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Page 1 of 3 Ogden City Council Work Session: May 9, 2017 ANNUAL DEBT REPORT FOR ALL CITY ENTITIES - Debt as of March 1, 2017 Purpose of Work Session: To review and discuss the report on outstanding debt for all City entities. Executive Summary The City Council will review and discuss the report showing outstanding debt and balances as of March 1, 2017. Background March 8, 2016 The Council adopted Joint Resolution 2016-8 establishing the Financial Principles to guide the FY2017 budget process. The section relating to city debt is summarized below. FY 2017 Financial Principles – City Debt Adhering to limitations in state law for general obligation bonded debt to be limited to 4% of the reasonable fair cash value of the City’s taxable property, and the same requirement of 4% for sewer and water projects for the value of property plus any unused portion of funding available for general purposes. Using a combination of cash on hand with long-term financing to minimize debt burden. Monitoring financial, economic and demographic indicators, and making every effort to ensure the highest possible bond rating. Limiting debt to projects that cannot be reasonably funded over a few years and to terms consistent with the useful life of an undertaken project. Seeking the least costly financing option available, and exploring all bonding options. Maintaining effective communication with bond rating agencies and following a policy of full disclosure. Having all interfund transfers approved by the City Council to ensure accountability and consistency. Addressing any balance in overdraft within 90 days from the end of each fiscal year. Discussion Annual Debt Report – Received April 25, 2017 The City Council office received an Administrative Transmittal and the Annual Debt Report summarizing the city debt as of March 1, 2017. ---PAGE BREAK--- Page 2 of 3 Ogden City Council Work Session: May 9, 2017 The report includes the following accounts and status descriptions for outstanding city debt. Total Bonded Debt: $116,855,000 Ogden City $88,504,000 General Obligation $1,134,000 Enterprise Funds $87,370,000 Municipal Building Authority (MBA) $3,061,000 Redevelopment Agency (RDA) $25,290,000 Total Outside Loans/Leases: $8,943,112 Housing & Urban Development (HUD) $4,440,000 2008 Loan $1,100,000 2015 Loan $3,340,000 US Bank Government Leasing $1,788,033 Tweener trucks (matures 5-20-17) $46,915 Pickup trucks $351,387 Refuse trucks $1,223,031 Mowers $166,700 Zions Public Finance – ERP Software $1,012,185 Wasatch Brownfields EPA Loan $400,000 Line of Credit $302,894 City $302,894 RDA $0 OIDC Loan – Flowers Foods $1,000,000 Interfund Loans: $5,499,208 Golf Fund $33,392 Airport Fund $1,183,138 RDA River Project Tax District $3,782,678 Payable to Refuse $2,042,191 Payable to DDO $1,740,487 Loans Payable to General Fund $1,412,000 RDA $500,000 Sanitary Sewer $912,000 RDA CBD Mall to RDA 25th Street $1,138,000 BDO Enterprise to Airport Fund $50,000 ---PAGE BREAK--- Page 3 of 3 Ogden City Council Work Session: May 9, 2017 Questions 1. Please provide an overview of the debt service report. 2. Are any additional debts anticipated to be added in the upcoming year? 3. How do these debts fit into the overall fiscal health of the city? 4. What is the reasoning for the Line of Credit principal RDA being at 5. Please describe if any of the city’s debt payments are ahead of or behind the designated payoff schedule. Attachments 1. Annual Debt Report 2. Joint Resolution 2016-8 I FY2017 Financial Principles Administrative M Administrative Contact: Lisa Stout, [PHONE REDACTED] Council Staff Contact: Amy Sue Mabey, (801)629-8629 ---PAGE BREAK--- OUTSTANDING DEBT SUMMARY AND BALANCES AT 03/1/2017 Ogden City, Ogden Municipal Building