017 June 20th Week of June 19th
Gather Financial Statements and Budget from District PFM Begins to Draft Preliminary Official Statement
Week of June 19th/26th
Send RFPs to Local and Regional Banks Request for Information for Preliminary Official Statement
July 14th
Bank Proposals Due
July 18th End of July
Rating Call
Early August
Rating Finalized/Preliminary Official Statement Completed/Invitation to Bid Posted
Week of August 7th August 15th Week of August 14th
Competitive Bond Sale
Mid/End August Mid September
District Meeting to Approve Parameters Resolution for Bond Issue or Bank Loan Post-Advertisement for Resolution Settlement
EXETER TOWNSHIP SCHOOL DISTRICT Schedule for 2017 Financing
Discussion with Administration Regarding Capital Projects and Potential Refinancing Financing Discuss Alternatives/Authorization to Proceed with Dual Track Process Pre-Advertisement for Resolution District Meeting to Discuss Bank Proposals/Review Comparison vs Bond Issue/Decision to Proceed with Bank Loan or Bond Issue
S M T W T F S S M T W T F S S M T W T F S 1 1 2 3 4 5 6 1 2 3 2 3 4 5 6 7 8 7 8 9 10 11 12 13 4 5 6 7 8 9 10 9 10 11 12 13 14 15 14 15 16 17 18 19 20 11 12 13 14 15 16 17 16 17 18 19 20 21 22 21 22 23 24 25 26 27 18 19 20 21 22 23 24
23/30 2425 26 27 28 29 28 29 30 31 25 26 27 28 29 30
April 2017 May 2017 June 2017
S M T W T F S S M T W T F S S M T W T F S 1 1 2 3 4 5 1 2 2 3 4 5 6 7 8 6 7 8 9 10 11 12 3 4 5 6 7 8 9 9 10 11 12 13 14 15 13 14 15 16 17 18 19 10 11 12 13 14 15 16 16 17 18 19 20 21 22 20 21 22 23 24 25 26 17 18 19 20 21 22 23
23/30 24/31
25 26 27 28 29 27 28 29 30 31 24 25 26 27 28 29 30
July 2017 August 2017 September 2017
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EXETER TOWNSHIP SCHOOL DISTRICT SERIES OF 2011 1 2 3 4 5 6 7 8 Semi-Annual Fiscal Year State Local Date Principal Rate Interest Debt Service Debt Service Aid Effort 42,870.00 11/15/2017 94,323.13 94,323.13 5/15/2018 715,000 1.800 94,323.13 809,323.13 903,646.25 113,816.87 789,829.38 11/15/2018 87,888.13 87,888.13 5/15/2019 725,000 2.000 87,888.13 812,888.13 900,776.25 113,455.39 787,320.86 11/15/2019 80,638.13 80,638.13 5/15/2020 745,000 2.350 80,638.13 825,638.13 906,276.25 114,148.13 792,128.12 11/15/2020 71,884.38 71,884.38 5/15/2021 755,000 2.500 71,884.38 826,884.38 898,768.75 113,202.54 785,566.21 11/15/2021 62,446.88 62,446.88 5/15/2022 775,000 2.700 62,446.88 837,446.88 899,893.75 113,344.24 786,549.51 11/15/2022 51,984.38 51,984.38 5/15/2023 795,000 2.875 51,984.38 846,984.38 898,968.75 113,227.73 785,741.02 11/15/2023 40,556.25 40,556.25 5/15/2024 815,000 3.000 40,556.25 855,556.25 896,112.50 112,867.98 783,244.52 11/15/2024 28,331.25 28,331.25 5/15/2025 840,000 3.250 28,331.25 868,331.25 896,662.50 112,937.25 783,725.25 11/15/2025 14,681.25 14,681.25 5/15/2026 870,000 3.375 14,681.25 884,681.25 899,362.50 113,277.32 786,085.18 TOTALS 7,035,000 1,065,467.50 8,100,467.50 8,100,467.50 1,020,277.45 7,080,190.05 PE% 22.21% (Temporary) AR% 56.71% (2016-2017) Net 12.60% Effective Reimbursement Optional Redemption: November 15, 2017
