Board of Trustees Workshop - Aug 15 2023 - Long Term Road Funding

AGENDA Village of Dundee Board of Trustees Workshop Tuesday, August 15, 2023 A meeting of the Board of Trustees Workshop will be held Tuesday, August 15, 2023 Council Chambers at 6:00 PM. 1. CALL TO ORDER 2. ROLL CALL 3. DISCUSSION 3.a Presentation and discussion about long-term funding and financing of road reconstruction projects. Funding Options Village of Dundee Aug 2023 Dundee Village 2023 LTGO Bonds 8.9.23 4. ADJOURNMENT Please Note – The Village of Dundee is subject to the requirements of the Americans with Disabilities Act of 1990. Individuals with disabilities who plan to attend this meeting and who require certain accommodations, in order to allow them to observe and/or participate in this meeting, or who have questions regarding the accessibility of this meeting or the facilities, are requested to contact the Interim Village Manager, at 734-529-3430 or manager@villageofdundee.net to allow the Village to make reasonable accommodations for those persons. Public comment can be made through the Public Comment Form located at https://dundeevillage.civicweb.net/Portal/CitizenEngagement.aspx Page 1 of 19 Page 2 of 19  Agenda Item #3.a Village of Dundee Overview of Road Financing Options August 15, 2023 Page 3 of 19 PFM Financial Advisors LLC 555 Briarwood Circle Suite 333 734-994-9700 Ann Arbor, MI 48108 www.pfm.com © PFM 1  Agenda Item #3.a Overview of Outstanding Debt  The Village has $14,060,000 of Bonds outstanding as of August 2, 2023, as summarized below: Issuance Par Final First Call Bond Series Date Outstanding Maturity Coupon Range Date Tax Status Security General Obligation Bonds: 2006 Capital Improvement Bonds, Series A 10/17/2006 $355,000 5/1/2027 4.45% - 4.50% -- Tax-Exempt LTGO 2008 General Obligation Limited Tax Bonds - Capital Improvement 8/19/2008 10,000 5/1/2024 4.50% 5/1/2017 Tax-Exempt LTGO 2013 Refunding Bond - Capital Improvement 8/6/2013 185,000 5/1/2027 2.39% 5/1/2023 Tax-Exempt LTGO Total General Obligation Bonds $550,000 Revenue Bonds: Sewage Disposal System Revenue Junior Lien Revenue Bonds, Series 2015 6/25/2015 $3,385,000 5/1/2036 2.50% 4/1/2017 Tax-Exempt REV Sewage Disposal System Revenue Junior Lien Bonds, Series 2017 4/10/2017 6,700,000 10/1/2038 2.50% 10/1/2019 Tax-Exempt REV Total General Obligation Bonds $10,085,000 Special Assessment Bonds: 2008 Special Assessment Bonds 8/19/2008 25,000 5/1/2024 4.50% 5/1/2017 Tax-Exempt LTGO 2019 Special Assessment Bonds 8/20/2019 575,000 5/1/2034 2.81% 5/1/2026 Tax-Exempt LTGO Total General Obligation Bonds $600,000 Share of County Issued Bonds: Monroe County Water Supply System Refunding Bonds, Series 2010 7/15/2010 $765,000 5/1/2026 4.00% - 4.25% 5/1/2020 Tax-Exempt LGTO Monroe County Sewage Disposal System Refunding Bonds, Series 2019 6/11/2019 2,060,000 5/1/2034 4.00% 5/1/2029 Tax-Exempt LGTO Total Operating - Limited Tax GO Debt $2,825,000 Total All Debt $14,060,000 Page 4 of 19 Sources: Michigan Advisory Council (MAC) © PFM 2  Agenda Item #3.a Village’s Legal Debt Margin  Limited to 10% of the Village’s State Equalized Value  May include an equivalent for State Revenue Sharing (The constitutional and CVTRS State Revenue Sharing paying divided