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HomeMy WebLinkAboutBond ApplicationINDIANA BOND BANK 2980 Market Tower 10 West Market Street Indianapolis, Indiana 46204 (317) 233-0888 (800) 535-6974 (FAX: 317-233-0894) APPLICATION FORM Part The undersig2xed Qualified Entity (the Applicant) hereby requests the Indiana Bond Bank to purchase the following described obligations of the Applicant. This application shall not constitute a contract or a commitment to enter into a contract. 1. Legal name of Qualified Entity 2. Federal Tax Identification Number 3. Primary county in which located 4. Mailing address }effersonville Municipal Sewage Works 35-6001067 Clark County 501 East Court Avenue Jeffersonville, IN 47130 Authorized Representative Name: Title: Telephone: (812) 285-6400 Financial Officer Office phone: city x Town County School Library Hospital Thomas R. Galligan Mayor FAX: (812) 285-6468 Peggy Wilder [812) 285-6422 University Other Legislative Body: (e.g., Common Council, Town Cotmcil) Cormmon Cotmcil 10. Principal government services (Public Safety, Recreation, Other): Sewer Utility Total employees (Sewage Works): Full-time 15 Public Works, Library, Parks and Part-thrte Voltmteer a. Amotmt of proposed bond issue 53,200,000 b. Amount of proceeds required $3,200,000 c. Authorized by Common Council d. Date authorized October 20, 2003. e. Dated date of bonds: Either the first day of the month in which they are sold or the date of delivery f. Does this issue come under any constitutional or statutory debt limit? YES [ ] NO [ X ] g. Debt 1/mit (dollars) N/A % of Assessed Valuation N/~ h. Purpose of issue (describe) Stormwater improvements, additions and extensions i. Is this issue parity or junior (revenue issue only): Parity with 1995 Bonds, 1998 Bonds and 1999 Bonds j. Desired closing date: Prior to end of year 2003 k. Ftmding anticipated Federal funds State funds Issuer .$ 3,200,000 Other (describe below*) Grants or Commitments received to date TOTAL PROJECT COST I[_ 3,200,00_~ 1. Status of project. Fill in appropriate dates. Architect study submitted July 1997 (Stormwater plan) Engineer's estimates submitted TBD (to be determined) Bids awarded TBD Construction timetable: Start December 2003 Estimated completion December 2004 End of remonstrance period (if any) Not Applicable (N/A) State Board of Tax Commissioners approval required? No If yes, date of approval N/A 2 11. 12. Proposed maturityschedule of yourbond issue (subjectto adjustment). Amount pate Amount Date _Amount Date _Amoun~ Date _ 1/1/05 $ 90,000 1/1/10 $130,000 1/1/15 $155,000 1/1/20 $195,000 1/1/06 115,000 1/1/11 135,000 1/1/16 165,000 1/1/21 205,000 1/1/07 120,000 1/1/12 140,000 1/1/17 170,000 1/1/22 215,000 1/1/08 120,000 1/1/13 145,000 1/1/18 180,000 1/1/23 225,000 1/1/09 125,000 1/1/14 150,000 1/1/19 185,000 1/1/24 235,000 Date(s) of principal payment (month/day), lanuary 1 Date(s) of interest payments (month/day) January, 1 and July Date of first interest payment (month/day/year) July 1, 2004 Redemption provisions Standard b. Irt what manner are proceeds to be received (i.e., cashiers check, wire transfer, etc.). If wire transfer, list receiving bank, account name and number. ~To be determined. Professional personnel (Firm & Individual) (employed at Qualified Entity's expense). a. Bond counsel Thomas Downs, Patricia Zelmer, Ice Miller b. Qualified Entity's counsel_ Anne Marie Galligan c. Financial advisor_ John R. Skomp, Crowe Chizek and Company LLC d. Auditing firm State Board of Accounts e. Project engineer_ lorge Lanz, Iacobi Toombs and Lanz~ Inc. f. Other 13. Name of local depository bank _ To be determined. 3 14. 