HomeMy WebLinkAbout08192003 BOND SALE PRESENTATIONCity of Virginia Beach
Development Authority
$165,000,000 Public Facility
Revenue Bonds
Series 2003A
Description of Program
Authorization: Capital Improvement Program
and TIF Program
Total Program: $327 Million in Financing
Projects: Convention Center Town Center Garages
Pavilion Theater 315 Street Garage
MSM Parking
Open Space Acquisition
Various Equipment/Systems:
Payroll System, Revenue Collection System,
Communications Infrastructure Replacement including
the Communications Center, Electronic Balloting, Fire
Apparatus Equipment
1
Questions
Why so many projects?
- To provide efficiency with "one"
financing.
Why so large an issue?
- To take advantage of the financial
marketplace and low interest rates.
- To provide flexibility for determination
of taxability.
Financing Structure
- VBDA will issue bonds (conduit issuer)
- Support Agreement by which the City
supports all Authority financial obligations
- "Master" Agreement of Trust
- First Supplemental Agreement of Trust
2
New Revenue s
• Restaurant tax -1%, Effective July 1, 2001
• Cigarette Tax - 5¢/Pack, Effective July 1, 2001
• Hotel Tax - 2.5%, Effective November 1, 2001
• Tax Increment Financing -Town Center
• Special Service District Tax -Town Center
• 31St Street Parking Garage Revenues
Other Factors
- Budgeted Debt Service in FY04
- Impact on FY05 Debt Service Budget
- Net Debt per capita policy goal exceeded with
this issue $1,500 vs. $1,770
- All other Debt Management Policy Goals within
Limits:
^ Debt to estimate full market value
^ Debt per capita to per capita personal income
^ Debt service to general government expenditures
3
Schedule
- Resolution to VBDA -August 19tH
- Resolution to City Council -August 26tH
- Bond Sale -September Stn
-competitive
-electronic
THANK
YOU.
4