by the Village’s Operating Millage rate adjusted for distributions over 100%)  Certain bonds are exempt from inclusion in the legal debt limitation including: revenue bonds, special assessment bonds, Michigan Transportation Fund (MTF) bonds and notes, certain bonds to abate pollution, court ordered bonds, a portion of refunding bonds, and bonds without the Village’s full faith and credit pledge  Capital improvement bonds limited to 5% of SEV  Below is the Village’s legal debt margin remaining as of August 2, 2023 VILLAGE OF DUNDEE Legal Debt Limitation As of August 2, 2023 2023 State Equalized Value $327,156,906 2023 Equivalent IFT Value 3,175,083 2023 Revenue Sharing Equivalent Value (Estimate) 101,514,136 Equivalent Value 431,846,124 Legal Limit 10% Legal Debt Limitation 43,184,612 Total Bonded Debt Outstanding $14,060,000 Less: Revenue Bonds (10,085,000) Less: Special Assessment Bonds (600,000) Page 5 of 19 3,375,000 Legal Debt Margin Remaining $43,184,612 Sources: MAC and Wayne County 2023 Equalization Report © PFM 3  Agenda Item #3.a Possible Capital Funding Sources for Road Bonds  General operating or other general revenue • Funds generated by the municipality’s general operating levy (Authorized for maximum 12.5 mills, currently levying 6.9221) • Fund equity or reserves  Special Millages • Dedicated road millage (Village levied 4.4593 mills for roads in 2023, as a part of its Charter operating millage) • Unlimited tax millage (project specific vs. purpose oriented)  Special Assessments • Revenue derived from project providing a specific public improvement • Originate by property owner petition or imposed by municipality • Assessment applied to special roll made up only of benefitted property owners • Assessment becomes lien on property • The Village has indicated that it does not want to utilize this revenue source for roads  Tax Increment Captured Revenues • Tax increments from districts for the portion of the project within the district boundaries (ie DDA, LDFA)  Gas and Weight Tax Receipts • Fund from gas and weight tax receipts received from the State • Limit of 50% of tax receipts for debt payments Page 6 of 19  Any combination of above © PFM 4  Agenda Item #3.a Types of Municipal Bonds Capital Improvement Bonds • Voter approval is not required (45-day referendum period applies) • Total outstanding and proposed at time of issuance can not exceed 5% of SEV • Proceeds can be used for a broad variety of capital improvement projects • Municipal buildings, parking facilities, water & sewer projects, roads, bridges etc. • Debt service may be paid from a variety of sources but is ultimately backed by a pledge of general fund revenue Michigan Transportation Fund (MTF) Bonds/Notes • Pledge the gas and weight tax receipts from the State to repay the debt. • Limit of 50% of gas and weight tax receipts may be pledged • Exempt from legal debt margin • Bonds rated by S&P Global typically carry the State’s rating due to pledge of gas and weight tax receipts Voted Unlimited Tax General Obligation Bonds • Voters authorize a specific dollar amount of bonds for projects identified in the ballot proposal • Unlimited Debt Millage • Issuer levies the number of mills on taxable property necessary