Oakland Unified School District Long Term Obligations May 8, 2008 Ruth Alahydoian Vice President KNN...
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![Page 1: Oakland Unified School District Long Term Obligations May 8, 2008 Ruth Alahydoian Vice President KNN Public Finance.](https://reader035.fdocuments.us/reader035/viewer/2022072004/56649b55550346318e8d2f66/html5/thumbnails/1.jpg)
Oakland Unified School DistrictLong Term Obligations
May 8, 2008
Ruth AlahydoianVice President
KNN Public Finance
![Page 2: Oakland Unified School District Long Term Obligations May 8, 2008 Ruth Alahydoian Vice President KNN Public Finance.](https://reader035.fdocuments.us/reader035/viewer/2022072004/56649b55550346318e8d2f66/html5/thumbnails/2.jpg)
Oakland Long Term Debt
• Oakland USD has three types of long term debt:– General Obligation Bonds $563.99 million– Lease Obligation (“COPs”) 19.28 million– State Loan 93.09 million
TOTAL: $676.36 million
• Other long term obligations not discussed today:– State School Building Loan – repaid directly from tax collections,
but less than $500,000 left to repay.– Health benefits for retirees (Other Post Employment Benefits,
“OPEB”) – less than $100,000 payable– Compensated Absences
![Page 3: Oakland Unified School District Long Term Obligations May 8, 2008 Ruth Alahydoian Vice President KNN Public Finance.](https://reader035.fdocuments.us/reader035/viewer/2022072004/56649b55550346318e8d2f66/html5/thumbnails/3.jpg)
Oakland USD Outstanding Bonds
• General Obligation Bonds are approved by voters and repaid by taxpayers.
• District still has $305 million of bonds authorized but not yet issued.
• Taxpayer currently paying $80.10 per $100,000 of assessed value each year for bond repayment.
MEASURE C MEASURE A MEASURE B Total Principal Interest FinalName Dated Date Original Par Original Par Original Par Outstanding Rate Maturity
Series A 5/23/1995 12,200,000$ -$ 8/1/2019 REFUNDEDSeries A 5/23/1995 18,315,640 - 8/1/2019 REFUNDEDSeries B 7/30/1997 9,999,977 - 5.18% 8/1/2022 REFUNDEDSeries C 5/20/1998 27,045,000 - 5.08% 8/1/2019 REFUNDEDSeries C 5/20/1998 8,916,738 - 5.34% 8/1/2012 REFUNDEDSeries D 5/20/1998 5,999,277 - 5.40% 8/1/2022 REFUNDEDSeries E 5/1/1999 10,000,000 - 5.09% 8/1/2023 REFUNDEDSeries F 4/1/2000 75,000,000 3,735,000 5.85% 8/1/2024
Series 2001 6/1/2001 38,215,107 400,398 5.10% 8/1/2025Series 2001 6/1/2001 61,999,893 649,602 5.10% 8/1/2025Series 2002 8/1/2002 100,000,000 97,030,000 4.92% 8/1/2026Series 2005 8/31/2005 141,000,000 140,200,000 4.38% 8/1/2030
Series 2006 11/28/2006 130,000,000 122,735,000 4.45% 8/1/2031Series 2008 8/1/2008 150,000,000 5.25% 8/1/2033 EstimateSeries 2010 8/1/2010 155,000,000 5.50% 8/1/2035 Estimate
Issued 205,691,738$ 302,999,893$ 130,000,000$
To be Issued 305,000,000$
2007 Refunding 8/1/2007 199,240,000 4.48% 8/1/2025
TOTAL OUTSTANDING 563,990,000$
PARTIALLY REFUNDED
Comments
Issued as one series;PARTIALLY REFUNDED
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Oakland USD Outstanding Lease Obligations
• School Districts can only enter into long term DEBT if voter approved.
• However, districts can enter into long term LEASES. Certificates of Participation, or “COPs” are based on lease agreements.
• COPs are repaid by the District (General Fund).