15. Please enclose with the Application the following (if not previously filed with the Bond Bank). a. Two copies of the latest three annual financial reports as filed with the State Board of Accounts. b. Two copies of the last three annual audit reports. c. Most recent budgets and receipts and disbursements statement, if not included in annual financial reports. d. Any financial report concerning proposed project which has been prepared and submitted to legislative body. e. If the Qualified Entity has sold any bonds or notes within the last three years, and if available, two copies of the notice of sale and official statement used in cormection with the bond_or note sale. Are there any other factors, including pending law suits, not shown above that have occurred since the date of your last apmual report or financial statements that might significantly affect your revenues, expenditures or overall financial condition? [ I NO If yes, please submit an explanation in detail and attach to this section. DEBT INFORMATION Fart II Fiscal year December 31 List Qualified EnPity's long-term debt (longer than one year) outstanding as of the date of this application with iatest Standard & Poor's or Moody's bond rating, if applicable: a. Tax Supported: ASOF 10/01/03 Rating~ Total Tax Supported Revenue Supported: Sewage Works Revenue Bonds, Series 1999 Sewage Works Revenue Bonds, Series 1998 Sewage Works Revenue Reftmding Bonds, Series 1995 Redevelopment Authority Lease Rental Revenue Bonds, Series 2000 $ 3,144,070 None 5,590,000 Insured M/Aaa 5,020,000 Insured M/Aaa 4,150,000 S&P/A- Total Revenue Supported } !7,904,07Q * (Example: 'S&P/A-' or "M/Baa") c. Are the mtmicipal employees members of the Indiana Public Employees' Ret/rement Fund? YES IX] 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 available). N/A List temporary loans in anticipation of receipts of taxes, revenues or other funds: None Original Date Maturity Item Amount of Issuance Date Taxes or Revenues $ Bonds Federal Aid TOTAL 5 Debt Outstanding by Maturity of the Sewage Works (not including this issue). Year Principal Aggregate Payable Amount Interest Total 2003 $ 890,830 $ 295,342 $ 1,186,172 2004 935,185 551,890 1,487,075 2005 975,105 510,570 1,485,675 2006 1,015,683 467,392 1,483,075 2007 1,071,863 421,812 1,493,675 2008 1,123,662 373,012 1,496,674 2009 1,176,173 321,078 1,497,251 2010 1,234,417 265,914 1,500,331 2011 503,415 20~540 710,955 2012 523,189 187,766 710,955 2013 544,202 166,752 710,954 2014 -566,143 144,812 710,955 2015 588,962 121,992 710,954 2016 612,842 98,112 710,954 2018 637,734 73,220 710,954 2018 663,748 47,206 710,954 2019 690,917 20,036 710,953 TOTALS $ 13,754,070 $ 4,274,446 $ 18,028,516 ~Category Greater Clark County Schools* Clark Cormty TOTAL In addition to the indebtedness described in Part II number 2, list all debt that the Qualified Entity is indirectly liable for and other expenses that are incurred by various overlapping government authorities and agencies such as county, school, township, special taxing district, etc. City of Jeffersonville Outstanding Share of Debt as of 10/01/03 Outstanding Debt $ 12,381,173 46.7% 10,740,000 29.6 * Data as of June 30, 2003. Authorized but unissued debt. None for Sewage Works After this issue, what prospective financing does the Qualified Entity anticipate? Please provide a copy of a capital improvement plan, if available. Not available 7 FINANCIAL INFORMATION Part III Assessed Valuation (last five years) City of Jeffersonville Total Net True Real Personal Assessed Tax Year Property Property Valuation (1). Value 2002 $ 485,227r340 $ 252,532,120 $ 737,759,460.. $~ 737,759,460. 2001 157,584,680 81,096,070 238,680,750 716r042,250 2000 __ 151,252,76Q 77,774,15Q 229,026,910 687,080,730. 