Board of Trustees

AGENDA SEPTEMBER 26, 2023 7:00 P.M. I. Welcome by Mayor to attendees. II. Call to Order. Board of Trustees - St. Paul’s Work Session The three (3) presenters will address the topics as stated below. Residents are encouraged to submit questions in advance of the Work Session via email to: stpaulsquestions@gardencityny.net to be addressed by the Presenters at the Meeting. Question Cards will be available for residents during the Meeting for residents to submit additional questions, which may be addressed by the Presenters at the Meeting or, in writing to the Board of Trustees after the Meeting, if additional time is needed to prepare a response. 1. Irene Woo, Village Treasurer - Current State of Village Bonding, Credit Rating Discussion, When the Village Typically Issues Bonds, and Notes vs. Bonds. 2. Robert P. Smith, Esq. Village Bond Counsel - NYS Local Finance Law, Municipal Bond Issuance Process, Funding Alternatives. 3. Richard Tortora, Esq. & Diana Castaneda - Capital Market Advisors - How Impact to Taxpayers is Determined, and A Look at the Numbers. III. Adjournment. NEXT BOARD OF TRUSTEES MEETING – OCTOBER 3, 2023 (09/15/23) Information Session on St. Paul’s School Financing Village of Garden City New York September 26, 2023 Current Tax Supported Debt Outstanding  The Village currently has $25,129,033(1) of general obligation bonds outstanding comprised of the following series: • 2012, 2014, 2015 A, 2015 Series B, 2016, 2018 Series A, 2020 Series A, 2021 Series A and 2021 Series B Refunding Bonds  The Village expects to issue approximately $13,000,000(1) of general obligation bonds in the 2024 fiscal year. These bonds are currently authorized but unissued and will likely cause only a nominal increase, if any, to the Village’s current tax levy. Current Annual Village Tax Burden for an Average Home Current Annual 2024 Tax Rate per Average Tax For Average Assessed Value 2024 Tax Levy $1,000 AV Home AV(2) Home $ 106,180,705 $ 53,273,508 $ 499.78 $ 18,300 $ 9,145.94 (1) Excludes Enterprise Fund debt. (2) The assessed value for each property within the Village can be found at: https://www.gardencityny.net/432/2023-Final-Assessment-Roll 1 Limitations on Village General Obligation Debt Issuance  Purpose • Municipal purposes, per NYS Constitution and statutes  Amount • Constitutional debt limit  Term • Period of probable usefulness  Method of Amortization • 50% rule • Level debt service 2 General Obligation Bond Authorization Process  Contents of a Bond Resolution • Object or purpose • Estimated maximum cost of the project • Principal amount of bonds authorized • Period of probable usefulness  Board Vote • 2/3 vote (in general) • 3/5 vote (mandatory referendum) 3 Permissive/Mandatory Referendum  Applicable Where Maximum Maturity Exceeds 5 Years  Permissive Referendum • Public vote is held if a petition is received within 30 days • Petition must contain signatures of at least 20% of the registered voters in the Village • Public vote to be held on the question of authorizing the bonds within 10 to 60 days (or at general Village election)  Mandatory Referendum • Public vote is held on Board’s motion (no petition) 4 Statute of Limitations  Special “Estoppel” Publication Authorized By Statute  Publication Commences a Special 20-Day Statute of Limitations Period 5 Federal Tax Exemption  Village Bonds Generally Qualify As Tax-Exempt Bonds • The holder of the bonds is not required to pay tax on interest income received with respect to the bonds. • Interest rate for tax-exempt bonds is generally lower than for taxable bonds  Private Use Test (use of bond-financed facility) • In general, no more than 10% of the bond-financed facility can be used by a private entity. Under certain circumstances the limitation is 5%  Private Payments Test (source of debt