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2019-07-16 City Council - Full Agenda-2401
OF LU,� .� O do 250 5TH AVE N, (ACCESSED Agenda Edmonds City Council IIWaffida6091► 1 FROM COUNCIL CHAMBERS), EDMONDS, WA 98020 JULY 16, 2019, 6:00 PM COUNCIL FINANCE COMMITTEE (JURY MEETING ROOM) 1. Fund Options for Utility Projects (45 min) Edmonds City Council Agenda July 16, 2019 Page 1 1.1 City Council Agenda Item Meeting Date: 07/16/2019 Fund Options for Utility Projects Staff Lead: Scott James Department: Administrative Services Preparer: Scott James Background/History Staff presented Council a Utility Rate Analysis on June 25, 2019. During the presentation, Council requested staff to conduct an analysis of bond funding vs. rate funding to pay for the next three years of annual maintenance and replacement projects. Staff Recommendation <Type or insert text here> Narrative The City of Edmonds operates a combined utility operation which incorporates potable water, sanitary sewer, and storm and surface water management functions. The City commissioned a combined utility rate study from its consultant, the FCS Group. Their findings show needed increases in potable water, sanitary sewer, and storm and surface water management utility rates. to help address rising costs including but not limited to: inflation and the rising maintenance and operations costs, wholesale cost increases for potable water, the replacement of aging and failing water/sewer/storm infrastructure as part of the annual replacement projects and upcoming larger capital projects. The proposed rate increases would financially position the utilities to: 1) Rate fund the annual maintenance and replacement projects, and 2) Limit the need to acquire bond funding for only larger capital projects. A financial benefit of implementing the proposed rate increases is not having to rely on debt issuance to fund annual maintenance and replacement projects and paying the related debt service costs. However, Council requested staff to analyze the financial effects of issuing Revenue Bonds to fund the annual maintenance and replacement projects with the goal of minimizing financial impacts to rate payers. To conduct this analysis, staff is estimating that the next three years annual maintenance and replacement projects would cost approximately $10 million. Tonight's Committee discussion will focus on reviewing the additional debt service requirements of issuing $10 million to fund the next three years annual maintenance and replacement projects. Attachments include four bond issue scenarios: 1) Bond scenario to fund half of Wastewater Treatment Plant pyrothesis project with an estimated cost of $9 million. 2) Bond scenario to fund half of Wastewater Treatment Plant pyrothesis project with an estimated cost of $9 million, plus $10 million to fund the next three years annual maintenance and replacement projects. Packet Pg. 2 1.1 3) Bond scenario to fund all the cost of Wastewater Treatment Plant pyrothesis project with an estimated cost of $18 million. 4) Bond scenario to fund all the cost of Wastewater Treatment Plant pyrothesis project with an estimated cost of $18 million, plus $10 million to fund the next three years annual maintenance and replacement projects. 5) Analysis of debt service requirement to issue $10 million to fund the next three years annual maintenance and replacement projects. Attachments: Cost of $10 Million Bond Issue City of Edmonds Water and Sewer Rev Bonds - 9M City of Edmonds Water and Sewer Rev Bonds - 18M City of Edmonds Water and Sewer Rev Bonds - 19M City of Edmonds Water and Sewer Rev Bonds - 28M Packet Pg. 3 2019 Water and Sewer Revenue Bonds Estimated Debt Service Requirements $19 Million Proceeds (Half of Pryothesis Project +$10 million $9 Million Proceeds to Fund Annual Maintenance and (Half of Pryothesis Project) Replacement Projects) Additional Cost of $10 Million Principal Interest Debt Service Principal Interest Debt Service Principal Interest Debt Service 2020 $ 300,000 $ 346,585 $ 646,585 $ 630,000 $ 724,981 $ 1,354,981 $ 330,000 $ 378,396 $ 708,396 2021 310,000 338,550 648,550 650,000 708,100 1,358,100 340,000 369,550 709,550 2022 320,000 329,250 649,250 670,000 688,600 1,358,600 350,000 359,350 709,350 2023 330,000 319,650 649,650 690,000 668,500 1,358,500 360,000 348,850 708,850 2024 345,000 306,450 651,450 720,000 640,900 1,360,900 375,000 334,450 709,450 2025 360,000 292,650 652,650 750,000 612,100 1,362,100 390,000 319,450 709,450 2026 370,000 278,250 648,250 775,000 582,100 1,357,100 405,000 303,850 708,850 2027 385,000 263,450 648,450 810,000 551,100 1,361,100 425,000 287,650 712,650 2028 405,000 244,200 649,200 850,000 510,600 1,360,600 445,000 266,400 711,400 2029 425,000 228,000 653,000 885,000 476,600 1,361,600 460,000 248,600 708,600 2030 440,000 211,000 651,000 920,000 441,200 1,361,200 480,000 230,200 710,200 2031 455,000 193,400 648,400 955,000 404,400 1,359,400 500,000 211,000 711,000 2032 475,000 175,200 650,200 995,000 366,200 1,361,200 520,000 191,000 711,000 2033 495,000 156,200 651,200 1,035,000 326,400 1,361,400 540,000 170,200 710,200 2034 515,000 136,400 651,400 1,075,000 285,000 1,360,000 560,000 148,600 708,600 2035 535,000 115,800 650,800 1,120, 000 242,000 1,362,000 585,000 126,200 711,200 2036 555, 000 94,400 649,400 1,160, 000 197,200 1,357,200 605,000 102,800 707,800 2037 580,000 72,200 652,200 1,210,000 150,800 1,360,800 630,000 78,600 708,600 2038 600,000 49,000 649,000 1,255,000 