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EXETER TOWNSHIP SCHOOL DISTRICT SERIES OF 2011 Bonds to be Refunded 1 2 3 4 5 6 7 8 Semi-Annual Fiscal Year State Local Date Principal Rate Interest Debt Service Debt Service Aid Effort 11/15/2017 71,884.38 71,884.38 5/15/2018 1.800 71,884.38 71,884.38 143,768.75 18,108.09 125,660.66 11/15/2018 71,884.38 71,884.38 5/15/2019 2.000 71,884.38 71,884.38 143,768.75 18,108.09 125,660.66 11/15/2019 71,884.38 71,884.38 5/15/2020 2.350 71,884.38 71,884.38 143,768.75 18,108.09 125,660.66 11/15/2020 71,884.38 71,884.38 5/15/2021 755,000 2.500 71,884.38 826,884.38 898,768.75 113,202.54 785,566.21 11/15/2021 62,446.88 62,446.88 5/15/2022 775,000 2.700 62,446.88 837,446.88 899,893.75 113,344.24 786,549.51 11/15/2022 51,984.38 51,984.38 5/15/2023 795,000 2.875 51,984.38 846,984.38 898,968.75 113,227.73 785,741.02 11/15/2023 40,556.25 40,556.25 5/15/2024 815,000 3.000 40,556.25 855,556.25 896,112.50 112,867.98 783,244.52 11/15/2024 28,331.25 28,331.25 5/15/2025 840,000 3.250 28,331.25 868,331.25 896,662.50 112,937.25 783,725.25 11/15/2025 14,681.25 14,681.25 5/15/2026 870,000 3.375 14,681.25 884,681.25 899,362.50 113,277.32 786,085.18 TOTALS 4,850,000 971,075.00 5,821,075.00 5,821,075.00 733,181.34 5,087,893.66 PE% 22.21% (Temporary) AR% 56.71% (2016-2017) Net 12.60% Effective Reimbursement Optional Redemption: November 15, 2017
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EXETER TOWNSHIP SCHOOL DISTRICT SERIES OF 2011 Bonds Remaining After Refunding 1 2 3 4 5 6 7 8 Semi-Annual Fiscal Year State Local Date Principal Rate Interest Debt Service Debt Service Aid Effort 11/15/2017 22,438.75 22,438.75 5/15/2018 715,000 1.800 22,438.75 737,438.75 759,877.50 95,708.78 664,168.72 11/15/2018 16,003.75 16,003.75 5/15/2019 725,000 2.000 16,003.75 741,003.75 757,007.50 95,347.30 661,660.20 11/15/2019 8,753.75 8,753.75 5/15/2020 745,000 2.350 8,753.75 753,753.75 762,507.50 96,040.04 666,467.46 11/15/2020 5/15/2021 11/15/2021 5/15/2022 11/15/2022 5/15/2023 11/15/2023 5/15/2024 11/15/2024 5/15/2025 11/15/2025 5/15/2026 TOTALS 2,185,000 94,392.50 2,279,392.50 2,279,392.50 287,096.12 1,992,296.38 PE% 22.21% (Temporary) AR% 56.71% (2016-2017) Net 12.60% Effective Reimbursement Optional Redemption: November 15, 2017
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EXETER TOWNSHIP SCHOOL DISTRICT AMOUNT TO CALL BONDS 1 2 3 4 5 SERIES OF 2011 Escrow Date Principal Interest Agent Required 11/15/2017 4,850,000.00 71,884.38 4,921,884.38 TOTALS 4,850,000.00 71,884.38 0.00 4,921,884.38 AMOUNT TO CALL BONDS