service payments) • In general, no more than 10% of the funds used to pay debt service can be obtained from a private entity 6 Financing Scenarios: Adaptive Reuse, Facadism, or Demolition  Adaptive reuse or the “facadism” of St. Paul’s School: a) Issue 15-year general obligation bonds. The period of probable usefulness (“PPU”) for Class B reconstruction is limited to 15 years by NYS Local Finance Law. The Village would be required to repay all principal and interest on related debt within that timeframe. b) Issue 30-year general obligation bonds by pursuing special legislative approval to extend the PPU for the debt issued to fund the project. The Village would then be able to repay all principal and interested on debt issued to fund the project over 30 years. c) Issue 30-year lease-revenue bonds. A potential structure would have the Village enter into a sale/lease-back agreement with a third-party, not-for-profit entity (such entity would be created and controlled by the Village). The bonds would be special obligations of the entity, issued through a conduit issuer such as Nassau County IDA, payable from lease payments(1) appropriated by the Village to the entity.  Demolition and removal of the St. Paul’s School: a) Issue 10-year general obligation bonds. The PPU for demolition is limited to 10 years by NYS Local Finance Law. The Village would be required to repay all principal and interest on related debt within that timeframe.  The financial analysis of these scenarios does not incorporate any fee revenues which may materialize from the use of the St. Paul’s facility following adaptive reuse or facadism, nor from the use of land following demolition. (1) Source of repayment would be Village tax revenue. 7 Adaptive Reuse or Facadism General Obligation Bonds issued by the Village for 15 years  The issuance would benefit from the Village’s “Aaa” rating which would attract the lowest available interest rates Impact to Village Tax Bill via a competitive sale. Per $1,000 of Assessed Value of Home Rate assumption: 2025 Bonds 4.20%, Annual Increase % Annual Increase Prevailing “AAA” rate + 0.80% (as of 9/21/23) vs 2023-2024 vs 2023-2024  Issued to finance $50 million of construction $ 42.89 8.58%  Total interest cost estimate: $18,908,913 Home assessed at $12,200  Final Bond maturity in 2040 Annual Increase % Annual Increase Pros vs 2023-2024 vs 2023-2024  Low cost of capital, low costs of issuance and low interest $ 523.20 8.58% expense over the life of the debt. Home assessed at $18,300  No special legislation would be required.  Village retains control over the timing and structure of Annual Increase % Annual Increase vs 2023-2024 vs 2023-2024 the project funding. $ 784.80 8.58% Cons  Village is limited to 15-year amortization Home assessed at $24,400  Tax impact to residents is severe due to the relatively Annual Increase % Annual Increase short-term of debt. vs 2023-2024 vs 2023-2024 $ 1,046.40 8.58% 8  Adaptive Reuse or Facadism General Obligation Bonds issued by the Village for 30 years (Special Legislation Required)  The issuance would benefit from the Village’s “Aaa” rating which would attract the lowest available interest rates via a Impact to Village Tax Bill competitive sale. Per $1,000 of Assessed Value of Home Rates assumption: 2025 Bonds 4.73% Prevailing “AAA” rate + 0.80% (as of 9/21/23) Annual Increase % Annual Increase vs 2023-2024 vs 2023-2024  Issued to finance $50 million of construction $ 29.65 5.93%  Total interest cost estimate: $45,019,438 Home assessed at $12,200  Final Bond maturity in 2055 Pros Annual Increase % Annual Increase vs 2023-2024 vs 2023-2024  Reduced annual tax impact resulting from longer principal $ 361.71 5.93% amortization.  