to pay the annual principal and interest payments. • Debt service is normally paid by the debt millage, not the General Fund. Special Assessment Bonds – Village Not Using • Voter approval not required • Debt service is paid by collection of special assessments against benefitting property Page 7 of 19 • Assessments must bear reasonable relationship to the value of the benefit derived from the improvement • Full faith and credit pledge of municipality pledged for additional security © PFM 5  Agenda Item #3.a Summary of Options Provided Non-Voted Capital • Table_4a shows the funding of a $4.805 million bond using Improvement Bonds 1.5704 mills of the existing road millage with a 15-year term • Table_6a shows the estimated bond amount ($3,940,000) possible if the Village were to issue MTF Bonds to pay for road Michigan Transportation improvements using 50% of MTF receipts for a 15 year term Fund (MTF) Bonds • Village’s annual MTF receipts = $752,205, so 50% limit pledged to debt payments would be $376,102 • Unlimited Tax Bonds assuming 4 series starting in 2024 with a par amount of $4 million, $4.5 million in 2027, $5.25 million in Voted Bonds 2030, and $6.25 million in 2033, using taxable value rates of 3% for 3 years and 2% thereafter and an estimated millage rate of Page 8 of 19 3.45 mills (Total of 24 levy years). © PFM 6  Agenda Item #3.a Summary of Proposed New Money Authorization (cont.) Estimated Scenario Bond Estimated Total Estimated Millage Table No. Description Amount Bond Term Interest Cost Interest Rate Needed Table_4b Limited Tax $4,775,000 14 yrs., 1.5 mo. $1,783,093 4.25% 1.5704 Table_5a Unlimited Tax Vote in 2024 Series 2024 $4,000,000 14 yrs., 11.5 mo. $921,801 4.25% Series 2027 4,500,000 15 yrs., 0 mo. 1,278,613 4.25% Series 2030 5,250,000 15 yrs., 0 mo. 2,054,663 4.25% Series 2033 6,250,000 15 yrs., 0 mo. 3,228,300 4.25% Total $20,000,000 $7,483,376 3.45 Table_6a 50% Pledge of MTF Revenue $3,940,000 14 yrs., 1.5 mo. $1,391,384 4.25% N/A ASSUMPTIONS: - Bonds Dated March or May 2024. - an annual change in Taxable Value of 3.00% for 3 years and 2.00% thereafter. - IFT Value of $6,350,165 for 2023 - Estimated DDA Capture of $8,700,000 for 2023 Page 9 of 19 *The interest rates shown above are estimates. The actual interest rates will be determined at the time of sale. Changes in interest rates may impact the © PFM millage required. The final millage will be based on actual interest rates, actual bond payments and actual taxable values. 7  Agenda Item #3.a Bond Sale Process Outline Determine financing and sale method / Village Council adopts Bond Authorizing Resolution Prepare Preliminary Official Statement and hold due diligence call to review Apply for rating, call with rating agency, and receive bond rating Preliminary Official Statement and Notice of Sale (if applicable) published Bond Sale or Pricing / Interest Rates and Bond Structure Finalized Final Official Statement prepared and published / closing documents prepared Page 10 of 19 Bond closing / Village receives bond proceeds / Bond proceeds invested © PFM 8  Agenda Item #3.a Questions? PFM Financial Advisors LLC 555 Briarwood Circle, Suite 333 Ann Arbor, MI 48108 (734) 994-9700 Kari Blanchett Sarah Moore Managing