Authority & Ogden Redevelopment Agency Ogden City Bonded Debt General Obligation Interest Interest Authorized Principal @ Source of Security Description Rate Dates & Issued 1‐Mar‐17 Payment Sales Tax Revenue Refunding Bonds 2011 (Justice Court) Issued 12‐05‐11 Justice Court General Sales Tax Matures 03‐01‐26 2.875 Mar & Sep 1,737,000 1,134,000 Revenues Revenue Total General Obligation Debt 1,737,000 1,134,000 Enterprise Debt Interest Interest Authorized Principal @ Source of Security Description Rate Dates & Issued 1‐Mar‐17 Payment Water & Sewer Revenue Bonds 2008 (Non‐Refunded Balance) Issued 06‐04‐08 Water and Sewer Water and sewer Matures 06‐15‐18 3.5‐5.0 Jun & Dec 2,230,000 2,230,000 User Revenues utility revenue Water & Sewer Revenue Refunding Bonds 2009 (Non‐Refunded Balance) Issued 04‐22‐09 Water and Sewer Water and sewer Matures 06‐15‐19 3.0‐4.65 Jun & Dec 1,140,000 1,140,000 User Revenues utility revenue Water & Sewer Revenue Bonds 2012 Issued 10‐17‐12 Water and Sewer Water and sewer Matures 06‐15‐33 2.26 Jun 4,000,000 3,508,000 User Revenues utility revenue Water & Sewer Revenue Bonds 2013A Issued 03‐06‐13 Water and Sewer Water and sewer Matures 06‐15‐33 2.39 Jun 5,339,000 4,690,000 User Revenues utility revenue Water & Sewer Revenue Bonds 2013B (Filter Plant) Issued 09‐24‐13 Water and Sewer Water and sewer Matures 06‐15‐38 2.0‐4.75 Jun 13,225,000 12,115,000 User Revenues utility revenue Water & Sewer Revenue Refunding Bonds 2016 Issued 10‐31‐16 Water and Sewer Water and sewer Matures 06‐15‐41 2.0‐5.0 Jun & Dec 58,360,000 58,360,000 User Revenues utility revenue Storm Sewer Revenue Refunding Bonds 2012 Issued 11‐15‐12 Storm Sewer Storm sewer Matures 6‐15‐23 2.09 Jun & Dec 2,043,000 1,367,000 Revenues revenue Storm Sewer Revenue Bonds 2013 Issued 09‐13‐13 Storm Sewer Storm sewer Matures 06‐15‐33 2.0‐4.5 Jun & Dec 4,490,000 3,960,000 Revenues revenue Total Enterprise Debt 90,827,000 87,370,000 Total Ogden City Bonded Debt 92,564,000 88,504,000 Ogden Municipal Building Authority Bonded Debt Interest Interest Authorized Principal @ Source of Security Description Rate Dates & Issued 1‐Mar‐17 Payment Municipal Building Authority Lease Revenue Bonds 2007 (Raptors Stadium Project) Issued 12‐4‐07 Lease Revenues City lease Matures 01‐15‐28 5.08 Jan & Jul 3,000,000 2,016,000 from Gen Fund agreement Municipal Building Authority Lease Revenue Refunding Bonds 2016 (Municipal Bldg., Gardens, PW) Issued 05‐4‐06 Lease Revenues City lease Matures 06‐15‐21 1.95 Jun & Dec 2,865,000 1,045,000 from Gen Fund agreement Total MBA Bonded Debt 5,865,000 3,061,000 Page 1 of 4 ---PAGE BREAK--- OUTSTANDING DEBT SUMMARY AND BALANCES AT 03/1/2017 Ogden City, Ogden Municipal Building Authority & Ogden Redevelopment Agency Ogden Redevelopment Agency Bonded Debt Interest Interest Authorized Principal @ Source of Security Description Rate Dates & Issued 1‐Mar‐17 Payment 25th Street Tax Increment Revenue Bonds 2001A (Eccles Bldg) Issued 09‐18‐01 25th St 25th St TIF Matures 02‐01‐18 Variable Feb 1,610,000 170,000 Tax Increment Wall Ave Tax Increment Bonds 2002A (Union Square) Issued 08‐29‐02 Wall Ave District Wall Ave TIF Matures 02‐01‐19 Variable Feb 675,000 155,000 Tax Increment Tax Increment Revenue Bonds 2005A (Rec Center) Issued 11‐29‐05 Tax Increment TIF from selected Matures 04‐01‐25 Variable 7,280,000 2,670,000 From 10 Districts 10 tax districts West 12th Street Tax Increment Bonds 2006A ‐ Exempt Issued 12‐20‐06 West 12th St District Matures 04‐01‐17 4.43 Apr 3,500,000 665,000 Tax Increment West 12th TIF US Foods Tax Increment Bonds 2007 Issued 06‐12‐07 Fairmont District Matures 03‐01‐18 6.75 Mar 3,300,000 290,000 Tax Increment Fairmont TIF West 12th Street Tax Increment Bonds 2008A‐ Taxable Issued 07‐21‐08 West 12th St District Matures 04‐01‐17 