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EXETER TOWNSHIP SCHOOL DISTRICT SERIES OF 2017 Settle 9/12/2017 REFUNDS THE SERIES OF 2011 Dated 9/12/2017 1 2 3 4 5 6 7 8 9 10 Semi-Annual Fiscal Year State Proposed Existing Debt Service Date Principal Rate Interest Debt Service Debt Service Aid Local Effort Local Effort Savings 43,054.00 5/15/2018 2.350 79,233.19 79,233.19 79,233.19 9,979.65 69,253.54 125,660.66 56,407.12 11/15/2018 2.350 58,691.25 58,691.25 5/15/2019 1,000 2.350 58,691.25 59,691.25 118,382.50 14,910.62 103,471.88 125,660.66 22,188.78 11/15/2019 2.350 58,679.50 58,679.50 5/15/2020 26,000 2.350 58,679.50 84,679.50 143,359.00 18,056.48 125,302.52 125,660.66 358.14 11/15/2020 2.350 58,374.00 58,374.00 5/15/2021 782,000 2.350 58,374.00 840,374.00 898,748.00 113,199.93 785,548.07 785,566.21 18.14 11/15/2021 2.350 49,185.50 49,185.50 5/15/2022 801,000 2.350 49,185.50 850,185.50 899,371.00 113,278.39 786,092.61 786,549.51 456.91 11/15/2022 2.350 39,773.75 39,773.75 5/15/2023 819,000 2.350 39,773.75 858,773.75 898,547.50 113,174.67 785,372.83 785,741.02 368.19 11/15/2023 2.350 30,150.50 30,150.50 5/15/2024 835,000 2.350 30,150.50 865,150.50 895,301.00 112,765.77 782,535.23 783,244.52 709.29 11/15/2024 2.350 20,339.25 20,339.25 5/15/2025 854,000 2.350 20,339.25 874,339.25 894,678.50 112,687.36 781,991.14 783,725.25 1,734.11 11/15/2025 2.350 10,304.75 10,304.75 5/15/2026 877,000 2.350 10,304.75 887,304.75 897,609.50 113,056.53 784,552.97 786,085.18 1,532.20 TOTALS 4,995,000 730,230.19 5,725,230.19 5,725,230.19 721,109.40 5,004,120.78 5,087,893.66 83,772.88 PE% 22.21% (Estimated) Paying Agent Savings 6,000.00 AR% 56.71% (2016-2017) Combined Savings 89,772.88 Savings Allocation Amount Percentage Net 12.60% Effective Reimbursement School District's Share 83,772.88 1.73% State's Share 12,071.93 0.25% Total Savings 95,844.81 1.98% KEEP SAME STRUCTURE (BANK LOAN INTEREST RATES ASSUMED)
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EXETER TOWNSHIP SCHOOL DISTRICT SERIES OF 2017 Settle 9/12/2017 REFUNDS THE SERIES OF 2011 Dated 9/12/2017 1 2 3 4 5 6 7 8 9 10 Semi-Annual Fiscal Year State Proposed Existing Debt Service Date Principal Rate Interest Debt Service Debt Service Aid Local Effort Local Effort Savings 42,979.00 3/1/2018 2.350 55,104.56 55,104.56 55,104.56 6,940.58 48,163.98 125,660.66 77,496.68 9/1/2018 1,000 2.350 58,691.25 59,691.25 3/1/2019 2.350 58,679.50 58,679.50 118,370.75 14,909.14 103,461.61 125,660.66 22,199.05 9/1/2019 1,000 2.350 58,679.50 59,679.50 3/1/2020 2.350 58,667.75 58,667.75 118,347.25 14,906.18 103,441.07 125,660.66 22,219.59 9/1/2020 759,000 2.350 58,667.75 817,667.75 3/1/2021 2.350 49,749.50 49,749.50 867,417.25 109,253.73 758,163.52 785,566.21 27,402.69 9/1/2021 809,000 2.350 49,749.50 858,749.50 3/1/2022 2.350 40,243.75 