102,400 1,357,400 655,000 53,400 708,400 2039 625,000 25,000 650,000 1,305,000 52,200 1,357,200 680,000 27,200 707,200 $ 8,825,000 $4,175,635 $13,000,635 $18,460,000 $ 8,731,381 $27,191,381 $ 9,635,000 $ 4,555,746 $14,190,746 Average Annual Debt Service Payment $ 709,537 Packet Pg. 4 2019 Water and Sewer Revenue Bonds Estimated Debt Service Requirements $28 Million Proceeds (All of Pryothesis Project +$10 million to $18 Million Proceeds Fund Annual Maintenance and (All of Pryothesis Project) Replacement Projects) Additional Cost of $10 Million Principal Interest Debt Service Principal Interest Debt Service Principal 2020 $ 600,000 $ 687,186 $ 1,287,186 $ 925,000 $ 1,065,632 $ 1,990,632 $ 325,000 2021 620,000 671,100 1,291,100 960,000 1,040,850 2,000,850 340,000 2022 635,000 652,500 1,287,500 985,000 1,012,050 1,997,050 350,000 2023 655,000 633,450 1,288,450 1,015,000 982,500 1,997,500 360,000 2024 680,000 607,250 1,287,250 1,055,000 941,900 1,996,900 375,000 2025 710,000 580,050 1,290,050 1,100, 000 899,700 1,999,700 390,000 2026 740,000 551,650 1,291,650 1,145, 000 855,700 2,000,700 405,000 2027 765,000 522,050 1,287,050 1,190, 000 809,900 1,999,900 425,000 2028 805,000 483,800 1,288,800 1,250,000 750,400 2,000,400 445,000 2029 840,000 451,600 1,291,600 1,300,000 700,400 2,000,400 460,000 2030 870,000 418,000 1,288,000 1,350,000 648,400 1,998,400 480,000 2031 905,000 383,200 1,288,200 1,405,000 594,400 1,999,400 500,000 2032 940,000 347,000 1,287,000 1,460,000 538,200 1,998,200 520,000 2033 980,000 309,400 1,289,400 1,520,000 479,800 1,999,800 540,000 2034 1,020,000 270,200 1,290,200 1,580,000 419,000 1,999,000 560,000 2035 1,060,000 229,400 1,289,400 1,640,000 355,800 1,995,800 580,000 2036 1,100, 000 187,000 1,287,000 1,710,000 290,200 2,000,200 610,000 2037 1,145, 000 143,000 1,288,000 1,775,000 221,800 1,996,800 630,000 2038 1,190, 000 97,200 1,287,200 1,850,000 150,800 2,000,800 660,000 2039 1.240.000 49.600 1.289.600 1.920.000 76.800 1.996.800 680.000 Interest Debt Service 378,446 $ 703,446 369,750 709,750 359,550 709,550 349,050 709,050 334,650 709,650 319,650 709,650 304,050 709,050 287,850 712,850 266,600 711,600 248,800 708,800 230,400 710,400 211,200 711,200 191,200 711,200 170,400 710,400 148,800 708,800 126,400 706,400 103,200 713,200 78,800 708,800 53,600 713,600 ?7 ?nn 7n7 ?nn $17,500,000 $ 8,274,636 $25,774,636 $27,135,000 $12,834,232 $39,969,232 $9,635,000 $ 4,559,596 $14,194,596 Average Annual Debt Service Payment $ 709,730 Packet Pg. 5 r Q Packet Pg. 6 SOURCES AND USES OF FUNDS City of Edmonds, Washington Water and Sewer Revenue Bonds, 2019 $9 Million Dated Date 12/02/2019 Delivery Date 12/02/2019 Sources: Bond Proceeds Par Amount Premium 8,825,000.00 1,034,636.10 9,859,636.10 Uses: Project Fund Deposits: Project Fund 9,000,000.00 Other Fund Deposits: Debt Service Reserve Fund 653,000.00 Cost of Issuance: Other Cost of Issuance 150,000.00 Delivery Date Expenses: Underwriter's Discount 52,950.00 Other Uses of Funds: Additional Proceeds 3,686.10 9,859,636.10 Jul 11, 2019 10:10 am Prepared by Northwest Municipal Advisors (Finance 8.001 Edmonds City:2019-9MWS) Page 1 Packet Pg. 7 BOND SUMMARY STATISTICS City of Edmonds, Washington Water and Sewer Revenue Bonds, 2019 $9 Million Dated Date 12/02/2019 Delivery Date 12/02/2019 Last Maturity 12/01/2039 N Arbitrage Yield 2.432687% 4) True Interest Cost (TIC) 2.855050% 0- Net Interest Cost (NIC) 3.068435% d All -In TIC 3.020653% >, r� Average Coupon 4.011543% Average Life (years) 11.795 L Weighted Average Maturity (years) 11.851 w Duration of Issue (years) 9.471 to C O Par Amount 8,825,000.00 G. Bond Proceeds 9,859,636.10 O Totallnterest 4,175,634.58 Net Interest 3,193,948.48 :a Total Debt Service 13,000,634.58 C Maximum Annual Debt Service 653,000.00 O LL Average Annual Debt Service 650,122.02 Underwriter's Fees (per $1000) Average Takedown to Other Fee 6.000000 C O Total Underwriter's Discount 6.000000 m O Bid Price 111.123922 Bond Component Par Value Price Average Coupon Average Life PV of 1 by change Serial Bonds 3,550,000.00 111.225 4.058% 5.814 2,071.15 Term Bonds 2031 895,000.00 114.337 4.000% 11.506 859.20 Term Bonds 2033 970,000.00 113.007 4.000% 13.508 921.50 Term Bonds 2035 1,050,000.00 112.068 4.000% 15.507 987.00 Term Bonds 2037 1,135,000.00 111.138 4.000% 17.508 1,055.55 Term Bonds 2039 1,225,000.00 110.492 4.000% 19.507 1,127.00 8,825,000.00 11.795 7,021.40 Par Value + Accrued Interest + Premium (Discount) Underwriter's Discount Cost of Issuance Expense Other Amounts Target Value Target Date Yield TIC 8,825,000.00 1,034,636.10 -52,950.00 9,806,686.10 12/02/2019 2.855050% All -in TIC 8,825,000.00 1,034,636.10 -52,950.00 -150,000.00 Arbitrage Yield 8,825,000.00 1,034,636.10 9,656,686.10 9,859,636.10 12/02/2019 12/02/2019 3.020653% 2.432687% Jul 11, 2019 10:10 am Prepared by Northwest Municipal Advisors (Finance 8.001 Edmonds City:2019-9MWS) Page 2 Packet Pg. 8 BOND DEBT SERVICE City of Edmonds, Washington Water and Sewer Revenue Bonds, 2019 $9 Million Dated Date 12/02/2019 Delivery Date 12/02/2019 Period Ending Principal Coupon Interest Debt Service 12/01/2020 300,000 3.000% 346,584.58 646,584.58 12/01/2021 310,000 3.000% 338,550.00 648,550.00 12/01/2022 320,000 3.000% 329,250.00 649,250.00 12/01/2023 330,000 4.000% 319,650.00 649,650.00 12/01/2024 345,000 4.000% 306,450.00 651,450.00 12/01/2025 360,000 4.000% 292,650.00 652,650.00 12/01/2026 370,000 4.000% 278,250.00 648,250.00 12/01/2027 385,000 5.000% 263,450.00 648,450.00 12/01/2028 405,000 4.000% 244,200.00 649,200.00 12/01/2029 425,000 4.000% 228,000.00 653,000.00 12/01/2030 440,000 4.000% 211,000.00 651,000.00 12/01/2031 455,000 4.000% 193,400.00 648,400.00 12/01/2032 475,000 4.000% 175,200.00 650,200.00 12/01/2033 495,000 4.000% 156,200.00 651,200.00 12/01/2034 515,000 4.000% 136,400.00 651,400.00 12/01/2035 535,000 4.000% 115,800.00 650,800.00 12/01/2036 555,000 4.000% 94,400.00 649,400.00 12/01/2037 580,000 4.000% 72,200.00 652,200.00 12/01/2038 600,000 4.000% 49,000.00 649,000.00 12/01/2039 625,000 4.000% 25,000.00 650,000.00 8,825,000 4,175, 634.58 13,000, 634.58 Jul 11, 2019 10:10 am Prepared by Northwest Municipal Advisors (Finance 8.001 Edmonds City:2019-9MWS) Page 3 Packet Pg. 9 BOND DEBT SERVICE City of Edmonds, Washington Water and Sewer Revenue Bonds, 2019 $9 Million Dated Date 12/02/2019 Delivery Date 12/02/2019 Period Ending Principal Coupon Interest Debt Service Annual Debt Service 06/01/2020 172,809.58 172,809.58 12/01/2020 300,000 3.000% 173,775.00 473,775.00 646,584.58 06/01/2021 169,275.00 169,275.00 12/01/2021 310,000 3.000% 169,275.00 479,275.00 648,550.00 06/01/2022 164,625.00 164,625.00 12/01/2022 320,000 3.000% 164,625.00 484,625.00 649,250.00 06/01/2023 159,825.00 159,825.00 12/01/2023 330,000 4.000% 159,825.00 489,825.00 649,650.00 06/01/2024 153,225.00 153,225.00 12/01/2024 345,000 4.000% 153,225.00 498,225.00 651,450.00 06/01/2025 146,325.00 146,325.00 12/01/2025 360,000 4.000% 146,325.00 506,325.00 652,650.00 06/01/2026 139,125.00 139,125.00 12/01/2026 370,000 4.000% 139,125.00 509,125.00 648,250.00 06/01/2027 131,725.00 131,725.00 12/01/2027 385,000 5.000% 131,725.00 516,725.00 648,450.00 06/01/2028 122,100.00 122,100.00 12/01/2028 405,000 4.000% 122,100.00 527,100.00 649,200.00 06/01/2029 114,000.00 114,000.00 12/01/2029 425,000 4.000% 114,000.00 539,000.00 653,000.00 06/01/2030 105,500.00 105,500.00 12/01/2030 440,000 4.000% 105,500.00 545,500.00 651,000.00 06/01/2031 96,700.00 96,700.00 12/01/2031 455,000 4.000% 96,700.00 551,700.00 648,400.00 06/01/2032 87,600.00 87,600.00 12/01/2032 475,000 4.000% 87,600.00 562,600.00 650,200.00 06/01/2033 78,100.00 78,100.00 12/01/2033 495,000 4.000% 78,100.00 573,100.00 651,200.00 06/01/2034 68,200.00 68,200.00 12/01/2034 515,000 4.000% 68,200.00 583,200.00 651,400.00 06/01/2035 57,900.00 57,900.00 12/01/2035 535,000 4.000% 57,900.00 592,900.00 650,800.00 06/01/2036 47,200.00 47,200.00 12/01/2036 555,000 4.000% 47,200.00 602,200.00 649,400.00 06/01/2037 36,100.00 36,100.00 12/01/2037 580,000 4.000% 36,100.00 616,100.00 652,200.00 06/01/2038 24,500.00 24,500.00 12/01/2038 600,000 4.000% 24,500.00 624,500.00 649,000.00 06/01/2039 12,500.00 12,500.00 12/01/2039 625,000 4.000% 12,500.00 637,500.00 650,000.00 8,825,000 4,175, 634.58 13, 000, 634.58 13,000, 634.58 Jul 11, 2019 10:10 am Prepared by Northwest Municipal Advisors (Finance 8.001 Edmonds City:2019-9MWS) Page 4 Packet Pg. 10 AGGREGATE DEBT SERVICE City of Edmonds, Washington Water and Sewer Revenue Bonds, 2019 $9 Million Period Ending Water and Sewer Revenue Bonds, 2019 Outstanding Debt Service Aggregate Debt Service 12/01/2020 646,584.58 2,971,446.24 3,618,030.82 12/01/2021 648,550.00 2,968,796.24 3,617,346.24 12/01/2022 649,250.00 2,970,246.24 3,619,496.24 12/01/2023 649,650.00 2,973,946.24 3,623,596.24 12/01/2024 651,450.00 2,971,496.24 3,622,946.24 12/01/2025 652,650.00 2,971,027.50 3,623,677.50 12/01/2026 648,250.00 2,973,946.24 3,622,196.24 12/01/2027 648,450.00 2,970,196.26 3,618,646.26 12/01/2028 649,200.00 2,973,583.76 3,622,783.76 12/01/2029 653,000.00 2,975,640.00 3,628,640.00 12/01/2030 651,000.00 2,968,415.00 3,619,415.00 12/01/2031 648,400.00 2,968,702.52 3,617,102.52 12/01/2032 650,200.00 2,973,520.00 3,623,720.00 12/01/2033 651,200.00 2,975,587.50 3,626,787.50 12/01/2034 651,400.00 2,973,935.00 3,625,335.00 12/01/2035 650,800.00 2,968,460.00 3,619,260.00 12/01/2036 649,400.00 2,972,340.00 3,621,740.00 12/01/2037 652,200.00 2,971,400.00 3,623,600.00 12/01/2038 649,000.00 2,963,945.00 3,612,945.00 12/01/2039 650,000.00 1,146,600.00 1,796,600.00 12/01/2040 1,149,200.00 1,149,200.00 13,000,634.58 58,752,429.98 71,753,064.56 Jul 11, 2019 10:10 am Prepared by Northwest Municipal Advisors (Finance 8.001 Edmonds City:2019-9MWS) Page 5 Packet Pg. 11 Bond Component Maturity Date BOND PRICING City of Edmonds, Washington Water and Sewer Revenue Bonds, 2019 $9 Million Amount Rate Yield Price Yield to Maturity Call Date Call Price Serial Bonds: 12/01/2020 300,000 3.000% 1.650% 101.329 12/01/2021 310,000 3.000% 1.660% 102.621 Q 12/01/2022 320,000 3.000% 1.690% 103.812 d 12/01/2023 330,000 4.000% 1.740% 108.690 12/01/2024 345,000 4.000% 1.790% 110.519 =_ 12/01/2025 360,000 4.000% 1.860% 112.091 r 12/01/2026 370,000 4.000% 1.950% 113.348 LO 12/01/2027 385,000 5.000% 2.030% 121.822 w 12/01/2028 405,000 4.000% 2.090% 115.591 12/01/2029 425,000 4.000% 2.180% 116.269 O 3,550,000 Q. O Term Bonds 2031: 12/01/2031 895,000 4.000% 2.380% 114.337 C 2.601% 12/01/2029 100.000 C Term Bonds2033:ILL 12/01/2033 970,000 4.000% 2.520% 113.007 C 2.865% 12/01/2029 100.000 Term Bonds2035: 12/01/2035 1,050,000 4.000% 2.620% 112.068 C 3.042% 12/01/2029 100.000 to 13 C Term Bonds 2037: O 12/01/2037 1,135,000 4.000% 2.720% 111.138 C 3.182% 12/01/2029 100.000 m d Term Bonds2039: 12/01/2039 1,225,000 4.000% 2.790% 110.492 C 3.280% 12/01/2029 100.000 0� 3 m 8,825,000 cA Dated Date Delivery Date First Coupon Par Amount Premium Production Underwriter's Discount Purchase Price Accrued