6.35 Apr 3,000,000 445,000 Tax Increment West 12th TIF Revenue Refunding Bonds 2016A‐Taxable (Junction) Issued 2‐11‐16 Lease Revenues Franchise tax Matures 4‐1‐27 2.00‐3.25 Oct & Apr 12,035,000 12,035,000 CBD TIFF Transfers Revenue Refunding Bonds 2016B (Junction) Issued 2‐11‐16 Lease Revenues Franchise tax Matures 4‐1‐27 .90‐5.00 Oct & Apr 8,860,000 8,860,000 CBD TIFF Transfers Total RDA Bonded Debt 40,260,000 25,290,000 Total Ogden City, MBA and RDA bonded debt 138,689,000 116,855,000 Page 2 of 4 ---PAGE BREAK--- OUTSTANDING DEBT SUMMARY AND BALANCES AT 03/1/2017 Ogden City, Ogden Municipal Building Authority & Ogden Redevelopment Agency OUTSIDE LOANS/LEASES Interest Interest Authorized Principal @ Source of Security Description Rate Dates & Issued 1‐Mar‐17 Payment Department of Housing and Urban Development Section 108 2008 CBD Dated 08‐23‐07 Recreation Center Matures 08‐01‐27 Libor + Aug & Feb 2,000,000 1,100,000 CBD revenues Equipment Department of Housing and Urban Development Section 108 2015 Property Sales Dated 05‐28‐15 CBDG Grant Funds Matures 08‐01‐32 Libor + Aug & Feb 3,340,000 3,340,000 Tax Increment CDBG Block Grant US Bank Government Leasing ‐ Property Schedule 2 (Tweeners) Dated 12‐20‐13 Equipment Replacement Matures 05‐20‐17 1.29 628,265 46,915 Fund Tweener Trucks US Bank Government Leasing ‐ Property Schedule 5 (Pickups) Dated 07‐25‐15 Equipment Replacement Matures 07‐25‐19 1.84 710,141 351,387 Fund Pick up Trucks US Bank Government Leasing ‐ Property Schedule 6 (Refuse Trucks) Dated 08‐22‐14 Equipment Replacement Matures 04‐22‐19 1.71 2,394,921 1,223,031 Fund Refuse Trucks US Bank Government Leasing ‐ Property Schedule 7 (Mowers) Dated 05‐13‐15 Equipment Replacement Matures 05‐15‐18 1.62 394,489 166,700 Fund Industrial Mowers Zions Public Finance ‐ Property Schedule 1 (ERP) Dated 07‐12‐16 BDO Lease Revenue Matures 08‐01‐21 1.43 1,160,000 1,012,185 ERP Software Wasatch Brownfields ‐ EPA Loan Dated 11‐30‐15 Tax Increment Matures 11‐30‐19 2% Quarterly 400,000 400,000 Tax Increment Line of Credit ‐ City Dated 08‐21‐15 Sale of Property Matures 08‐21‐18 Libor + 1.75% 1,400,000 302,894 Housing Line of Credit ‐ RDA Dated 09‐28‐16 Sale of Property Matures 09‐28‐20 Libor + 1.75% 5,000,000 0 Land OIDC Loan ‐ Flowers Foods Dated 12‐31‐16 Sale of Property Matures 12‐31‐21 5% Annual 1,000,000 1,000,000 Land Total Outside Loan Debt 18,427,816 8,943,112 Page 3 of 4 ---PAGE BREAK--- OUTSTANDING DEBT SUMMARY AND BALANCES AT 03/1/2017 Ogden City, Ogden Municipal Building Authority & Ogden Redevelopment Agency INTERFUND LOANS Interest Interest Authorized Principal @ Source of Security Description Rate Dates & Issued 1‐Mar‐17 Payment Golf Fund payable to General Fund Dated 06‐30‐07 Golf fund revenue No maturity date Pool + 1% 1,485,419.00 33,392.00 Airport Fund payable to General Fund Dated 06‐30‐07 Airport fund revenue No maturity date Pool + 1% 2,430,013.00 1,183,138.00 RDA Ogden River Project Tax District payable to Refuse Fund Dated 04‐25‐06 River Project land Matures 06‐30‐16 0.0 None 2,500,000.00 2,042,191.00 sales and TIFF RDA Ogden River Project Tax District payable to DDO Tax District Dated 07‐01‐11 Orig. 2.46 River Project land Matures 07‐01‐14 Curr 2.46 None 1,700,000.00 1,740,487.00 sales and TIFF RDA payable to General Fund Dated 05‐13‐13 RDA Revenue Matures 05‐27‐18 0.0 None 500,000.00 500,000.00 Sanitary Sewer to General Fund Dated 12‐15‐16 RDA Revenue Matures 12‐15‐21 Pool 912,000.00 912,000.00 RDA CBD Mall to RDA 25th Street Dated 12‐15‐16 RDA Revenue Matures 12‐15‐21 Pool 1,138,000.00 1,138,000.00 BDO Enterprise to Airport Fund Dated 03‐15‐17 Airport Revenue Matures 03‐15‐22 Pool 50,000.00 50,000.00 Total Inter Fund Loans 8,615,432.00 5,499,208.00 Page 4 of 4 ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK---