Capital Project Financing Update November 4, 2020 Presented By: Capital Markets Advisors, LLC
I. Municipal Bond Market Update II.Results of Bond Sales III.Local Share Analysis IV.Local Share Comparison
3.50 Municipal Market Data 'Aaa' Yield Curve 3.00 2.50 2.00 5/15/2018 1.50 10/27/2020 1.00 0.50 0.00 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
Pelham UFSD Westchester County, New York $57,367,892 School District Serial Bonds - 2020 Series A TIC BID RANKINGS Total BID TIC NIC PAR Premium Interest Wells Fargo Bank, NA Bid 1.9860856% 2.0511329% 57,367,892.00 3,989,273.50 16,739,043.70 J.P. Morgan Securities LLC Bid 2.0143468% 2.0992454% 57,367,892.00 5,142,992.91 17,131,684.29 Mesirow Financial Bid 2.0197957% 2.0878490% 57,367,892.00 4,251,443.95 17,038,679.31 UBS Financial Services Inc. Bid 2.0216807% 2.0992705% 57,367,892.00 4,776,992.18 17,131,888.36 Citigroup Global Markets Inc. Bid 2.0278770% 2.0954097% 57,367,892.00 4,314,014.39 17,100,381.15 Fidelity Capital Markets Bid 2.0591989% 2.1279611% 57,367,892.00 4,293,128.22 17,366,029.09 Robert W. Baird & Co., Inc. Bid 2.4313195% 2.4982890% 57,367,892.00 3,351,503.40 20,388,229.77 Sources Of Funds Total Sources - Uses Of Funds Total Uses - Fidelity Capital Markets | March 2020 Money (Hutch) | 10/27/2020 | 11:09 AM Capital Markets Advisors, LLC Independent Municipal Advisors
Pelham Union Free School District Westchester County, New York $2,460,000 School District Refunding Serial Bonds - 2020 Series B TIC BID RANKINGS Total BID TIC NIC PAR Premium Interest Fidelity Capital Markets Bid 0.3848426% 0.4215722% 2,460,000.00 339,322.55 31,244.12 Robert W. Baird & Co., Inc. Bid 0.4699922% 0.5139557% 2,460,000.00 332,475.70 38,090.97 Roosevelt & Cross, Inc. Bid 0.6020479% 0.6565967% 2,460,000.00 321,904.10 48,662.57 Wells Fargo Bank, NA Bid 0.8920912% 0.9672075% 2,460,000.00 298,883.70 71,682.97 Greene County Commercial Bank Bid 1.5852848% 1.5913822% 2,460,000.00 - 117,942.64 Sources Of Funds Total Sources - Uses Of Funds Total Uses - Fidelity Capital Markets | SINGLE PURPOSE | 10/27/2020 | 11:03 AM Capital Markets Advisors, LLC Independent Municipal Advisors
Pelham UFSD 10/27/2020 Estimated Additional Local Share (May 2018 Vote) Post ‐ Bond Issue Middle Use of Debt School/High Local Share School Existing Debt Existing Service Funds Current Local Fiscal Local Share with Fiscal Year Capacity vs. New Hutchinson Renovations Prospect Hill Service Building Aid $1.965 million Share Year 2018 Project 2018 ‐ 19 Building $41,642,000 $9,469,000 (15 Renovations/Additions Total available (30 years) years) $3,408,830 (20 years) Local Share 2018 ‐ 19 3,559,119 2,296,625 1,262,494 2018 ‐ 19 $1,262,494 2019 ‐ 20 3,547,403 1,713,398 1,834,005 ‐ 0 $0 $0 $0 2019 ‐ 20 $1,834,005 2020 ‐ 21 3,522,759 1,168,469 2,354,290 ‐ 91,468 $311,967 $0 $403,435 2020 ‐ 21 $2,757,725 2021 ‐ 22 3,525,254 1,168,469 2,356,785 ‐ 1,656,813 $536,170 $142,445 $2,335,428 2021 ‐ 22 $4,692,213 2022 ‐ 23 3,516,531 1,168,469 2,348,062 ‐ 1,662,070 $536,842 $108,882 $2,307,794 2022 ‐ 23 $4,655,856 2023 ‐ 24 3,506,756 1,168,469 2,338,287 ‐ 1,656,820 $539,342 $108,257 $2,304,419 2023 ‐ 24 $4,642,706 2024 ‐ 25 3,497,106 1,163,405 2,333,702 ‐ 1,654,445 $535,467 $107,382 $2,297,294 2024 ‐ 25 $4,630,996 2025 ‐ 26 3,494,531 360,520 3,134,012 ‐ 1,654,695 $535,217 $106,257 $2,296,169 2025 ‐ 26 $5,430,181 2026 ‐ 27 2,918,906 146,848 2,772,059 ‐ 1,657,320 $538,342 $109,757 $2,305,419 2026 ‐ 27 $5,077,478 2027 ‐ 28 2,912,788 146,848 2,765,940 ‐ 1,662,070 $534,842 $107,882 $2,304,794 2027 ‐ 28 $5,070,734 2028 ‐ 29 2,907,538 146,848 2,760,690 ‐ 1,654,070 $534,717 $105,757 $2,294,544 2028 ‐ 29 $5,055,234 2029 ‐ 30 2,912,025 146,848 2,765,177 ‐ 1,659,545 $531,717 $104,132 $2,295,394 2029 ‐ 30 $5,060,571 2030 ‐ 31 238,650 146,848 91,802 (1,170,692) 1,655,370 $535,017 $108,732 $2,299,119 2030 ‐ 31 $2,390,921 2031 ‐ 32 236,900 132,371 104,529 (1,157,965) 1,652,945 $535,317 $109,682 $2,297,944 2031 ‐ 32 $2,402,473 2032 ‐ 33 117,895 (117,895) (1,380,389) 1,661,295 $534,167 $106,382 $2,301,844 2032 ‐ 33 $2,183,949 2033 ‐ 34 11,409 (11,409) (1,273,903) 1,659,045 $532,717 $108,032 $2,299,794 2033 ‐ 34 $2,288,385 2034 ‐ 35 5,705 (5,705) (1,268,198) 1,651,345 $535,917 $109,582 $2,296,844 2034 ‐ 35 $2,291,139 2035 ‐ 36 (1,262,494) 1,658,095 $533,767 $106,082 $2,297,944 2035 ‐ 36 $2,297,944 2036 ‐ 37 (1,262,494) 1,659,195 $107,532 $1,766,727 2036 ‐ 37 $1,766,727 2037 ‐ 38 (1,262,494) 1,654,745 $108,882 $1,763,627 2037 ‐ 38 $1,763,627 2038 ‐ 39 (1,262,494) 1,659,695 $105,182 $1,764,877 2038 ‐ 39 $1,764,877 2039 ‐ 40 (1,262,494) 1,654,045 $106,432 $1,760,477 2039 ‐ 40 $1,760,477 2040 ‐ 41 (1,262,494) 1,656,808 $107,460 $1,764,268 2040 ‐ 41 $1,764,268 2041 ‐ 42 (1,262,494) 1,652,914 $108,263 $1,761,177 2041 ‐ 42 $1,761,177 2042 ‐ 43 (1,262,494) 1,656,214 $1,656,214 2042 ‐ 43 $1,656,214 2043 ‐ 44 (1,262,494) 1,656,552 $1,656,552 2043 ‐ 44 $1,656,552 2044 ‐ 45 (1,262,494) 1,655,939 $1,655,939 2044 ‐ 45 $1,655,939 2045 ‐ 46 (1,262,494) 1,659,317 $1,659,317 2045 ‐ 46 $1,659,317 2046 ‐ 47 (1,262,494) 1,656,686 $1,656,686 2046 ‐ 47 $1,656,686 2047 ‐ 48 (1,262,494) 1,658,045 $1,658,045 2047 ‐ 48 $1,658,045 2048 ‐ 49 (1,262,494) 1,653,395 $1,653,395 2048 ‐ 49 $1,653,395 2049 ‐ 50 (1,262,494) 1,652,736 $1,652,736 2049 ‐ 50 $1,652,736 2050 ‐ 51 (1,262,494) (315,361) ($315,361) 2050 ‐ 51 ($315,361) TOTALS $ 40,296,267 $ 11,209,442 $ ‐ $ 29,086,824 $ 47,818,341 $ 8,341,525 $ 2,292,989 $ 58,452,855 $ 87,539,679 Page 1
3-26-2018 (as presented to the voters) Local Share Estimate: $70.3 million 3-27-2020 (as presented to the BOE on 4-22-2020 with interest rate cushion of 100bps) Local Share Estimate: $60.2 million 10-27-2020 (includes the final pricing of the bonds) Local Share: $58.5 million $11.9 million lower than 2018 feasibility (approximately $400k/annually)
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