PrincipalIssue Final Original Outstanding Annual
Series Date Maturity Principal 5/1/2008 Payments Comments
* Series G - Refund Series A & Series D;HVAC
6/17/1999 8/1/2024 27,060,000$ 2,050,000$ Approx. $970,000 (thru 2010, then $16,000)
Refinance prior COPS; $200,000 for HVAC project
* Series G - Chabot Observatory 6/17/1999 8/1/2024 10,265,000 8,460,000 Approx. $700,000 $10 million loan to Chabot
** Series H - Refund Honeywell Phase II and Phase III
7/15/1999 11/1/2014 12,565,000 6,810,000 Approx. $1,100,000 Replaces Capital Leases for Honeywell Phase II and Phase III
* Series J - Bi-Tech System 1/8/2002 8/1/2010 4,690,000 1,960,000 Approx. $680,000 Purchase & installation of BiTech management information & accounting
TOTAL COPS OUTSTANDING: 44,315,000 19,280,000$ Approx. $3,200,000
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COP Repayment Schedule
• All COPs are variable rate. Table below estimates interest at 4.50%.
Fiscal YearEnding Series G (Net*) Series H Series J Total COP DS
6/30/2008 971,494.44 1,097,496.64 673,862.41 2,742,853 6/30/2009 974,426.75 1,113,737.02 674,711.93 2,762,876 6/30/2010 983,370.46 1,138,114.58 688,197.60 2,809,683 6/30/2011 17,088.42 1,137,171.99 692,769.59 1,847,030 6/30/2012 16,651.91 1,134,723.64 1,151,376 6/30/2013 16,175.56 1,129,623.83 1,145,799 6/30/2014 15,738.43 1,128,432.59 1,144,171 6/30/2015 15,288.44 1,124,953.42 1,140,242 6/30/2016 14,848.18 14,848 6/30/2017 14,379.28 14,379 6/30/2018 13,938.42 13,938 6/30/2019 13,488.42 13,488 6/30/2020 13,044.46 13,044 6/30/2021 12,582.99 12,583 6/30/2022 12,138.42 12,138 6/30/2023 16,520.15 16,520 6/30/2024 15,846.54 15,847 6/30/2025 15,169.67 15,170 6/30/2026
3,152,190.94 9,004,253.71 2,729,541.53 14,885,986
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Oakland USD Outstanding State Loan
• Original State Loan for $65 Million converted to “Lease Revenue Bonds” by the State. Annual repayment of $3,890,532 is automatically deducted.
• Additional draw-down of $35 Million set-aside for specific purposes and to repay itself.
PrincipalIssue Final Original Outstanding Annual
Series Date Maturity Principal 5/1/2008 Payments Comments
STATE LOAN
Emergency Apportionment Loan 6/4/2003 6/1/2023 65,000,000$ -$ 20 year repayment; 1.778% interest
Lease Revenue Bonds 4/30/2008 8/1/2023 59,565,000$ 59,565,000$ 3,890,534$ State deducts pymts from State aid, then reimburses the District the difference btwn orig. loan and bond pymts.
Emergency Apportionment Loan 6/30/2006 6/1/2026 35,000,000 33,527,397 2,094,903$ 20 year repayment; 1.778% interest.
159,565,000$ 93,092,397$ 5,985,437$
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2006 State Loan Drawdown
• July 2006 - Draw-down of remaining $35 million of State Loan• State has approved expenditures for IFAS/Technology Upgrades of
$7,000,000.• State has also approved expenditures for audit findings for 2002-03 and
2003-04 totaling $1,798,885.• Remaining balance is to be applied to repayment or as otherwise approved
by State Administrator.
Draw-down $35,000,000IFAS/Tech Upgrades -7,000,000Audit Findings -1,798,885Funds Remaining $26,201,115
![Page 8: Oakland Unified School District Long Term Obligations May 8, 2008 Ruth Alahydoian Vice President KNN Public Finance.](https://reader035.fdocuments.us/reader035/viewer/2022072004/56649b55550346318e8d2f66/html5/thumbnails/8.jpg)
2006 State Loan Repayment
• Interest earnings and loan proceeds are sufficient to make payments through 2023.
• The District will need to repay $8 million of the total $35 million loan.