40,243.75 898,993.25 113,230.82 785,762.43 786,549.51 787.08 9/1/2022 828,000 2.350 40,243.75 868,243.75 3/1/2023 2.350 30,514.75 30,514.75 898,758.50 113,201.25 785,557.25 785,741.02 183.77 9/1/2023 844,000 2.350 30,514.75 874,514.75 3/1/2024 2.350 20,597.75 20,597.75 895,112.50 112,742.02 782,370.48 783,244.52 874.05 9/1/2024 865,000 2.350 20,597.75 885,597.75 3/1/2025 2.350 10,434.00 10,434.00 896,031.75 112,857.81 783,173.94 783,725.25 551.31 9/1/2025 888,000 2.350 10,434.00 898,434.00 3/1/2026 2.350 898,434.00 113,160.38 785,273.62 786,085.18 811.55 TOTALS 4,995,000 651,569.81 5,646,569.81 5,646,569.81 711,201.90 4,935,367.91 5,087,893.66 152,525.75 PE% 22.21% (Estimated) Paying Agent Savings 6,000.00 AR% 56.71% (2016-2017) Combined Savings 158,525.75 Savings Allocation Amount Percentage Net 12.60% Effective Reimbursement School District's Share 152,525.75 3.14% State's Share 21,979.44 0.45% Total Savings 174,505.19 3.60% MOVE PAYMENT DATES (BANK LOAN INTEREST RATES ASSUMED)
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EXETER TOWNSHIP SCHOOL DISTRICT SERIES OF 2011 1 2 3 4 5 6 7 8 Semi-Annual Fiscal Year State Local Date Principal Rate Interest Debt Service Debt Service Aid Effort 42,870.00 11/15/2017 94,323.13 94,323.13 5/15/2018 715,000 1.800 94,323.13 809,323.13 903,646.25 111,562.06 792,084.19 11/15/2018 87,888.13 87,888.13 5/15/2019 725,000 2.000 87,888.13 812,888.13 900,776.25 111,207.74 789,568.51 11/15/2019 80,638.13 80,638.13 5/15/2020 745,000 2.350 80,638.13 825,638.13 906,276.25 111,886.75 794,389.50 11/15/2020 71,884.38 71,884.38 5/15/2021 755,000 2.500 71,884.38 826,884.38 898,768.75 110,959.90 787,808.85 11/15/2021 62,446.88 62,446.88 5/15/2022 775,000 2.700 62,446.88 837,446.88 899,893.75 111,098.79 788,794.96 11/15/2022 51,984.38 51,984.38 5/15/2023 795,000 2.875 51,984.38 846,984.38 898,968.75 110,984.59 787,984.16 11/15/2023 40,556.25 40,556.25 5/15/2024 815,000 3.000 40,556.25 855,556.25 896,112.50 110,631.96 785,480.54 11/15/2024 28,331.25 28,331.25 5/15/2025 840,000 3.250 28,331.25 868,331.25 896,662.50 110,699.86 785,962.64 11/15/2025 14,681.25 14,681.25 5/15/2026 870,000 3.375 14,681.25 884,681.25 899,362.50 111,033.20 788,329.30 TOTALS 7,035,000 1,065,467.50 8,100,467.50 8,100,467.50 1,000,064.84 7,100,402.66 PE% 21.77% (PERMANENT) AR% 56.71% (2016-2017) Net 12.35% Effective Reimbursement Optional Redemption: November 15, 2017
