HomeMy WebLinkAboutItem No 4 PPP 10-13-2021 Administration Committee - Debt Program Update10/11/2021
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Debt Program Update
Wally Ritchie,
Controller
Administration
Committee
October 13, 2021
DEBT POLICY
•Last updated December 2020
•Sets forth the parameters for issuing debt and managing outstanding debt,
and provides guidance to decision makers
•Proceeds from long‐term debt shall not be used for current on‐going
operations
•AAA Rating from Fitch, Moodys, S&P
•No current plans to issue any new money debt, only refundings
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10/11/2021
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CURRENT DEBT
Total Outstanding COP Balance 7/1/21 $ 909,620,000
Blended Interest Rate 3.05%
•Refunding debt issue 2021A was completed in July 2021 to replace 2011A
and 2018A in the amount of $163.8M
•Fixed rate and terms
•True Interest Cost – 1.06%
•Generated approximately $7.5M in savings
•Planned Refunding issue 2022A to replace 2012A and 2012B for February
2022 in the amount of $107.3M
•Lower interest rates
•Significant savings
•All outstanding debt to be paid off by 2044 3
DEBT SERVICE PAY ‐OFF
* No New Debt Issues are Planned
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0
100
200
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400
500
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800
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1,000
2020 2025 2030 2035 2040 2045
Mil
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i
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Outstanding Debt
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