State Loan #2
Year Ending Beg BalanceInterest
EarningsApproved
Exp Loan PaymentDistrict
PaymentEnding Balance
Principal Balance
3.00% 35,000,000 30-Jun-07 35,064,590 434,279 (739,067) (2,094,903) - 32,664,899 35,000,000
30-Jun-08 32,664,899 979,947 (1,726,774) (2,094,903) - 29,823,169 33,527,397 30-Jun-09 29,823,169 894,695 (1,798,885) (2,094,903) - 26,824,076 32,028,611 30-Jun-10 26,824,076 804,722 (4,534,159) (2,094,903) - 20,999,737 30,503,177 30-Jun-11 20,999,737 629,992 (2,094,903) - 19,534,826 28,950,620 30-Jun-12 19,534,826 586,045 (2,094,903) - 18,025,968 27,370,459 30-Jun-13 18,025,968 540,779 (2,094,903) - 16,471,844 25,762,203 30-Jun-14 16,471,844 494,155 (2,094,903) - 14,871,096 24,125,352 30-Jun-15 14,871,096 446,133 (2,094,903) - 13,222,326 22,459,398 30-Jun-16 13,222,326 396,670 (2,094,903) - 11,524,093 20,763,823 30-Jun-17 11,524,093 345,723 (2,094,903) - 9,774,912 19,038,101 30-Jun-18 9,774,912 293,247 (2,094,903) - 7,973,257 17,281,695 30-Jun-19 7,973,257 239,198 (2,094,903) - 6,117,552 15,494,061 30-Jun-20 6,117,552 183,527 (2,094,903) - 4,206,175 13,674,642 30-Jun-21 4,206,175 126,185 (2,094,903) - 2,237,457 11,822,874 30-Jun-22 2,237,457 67,124 (2,094,903) - 209,678 9,938,182 30-Jun-23 209,678 6,290 (215,968) (1,878,935) - 8,019,980 30-Jun-24 - - - (2,094,903) - 6,067,672 30-Jun-25 - - - (2,094,903) - 4,080,652 30-Jun-26 - - - (2,094,903) - 2,058,303 30-Jun-27 - - (0)
7,468,711$ (8,798,885)$ (33,734,416)$ (8,163,644)$
Fund 17 Activity
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Option to Repay Bi-Tech COPs
• Series J COPs were for Bi-Tech Information Technology• State may allow State Loan Proceeds to be used to pay-
down those COPs.• Assuming COP pay-down of $1,960,000 (in addition to
other approved expenditures, District will owe $11 million.State Loan #2
Year Ending Beg Balance
Interest Earnings
Approved Expenditures Loan Payment
District Payment
Ending Balance
Principal Balance
3.00% 35,000,000$ 30-Jun-07 35,064,590$ 434,279$ (739,067)$ (2,094,903)$ - 32,664,899$ 35,000,000
30-Jun-08 32,664,899 979,947 (1,726,774) (2,094,903) - 29,823,169 33,527,397 30-Jun-09 29,823,169 894,695 (3,758,885) (2,094,903) - 24,864,076 32,028,611 30-Jun-10 24,864,076 745,922 (4,534,159) (2,094,903) - 18,980,937 30,503,177 30-Jun-11 18,980,937 569,428 (2,094,903) - 17,455,462 28,950,620 30-Jun-12 17,455,462 523,664 (2,094,903) - 15,884,223 27,370,459 30-Jun-13 15,884,223 476,527 (2,094,903) - 14,265,846 25,762,203 30-Jun-14 14,265,846 427,975 (2,094,903) - 12,598,919 24,125,352 30-Jun-15 12,598,919 377,968 (2,094,903) - 10,881,983 22,459,398 30-Jun-16 10,881,983 326,460 (2,094,903) - 9,113,540 20,763,823 30-Jun-17 9,113,540 273,406 (2,094,903) - 7,292,043 19,038,101 30-Jun-18 7,292,043 218,761 (2,094,903) - 5,415,901 17,281,695 30-Jun-19 5,415,901 162,477 (2,094,903) - 3,483,475 15,494,061 30-Jun-20 3,483,475 104,504 (2,094,903) - 1,493,077 13,674,642 30-Jun-21 1,493,077 44,792 (1,537,869) (557,034) - 11,822,874 30-Jun-22 - - - (2,094,903) - 9,938,182 30-Jun-23 - - - (2,094,903) - 8,019,980 30-Jun-24 - - - (2,094,903) - 6,067,672 30-Jun-25 - - - (2,094,903) - 4,080,652 30-Jun-26 - - - (2,094,903) - 2,058,303 30-Jun-27 - - (0)
6,560,806$ (10,758,885)$ (30,866,511)$ (11,031,549)$
Fund 17 Balance