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EXETER TOWNSHIP SCHOOL DISTRICT SERIES OF 2011 Bonds to be Refunded 1 2 3 4 5 6 7 8 Semi-Annual Fiscal Year State Local Date Principal Rate Interest Debt Service Debt Service Aid Effort 11/15/2017 80,638.13 80,638.13 5/15/2018 1.800 80,638.13 80,638.13 161,276.25 19,910.79 141,365.46 11/15/2018 80,638.13 80,638.13 5/15/2019 2.000 80,638.13 80,638.13 161,276.25 19,910.79 141,365.46 11/15/2019 80,638.13 80,638.13 5/15/2020 745,000 2.350 80,638.13 825,638.13 906,276.25 111,886.75 794,389.50 11/15/2020 71,884.38 71,884.38 5/15/2021 755,000 2.500 71,884.38 826,884.38 898,768.75 110,959.90 787,808.85 11/15/2021 62,446.88 62,446.88 5/15/2022 775,000 2.700 62,446.88 837,446.88 899,893.75 111,098.79 788,794.96 11/15/2022 51,984.38 51,984.38 5/15/2023 795,000 2.875 51,984.38 846,984.38 898,968.75 110,984.59 787,984.16 11/15/2023 40,556.25 40,556.25 5/15/2024 815,000 3.000 40,556.25 855,556.25 896,112.50 110,631.96 785,480.54 11/15/2024 28,331.25 28,331.25 5/15/2025 840,000 3.250 28,331.25 868,331.25 896,662.50 110,699.86 785,962.64 11/15/2025 14,681.25 14,681.25 5/15/2026 870,000 3.375 14,681.25 884,681.25 899,362.50 111,033.20 788,329.30 TOTALS 5,595,000 1,023,597.50 6,618,597.50 6,618,597.50 817,116.63 5,801,480.87 PE% 21.77% (PERMANENT) AR% 56.71% (2016-2017) Net 12.35% Effective Reimbursement Optional Redemption: November 15, 2017
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EXETER TOWNSHIP SCHOOL DISTRICT SERIES OF 2011 Bonds Remaining After Refunding 1 2 3 4 5 6 7 8 Semi-Annual Fiscal Year State Local Date Principal Rate Interest Debt Service Debt Service Aid Effort 11/15/2017 13,685.00 13,685.00 5/15/2018 715,000 1.800 13,685.00 728,685.00 742,370.00 91,651.27 650,718.73 11/15/2018 7,250.00 7,250.00 5/15/2019 725,000 2.000 7,250.00 732,250.00 739,500.00 91,296.95 648,203.05 11/15/2019 5/15/2020 11/15/2020 5/15/2021 11/15/2021 5/15/2022 11/15/2022 5/15/2023 11/15/2023 5/15/2024 11/15/2024 5/15/2025 11/15/2025 5/15/2026 TOTALS 1,440,000 41,870.00 1,481,870.00 1,481,870.00 182,948.22 1,298,921.78 PE% 21.77% (PERMANENT) AR% 56.71% (2016-2017) Net 12.35% Effective Reimbursement Optional Redemption: November 15, 2017
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EXETER TOWNSHIP SCHOOL DISTRICT AMOUNT TO CALL BONDS 1 2 3 4 5 SERIES OF 2011 Escrow Date Principal Interest Agent Required 11/15/2017 5,595,000.00 80,638.13 5,675,638.13 TOTALS 5,595,000.00 80,638.13 0.00 5,675,638.13 AMOUNT TO CALL BONDS
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EXETER TOWNSHIP SCHOOL DISTRICT SERIES OF 2017 Settle 9/15/2017 REFUNDS THE SERIES OF 2011 Dated 9/15/2017 1 2 3 4 5 6 7 8 9 10 Semi-Annual Fiscal Year State Proposed Existing Date Principal Coupon Interest Debt Service Debt Service Aid Local Effort Local Effort Savings 43,054.00 5/15/2018 66,250.00 66,250.00 66,250.00 8,179.07 58,070.93 141,365.46 83,294.53 11/15/2018 49,687.50 49,687.50 5/15/2019 5,000 1.280 49,687.50 54,687.50 104,375.00 12,885.89 91,489.11 141,365.46 49,876.35 11/15/2019 49,655.50 49,655.50 5/15/2020 765,000 1.380 49,655.50 814,655.50 864,311.00 106,705.82 757,605.18 794,389.50 36,784.32 11/15/2020 44,377.00 44,377.00 5/15/2021 810,000 1.470 44,377.00 