1/13/15. Capital Finance for Local Governments: Revenue and Special Obligation Bonds. Kara Millonzi January 2015 REVENUE BONDS
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1 Capital Finance for Local Governments: Revenue and Special Obligation Bonds Kara Millonzi January 2015 REVENUE BONDS 1
2 Revenue Bonds Revenue Bonds Security Revenues from financed projects or systems to which financed assets become a part Legal Projects Projects that generate revenues* (G.S ) Special Assessments (G.S. 160A, Art. 10A; G.S. 153A, Art. 9A) Voter Approval No LGC Approval Bond Counsel Public or Private Sale Method of Sale Limit on Amount Yes Yes Usually Public or USDA Negotiated *Covenants Revenue Bonds: Authority Revenue Bond Act (G.S. 159, Art. 5) 2
3 Revenue Bonds: Security A unit may make a primary security pledge of the revenues generated by the financed asset or revenues generated by the entire system which the financed asset becomes a part of. A unit may pledge special assessments as primary security for critical infrastructure assessment projects. A unit may make a secondary security pledge of the asset being financed. Special Assessments Traditional Special Assessments Limited Statutory Purposes Generally No Petition Requirement (except streets and sidewalks) Amount of assessment must be based on one or more statutory bases Unit must follow detailed statutory procedures before imposing assessments Unit may not pledge assessment revenue as security for loans Unit must complete public improvement projects before assessments may be imposed Assessments often are paid in up to 10 yearly installments Critical Infrastructure Assessments Expansive Statutory Purposes Petition Requirement Assessment method within discretion of governing board, but must relate to benefit to properties assessed Unit must follow detailed statutory procedures before imposing assessments Unit may borrow money to front the costs of capital projects and may pledge assessment revenue as security for loans Unit may impose assessment before the capital projects are complete, based on estimated costs Assessments may be paid in up to 30 yearly installments EXPIRES July
4 Town of Hillsborough $4.63 million at 7.75% for 10 year term Funds will be used to establish parks and open space, construct and improve water, wastewater and drainage facilities, construct and improve streets, roads, and rights-of-way in the assessment district Assessments totaled $6.2 million on properties with 210 acre area, with payments over 10.5 years Revenue Bond: Process Borrowing Government Trustee Underwriter Investors 4
5 Revenue Bonds: Limitaons I may or may not sign. Show me the fine print. Common Covenants Rate covenant Times coverage rao of 1.2 to 1.5 percent of annual net income to annual debt service Debt service reserve Either maximum annual debt service or average annual debt service Typically held by trustee Covenant on addional bonds Historic test: net revenues equal or exceed certain percentage (e.g. 125%) of debt service in past year Future- earnings test: net revenues exceed maximum or annual debt service on exisng bonds and future bonds by certain percentage (1.5 3 mes maximum or annual debt service) Covenants on construcon and operaons Payment and performance bonds Cerficaon by consulng engineer that work sasfactorily completed Approval of trustee for disbursements for construcon 5
6 SPECIAL OBLIGATION BONDS Special Obligation Bonds S.O. Bonds Security Legal Projects Feasible Projects Voter Approval LGC Approval Bond Counsel Public or Private Sale Method of Sale Limit on Amount Revenues other than unit-levied taxes Solid waste, wastewater, water; municipal service district projects Solid waste, wastewater, water; municipal service district projects No Yes Yes Usually Private N/A Covenants 6
7 Special Obligation Bonds: Authority G.S. 159I-30; G.S. 159I-3 Special Obligation Bonds: Projects Solid waste systems Water systems Sewer systems Municipal service district projects 7
8 Municipal Service District Projects Beach erosion control Downtown revitalizaon Urban- area revitalizaon Transit oriented development Drainage projects Sewage collecon and disposal systems Off- street parking facilies Watershed improvement projects Special Obligaon Bonds: North Topsail Beach Pledged local sales and franchise taxes Using occupancy tax revenue to make debt service payments 8
9 Special Obligation Bonds: Security A unit may pledge any unrestricted revenues that are not unit-levied taxes Special Obligation Bonds: Limitations Covenants 9
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