HomeMy WebLinkAboutRevolving Fund Loan Program Due Diligence Form D
Indiana Revolving Fund Loan Program
Due Diligence Form
Part I
SRF Names
1. Name of Qualified Entity (QE) City of Jeffersonville
2. Federal Tax Identification Number 35- 6001067
3. County or counties in which situated Clark
• 4. Mailing address 500 Quartermaster Court, Ste 300
Jeffersonville, IN 47130 -4029
5. QE Contact
Name Mike Moore Title Mayor
Telephone (812) 285 -6400 Email Address mmoore @cityofjeffnet
FAX Number (812) 285 -6468
6. Type of QE:
City X Conservancy District County Regional Sewer District
Sanitary District Town Private Not - For - Profit
7. Legislative body (example: Town Council, Board of Directors or Trustees)
Common Council
8. Estimated amount of proposed loan $11,865,000
a. Proposed loan authorized by Common Council
b. Date authorized October 15, 2012
c. Dated date of bonds December 13, 2012 (est.)
d. Is SRF or Non -SRF loan subject to any constitutional or statutory debt limit?
YES [ ] NO[X]
e. Debt limit (dollars) $ N/A % of assessed valuation N/A
f. (i) Is SRF loan parity or junior? Parity
(ii) Is Non -SRF loan parity or junior? N/A
g. Desired closing date? December 13, 2012 (est.)
h. Other funding anticipated
Federal grant(s)* State grant(s)*
Issuer contribution SRF Loan
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Non -SRF Loan
Other
*Identify entity /program(s) from which grant(s) is (are) anticipated
i. Grants or commitments received to date
j. Does QE plan to follow through with SRF if anticipated grants are not approved? N/A
YES [ ] NO [ ]
- • 9. Professional Advisors
a. Bond Counsel Ice Miller LLP
Contact Name Pattie Zelmer Phone Number (317) 236 -2487
Email Address Patricia.Zelmer @icemiller.com Fax Number (317) 592 -4801
b. Political Subdivision's Counsel
Contact Name Scott Lewis Phone Number (812) 288 -6820
Email Address rs11012 @yahoo.com Fax Number
c. Project Engineer Jacobi Toombs & Lanz, Inc.
Contact Name Jorge Lanz Phone Number (812) 288 -6646
Email Address j.lanz @jtleng.com Fax Number (812) 288 -6656
d. Grant Administrator
Contact Name Phone Number
Email Address Fax Number
e. Rate/Financial Consultant Umbaugh
Contact Name John M. Seever Phone Number (317) 465 -1500
Email Address seever()a,umbaugh.com Fax Number (317) 465 -1550
f. Other WWTP Dirctor
Contact Name Len Ashack Phone Number (812) 280 -3880
Email Address lashack @cityofjeff.net Fax Number (812) 285 -6454
10. Are there any other factors, including threatened or pending litigation, not described above, that might
affect your revenues, expenditures or overall financial condition?
YES [X] NO [ ] If yes, please submit an explanation in detail and attach to this form.
Enforcement action with respect to the consent decree concerning the City's combined sewer
overflows.
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Part II
1. Fiscal Year (January 1 to December 31) 2012
2. List Political Subdivision's long -tern debt (longer than one year) outstanding as of the date of this
application with latest Standard & Poor's, Moody's, or Fitch ratings, if any:
* Example: "S &P /A -" or "M/Baa"
a. Tax supported: As of (date) October 1, 2012 Ratings*
General obligation $
- _ Special taxing districts (if a city or county or a portion thereof):
Lease obligations: (1)
$ 28,270,820
Total tax supported $ 28,270,820
b. Revenue supported:
Water $
Sewer $ 89,004,773
Electric $
Gas $
Other $ 807,756
Drainage Works $ 2,225,000
Total revenue supported $ 92,037,529
c. Are employees members of the Indiana Public Employees' Retirement Fund?
YES [ ] NO [ ]
If no, please describe any retirement plan which the municipal employees are members of and
include a brief description listing the estimate of unfunded pension liability, if any.
(1) The City is anticipating issuing approximately $11,000,000 in Tax Increment Revenue Bonds in 2012.
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3. List temporary loans in anticipation of receipt of taxes, revenues, bond proceeds, federal or state grants.
Original Date
Item Amount of Issuance Maturity Date
Taxes or revenues $
Bonds $
Grants $
TOTAL $
4. Debt outstanding by maturity of Political Subdivision (not including SRF or Non -SRF loan)
See attached amortization schedules for the Sewage Works.
Year
Payable Principal Amount Aggregate Interest Total
2003 $ $ $
2004 $ $ $
2005 $ $ $
2006 $ $ $
2007 $ $ $
2008 $ $ $
2009 $ $ $.