1999 145,247,740 61,977,660 207,225,400 621,676,200 1998 140,506,280 60,976,340 201,482,620 604,447,860 (1) The method of assessing real property in the State of Indiana was changed for payable year 2002 resulting in assessed values of approximately three times prior years'. Tax Anticipation Note Borrowing (last five years) None Tax Collections (last five years): City of Jeffersonville Total Property Tax Levy Collected by Year En4. % Collection 2002 $10,910,46Q $ 10,259,567 94.0% 2001 10,477,495 9,975,977 95.2 2000 10,166,814 10,024,775 98.6 1999 _ 9,412,470 9,420,516_ 100.1 1998 8,983,041 8,718,821 97.1 Gross Tax Rate including City, Town, School, County, Township, Special Taxing District, etc. for the last five years (or include copy of tax rate table). City of Jeffersonville - OFW PAYABLE YEARS 2002 (1) 2001 2000 1999 1998 Category State $ 0.0033 $ 0.0100 $ 0.0100 $ 0.0100 $0.0100 County 0.6390 1.9304 1.8840 1.8825 1.9367 Township 0.0291 0.0849 0.1182 0.1091 0.1100 School 1.7640 5.1700 5.2400 5.2502 6.0364 Library 0.1002 0.3285 0.3505 0.3446 0.3414 Corporation 1.4776 4.3794 4.4326 4.5357 4.5650 Total Tax Rate ~ $ 11.903~ 2 ~ ~ } !2.9995= (1) The method of assessing real property in the State of Indiana was changed for payable year 2002 resulting in assessed values of approximately three ttmes prior years' assessed valuations and one-thtrd of prior years' tax rates. Ten largest taxpayers in Clark County: .Name 1. Port Road InvestorsLLC 2. Galvstar LP, c/oWeirton Steel Corp. 3. PGP Corp. 4. Chemtrusion, Inc. 5. JeffBoat 6. Meijer Stores 7. Vogt VaNe Company 8. State of Indiana, c/o Gateway Galvanizing, Inc. 9. Harbours at Riverpointe LLP 10. R-W Partnership 2001 Pay 2002 Type of Assessed Business Valuation Investment Brokers Steel Secure Messaging and Information Storage Plastic Compounding Barge Construction Superstore Valve & Fitting Manufacturing Galvanized Steel Condominiums Heating and Air Conditioning System Fabrication $ 13,308,700 8,541,800 7,302,300 7,047,8O0 6,488,000 6,216,300 5,582,900 5,114,400 4,721,300 4,316,700 9 6. Please note any of the 10 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. Not available Please describe geographical location, number of square m/les and the major transportation facilities available in the area. ieffersonv._ille is located 3.5 miles north of Louisville Kentucky and 11~22 miles sout.___h of. Indiana olis in--diana. Ma'or thorou blares include I64 I65 I71 and US 31. 10 ECONOMIC INFORMATION _Part IV 2OO0 1990 1980 1970 1960 Population (as reported in U.S. Census) City of Jeffersonville % Change Irt _Total Prior CensuE C~lark County % Change In _Tota! Prior Census 96,472 9.91% 27,36~ 25.28% -- 21,841 2.93 87,77~ (1.19) 88,838 17.08 21,22Q 6.06 - 75,876 20.83 20,00~ 2.49 -- 62,795 _ N/A_ 19,52~ N/A -- Personal income (as reported in U.S. Census) City of Jeffersonvill.e_ _Clark Corm .ty $ 47,412 2000 Median Family Income _ $ 45,264 -- 19,936 ._ 2000 Per Capita Income 19,656 - Largest employers (over ten employees) in descending order for 2002 located in Clark County. Name 1. United States Bureau of Census 2. Greater Clark County School System 3. Clark Memorial Hospital 4. Gohmann Asphalt & Construction 5. Adplex, Rhodes 6. JeffBoat 7. Colgate Palmolive Co. 8. West Clark School System 9. American Commercial Barge Lines 10. Kitchen Kompact _Business National Census Data Processing Center Education Healthcare Asphalt Manufacturing printing-Headset, Webb Offset Barge Construction Dental Cream & Other Products Education Marine Transportation/ Communications Kitchen Cabinets Approximate Nmmber of Employees 2,200 1,678 1,500 1,000 800 700 506 45O 275 25O 11 Employment Data a. Employment By Industry. (Source: Indiana Employment Security Division) Average Number _of Em~ Agriculture, forestry, mining Construction Manufacturing Transportation & public utilities Wholesale, retail trade Finance; insurance, real estate Services, Govermment & other Total Employment 1,262 3,715 _ 8,035 5,852.. 14,595. 2,515 22~972.. 