Low cost of capital, low costs of issuance and low interest Home assessed at $18,300 expense over the life of the debt. Annual Increase % Annual Increase  Village retains control over the timing and structure of the vs 2023-2024 vs 2023-2024 project funding. $ 542.56 5.93% Cons Home assessed at $24,400  The Village would require special state legislation authorizing the issuance of 30-year bonds. The ability to secure Annual Increase % Annual Increase the special legislation is not guaranteed and would be time vs 2023-2024 vs 2023-2024 consuming. $ 723.42 5.93% 9  Adaptive Reuse or Facadism 30-year Sale/Lease Back issued via a Conduit Issuer  The Village would sell the St. Paul’s property to an industrial development agency (IDA) or not-for-profit entity (to be created) that would then lease the property back to the Village. Impact to Village Tax Bill  The bonds would be payable solely from lease payments subject to appropriation, Per $1,000 of Assessed Value of Home by the Village. Due to the appropriation pledge, the issuance would price at “Aa” interest rates. Annual Increase % Annual Increase Rates assumption: 2025 Bonds: 5.48% vs 2023-2024 vs 2023-2024 Prevailing “AA” rate + 1.30% (as of 9/21/23) $ 32.72 6.55%  Issued to finance $50 million of construction Home assessed at $12,200  Total interest cost estimate: $54,066,913 Annual Increase % Annual Increase  Final Bond maturity in 2055 vs 2023-2024 vs 2023-2024  The Village is assuming public/recreational use of the facility, the structure might be impacted should the Village decide to use the building for private use. $ 399.15 6.55% Pros Home assessed at $18,300  Reduced annual tax impact resulting from longer principal amortization.  Debt related to this structure would not be a direct obligation of the Village and Annual Increase % Annual Increase would not impact the constitutional debt limit of the Village. vs 2023-2024 vs 2023-2024  Not constrained by the local finance law and can be structured for an extended PPU. $ 598.72 6.55% Cons Home assessed at $24,400  This structure would incur additional costs including an annual administrative fee, additional issuance costs including conduit issuance fee and an additional layer of Annual Increase % Annual Increase lawyers and other professionals. vs 2023-2024 vs 2023-2024  This structure would likely require the subject property in its current state to $ 798.30 6.55% appraise at an amount equal to or greater than the final bonding amount.  The Village would also be subject to additional administrative requirements and potential delays in receiving funds. 10 Demolition General Obligation Bonds issued by the Village for 10 years  The issuance would benefit from the Village’s “Aaa” rating which would attract the lowest available interest Impact to Village Tax Bill rates via a competitive sale. Per $1,000 of Assessed Value of Home Rate assumption: 2025 Bonds 4.02%, Annual Increase % Annual Increase Prevailing “AAA” rate + 0.80% (as of 9/21/23) vs 2023-2024 vs 2023-2024  Issued to finance $13 million of demolition $ 15.13 3.03%  Total interest cost estimate: $3,674,500 Home assessed at $12,200  Final Bond maturity in 2035 Annual Increase % Annual Increase Pros vs 2023-2024 vs 2023-2024  This structure would result in the lowest cost of $ 184.58 3.03% capital, lowest costs of issuance and lowest interest expense over the life of the debt. Home assessed at $18,300  No special legislation would be required. Annual Increase % Annual Increase  Village retains control over the timing and structure vs 2023-2024 vs 2023-2024 of the project funding. $ 276.88 3.03% Cons Home assessed at $24,400  Village is limited to 10-year amortization  Tax impact is proportionately higher due to the short- Annual Increase % Annual Increase term of debt. vs 2023-2024 vs 2023-2024 $ 369.17 3.03% 11 Cost Comparison of Financing Options $50 million 15-Year General Obligation 30-Year