2010 $ $ $
2011 $ $ $
2012 $ $ $
2013 $ $ $
2014 $ $ $
2015 $ $ $
2016 $ $ $
2017 $ $ $
2018 $ $ $
2019 $ $ $
2020 $ $ $
2021 $ $ $
2022 $ $ $
2023 $ $ $
2024 $ $ $
2025 $ $ $
2026 $ $ $
2027 $ $ $
2028 $ $ $
2029 $ $ $
2030 $ $ $
TOTAL $ $ $
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5. In addition to the indebtedness described in part II number 2, list all debt that Political Subdivision is
indirectly liable for and other expenses that are incurred by various overlapping government authorities
and agencies, such as city, town, county, school, townships, special taxing districts, etc.
Political Subdivision's
Outstanding Share of
Category Debt Outstanding Debt
City or Town $
County Clark $ 33,955,500 35.89 %
School Greater Clark
County Schools $ 113,751,964 57.78
Township $
Special taxing district: (for example, sanitary districts)
Jeffersonville Twp
Public Library $ 2,616,000 61.03 %
Other: $
$ ov
TOTAL $ 150,323,464
6. Authorized but unissued debt (not including SRF or Non -SRF loan):
Remaining
To be Included Authorized
Purpose Amount in This Issue (But Unissued)
$ $ $
$ $ $
$ $ $
$ $ $
TOTALS $ $ $
7. Other than SRF project(s), are any other capital projects currently planned? If yes, please describe the
plans and funding sources for implementing the projects.
The Sewage Works is in the planning stage for the development of the proposed projects which
will be required for the City's Long -Term Control Plan. The amount of the improvements is
anticipated to be approximately $80 million, based on construction estimates provided by the
City's consulting engineers.
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Part III
1. Assessed Valuation (last five years)
Total Net
Real Personal Assessed True
Year Property Property Valuation Tax Value
2008 $ 1,134,922,973 $ 163,532,850 $ 1,298,455,823 $ 1,298,455,823
2009 $ 1,143,842,744 $ 173,954,430 $ 1,317,797,174 $ 1,317,797,174
2010 $ 1,092,707,032 $ 179,968,854 $ 1,272,675,886 $ 1,272,675,886 (1)
2011 $ 1,291,805,119 $ 189,031,928 $ 1,480,837,047 $ 1,480,837,047
2012 $ 1,225,193,505 $ 195,100,834 $ 1,420,294,339 $ 1,420,294,339
(1) According to the Clark County Auditor's Office, the net assessed valuation for pay 2010 decreased due to
• trending and a large number of appeals being granted.
2. Tax anticipation note borrowing (last five years)
Date of
Issue Amount of Issue Due Date
2007 $
2008 $
2009 $
2010 $
2011 $
3. Tax collections (last five years)
Total Property Collected by
Year Tax Levy Year End % Collection
2007 $ 11,482,843 $ 11,721,953 102.08 %
2008 $ 12,056,327 $ 11,930,962 98.96 %
2009 $ 14,848,066 $ 14,392,685 96.93 % (1)
2010 $ 16,337,155 $ 15,775,523 96.56 % (2)
2011 $ 20,107,200 $ 18,298,524 91.00 % (3)
(1) In 2009, the City had $13,468 in Circuit Breaker Tax Credit which would have resulted in 97.02% of
taxes collected.
(2) In 2010, the City had $831,184 in Circuit Breaker Tax Credit which would have resulted in 101.74% of
taxes collected.
(3) In 2011, the City had $1,767,241 in Circuit Breaker Tax Credit which would have resulted in 99.77% of
taxes collected.