Interest Net Proceeds 12/02/2019 12/02/2019 06/01/2020 8,825,000.00 1, 034, 636.10 9, 859, 636.10 111.723922% -52,950.00-0.600000% 9, 806, 686.10 111.123922 % 9, 806, 686.10 Jul 11, 2019 10:10 am Prepared by Northwest Municipal Advisors (Finance 8.001 Edmonds City:2019-9MWS) Page 6 Packet Pg. 12 SOURCES AND USES OF FUNDS City of Edmonds, Washington Water and Sewer Revenue Bonds, 2019 $18 Million Dated Date 12/02/2019 Delivery Date 12/02/2019 Sources: Bond Proceeds Par Amount Premium 17,500,000.00 2,050,840.10 19,550,840.10 Uses: Project Fund Deposits: Project Fund 18,000,000.00 Other Fund Deposits: Debt Service Reserve Fund 1,291,600.00 Cost of Issuance: Other Cost of Issuance 150,000.00 Delivery Date Expenses: Underwriter's Discount 105,000.00 Other Uses of Funds: Additional Proceeds 4,240.10 19,550,840.10 Jul 11, 2019 10:09 am Prepared by Northwest Municipal Advisors (Finance 8.001 Edmonds City:2019-18MWS) Page 1 Packet Pg. 13 BOND SUMMARY STATISTICS City of Edmonds, Washington Water and Sewer Revenue Bonds, 2019 $18 Million Dated Date 12/02/2019 Delivery Date 12/02/2019 Last Maturity 12/01/2039 y r t� Arbitrage Yield 2.432453% 4 True Interest Cost (TIC) 2.854797% Net Interest Cost (NIC) 3.068189% d All -In TIC 2.937906% Average Coupon 4.011529% +, Average Life (years) 11.787 L O Weighted Average Maturity (years) 11.844 Duration of Issue (years) 9.466 C O Par Amount 17,500,000.00 r 0 Bond Proceeds 19,550,840.10 Totallnterest 8,274,635.83 co C Net Interest 6,328,795.73 Total Debt Service 25,774,635.83 7 Maximum Annual Debt Service 1,291,650.00 LL Average Annual Debt Service 1,288,910.81 00 Underwriter's Fees (per $1000) r Average Takedown Other Fee 6.000000 'a a O Total Underwriter's Discount 6.000000 m d Bid Price 111.119086 Bond Component Par Value Price Average Coupon Average Life PV of 1 by change Serial Bonds 7,050,000.00 111.214 4.058% 5.809 4,109.20 Term Bonds 2031 1,775,000.00 114.337 4.000% 11.507 1,704.00 Term Bonds 2033 1,920,000.00 113.007 4.000% 13.508 1,824.00 Term Bonds 2035 2,080,000.00 112.068 4.000% 15.507 1,955.20 Term Bonds 2037 2,245,000.00 111.138 4.000% 17.507 2,087.85 Term Bonds 2039 2,430,000.00 110.492 4.000% 19.508 2,235.60 17,500,000.00 11.787 13,915.85 Par Value + Accrued Interest + Premium (Discount) Underwriter's Discount Cost of Issuance Expense Other Amounts Target Value Target Date Yield TIC 17,500,000.00 2,050,840.10 -105,000.00 19,445,840.10 12/02/2019 2.854797% All -in TIC 17,500,000.00 2,050,840.10 -105,000.00 -150,000.00 19,295,840.10 12/02/2019 2.937906% Arbitrage Yield 17,500,000.00 2,050,840.10 19,550,840.10 12/02/2019 2.432453% Jul 11, 2019 10:09 am Prepared by Northwest Municipal Advisors (Finance 8.001 Edmonds City: 2019-18MWS) Page 2 Packet Pg. 14 BOND DEBT SERVICE City of Edmonds, Washington Water and Sewer Revenue Bonds, 2019 $18 Million Dated Date 12/02/2019 Delivery Date 12/02/2019 Period Ending Principal Coupon Interest Debt Service 12/01/2020 600,000 3.000% 687,185.83 1,287,185.83 12/01/2021 620,000 3.000% 671,100.00 1,291,100.00 12/01/2022 635,000 3.000% 652,500.00 1,287,500.00 12/01/2023 655,000 4.000% 633,450.00 1,288,450.00 12/01/2024 680,000 4.000% 607,250.00 1,287,250.00 12/01/2025 710,000 4.000% 580,050.00 1,290,050.00 12/01/2026 740,000 4.000% 551,650.00 1,291,650.00 12/01/2027 765,000 5.000% 522,050.00 1,287,050.00 12/01/2028 805,000 4.000% 483,800.00 1,288,800.00 12/01/2029 840,000 4.000% 451,600.00 1,291,600.00 12/01/2030 870,000 4.000% 418,000.00 1,288,000.00 12/01/2031 905,000 4.000% 383,200.00 1,288,200.00 12/01/2032 940,000 4.000% 347,000.00 1,287,000.00 12/01/2033 980,000 4.000% 309,400.00 1,289,400.00 12/01/2034 1,020,000 4.000% 270,200.00 1,290,200.00 12/01/2035 1,060,000 4.000% 229,400.00 1,289,400.00 12/01/2036 1,100,000 4.000% 187,000.00 1,287,000.00 12/01/2037 1,145,000 4.000% 143,000.00 1,288,000.00 12/01/2038 1,190,000 4.000% 97,200.00 1,287,200.00 12/01/2039 1,240,000 4.000% 49,600.00 1,289,600.00 17,500,000 8,274,635.83 25,774,635.83 Jul 11, 2019 10:09 am Prepared by Northwest Municipal Advisors (Finance 8.001 Edmonds City:2019-18MWS) Page 3 Packet Pg. 15 BOND DEBT SERVICE City of Edmonds, Washington Water and Sewer Revenue Bonds, 2019 $18 Million Dated Date 12/02/2019 Delivery Date 12/02/2019 Period Ending Principal Coupon Interest Debt Service Annual Debt Service 06/01/2020 342,635.83 342,635.83 12/01/2020 600,000 3.000% 344,550.00 944,550.00 1,287,185.83 06/01/2021 335,550.00 335,550.00 12/01/2021 620,000 3.000% 335,550.00 955,550.00 1,291,100.00 06/01/2022 326,250.00 326,250.00 12/01/2022 635,000 3.000% 326,250.00 961,250.00 1,287,500.00 06/01/2023 316,725.00 316,725.00 12/01/2023 655,000 4.000% 316,725.00 971,725.00 1,288,450.00 06/01/2024 303,625.00 303,625.00 12/01/2024 680,000 4.000% 303,625.00 983,625.00 1,287,250.00 06/01/2025 290,025.00 290,025.00 12/01/2025 710,000 4.000% 290,025.00 1,000,025.00 1,290,050.00 06/01/2026 275,825.00 275,825.00 12/01/2026 740,000 4.000% 275,825.00 1,015,825.00 1,291,650.00 06/01/2027 261,025.00 261,025.00 12/01/2027 765,000 5.000% 261,025.00 1,026,025.00 1,287,050.00 06/01/2028 241,900.00 241,900.00 12/01/2028 805,000 4.000% 241,900.00 1,046,900.00 1,288,800.00 06/01/2029 225,800.00 225,800.00 12/01/2029 840,000 4.000% 225,800.00 1,065,800.00 1,291,600.00 06/01/2030 209,000.00 209,000.00 12/01/2030 870,000 4.000% 209,000.00 1,079,000.00 1,288,000.00 06/01/2031 191,600.00 191,600.00 12/01/2031 905,000 4.000% 191,600.00 1,096,600.00 1,288,200.00 06/01/2032 173,500.00 173,500.00 12/01/2032 