Director Senior Managing Consultant (734) 794-2523 (734) 794-2527 blanchettk@pfm.com moores@pfm.com Page 11 of 19 © PFM 9  PFM Michigan Financial Advisory Team Agenda Item #3.a Our Other Michigan Project Support Team Page 12 of 19 © PFM 10  Agenda Item #3.a Disclosures ABOUT PFM PFM is the marketing name for a group of affiliated companies providing a range of services. All services are provided through separate agreements with each company. This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation. Financial advisory services are provided by PFM Financial Advisors LLC, a registered municipal advisor with the Securities and Exchange Commission (SEC) and the Municipal Securities Rulemaking Board (MSRB) under the Dodd-Frank Act of 2010. Swap advisory services are provided by PFM Swap Advisors LLC which is registered as a municipal advisor with both the MSRB and SEC under the Dodd-Frank Act of 2010, and as a commodity trading advisor with the Commodity Futures Trading Commission. Additional applicable regulatory information is available upon request. Consulting services are provided through PFM Group Consulting LLC. PFM’s financial modelling platform for strategic forecasting is provided through PFM Solutions LLC. For more information regarding PFM’s services or entities, please visit www.pfm.com. Page 13 of 19 © PFM 11 Page 14 of 19  Agenda Item #3.a VILLAGE OF DUNDEE COUNTY OF MONROE, STATE OF MICHIGAN ROAD IMPROVEMENT BONDS (GENERAL OBLIGATION - LIMITED TAX) SUMMARY OF PROPOSED BONDING ALTERNATIVES Estimated Scenario Bond Estimated Total Estimated Millage Table No. Description Amount Bond Term Interest Cost Interest Rate Needed Table_4b Limited Tax $4,775,000 14 yrs., 1.5 mo. $1,783,093 4.25% 1.5704 Table_5a Unlimited Tax Vote in 2024 Series 2024 $4,000,000 14 yrs., 11.5 mo. $921,801 4.25% Series 2027 4,500,000 15 yrs., 0 mo. 1,278,613 4.25% Series 2030 5,250,000 15 yrs., 0 mo. 2,054,663 4.25% Series 2033 6,250,000 15 yrs., 0 mo. 3,228,300 4.25% Total $20,000,000 $7,483,376 3.45 Table_6a 50% Pledge of MTF Revenue $3,940,000 14 yrs., 1.5 mo. $1,391,384 4.25% N/A ASSUMPTIONS: - Bonds Dated March or May 2024. - an annual change in Taxable Value of 3.00% for 3 years and 2.00% thereafter. - IFT Value of $6,350,165 for 2023 - Estimated DDA Capture of $8,700,000 for 2023 NOTATION: - The interest rates shown above are estimates. The actual interest rates will be determined at the time of sale. Changes in interest rates may impact the millage required. The final millage will be based on actual interest rates, actual bond payments and actual taxable values. 8.9.23 NT/KB Page 15 of 19 Dundee Village 2023 LTGO Bonds 8.9.23 Summary 8/10/2023 8:55 AM  Agenda Item #3.a VILLAGE OF DUNDEE COUNTY OF MONROE, STATE OF MICHIGAN ROAD IMPROVEMENT BONDS (GENERAL OBLIGATION - LIMITED TAX) SUMMARY OF IMPACT OF BONDING ON PROPERTY TAXPAYERS Estimated Initial Tax Increase* Estimated $30,000 $40,000 $50,000 $75,000 $100,000 $125,000 $150,000 $175,000 $200,000 $225,000 $250,000 Scenario Bond Increase in Taxable Taxable Taxable Taxable Taxable Taxable Taxable Taxable Taxable Taxable Taxable Table Amount Debt Levy Value Value Value Value Value Value Value Value Value Value Value Table_4b 4,775,000 1.57 47.10 62.80 