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4. Gross tax rate, including city, town, school, county, district, townships, etc., for the last five years
(or include copy of tax rate tables):
Jeffersonville City - OFW
Category 2008 2009 2010 2011 2012
State $ 0.0024 $ $ $ $
County 0.2453 0.1962 0.2242 0.2928 0.3574
Township 0.0155 0.0170 0.0197 0.0194 0.0207
School 1.6228 0.8119 0.9526 0.9406 1.0450
Library 0.0695 0.0849 0.0827 0.0936 0.1016
City 0.9772 1.1720 1.3263 1.3845 1.6290
Special Flood General 0.0307
TOTALS $ 2.9634 $ 2.2820 $ 2.6055 $ 2.7309 $ 3.1537
Jeffersonville City - IFW
Category 2008 2009 2010 2011 2012
State $ 0.0024 $ $ $ $
County 0.2453 0.1962 0.2242 0.2928 0.3574
Township 0.0155 0.0170 0.0197 0.0194 0.0207
School 1.6228 0.8119 0.9526 0.9406 1.0450
Library 0.0695 0.0849 0.0827 0.0936 0.1016
City 0.9772 1.1720 1.3263 1.3845 1.6290
Special Flood General 0.1302 0.1104 0.1243 0.1083 0.1097
TOTALS $ 3.0629 $ 2.3924 $ 2.7298 $ 2.8392 $ 3.2634
Jeffersonville City - Utica Twp - OFW
Category 2008 2009 2010 2011 2012
State $ 0.0024 $ $ $ $
County 0.2453 0.1962 0.2242 0.2928 0.3574
Township 0.0076 0.0092 0.0055 0.0053 0.0116
School 1.6228 0.8119 0.9526 0.9406 1.0450
Library 0.0348 0.0443 0.0468 0.0478 0.0503
City 0.9772 1.1720 1.3263 1.3845 1.6290
Special Flood General 0.0307
TOTALS $ 2.9208 $ 2.2336 $ 2.5554 $ 2.6710 $ 3.0933
Jeffersonville City - Chas Twp
Category 2008 2009 2010 2011 2012
County $ N/A $ 0.1962 $ 0.2242 $ 0.2928 $ 0.3574
Township N/A 0.0266 0.0286 0.0294 0.0308
School N/A 0.8119 0.9526 0.9406 1.0450
Library N/A 0.0443 0.0468 0.0478 0.0503
City N/A 1.1720 1.3263 1.3845 1.6290
TOTALS $ N/A $ 2.2510 $ 2.5785 $ 2.6951 $ 3.1125
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5. Ten largest taxpayers (list in descending order)
Most Recent Property
Type of Assessed Tax for
Name Business Valuation FY 2012
1. Icon Orchard Hill Apartments $ 18,921,940 $ 422,746
2. Meijer Retail discount store $ 15,124,480 $ 453,734
3. US Industrial REIT II Distribution center $ 14,784,700 $ 439,941
4. PGP Properties/Voss -Clark Steel processing $ 14,535,212 $ 432,517
Payroll, credit/debit card,
check management
5 • Heartland Payment Systems processing $ 14,111,945 $ 419,922
6. Steel Dynamics Inc. Mfg. flat rolled steel $ 13,957,426 $ 415,324
7. LRG LLC Real estate $ 13,697,200 $ 285,897
8. Kroger/Eastmoor Acres Realty Grocery store $ 11,382,790 $ 341,484
• Mfg. lubricants for
Idemitsu Lubricants American automotive /industrial
9. Corporation markets $ 11,377,920 $ 338,455
10. Chemtrusion Inc. Mfg. polymer compounds $ 10,954,780 $ 325,790
a. Note any of the ten largest taxpayers listed above that have been delinquent in paying property
taxes (more than 90 days after due date) during any one or more of the last three fiscal years.
6. Describe geographical location, number of square miles and the major transportation facilities
available in the QE and the surrounding area.
The City of Jeffersonville is located in Clark County in the far southern part of Indiana. The City
is immediately north of Louisville, Kentucky across the Ohio River. Indianapolis is approximately
100 miles north of the City, and Cincinnati is approximately 100 miles to the northeast. The City
has a total area of 34.35 square miles.
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Part IV
1. Population (as reported in U.S. Census)
QE Total
2000 Census Data 27,362
2100 Census Data 44,953
Percentage Change 64.29%
Principal County in which QE is Situated
2000 Census Data 96,472
2010 Census Data 110,232
Percentage Change 14.26%
2. Personal income (as reported in most recent U.S. Census)
Clark
QE County
2010 Median Household Income 48,543 44,775
2010 Per Capita Income 24,238 32,986
3. Largest employers (more than ten employees) in descending order for 2012.
Circle whether Political Subdivision, SMSA, or County' information.
Number
(Approximately)
Name Business of Employees
1. Clark Memorial Hospital Healthcare 1,600
2. Greater Clark County Schools Public education 1,351 (1)
Barge transportation and
3. American Commercial Lines, Inc. construction 923 (
4. West Clark Community Schools Public education 553 (3)
5. Clark County County government 493
6. Wal -Mart, Inc. Retail 450
7. City of Jeffersonville City government 350
Mfg. plastic interior
components and wiring
• 8. D.A. Inc. harnesses 350
9. Bass Pro Shops Outdoor World Retail 300
Product warranty
10. Service Net Solutions, LLC insurance carrier 265
(1) Includes 713 certified and 638 non - certified employees.
(2) As reported by One Southern Indiana Chamber & Economic Development.
(3) Includes 291 certified and 262 non-certified employees.