General Obligation Bonds 30-Year Lease Revenue Bonds Bonds issued by the Village issued by the Village issued by a Conduit Construction Cost $50,000,000 $50,000,000 $50,000,000 Total Interest Expense $18,908,913 $45,019,438 $54,066,913 Prevailing “AAA” rate + 0.80% Prevailing “AAA” rate + 0.80% Prevailing “AA” rate +1.30% (as of 9/21/23) (as of 9/21/23) (as of 9/21/23) Final Maturity 2040 2055 2055 $115,000 $115,000 $780,000 Estimated Cost of Issuance Includes Municipal Advisor, Bond Includes Municipal Advisor, Bond Includes Municipal Advisor, Counsel, Rating Agency and Counsel, Rating Agency and Bond Counsel, Rating Agency Miscellaneous fees Miscellaneous fees and the following additional fees associated with conduit issuance: Title Insurance, Appraisals/Surveys, Trustee, Trustee Counsel, Issuer Fee, Issuer Counsel, and annual administrative fee of $1,000 Increase to Annual Village Taxes – Home assessed at $785 $543 $599 $18,300 % Increase to Annual Village Tax Bill 8.58% 5.93% 6.55% % Increase to Annual Village Tax Bill (including Annual 11.40% 8.75% 9.36% O&M Cost of $1.5mm) 12 Cost Comparison of Financing Options $75 million 15-Year General Obligation 30-Year General Obligation Bonds 30-Year Lease Revenue Bonds Bonds issued by the Village issued by the Village issued by a Conduit Construction Cost $75,000,000 $75,000,000 $75,000,000 Total Interest Expense $28,354,763 $67,508,300 $80,902,713 Prevailing “AAA” rate + 0.80% Prevailing “AAA” rate + 0.80% Prevailing “AA” rate +1.30% (as of 9/21/23) (as of 9/21/23) (as of 9/21/23) Final Maturity 2040 2055 2055 $156,000 $156,000 $989,000 Estimated Cost of Issuance Includes Municipal Advisor, Bond Includes Municipal Advisor, Bond Includes Municipal Advisor, Counsel, Rating Agency and Counsel, Rating Agency and Bond Counsel, Rating Agency Miscellaneous fees Miscellaneous fees and the following additional fees associated with conduit issuance: Title Insurance, Appraisals/Surveys, Trustee, Trustee Counsel, Issuer Fee, Issuer Counsel, and annual administrative fee of $1,000 Increase to Annual Village Taxes – Home assessed at $1,177 $815 $897 $18,300 % Increase to Annual Village Tax Bill 12.87% 8.91% 9.81% % Increase to Annual Village Tax Bill (including Annual 15.69% 11.72% 12.62% O&M Cost of $1.5mm) 13 Cost Comparison of Financing Options $100 million 15-Year General Obligation 30-Year General Obligation Bonds 30-Year Lease Revenue Bonds Bonds issued by the Village issued by the Village issued by a Conduit Construction Cost $100,000,000 $100,000,000 $100,000,000 Total Interest Expense $37,803,188 $90,010,450 $107,745,488 Prevailing “AAA” rate + 0.80% Prevailing “AAA” rate + 0.80% Prevailing “AA” rate +1.30% (as of 9/21/23) (as of 9/21/23) (as of 9/21/23) Final Maturity 2040 2055 2055 $203,000 $203,000 $1,205,000 Estimated Cost of Issuance Includes Municipal Advisor, Bond Includes Municipal Advisor, Bond Includes Municipal Advisor, Counsel, Rating Agency and Counsel, Rating Agency and Bond Counsel, Rating Agency Miscellaneous fees Miscellaneous fees and the following additional fees associated with conduit issuance: Title Insurance, Appraisals/Surveys, Trustee, Trustee Counsel, Issuer Fee, Issuer Counsel, and annual administrative fee of $1,000 Increase to Annual Village Taxes – Home assessed at $1,569 $1,086 $1,194 $18,300 % Increase to Annual Village Tax Bill 17.16% 11.87% 13.06% % Increase to Annual Village Tax Bill (including Annual 19.97% 14.69% 15.87% O&M Cost of $1.5mm) 14 Tax Impact of Financing Options Impact to Village Tax Bill(1) (compared to FY 2022/23 Taxes) Assessed Value of Home Bond Issue, Term Per $1,000 $12,200 $18,300 $24,400 % Increase $50mm, 15 yrs $ 42.89 $ 523.20 $ 784.80 $ 1,046.40 8.58% $50mm, 30 yrs $ 29.65 $ 361.71 $ 542.56 $ 723.42 5.93% $50mm, 30 yrs (Conduit) $ 32.72 $ 399.15 $ 598.72 $ 798.30 6.55% $75mm, 15 yrs $ 64.32 $ 784.70 $ 1,177.05 $ 1,569.40 12.87% $75mm, 30 yrs $ 44.51 $ 543.05 $ 814.58 $ 1,086.10 8.91% $75mm, 30 yrs (Conduit) $ 49.00 $ 597.85 $ 896.78 $ 1,195.70 9.81% $100mm, 15 yrs $ 85.76 $ 1,046.22 $ 1,569.33 $ 2,092.44 17.15% $100mm, 30 yrs $ 59.93 $ 723.82 $ 1,085.73 $ 1,447.64 11.87% $100mm, 30 yrs (Conduit) $ 65.25 $ 796.04 $ 1,194.07 $ 1,592.09 13.06% $13mm, 10 yrs $ 15.13 $ 184.58 $ 276.88 $ 369.17 3.03% (1) Excludes additional costs associated with O&M of the facility. See Slide 16 for additional impact related to such costs. 