854,377.00 898,754.00 110,958.07 787,795.93 787,808.85 12.93 11/15/2021 38,423.50 38,423.50 5/15/2022 820,000 1.570 38,423.50 858,423.50 896,847.00 110,722.64 786,124.36 788,794.96 2,670.61 11/15/2022 31,986.50 31,986.50 5/15/2023 835,000 1.680 31,986.50 866,986.50 898,973.00 110,985.11 787,987.89 787,984.16 (3.73) 11/15/2023 24,972.50 24,972.50 5/15/2024 845,000 1.780 24,972.50 869,972.50 894,945.00 110,487.82 784,457.18 785,480.54 1,023.36 11/15/2024 17,452.00 17,452.00 5/15/2025 860,000 1.920 17,452.00 877,452.00 894,904.00 110,482.76 784,421.24 785,962.64 1,541.40 11/15/2025 9,196.00 9,196.00 5/15/2026 880,000 2.090 9,196.00 889,196.00 898,392.00 110,913.38 787,478.62 788,329.30 850.68 TOTALS 5,820,000 597,751.00 6,417,751.00 6,417,751.00 792,320.59 5,625,430.41 5,801,480.87 176,050.46 PE% 21.77% (Estimated) AR% 56.71% (2016-2017) Savings Allocation Amount Percentage Net 12.35% Effective Reimbursement School District's Share 176,050.46 3.15% State's Share 24,796.04 0.44% Total Savings 200,846.50 3.59% KEEP SAME STRUCTURE
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EXETER TOWNSHIP SCHOOL DISTRICT SERIES OF 2017 Settle 9/15/2017 REFUNDS THE SERIES OF 2011 Dated 9/15/2017 1 2 3 4 5 6 7 8 9 10 Semi-Annual Fiscal Year State Proposed Existing Date Principal Coupon Interest Debt Service Debt Service Aid Local Effort Local Effort Savings 42,979.00 3/1/2018 42,783.96 42,783.96 42,783.96 5,282.01 37,501.96 141,365.46 103,863.50 9/1/2018 5,000 1.170 46,392.25 51,392.25 3/1/2019 46,363.00 46,363.00 97,755.25 12,068.64 85,686.61 141,365.46 55,678.85 9/1/2019 715,000 1.280 46,363.00 761,363.00 3/1/2020 41,787.00 41,787.00 803,150.00 99,155.03 703,994.97 794,389.50 90,394.52 9/1/2020 815,000 1.380 41,787.00 856,787.00 3/1/2021 36,163.50 36,163.50 892,950.50 110,241.59 782,708.91 787,808.85 5,099.94 9/1/2021 830,000 1.470 36,163.50 866,163.50 3/1/2022 30,063.00 30,063.00 896,226.50 110,646.04 785,580.46 788,794.96 3,214.50 9/1/2022 840,000 1.570 30,063.00 870,063.00 3/1/2023 23,469.00 23,469.00 893,532.00 110,313.38 783,218.62 787,984.16 4,765.54 9/1/2023 855,000 1.680 23,469.00 878,469.00 3/1/2024 16,287.00 16,287.00 894,756.00 110,464.49 784,291.51 785,480.54 1,189.03 9/1/2024 870,000 1.780 16,287.00 886,287.00 3/1/2025 8,544.00 8,544.00 894,831.00 110,473.75 784,357.25 785,962.64 1,605.39 9/1/2025 890,000 1.920 8,544.00 898,544.00 3/1/2026 898,544.00 110,932.15 787,611.85 788,329.30 717.45 TOTALS 5,820,000 494,529.21 6,314,529.21 6,314,529.21 779,577.06 5,534,952.15 5,801,480.87 266,528.72 PE% 21.77% (Estimated) AR% 56.71% (2016-2017) Savings Allocation Amount Percentage Net 12.35% Effective Reimbursement School District's Share 266,528.72 4.76% State's Share 37,539.56 0.67% Total Savings 304,068.29 5.43% CHANGE PAYMENT DATE
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