940,000 4.000% 173,500.00 1,113,500.00 1,287,000.00 06/01/2033 154,700.00 154,700.00 12/01/2033 980,000 4.000% 154,700.00 1,134,700.00 1,289,400.00 06/01/2034 135,100.00 135,100.00 12/01/2034 1,020,000 4.000% 135,100.00 1,155,100.00 1,290,200.00 06/01/2035 114,700.00 114,700.00 12/01/2035 1,060,000 4.000% 114,700.00 1,174,700.00 1,289,400.00 06/01/2036 93,500.00 93,500.00 12/01/2036 1,100,000 4.000% 93,500.00 1,193,500.00 1,287,000.00 06/01/2037 71,500.00 71,500.00 12/01/2037 1,145,000 4.000% 71,500.00 1,216,500.00 1,288,000.00 06/01/2038 48,600.00 48,600.00 12/01/2038 1,190,000 4.000% 48,600.00 1,238,600.00 1,287,200.00 06/01/2039 24,800.00 24,800.00 12/01/2039 1,240,000 4.000% 24,800.00 1,264,800.00 1,289,600.00 17,500,000 8,274,635.83 25,774,635.83 25,774,635.83 Jul 11, 2019 10:09 am Prepared by Northwest Municipal Advisors (Finance 8.001 Edmonds City:2019-18MWS) Page 4 Packet Pg. 16 AGGREGATE DEBT SERVICE City of Edmonds, Washington Water and Sewer Revenue Bonds, 2019 $18 Million Period Ending Water and Sewer Revenue Bonds, 2019 Outstanding Debt Service Aggregate Debt Service 12/01/2020 1,287,185.83 2,971,446.24 4,258,632.07 12/01/2021 1,291,100.00 2,968,796.24 4,259,896.24 12/01/2022 1,287,500.00 2,970,246.24 4,257,746.24 12/01/2023 1,288,450.00 2,973,946.24 4,262,396.24 12/01/2024 1,287,250.00 2,971,496.24 4,258,746.24 12/01/2025 1,290,050.00 2,971,027.50 4,261,077.50 12/01/2026 1,291,650.00 2,973,946.24 4,265,596.24 12/01/2027 1,287,050.00 2,970,196.26 4,257,246.26 12/01/2028 1,288,800.00 2,973,583.76 4,262,383.76 12/01/2029 1,291,600.00 2,975,640.00 4,267,240.00 12/01/2030 1,288,000.00 2,968,415.00 4,256,415.00 12/01/2031 1,288,200.00 2,968,702.52 4,256,902.52 12/01/2032 1,287,000.00 2,973,520.00 4,260,520.00 12/01/2033 1,289,400.00 2,975,587.50 4,264,987.50 12/01/2034 1,290,200.00 2,973,935.00 4,264,135.00 12/01/2035 1,289,400.00 2,968,460.00 4,257,860.00 12/01/2036 1,287,000.00 2,972,340.00 4,259,340.00 12/01/2037 1,288,000.00 2,971,400.00 4,259,400.00 12/01/2038 1,287,200.00 2,963,945.00 4,251,145.00 12/01/2039 1,289,600.00 1,146,600.00 2,436,200.00 12/01/2040 1,149,200.00 1,149,200.00 25,774,635.83 58,752,429.98 84,527,065.81 Jul 11, 2019 10:09 am Prepared by Northwest Municipal Advisors (Finance 8.001 Edmonds City:2019-18MWS) Page 5 Packet Pg. 17 Bond Component Maturity Date BOND PRICING City of Edmonds, Washington Water and Sewer Revenue Bonds, 2019 $18 Million Amount Rate Yield Price Yield to Maturity Call Date Call Price Serial Bonds: to v 12/01/2020 600,000 3.000% 1.650% 101.329 4 12/01/2021 620,000 3.000% 1.660% 102.621 O L 12/01/2022 635,000 3.000% 1.690% 103.812 d 12/01/2023 655,000 4.000% 1.740% 108.690 12/01/2024 680,000 4.000% 1.790% 110.519 }, 12/01/2025 710,000 4.000% 1.860% 112.091 :3 12/01/2026 740,000 4.000% 1.950% 113.348 G 12/01/2027 765,000 5.000% 2.030% 121.822 `~ 12/01/2028 805,000 4.000% 2.090% 115.591 C 12/01/2029 840,000 4.000% 2.180% 116.269 0 7,050,000 r Term Bonds 2031: C 12/01/2031 1,775,000 4.000% 2.380% 114.337 C 2.601% 12/01/2029 100.000 C 3 Term Bonds2033: ILL 12/01/2033 1,920,000 4.000% 2.520% 113.007 C 2.865% 12/01/2029 100.000 00 Term Bonds2035: 12/01/2035 2,080,000 4.000% 2.620% 112.068 C 3.042% 12/01/2029 100.000 to Term Bonds 2037: O O 12/01/2037 2,245,000 4.000% 2.720% 111.138 C 3.182% 12/01/2029 100.000 m N Term Bonds2039: 12/01/2039 2,430,000 4.000% 2.790% 110.492 C 3.280% 12/01/2029 100.000 3 17,500,000 N N Dated Date Delivery Date First Coupon Par Amount Premium Production Underwriter's Discount Purchase Price Accrued Interest Net Proceeds 12/02/2019 12/02/2019 06/01/2020 17,500,000.00 2,050,840.10 19, 550, 840.10 111.719086% -105,000.00-0.600000% 19,445, 840.10 111.119086 % 19,445,840.10 Jul 11, 2019 10:09 am Prepared by Northwest Municipal Advisors (Finance 8.001 Edmonds City:2019-18MWS) Page 6 Packet Pg. 18 SOURCES AND USES OF FUNDS City of Edmonds, Washington Water and Sewer Revenue Bonds, 2019 $19 Million Dated Date 12/02/2019 Delivery Date 12/02/2019 Sources: Bond Proceeds Par Amount Premium 18,460,000.00 2,164,358.50 20,624,358.50 Uses: Project Fund Deposits: Project Fund 19,000,000.00 Other Fund Deposits: Debt Service Reserve Fund 1,361,600.00 Cost of Issuance: Other Cost of Issuance 150,000.00 Delivery Date Expenses: Underwriter's Discount 110,760.00 Other Uses of Funds: Additional Proceeds 1,998.50 20,624,358.50 Jul 11, 2019 10:08 am Prepared by Northwest Municipal Advisors (Finance 8.001 Edmonds City:2019-19MWS) Page 1 Packet Pg. 19 BOND SUMMARY STATISTICS City of Edmonds, Washington Water and Sewer Revenue Bonds, 2019 $19 Million Dated Date 12/02/2019 Delivery Date 12/02/2019 Last Maturity 12/01/2039 y r t� Arbitrage Yield 2.432489% 4 True Interest Cost (TIC) 2.854748% Net Interest Cost (NIC) 3.068147% d All -In TIC 2.933488% Average Coupon 4.011685% +, Average Life (years) 11.790 L O Weighted Average Maturity (years) 11.847 Duration of Issue (years) 9.468 C O Par Amount 18,460,000.00 r 0 Bond Proceeds 20,624,358.50 Totallnterest 8,731,380.56 co C Net Interest 6,677,782.06 Total Debt Service 27,191,380.56 Maximum Annual Debt Service 1,362,100.00 LL Average Annual Debt Service 1,359,757.88 Underwriter's Fees (per $1000) r Average Takedown Other Fee 6.000000 'a a O Total Underwriter's Discount 6.000000 m d Bid Price 111.124586 Bond Component Par Value Price Average Coupon Average Life PV of 1 by change Serial Bonds 7,430,000.00 111.225 4.059% 5.812 4,333.50 Term Bonds 2031 1,875,000.00 114.337 4.000% 11.507 1,800.00 Term Bonds 2033 