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4. Employment
a. By industry (circle whether QE, SMSA, or County information.)
(Source: Indiana Employment Security Division)
Average Number % Total
of Employees Employment
Services & Other 30,581 49.98%
Wholesale, retail trade 9,338 15.26%
Manufacturing 7,022 11.48%
Transportation 5,031 8.22%
Finance, insurance, real estate 4,736 7.74%
Construction 3,246 5.30%
Agriculture, forestry, mining 640 1.05%
Communications 363 0.59%
Utilities 234 0.38%
Total Employment 61,191 100.00%
b. Employment Trends QE
Annual Average 2009 56,240
Annual Average 2010 55,576
Annual Average 2011 55,899
5. Unemployment Rates Q
Annual Average 2009 8.8%
Annual Average 2010 9.4%
Annual Average 2011 8.7%
6. Building permits (last five years):
Year Residential Non - Residential Other Total Number
of Permits
2007 $ N/A $ N/A $ N/A $ 416
2008 $ N/A $ N/A $ N/A $ 436
2009 $ N/A $ N/A $ N/A $ 567
2010 $ N/A $ N/A $ N/A $ 481
2011 $ N/A $ N/A $ N/A $ 443
7. Distribution of assessment of taxable property:
Year Residential Commercial Industrial
20
%
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8. General economic characteristics:
Navigation continues to play an important economic role within the community. American
Commercial Barge Lines and Jeff Boat, Inc. are headquartered in Jeffersonville. American
Commercial Barge Lines provides barge transportation and Jeff Boat manufactures barges.
Additionally, Jeffersonville residents have the opportunity for employment with several large
employers located in Clark County and the proximity of Jeffersonville to Louisville, Kentucky
provides residents with a broader economic base.
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Part V
1. Rate covenants
a.) Rates must be set to generate net revenues at 125% of debt service
b.) Have you been in violation of this covenant during the past five years?
If so, explain. No
c.) Provisions for additional parity bonds See Bond Ordinance
d.) Debt service reserve
1) Required debt service reserve (Maximum Annual Debt Service, Other)
Maximum Annual Debt Service
2) After this issue, debt service reserve will be $ 7,124,998
3) Have you ever had to use debt service reserve? [ ] YES [X] NO
If yes, please give details (when, amount withdrawn, when was fund replenished ?)
Five -year build up.
4) Source of funds (for example: a five year build up from pledged revenues, one time
deposit, bond issue ?)
Five year build up from pledged revenues.
2. Rates
a. Who sets rates? Common Council
b. Regulatory approval required? YES [ ] NO [X]
By Whom? N/A
•
Date of Approval: N/A Remonstrance period: N/A
c. Has the QE opted out of Indiana Utility Regulatory Commission (IURC)? [ ] YES [ ] NO
N/A
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d. Rate History:
Year Rate Requested Rate Approved
2015 $ 34.87 $ 34.87
2014 $ 31.79 $ 31.79
2013 $ 29.01 $ 29.01
2012 $ 26.48 $ 26.48
2010 $ 24.15 $ 24.15
2004 $ 11.66 $ 11.66
1998 $ 8.64 $ 8.64
3. Customers
a. Ten largest customers (in descending order) (Calendar Year 2011)
• Usage
(circle whether
Name Revenues Gals, or CCF)
1. Dallas Group $909,082 113,344
2. Clark Memorial Hsopital 477,043 46,752
3. Jeffboat /Commercial Barge 272,036 45,371
4. Krunchers, Inc. 239,217 31,747
5. Voss Industries 230,776 29,887
6. Chemtrusion 117,507 19,530
7. Southern Indiana YMCA 93,946 15,590
8. Philedelphia Co. 92,603 12,758
9. Manag Claysburg, SGF 88,725 14,717
10. Clark Co. Sherriff's Office 64,000 26,897
b. Use by type of customer
For FY 2011 % of Total Consumption % of Total Revenues
Commercial 16 15
Industrial 17 16
Residential 67 69
c. Customer Base
Year Number of Users Total Billed Flow
(CCF)
2011 13,858 1,570,085
2010 13,630 1,598,452
2009 13,398 1,537,525
2008 13,193 1,413, 839
2007 1 2,258 N/A
4. Preliminary Engineering Report approved? YES [X] NO [ ]
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I hereby certify that the foregoing information is true and correct to the best of my knowledge and belief.
Qualified Entity:
Title: Date:
Upon completion, please return the original and ONE COPY of this form AND any additional documentation
to: 100 North Senate Avenue, Room 1275, Indianapolis, Indiana 46204
William D. Harkins, Jr.
(317) 234 -4862
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