78.50 117.75 157.00 196.25 235.50 274.75 314.00 353.25 392.50 Table_5a 20,000,000 3.45 103.50 138.00 172.50 258.75 345.00 431.25 517.50 603.75 690.00 776.25 862.50 *Based upon Taxable Value defined as the lesser of: A) assessed value [1/2 of true cash value]; or B) the prior year's Taxable Value, less losses times the rate of inflation plus a In the scenario outlined in Table_1a for example, a person with a 'Taxable Value' of $100,000 (which would be a market value of at least $200,000 or more) would have an estimated increase in taxes of approximately $168.10. NOTE: If taxpayer qualifies for the State homestead property tax credit, the "net" tax increase would be less than shown above. NT/KB Page 16 of 19 Dundee Village 2023 LTGO Bonds 8.9.23 Summary 8/10/2023 8:55 AM  Agenda Item #3.a Table_4b Series 2024 $4,775,000 Amount: $4,775,000 VILLAGE OF DUNDEE TIC: 4.25% COUNTY OF MONROE, STATE OF MICHIGAN Dated Date: Mar 15, 24 2024 ROAD IMPROVEMENT BONDS First Payment: Nov 1, 24 < 8 Months (GENERAL OBLIGATION - LIMITED TAX) First Levy: Jul 1, 23 Capitalized Int: $0 Levy Cycle July Only ESTIMATED MILLAGE NEEDED TO RETIRE BONDED DEBT Debt/TV[1]: 1.90% Millage Impact Bond Term: 14 yrs., 1.5 mo. Projected 1.57 1:5 Ratio: TRUE Current 0.00 Average Life: 8.79 Net Increase 1.57 Interest Factor: 0.37 Fiscal Series 2024 Use of Funds Proposed and Mills Needed Tax Year Interest Due Interest Due Interest Principal Due Total Debt on Hand Existing UT Projected Growth New Bond Year End Nov 1 May 1 Rate May 1 Service $0 Debt Tax Base [2] Rate Avg. 1.46 2023 2024 $0 $0 4.250% $0 $0 $0 $0 $251,090,299 5.00% 0.0000 2024 2025 127,400 101,469 4.250% 175,000 403,868 2,273 406,142 258,623,007 3.00% 1.5704 2025 2026 97,750 97,750 4.250% 220,000 415,500 (2,273) 413,227 266,381,698 3.00% 1.5513 2026 2027 93,075 93,075 4.250% 240,000 426,150 0 426,150 274,373,149 3.00% 1.5532 2027 2028 87,975 87,975 4.250% 260,000 435,950 0 435,950 279,860,612 2.00% 1.5577 2028 2029 82,450 82,450 4.250% 280,000 444,900 0 444,900 285,457,824 2.00% 1.5585 2029 2030 76,500 76,500 4.250% 300,000 453,000 0 453,000 291,166,980 2.00% 1.5558 2030 2031 70,125 70,125 4.250% 325,000 465,250 0 465,250 296,990,320 2.00% 1.5665 2031 2032 63,219 63,219 4.250% 345,000 471,438 0 471,438 302,930,126 2.00% 1.5563 2032 2033 55,888 55,888 4.250% 370,000 481,775 0 481,775 308,988,729 2.00% 1.5592 2033 2034 48,025 48,025 4.250% 395,000 491,050 0 491,050 315,168,503 2.00% 1.5581 2034 2035 39,631 39,631 4.250% 425,000 504,263 0 504,263 321,471,873 2.00% 1.5686 2035 2036 30,600 30,600 4.250% 450,000 511,200 0 511,200 327,901,311 2.00% 1.5590 2036 2037 21,038 21,038 4.250% 480,000 522,075 0 522,075 334,459,337 2.00% 1.5610 2037 2038 10,838 10,838 4.250% 510,000 531,675 0 531,675 341,148,524 2.00% 1.5585 2038 2039 0 0 4.250% 0 0 0 0 347,971,494 2.00% $904,512 $878,581 $4,775,000 $6,558,093 $0 $6,558,093 [1] Includes $0 of Existing UT Debt and $0 of Existing LTNQ Debt [2] Includes $3,175,083 of equivalent IFT valuations & less DDA/TIFA debt captures of $8,700,000 for 2024. Page 17 of 19 Dundee Village 2023 LTGO Bonds 8.9.23 Table_4b 8/10/2023 8:55 AM  Agenda Item #3.a Table_5a Series 2024 Series 2027 Series 2030 Series 2033 $20,000,000 Amount: $4,000,000 $4,500,000 $5,250,000 $6,250,000 Ballot Information VILLAGE OF DUNDEE TIC: 4.25% 4.25% 4.25% 4.25% Election Date February 27, 2024 COUNTY OF MONROE, STATE OF MICHIGAN Dated Date: May 15, 24 May 1, 27 May 1, 30 May 1, 33 First Yr. Millage 0.00 2024, 2027, 2030, 2033 ROAD IMPROVEMENT BONDSFirst Payment: Nov 1, 24 < 6 Months Nov 1, 27 Nov 1, 30 Nov 1, 33 Avg. Millage 3.30 (GENERAL OBLIGATION - UNLIMITED TAX) First Levy: Jul 1, 23 Jul 1, 27 Jul 1, 30 Jul 1, 33 Capitalized Int: $0 $0 $0 $0 Levy Cycle July Only ESTIMATED MILLAGE NEEDED TO RETIRE BONDED DEBT Debt/TV[1]: 1.59% 2.57% 3.44% 4.58% Millage Impact Interest Factor Bond Term: 14 yrs., 11.5 mo. 15 yrs., 0 mo. 15 yrs., 0 mo. 15 yrs., 0 mo. Projected 3.45 0.37 1:5 Ratio: TRUE TRUE TRUE TRUE Current 0.00 Average Life: 5.42 6.69 9.21 12.15 Net Increase 3.45 Fiscal Series 2024 Series 2027 Series 2030 Series 2033 Delinquency Use of Funds Proposed and Mills Needed Tax Year Interest Due Interest Due Interest Principal Due Total Debt Principal Due Total Debt Principal Due Total Debt Principal Due Total Debt Allowance on Hand Existing UT Projected Growth New Bond Mills Needed Year End Nov 1 May 1 Rate May 1 Service May 1 Service May 1 Service May 1 Service 7.00% $0 Debt Tax Base [2] Rate Avg. 3.30 All Debt 2023 2024 $0 $0 4.250% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $251,090,299 5.00% 0.00 0.00 2024 2025 78,389 85,000 4.250% 660,000 823,389 0 0 0 0 0 0 62,457 6,403 892,249 258,623,007 3.00% 3.45 3.45 2025 2026 70,975 70,975 4.250% 780,000 921,950 0 0 0 0 0 0 0 (2,933) 919,017 266,381,698 3.00% 3.45 3.45 2026 2027 54,400 54,400 4.250% 840,000 948,800 0 0 0 0 0 0 0 (3,470) 945,330 274,373,149 3.00% 3.45 3.45 2027 2028 36,550 36,550 4.250% 115,000 188,100 585,000 776,250 0 0 0 0 0 0 964,350 279,860,612 2.00% 3.45 3.45 2028 2029 34,106 34,106 4.250% 120,000 188,213 630,000 796,388 0 0 0 0 0 0 984,600 285,457,824 2.00% 3.45 3.45 2029 2030 31,556 31,556 4.250% 125,000 188,113 675,000 814,613 0 0 0 0 0 0 1,002,725 291,166,980 2.00% 3.44 3.44 2030 2031 28,900 28,900 4.250% 130,000 187,800 170,000 280,925 330,000 553,125 0 0 0 0 1,021,850 296,990,320 2.00% 3.44 3.44 2031 2032 26,138 26,138 4.250% 135,000 187,275 175,000 278,700 370,000 579,100 0 0 0 0 1,045,075 302,930,126 2.00% 3.45 3.45 2032 2033 23,269 23,269 4.250% 140,000 186,538 185,000 281,263 405,000 598,375 0 0 0 0 1,066,175 308,988,729 2.00% 3.45 3.45 2033 2034 20,294 20,294 4.250% 145,000 185,588 190,000 278,400 130,000 306,163 50,000 315,625 0 0 1,085,775 315,168,503 2.00% 3.45 3.45 2034 2035 17,213 17,213 4.250% 150,000 184,425 195,000 275,325 165,000 335,638 50,000 313,500 0 0 1,108,888 321,471,873 2.00% 3.45 3.45 2035 2036 14,025 14,025 4.250% 155,000 183,050 210,000 282,038 180,000 343,625 60,000 321,375 0 0 1,130,088 327,901,311 2.00% 3.45 3.45 2036 2037 10,731 10,731 4.250% 160,000 181,463 220,000 283,113 205,000 360,975 65,000 323,825 0 0 1,149,375 334,459,337 2.00% 3.44 3.44 2037 2038 7,331 7,331 4.250% 170,000 184,663 230,000 283,763 235,000 382,263 70,000 326,063 0 0 1,176,750 341,148,524 2.00% 3.45 3.45 2038 2039 3,719 3,719 4.250% 175,000 182,438 240,000 283,988 260,000 397,275 80,000 333,088 0 0 1,196,788 347,971,494 2.00% 3.44 3.44 2039 2040 0 0 4.250% 0 0 250,000 283,788 