2,030,000.00 113.007 4.000% 13.507 1,928.50 Term Bonds 2035 2,195,000.00 112.068 4.000% 15.507 2,063.30 Term Bonds 2037 2,370,000.00 111.138 4.000% 17.508 2,204.10 Term Bonds 2039 2,560,000.00 110.492 4.000% 19.507 2,355.20 18,460,000.00 11.790 14,684.60 Par Value + Accrued Interest + Premium (Discount) Underwriter's Discount Cost of Issuance Expense Other Amounts Target Value Target Date Yield TIC 18,460,000.00 2,164,358.50 -110,760.00 20,513,598.50 12/02/2019 2.854748% All -in TIC 18,460,000.00 2,164,358.50 -110,760.00 -150,000.00 20,363,598.50 12/02/2019 2.933488% Arbitrage Yield 18,460,000.00 2,164,358.50 20,624,358.50 12/02/2019 2.432489% Jul 11, 2019 10:08 am Prepared by Northwest Municipal Advisors (Finance 8.001 Edmonds City: 2019-19MWS) Page 2 Packet Pg. 20 BOND DEBT SERVICE City of Edmonds, Washington Water and Sewer Revenue Bonds, 2019 $19 Million Dated Date 12/02/2019 Delivery Date 12/02/2019 Period Ending Principal Coupon Interest Debt Service 12/01/2020 630,000 3.000% 724,980.56 1,354,980.56 12/01/2021 650,000 3.000% 708,100.00 1,358,100.00 12/01/2022 670,000 3.000% 688,600.00 1,358,600.00 12/01/2023 690,000 4.000% 668,500.00 1,358,500.00 12/01/2024 720,000 4.000% 640,900.00 1,360,900.00 12/01/2025 750,000 4.000% 612,100.00 1,362,100.00 12/01/2026 775,000 4.000% 582,100.00 1,357,100.00 12/01/2027 810,000 5.000% 551,100.00 1,361,100.00 12/01/2028 850,000 4.000% 510,600.00 1,360,600.00 12/01/2029 885,000 4.000% 476,600.00 1,361,600.00 12/01/2030 920,000 4.000% 441,200.00 1,361,200.00 12/01/2031 955,000 4.000% 404,400.00 1,359,400.00 12/01/2032 995,000 4.000% 366,200.00 1,361,200.00 12/01/2033 1,035,000 4.000% 326,400.00 1,361,400.00 12/01/2034 1,075,000 4.000% 285,000.00 1,360,000.00 12/01/2035 1,120,000 4.000% 242,000.00 1,362,000.00 12/01/2036 1,160,000 4.000% 197,200.00 1,357,200.00 12/01/2037 1,210,000 4.000% 150,800.00 1,360,800.00 12/01/2038 1,255,000 4.000% 102,400.00 1,357,400.00 12/01/2039 1,305,000 4.000% 52,200.00 1,357,200.00 18,460,000 8,731,380.56 27,191,380.56 Jul 11, 2019 10:08 am Prepared by Northwest Municipal Advisors (Finance 8.001 Edmonds City:2019-19MWS) Page 3 Packet Pg. 21 BOND DEBT SERVICE City of Edmonds, Washington Water and Sewer Revenue Bonds, 2019 $19 Million Dated Date 12/02/2019 Delivery Date 12/02/2019 Period Ending Principal Coupon Interest Debt Service Annual Debt Service 06/01/2020 361,480.56 361,480.56 12/01/2020 630,000 3.000% 363,500.00 993,500.00 1,354,980.56 06/01/2021 354,050.00 354,050.00 12/01/2021 650,000 3.000% 354,050.00 1,004,050.00 1,358,100.00 06/01/2022 344,300.00 344,300.00 12/01/2022 670,000 3.000% 344,300.00 1,014,300.00 1,358,600.00 06/01/2023 334,250.00 334,250.00 12/01/2023 690,000 4.000% 334,250.00 1,024,250.00 1,358,500.00 06/01/2024 320,450.00 320,450.00 12/01/2024 720,000 4.000% 320,450.00 1,040,450.00 1,360,900.00 06/01/2025 306,050.00 306,050.00 12/01/2025 750,000 4.000% 306,050.00 1,056,050.00 1,362,100.00 06/01/2026 291,050.00 291,050.00 12/01/2026 775,000 4.000% 291,050.00 1,066,050.00 1,357,100.00 06/01/2027 275,550.00 275,550.00 12/01/2027 810,000 5.000% 275,550.00 1,085,550.00 1,361,100.00 06/01/2028 255,300.00 255,300.00 12/01/2028 850,000 4.000% 255,300.00 1,105,300.00 1,360,600.00 06/01/2029 238,300.00 238,300.00 12/01/2029 885,000 4.000% 238,300.00 1,123,300.00 1,361,600.00 06/01/2030 220,600.00 220,600.00 12/01/2030 920,000 4.000% 220,600.00 1,140,600.00 1,361,200.00 06/01/2031 202,200.00 202,200.00 12/01/2031 955,000 4.000% 202,200.00 1,157,200.00 1,359,400.00 06/01/2032 183,100.00 183,100.00 12/01/2032 995,000 4.000% 183,100.00 1,178,100.00 1,361,200.00 06/01/2033 163,200.00 163,200.00 12/01/2033 1,035,000 4.000% 163,200.00 1,198,200.00 1,361,400.00 06/01/2034 142,500.00 142,500.00 12/01/2034 1,075,000 4.000% 142,500.00 1,217,500.00 1,360,000.00 06/01/2035 121,000.00 121,000.00 12/01/2035 1,120,000 4.000% 121,000.00 1,241,000.00 1,362,000.00 06/01/2036 98,600.00 98,600.00 12/01/2036 1,160,000 4.000% 98,600.00 1,258,600.00 1,357,200.00 06/01/2037 75,400.00 75,400.00 12/01/2037 1,210,000 4.000% 75,400.00 1,285,400.00 1,360,800.00 06/01/2038 51,200.00 51,200.00 12/01/2038 1,255,000 4.000% 51,200.00 1,306,200.00 1,357,400.00 06/01/2039 26,100.00 26,100.00 12/01/2039 1,305,000 4.000% 26,100.00 1,331,100.00 1,357,200.00 18,460,000 8,731,380.56 27,191,380.56 27,191,380.56 Jul 11, 2019 10:08 am Prepared by Northwest Municipal Advisors (Finance 8.001 Edmonds City:2019-19MWS) Page 4 Packet Pg. 22 AGGREGATE DEBT SERVICE City of Edmonds, Washington Water and Sewer Revenue Bonds, 2019 $19 Million Period Ending Water and Sewer Revenue Bonds, 2019 Outstanding Debt Service Aggregate Debt Service 12/01/2020 1,354,980.56 2,971,446.24 4,326,426.80 12/01/2021 1,358,100.00 2,968,796.24 4,326,896.24 12/01/2022 1,358,600.00 2,970,246.24 4,328,846.24 12/01/2023 1,358,500.00 2,973,946.24 4,332,446.24 12/01/2024 1,360,900.00 2,971,496.24 4,332,396.24 12/01/2025 1,362,100.00 2,971,027.50 4,333,127.50 12/01/2026 1,357,100.00 2,973,946.24 4,331,046.24 12/01/2027 1,361,100.00 2,970,196.26 4,331,296.26 12/01/2028 1,360,600.00 2,973,583.76 4,334,183.76 12/01/2029 1,361,600.00 2,975,640.00 4,337,240.00 12/01/2030 1,361,200.00 2,968,415.00 4,329,615.00 12/01/2031 1,359,400.00 2,968,702.52 4,328,102.52 12/01/2032 1,361,200.00 2,973,520.00 4,334,720.00 12/01/2033 1,361,400.00 2,975,587.50 4,336,987.50 12/01/2034 1,360,000.00 2,973,935.00 4,333,935.00 12/01/2035 1,362,000.00 2,968,460.00 4,330,460.00 12/01/2036 1,357,200.00 2,972,340.00 4,329,540.00 12/01/2037 