Title
a. Receive an informational report regarding the East Garrison Public Finance Authority proposed Special Tax Bonds, Series 2019.
Report
RECOMMENDATION:
It is recommended that the Fort Ord Committee:
a. Receive an informational report regarding the East Garrison Public Finance Authority proposed Special Tax Bonds, Series 2019.
SUMMARY/DISCUSSION:
On December 11, 2018 the Board of Supervisors accepted a portion of completed infrastructure for Phase 3. The EGPFA has established its bond team and is working with the team and developer to prepare to issue a second bond series, Special Tax Bonds, Series 2019, for the Phase 3 infrastructure. Staff plans to bring forward the bond series to the Board of Supervisors, acting as the Governing Body for the EGPFA, in July 2019.
The East Garrison Public Finance Authority (EGPFA) created the East Garrison Community Facilities District No. 2006-01 (EGCFD) in 2006 to provide a mechanism to fund the acquisition of public infrastructure constructed by the developer of East Garrison. Formation of the EGCFD envisioned the issuance of Mello-Roos bonds to acquire up to $20 million of completed infrastructure. In 2016, the EGCFD issued its first bond series, Special Tax Bonds, Series 2016, in the amount of $9,540,000 to pay for the infrastructure in Phase 1 and Phase 2 of the development. Of which, the developer received $8,330,000 as reimbursement payment for public facilities constructed, leaving the developer eligible for an amount of up to $11,670,000 for infrastructure acquisition in Phase 3.
The second bond series, Special Tax Bonds, Series 2019, for the Phase 3 infrastructure being prepared is estimated to be a maximum of $13,435,389 distributed for the following uses: 1) Project Fund (developer reimbursement) $11,670,000; Other Fund Deposits (reserve and interest funds) $1,115,633; Delivery Date Expenses (costs of issuance) $649,757. Over the coming month the construction expenses and documentation for the infr...
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