15 Operating & Maintenance Costs  If the Village selects to update the facility, or build a new one, it will incur additional costs related to the O&M of such facility.  That amount has been estimated to range between $1MM and $2MM annually, the tax impact of such range is outlined below. Impact to Village Tax Bill (compared to FY 2022/23 Taxes) Assessed Value of Home Annual O&M Cost Per $1,000 $12,200 $18,300 $24,400 % Increase $1,000,000 $ 9.38 $ 114.45 $ 171.68 $ 228.91 1.88% $1,500,000 $ 14.13 $ 171.68 $ 257.52 $ 343.36 2.82% $2,000,000 $ 18.84 $ 228.91 $ 343.36 $ 457.81 3.75% 16  Credit Quality and Cost of Capital Municipal Market Data’s Municipal GO Yield Curves as of 9/21/2023  A jurisdiction’s credit rating directly impacts cost of capital. Term Maturity AAA Aa A Baa 1 2024 3.42 3.45 3.54 3.91  The Village’s “Aaa” rated general 5 2028 3.10 3.16 3.30 3.69 10 2033 3.16 3.28 3.50 4.06 obligation bonds price in line with 15 2038 3.67 3.91 4.16 4.62 the “AAA” Municipal Market Data 20 2043 3.88 4.17 4.41 4.87 scale. 25 2048 4.03 4.34 4.58 5.04 30 2053 4.07 4.38 4.62 5.08  The Village’s financial position is © 2023 Thomson Reuters. All rights reserved. healthy with ample reserves and liquidity relative to “Aaa” rated peers.  Village debt levels are 23% above “Aaa” Medians as of year end 2022.  The Village’s strong economy can sustain additional tax supported debt as contemplated with the St. Paul’s financing scenarios. 17  Appendix Amortization Schedules and Assumptions  Adaptive Reuse or Facadism General Obligation Bonds issued by the Village for 15 years Bond Assumptions Fiscal Year Principal Interest Total P + I Bonds amortized on Level-Debt Service basis 2026 2,340,000 2,231,325 4,571,325 Amortized over 15 years 2027 2,455,000 2,114,325 4,569,325 Prevailing "Aaa" rates + 0.80% (as of 9/21/2023) 8-year call feature 2028 2,580,000 1,991,575 4,571,575 TIC: 4.20% 2029 2,710,000 1,862,575 4,572,575 Issuance Amounts Issue Date 2030 2,845,000 1,727,075 4,572,075 2025 Bond Amount $ 50,000,000 2/15/2025 2031 2,985,000 1,584,825 4,569,825 2032 3,135,000 1,435,575 4,570,575 Sources & Uses 2033 3,295,000 1,278,825 4,573,825 Par Amount of Bonds $ 49,660,000 2034 3,455,000 1,114,075 4,569,075 Reoffering Premium 707,765 2035 3,595,000 975,875 4,570,875 Total Sources $ 50,367,765 2036 3,740,000 832,075 4,572,075 Deposit to Construction Fund $ 50,000,000 2037 3,890,000 682,475 4,572,475 Costs of Issuance 115,092 2038 4,045,000 526,875 4,571,875 Underwriter's Spread (0.50%) 248,300 2039 4,205,000 365,075 4,570,075 Rounding Amount 4,373 2040 4,385,000 186,363 4,571,363 Total Uses $ 50,367,765 Totals $ 49,660,000 $ 18,908,913 $ 68,568,913 A-1  Adaptive Reuse or Facadism General Obligation Bonds issued by the Village for 30 years (Special Legislation) Bond Assumptions Fiscal Year Principal Interest Total P + I 2026 790,000 2,370,338 3,160,338 Bonds amortized on Level-Debt Service basis 2027 830,000 2,330,838 3,160,838 Amortized over 30 years 2028 875,000 2,289,338 3,164,338 2029 915,000 2,245,588 3,160,588 Prevailing "Aaa" rates + 0.80% (as of 9/21/2023) 2030 965,000 2,199,838 3,164,838 8-year call feature 2031 1,010,000 2,151,588 3,161,588 2032 1,060,000 2,101,088 3,161,088 TIC: 4.73% 2033 1,115,000 2,048,088 3,163,088 