1,360,800.00 2,971,400.00 4,332,200.00 12/01/2038 1,357,400.00 2,963,945.00 4,321,345.00 12/01/2039 1,357,200.00 1,146,600.00 2,503,800.00 12/01/2040 1,149,200.00 1,149,200.00 27,191,380.56 58,752,429.98 85,943,810.54 Jul 11, 2019 10:08 am Prepared by Northwest Municipal Advisors (Finance 8.001 Edmonds City:2019-19MWS) Page 5 Packet Pg. 23 Bond Component Maturity Date BOND PRICING City of Edmonds, Washington Water and Sewer Revenue Bonds, 2019 $19 Million Amount Rate Yield Price Yield to Maturity Call Date Call Price Serial Bonds: to v 12/01/2020 630,000 3.000% 1.650% 101.329 4 12/01/2021 650,000 3.000% 1.660% 102.621 O L 12/01/2022 670,000 3.000% 1.690% 103.812 d 12/01/2023 690,000 4.000% 1.740% 108.690 12/01/2024 720,000 4.000% 1.790% 110.519 }, 12/01/2025 750,000 4.000% 1.860% 112.091 :3 12/01/2026 775,000 4.000% 1.950% 113.348 G 12/01/2027 810,000 5.000% 2.030% 121.822 `~ 12/01/2028 850,000 4.000% 2.090% 115.591 C 12/01/2029 885,000 4.000% 2.180% 116.269 0 7,430,000 r Term Bonds 2031: C 12/01/2031 1,875,000 4.000% 2.380% 114.337 C 2.601% 12/01/2029 100.000 C 3 Term Bonds2033: ILL 12/01/2033 2,030,000 4.000% 2.520% 113.007 C 2.865% 12/01/2029 100.000 O� Term Bonds2035: 12/01/2035 2,195,000 4.000% 2.620% 112.068 C 3.042% 12/01/2029 100.000 to Term Bonds 2037: O O 12/01/2037 2,370,000 4.000% 2.720% 111.138 C 3.182% 12/01/2029 100.000 m N Term Bonds2039: 12/01/2039 2,560,000 4.000% 2.790% 110.492 C 3.280% 12/01/2029 100.000 3 18,460,000 N N Dated Date Delivery Date First Coupon Par Amount Premium Production Underwriter's Discount Purchase Price Accrued Interest Net Proceeds 12/02/2019 12/02/2019 06/01/2020 18,460,000.00 2,164, 358.50 20, 624, 358.50 111.72458 6% -110,760.00-0.600000% 20, 513, 598.50 111.124586 % 20,513,598.50 Jul 11, 2019 10:08 am Prepared by Northwest Municipal Advisors (Finance 8.001 Edmonds City:2019-19MWS) Page 6 Packet Pg. 24 SOURCES AND USES OF FUNDS City of Edmonds, Washington Water and Sewer Revenue Bonds, 2019 $28 Million Dated Date 12/02/2019 Delivery Date 12/02/2019 Sources: Bond Proceeds Par Amount Premium 27,135,000.00 3,180,974.15 30,315,974.15 Uses: Project Fund Deposits: Project Fund 28,000,000.00 Other Fund Deposits: Debt Service Reserve Fund 2,000,400.00 Cost of Issuance: Other Cost of Issuance 150,000.00 Delivery Date Expenses: Underwriter's Discount 162,810.00 Other Uses of Funds: Additional Proceeds 2,764.15 30,315,974.15 Jul 11, 2019 10:00 am Prepared by Northwest Municipal Advisors (Finance 8.001 Edmonds City:2019-28MWS) Page 1 Packet Pg. 25 BOND SUMMARY STATISTICS City of Edmonds, Washington Water and Sewer Revenue Bonds, 2019 $28 Million Dated Date 12/02/2019 Delivery Date 12/02/2019 Last Maturity 12/01/2039 y r t� Arbitrage Yield 2.432518% True Interest Cost (TIC) 2.854842% Net Interest Cost (NIC) 3.068244% d All -In TIC 2.908322% Average Coupon 4.011642% +, Average Life (years) 11.790 L O Weighted Average Maturity (years) 11.846 Duration of Issue (years) 9.468 C O Par Amount 27,135,000.00 r 0 Bond Proceeds 30,315,974.15 Totallnterest 12,834,231.67 co C Net Interest 9,816,067.52 Total Debt Service 39,969,231.67 Maximum Annual Debt Service 2,000,850.00 LL Average Annual Debt Service 1,998,739.19 00 Underwriter's Fees (per $1000) N Average Takedown Other Fee 6.000000 'a a O Total Underwriter's Discount 6.000000 m d Bid Price 111.122772 Bond Component Par Value Price Average Coupon Average Life PV of 1 by change Serial Bonds 10,925,000.00 111.223 4.059% 5.811 6,371.05 Term Bonds 2031 2,755,000.00 114.337 4.000% 11.507 2,644.80 Term Bonds 2033 2,980,000.00 113.007 4.000% 13.507 2,831.00 Term Bonds 2035 3,220,000.00 112.068 4.000% 15.507 3,026.80 Term Bonds 2037 3,485,000.00 111.138 4.000% 17.507 3,241.05 Term Bonds 2039 3,770,000.00 110.492 4.000% 19.507 3,468.40 27,135,000.00 11.790 21,583.10 Par Value + Accrued Interest + Premium (Discount) Underwriter's Discount Cost of Issuance Expense Other Amounts Target Value Target Date Yield TIC 27,135,000.00 3,180,974.15 -162,810.00 30,153,164.15 12/02/2019 2.854842% All -in TIC 27,135,000.00 3,180,974.15 -162,810.00 -150,000.00 30,003,164.15 12/02/2019 2.908322% Arbitrage Yield 27,135,000.00 3,180,974.15 30,315,974.15 12/02/2019 2.432518% Jul 11, 2019 10:00 am Prepared by Northwest Municipal Advisors (Finance 8.001 Edmonds City: 2019-28MWS) Page 2 Packet Pg. 26 BOND DEBT SERVICE City of Edmonds, Washington Water and Sewer Revenue Bonds, 2019 $28 Million Dated Date 12/02/2019 Delivery Date 12/02/2019 Period Ending Principal Coupon Interest Debt Service 12/01/2020 925,000 3.000% 1,065,631.67 1,990,631.67 12/01/2021 960,000 3.000% 1,040,850.00 2,000,850.00 12/01/2022 985,000 3.000% 1,012,050.00 1,997,050.00 12/01/2023 1,015,000 4.000% 982,500.00 1,997,500.00 12/01/2024 1,055,000 4.000% 941,900.00 1,996,900.00 12/01/2025 1,100,000 4.000% 899,700.00 1,999,700.00 12/01/2026 1,145,000 4.000% 855,700.00 2,000,700.00 12/01/2027 1,190,000 5.000% 809,900.00 1,999,900.00 12/01/2028 1,250,000 4.000% 750,400.00 2,000,400.00 12/01/2029 1,300,000 4.000% 700,400.00 2,000,400.00 12/01/2030 1,350,000 4.000% 648,400.00 1,998,400.00 12/01/2031 1,405,000 4.000% 594,400.00 1,999,400.00 12/01/2032 1,460,000 4.000% 538,200.00 1,998,200.00 12/01/2033 1,520,000 4.000% 479,800.00 1,999,800.00 12/01/2034 1,580,000 4.000% 419,000.00 1,999,000.00 12/01/2035 1,640,000 4.000% 355,800.00 1,995,800.00 12/01/2036 1,710,000 4.000% 290,200.00 2,000,200.00 12/01/2037 1,775,000 4.000% 221,800.00 1,996,800.00 12/01/2038 1,850,000 4.000% 150,800.00 2,000,800.00 