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NOU 16 '96 14~02 FR PRU SECiPUB FINiSEA 206 340 4076 TO 915035885237 P.02 / To: Billy Wasson N(ike I~ansen Scott Clements From: Nancy Wat~Cins Re: Mazion Caunty, Orc~on -- Updated Preliminary Numbers Date: Novembcr 18, 1.998 Please find updated numbers zelated to aur discussion oi~ Monday. Presented b~low are twu basic scenarios ~, g~" sumcs there is not ~~Prc~ad~d ~ Without a Surpius Bon.d ,. , _ Procecds cal~, the Couniy xs free to structure e issue witli premi~un bonds. "°~asstunes theze is ,~`~- `F` ~~~s ~. This Scenario reflects how the PO is currently written. With a Surplus Bond Proceeds cali, the County will not be able ia issue premium bands. Roth Scenarios incorporate the same major assutnptions as the previous set of numbers_ 'l~esc are: (i) fust principal payment date of June 1, 2001; (ii) z~et funding of the construc;tion fund assuming 4% reinvestment rate; (iii) constcuction drawdown schedule wluch begins March 1, ] 999 and assumes level drawdowrxs until July l, 2000; (iv) total construction fund requirement (including interest) of $20,300,000; (v} capitalized intcrest tluough Scpt~mber 1, 2000; and (vi} bond i.nsurance pt~emium of 65 basis points. As s~own in the attach~d Su~n.mary of Assumptions and Results, ~~~:=~, with the use of premium bands, generates a eontingency o~~~~fter dcpositing to the Project Fund an aznourn suFficient to yield $24,300,000 (wi.th Project Fund earaings). , which represents the cwTent form of the bond issue, zesults in a negative contingency o ) bascd on a deposit to the Project Fund of ary ~xnount suf~icient to yield $20,30Q,000 (wi }Project Fund eamin~s). If you wou~d Iike me t~ chang~ any af the assumptions, pleasc Iet me know. As you can see, we are still right on the linc. It is irnportant to reme~nl~r, huwever, tliat we have used v~ry loose assumptions on the drawdown schedule for tlae Project Fund so there could very well bc more wig~le room than it appears. If you have atxy questions please fecl free to call mc at (206) 344-4073. Thaiilc you for your conside~ration. cc: John Moflre