2034 1,170,000 1,992,338 3,162,338 Issuance Amounts Issue Date 2035 1,215,000 1,945,538 3,160,538 2036 1,265,000 1,896,938 3,161,938 2025 Bond Amount $ 50,000,000 2/15/2025 2037 1,315,000 1,846,338 3,161,338 2038 1,370,000 1,790,450 3,160,450 Sources & Uses 2039 1,430,000 1,732,225 3,162,225 2040 1,495,000 1,667,875 3,162,875 Par Amount of Bonds $ 49,840,000 2041 1,560,000 1,600,600 3,160,600 2042 1,630,000 1,530,400 3,160,400 Reoffering Premium 526,160 2043 1,705,000 1,457,050 3,162,050 2044 1,785,000 1,376,063 3,161,063 Total Sources $ 50,366,160 2045 1,870,000 1,291,275 3,161,275 2046 1,960,000 1,202,450 3,162,450 2047 2,055,000 1,109,350 3,164,350 Deposit to Construction Fund $ 50,000,000 2048 2,150,000 1,011,738 3,161,738 2049 2,255,000 909,613 3,164,613 Costs of Issuance 115,308 2050 2,360,000 802,500 3,162,500 2051 2,480,000 684,500 3,164,500 Underwriter's Spread (0.50%) 249,200 2052 2,600,000 560,500 3,160,500 Rounding Amount 1,652 2053 2,730,000 430,500 3,160,500 2054 2,870,000 294,000 3,164,000 Total Uses $ 50,366,160 2055 3,010,000 150,500 3,160,500 Totals $ 49,840,000 $ 45,019,438 $ 94,859,438 A-2  Adaptive Reuse or Facadism 30-year Sale/Lease Back issued via a Conduit Issuer Bond Assumptions Fiscal Year Principal Interest Total P + I 2026 715,000 2,772,463 3,487,463 Bonds amortized on Level-Debt Service basis 2027 755,000 2,733,138 3,488,138 2028 800,000 2,691,613 3,491,613 Amortized over 30 years 2029 840,000 2,647,613 3,487,613 Prevailing "Aa" rates + 1.30% (as of 9/21/2023) 2030 890,000 2,601,413 3,491,413 2031 935,000 2,552,463 3,487,463 10-year call feature 2032 990,000 2,501,038 3,491,038 TIC: 5.48% 2033 1,045,000 2,446,588 3,491,588 2034 1,100,000 2,389,113 3,489,113 Interest includes $1,000 annual IDA admin. fee 2035 1,160,000 2,328,613 3,488,613 2036 1,225,000 2,264,813 3,489,813 Issuance Amounts Issue Date 2037 1,280,000 2,209,688 3,489,688 2038 1,340,000 2,148,888 3,488,888 2025 Bond Amount $ 50,000,000 2/15/2025 2039 1,405,000 2,085,238 3,490,238 2040 1,475,000 2,014,988 3,489,988 Sources & Uses 2041 1,550,000 1,937,550 3,487,550 2042 1,635,000 1,856,175 3,491,175 Par Amount of Bonds $ 50,620,000 2043 1,720,000 1,770,338 3,490,338 2044 1,810,000 1,680,038 3,490,038 Reoffering Premium 417,075 2045 1,910,000 1,580,488 3,490,488 Total Sources $ 51,037,075 2046 2,015,000 1,475,438 3,490,438 2047 2,125,000 1,364,613 3,489,613 2048 2,240,000 1,247,738 3,487,738 Deposit to Construction Fund $ 50,000,000 2049 2,365,000 1,124,538 3,489,538 2050 2,495,000 994,463 3,489,463 Costs of Issuance 779,500 2051 2,640,000 851,000 3,491,000 Underwriter's Spread (0.50%) 253,100 2052 2,790,000 699,200 3,489,200 2053 2,950,000 538,775 3,488,775 Rounding Amount 4,475 2054 3,120,000 369,150 3,489,150 Total Uses $ 51,037,075 2055 3,300,000 189,750 3,489,750 Totals $ 50,620,000 $ 54,066,913 $ 104,686,913 A-3  Demolition General Obligation Bonds issued by the Village for 10 years Bond Assumptions Fiscal Year Principal Interest Total P + I Bonds amortized on Level-Debt Service basis Amortized over 10 years 2026 990,000 622,750 1,612,750 Prevailing "Aaa" rates + 0.80% (as of 9/21/2023) Non-callable 2027 1,040,000 573,250 1,613,250 TIC: 4.02% 2028 1,090,000 521,250 1,611,250 Issuance Amounts Issue Date 2025 Bond Amount $ 13,000,000 2/15/2025 2029 1,145,000 466,750 1,611,750 Sources & Uses 2030 1,205,000 409,500 1,614,500 Par Amount of Bonds $ 12,455,000 2031 1,265,000 349,250 1,614,250 Reoffering Premium 673,009 Total Sources $ 13,128,009 2032 1,330,000 286,000 1,616,000 Deposit to Construction Fund $ 13,000,000 2033 1,395,000 219,500 1,614,500 Costs of Issuance 62,446 2034 1,465,000 149,750 1,614,750 Underwriter's Spread (0.50%) 62,275 Rounding Amount 3,288 2035 1,530,000 76,500 1,606,500 Total Uses $ 13,128,009 Totals $ 12,455,000 $ 3,674,500 $ 16,129,500 A-4