12/01/2039 1,920,000 4.000% 76,800.00 1,996,800.00 27,135,000 12,834,231.67 39,969,231.67 Jul 11, 2019 10:00 am Prepared by Northwest Municipal Advisors (Finance 8.001 Edmonds City:2019-28MWS) Page 3 Packet Pg. 27 BOND DEBT SERVICE City of Edmonds, Washington Water and Sewer Revenue Bonds, 2019 $28 Million Dated Date 12/02/2019 Delivery Date 12/02/2019 Period Ending Principal Coupon Interest Debt Service Annual Debt Service 06/01/2020 531,331.67 531,331.67 12/01/2020 925,000 3.000% 534,300.00 1,459,300.00 1,990,631.67 06/01/2021 520,425.00 520,425.00 12/01/2021 960,000 3.000% 520,425.00 1,480,425.00 2,000,850.00 06/01/2022 506,025.00 506,025.00 12/01/2022 985,000 3.000% 506,025.00 1,491,025.00 1,997,050.00 06/01/2023 491,250.00 491,250.00 12/01/2023 1,015,000 4.000% 491,250.00 1,506,250.00 1,997,500.00 06/01/2024 470,950.00 470,950.00 12/01/2024 1,055,000 4.000% 470,950.00 1,525,950.00 1,996,900.00 06/01/2025 449,850.00 449,850.00 12/01/2025 1,100,000 4.000% 449,850.00 1,549,850.00 1,999,700.00 06/01/2026 427,850.00 427,850.00 12/01/2026 1,145,000 4.000% 427,850.00 1,572,850.00 2,000,700.00 06/01/2027 404,950.00 404,950.00 12/01/2027 1,190,000 5.000% 404,950.00 1,594,950.00 1,999,900.00 06/01/2028 375,200.00 375,200.00 12/01/2028 1,250,000 4.000% 375,200.00 1,625,200.00 2,000,400.00 06/01/2029 350,200.00 350,200.00 12/01/2029 1,300,000 4.000% 350,200.00 1,650,200.00 2,000,400.00 06/01/2030 324,200.00 324,200.00 12/01/2030 1,350,000 4.000% 324,200.00 1,674,200.00 1,998,400.00 06/01/2031 297,200.00 297,200.00 12/01/2031 1,405,000 4.000% 297,200.00 1,702,200.00 1,999,400.00 06/01/2032 269,100.00 269,100.00 12/01/2032 1,460,000 4.000% 269,100.00 1,729,100.00 1,998,200.00 06/01/2033 239,900.00 239,900.00 12/01/2033 1,520,000 4.000% 239,900.00 1,759,900.00 1,999,800.00 06/01/2034 209,500.00 209,500.00 12/01/2034 1,580,000 4.000% 209,500.00 1,789,500.00 1,999,000.00 06/01/2035 177,900.00 177,900.00 12/01/2035 1,640,000 4.000% 177,900.00 1,817,900.00 1,995,800.00 06/01/2036 145,100.00 145,100.00 12/01/2036 1,710,000 4.000% 145,100.00 1,855,100.00 2,000,200.00 06/01/2037 110,900.00 110,900.00 12/01/2037 1,775,000 4.000% 110,900.00 1,885,900.00 1,996,800.00 06/01/2038 75,400.00 75,400.00 12/01/2038 1,850,000 4.000% 75,400.00 1,925,400.00 2,000,800.00 06/01/2039 38,400.00 38,400.00 12/01/2039 1,920,000 4.000% 38,400.00 1,958,400.00 1,996,800.00 27,135,000 12,834,231.67 39,969,231.67 39,969,231.67 Jul 11, 2019 10:00 am Prepared by Northwest Municipal Advisors (Finance 8.001 Edmonds City:2019-28MWS) Page 4 Packet Pg. 28 AGGREGATE DEBT SERVICE City of Edmonds, Washington Water and Sewer Revenue Bonds, 2019 $28 Million Period Ending Water and Sewer Revenue Bonds, 2019 Outstanding Debt Service Aggregate Debt Service 12/01/2020 1,990,631.67 2,971,446.24 4,962,077.91 12/01/2021 2,000,850.00 2,968,796.24 4,969,646.24 12/01/2022 1,997,050.00 2,970,246.24 4,967,296.24 12/01/2023 1,997,500.00 2,973,946.24 4,971,446.24 12/01/2024 1,996,900.00 2,971,496.24 4,968,396.24 12/01/2025 1,999,700.00 2,971,027.50 4,970,727.50 12/01/2026 2,000,700.00 2,973,946.24 4,974,646.24 12/01/2027 1,999,900.00 2,970,196.26 4,970,096.26 12/01/2028 2,000,400.00 2,973,583.76 4,973,983.76 12/01/2029 2,000,400.00 2,975,640.00 4,976,040.00 12/01/2030 1,998,400.00 2,968,415.00 4,966,815.00 12/01/2031 1,999,400.00 2,968,702.52 4,968,102.52 12/01/2032 1,998,200.00 2,973,520.00 4,971,720.00 12/01/2033 1,999,800.00 2,975,587.50 4,975,387.50 12/01/2034 1,999,000.00 2,973,935.00 4,972,935.00 12/01/2035 1,995,800.00 2,968,460.00 4,964,260.00 12/01/2036 2,000,200.00 2,972,340.00 4,972,540.00 12/01/2037 1,996,800.00 2,971,400.00 4,968,200.00 12/01/2038 2,000,800.00 2,963,945.00 4,964,745.00 12/01/2039 1,996,800.00 1,146,600.00 3,143,400.00 12/01/2040 1,149,200.00 1,149,200.00 39,969,231.67 58,752,429.98 98,721,661.65 Jul 11, 2019 10:00 am Prepared by Northwest Municipal Advisors (Finance 8.001 Edmonds City:2019-28MWS) Page 5 Packet Pg. 29 Bond Component Maturity Date BOND PRICING City of Edmonds, Washington Water and Sewer Revenue Bonds, 2019 $28 Million Amount Rate Yield Price Yield to Maturity Call Date Call Price Serial Bonds: to v 12/01/2020 925,000 3.000% 1.650% 101.329 4 12/01/2021 960,000 3.000% 1.660% 102.621 O L 12/01/2022 985,000 3.000% 1.690% 103.812 d 12/01/2023 1,015,000 4.000% 1.740% 108.690 12/01/2024 1,055,000 4.000% 1.790% 110.519 }, 12/01/2025 1,100,000 4.000% 1.860% 112.091 :3 12/01/2026 1,145,000 4.000% 1.950% 113.348 G 12/01/2027 1,190,000 5.000% 2.030% 121.822 `~ 12/01/2028 1,250,000 4.000% 2.090% 115.591 C 12/01/2029 1,300,000 4.000% 2.180% 116.269 0 10,925,000 r Term Bonds 2031: C 12/01/2031 2,755,000 4.000% 2.380% 114.337 C 2.601% 12/01/2029 100.000 C 3 Term Bonds2033: ILL 12/01/2033 2,980,000 4.000% 2.520% 113.007 C 2.865% 12/01/2029 100.000 00 Term Bonds2035: N 12/01/2035 3,220,000 4.000% 2.620% 112.068 C 3.042% 12/01/2029 100.000 to Term Bonds 2037: O O 12/01/2037 3,485,000 4.000% 2.720% 111.138 C 3.182% 12/01/2029 100.000 m N Term Bonds2039: 12/01/2039 3,770,000 4.000% 2.790% 110.492 C 3.280% 12/01/2029 100.000 3 27,135,000 N N Dated Date Delivery Date First Coupon Par Amount Premium Production Underwriter's Discount Purchase Price Accrued Interest Net Proceeds 12/02/2019 12/02/2019 06/01/2020 27,135, 000.00 3,180, 974.15 30,315,974.15 111.722772% -162,810.00-0.600000% 30,153,164.15 111.122772 % 30,153,164.15 Jul 11, 2019 10:00 am Prepared by Northwest Municipal Advisors (Finance 8.001 Edmonds City:2019-28MWS) Page 6 Packet Pg. 30