380,000 506,225 185,000 434,688 0 0 1,224,700 354,930,924 2.00% 3.45 3.45 2040 2041 0 0 4.250% 0 0 265,000 288,163 415,000 525,075 190,000 431,825 0 0 1,245,063 362,029,543 2.00% 3.44 3.44 2041 2042 0 0 4.250% 0 0 280,000 291,900 460,000 552,438 195,000 428,750 0 0 1,273,088 369,270,134 2.00% 3.45 3.45 2042 2043 0 0 4.250% 0 0 0 0 530,000 602,888 470,000 695,463 0 0 1,298,350 376,655,536 2.00% 3.45 3.45 2043 2044 0 0 4.250% 0 0 0 0 570,000 620,363 495,000 700,488 0 0 1,320,850 384,188,647 2.00% 3.44 3.44 2044 2045 0 0 4.250% 0 0 0 0 615,000 641,138 525,000 709,450 0 0 1,350,588 391,872,420 2.00% 3.45 3.45 2045 2046 0 0 4.250% 0 0 0 0 0 0 1,215,000 1,377,138 0 0 1,377,138 399,709,868 2.00% 3.45 3.45 2046 2047 0 0 4.250% 0 0 0 0 0 0 1,270,000 1,380,500 0 0 1,380,500 407,704,066 2.00% 3.39 3.39 2047 2048 0 0 4.250% 0 0 0 0 0 0 1,330,000 1,386,525 0 0 1,386,525 415,858,147 2.00% 3.33 3.33 2048 2049 0 0 4.250% 0 0 0 0 0 0 0 0 0 0 0 424,175,310 2.00% 0.00 $457,595 $464,206 $4,000,000 $4,921,801 $4,500,000 $5,778,613 $5,250,000 $7,304,663 $6,250,000 $9,478,300 $62,457 $0 $27,545,834 [1] Includes $0 of Existing UT Debt and $0 of Existing LTNQ Debt [2] Includes $3,175,083 of equivalent IFT valuations & less DDA/TIFA debt captures of $8,700,000 for 2024. NT Page 18 of 19 Dundee Village 2023 LTGO Bonds 8.9.23 Table_5a 8/10/2023 8:55 AM  Agenda Item #3.a Repayment Schedule Table_6a -- $3,940,000 / 15 year bond term - 2024 Amort Dated Date: 03/15/24 $3,940,000 1st Int Pymt Date: 11/01/24 VILLAGE OF DUNDEE Bond Term: 14.13 yrs COUNTY OF MONROE, STATE OF MICHIGAN Average Life: 8.31 yrs 2024 MTF Bonds 1:5 Ratio true (Limited Tax General Obligation) Estimated TIC: 0.000% ESTIMATED DEBT SERVICE PAYMENT SCHEDULE Avg Pymnt: $266,569 MTF Revenues 2024 MTF Bonds $3,940,000 MTF Fiscal Projected Revenue Principal Interest Interest Use Net Yr. End Maturity MTF Growth Due Interest Due Due Proposed Funds on Debt 28-Feb Year Revenues Rate 1-May Rates [1] 1-May 1-Nov Payment Hand Payments 2023 2024 $376,102 - 0.00% $0 $0 $0 $0 2024 2025 376,102 0.00% - 0.00% - 105,121 105,121 - 105,121 2025 2026 376,102 0.00% 210,000 4.25% 83,725 79,263 372,988 372,988 2026 2027 376,102 0.00% 220,000 4.25% 79,263 74,588 373,850 373,850 2027 2028 376,102 0.00% 230,000 4.25% 74,588 69,700 374,288 374,288 2028 2029 376,102 0.00% 240,000 4.25% 69,700 64,600 374,300 374,300 2029 2030 376,102 0.00% 250,000 4.25% 64,600 59,288 373,888 373,888 2030 2031 376,102 0.00% 260,000 4.25% 59,288 53,763 373,050 373,050 2031 2032 376,102 0.00% 270,000 4.25% 53,763 48,025 371,788 371,788 2032 2033 376,102 0.00% 285,000 4.25% 48,025 41,969 374,994 374,994 2033 2034 376,102 0.00% 295,000 4.25% 41,969 35,700 372,669 372,669 2034 2035 376,102 0.00% 310,000 4.25% 35,700 29,113 374,813 374,813 2035 2036 376,102 0.00% 320,000 4.25% 29,113 22,313 371,425 371,425 2036 2037 376,102 0.00% 335,000 4.25% 22,313 15,194 372,506 372,506 2037 2038 376,102 0.00% 350,000 4.25% 15,194 7,756 372,950 372,950 2038 2039 376,102 0.00% 365,000 4.25% 7,756 - 372,756 372,756 2039 2040 376,102 0.00% - 4.25% - - - - Page 19 of 19 $3,940,000 $684,994 $706,390 $5,331,384 $0 $5,331,384 [1] Estimated interest rates. Final interest rates will be based on interest rates at the time of sale.