58,946 % Total Employment 2.14% 6.30 13.63 9.93 24.76 4.27 38.97 100.00% b. Employment Trends Annual Average 2002 Armual Average 2001 Annual Average 2000 Clark County 51,950 51,980 51,780 Unemployment Rates Annual Average 2002 Annual Average 2001 Annual Average 2000 ClarkCotmtz. 4.6% 3.8% 3.3% 5. Education: N/A Building Permits (last five years): Clark County Year Total permits 2002 1,402 2001 1,311 2000 1,304 1999 1,530 1998 1,262 Total Value ~ 166,785,482 $122,816,825 $107,705,966 ~5 124,749,668 ~ 99,617,733 12 Distribution of assessment of taxable property: Not available General economic characteristics Clark County has a s~rong ~ovemment sector with sizable wholesale and retail t~ade industries. ~3 REVENUE ISSUERS Part V This section to be filled out by Qualified Entities issuing Revenue BondE. Bond ordinance (even if preliminary) a. Included with this application b. Rate Covenants YES [ X ] NO [ ] 1) Rates will be set to generate net revenues at 100%. of debt service. 2) Have you been in violation of this covenant during the past five years? Yes. If so, explain. Coverage for the Year Ended December 31, 2001 was less than 100%. However, Stormwater Rates and Charges were implemented tuly 1, 2001. If the operating revenues for 2001 are adjusted to the level of a~nual stormwater revenues collected in 2002, the coverage is 129%. Provisions for additional parity bonds: 1) Principal and interest on bonds payable shall have been paid in accordance with their terms; 2) Net Revenues in year preceding parity bond issuance shall be at least 125% of maximum annual interest and principal of the outstanding bonds and proposed parity bonds, or rates shall be increased such that such increase in previous year would have produced this result; 3) Principal payable on lanuary 1 and interest paid on lanuary 1 and luly 1; 4) A debt service reserve for the additional parity bonds shall be created and maintained. Debt service reserve 1) Required debt service reserve (max. P & I, average P & I, other): 125% of average annual debt service on the Bonds, the 1995 Bonds, the 1998 Bonds, and the 1999 Bonds. 2) After this issue, debt service reserve will be approximately gl,403,464. 3) Have you ever had to use your debt service reserve? No. How soon was fund replenished? N/A 4) Source of funds (e.g., five year build up from pledged revenues, one time deposit, issue bonds): Current reserve amount is in excess of the estimated required debt service reserve after issuance of the Bonds. Rates a. Who sets rates? Common Council b. Regulatory approval required? By whom? N/A Date of approval N/A YES [ ] NO Remonstrance period N/A c. Rate history:For 7 CCF ofconsumption Year Rate Requested 1990 $14.91 1998 17.43 Rate Approved $14.91 17.43 In 2003, the City implemented a Stormwater User Fee in the amount of $3.50 per Residential Unit (RU). Residential customers pay a monthly fee of One RU. d. Expected rate increase needed for this issue: Not required Pledged revenues Please include historical and projected financial statements and schedules of past and projected collections of revenues pledged. (See attached Rate and Financing Report) 4. Customers a. Largest sewage works customers (in descending order) for the Twelve Months Ended December 31, 2002. Name Consumption (in 1,000 Gallons) Dallas Group of America Wyandot, Inc. Chemtrusion, Inc. Clark Memorial Hospital Voss Industries Jeff Boat Vogt Valve Company Lafayette Apartments Research Properties (The Wood's Apartments) Brinley-Hardy Co. 70,782 42,542 38,809 34,510 22,736 17,846 13,509 10,198 9,762 9,080 b. Use by type of customer: Not available 15 Customer Base ~Number of Users 2002 10,531 2001 10,005 2000 9,937 1999 10,678 1998 9,867 Engineering/Feasibility Analysis: a. When was s~tdy done 1997 to 2003 b. Is analysis included with Application? by whom Bonar ITL Y~S [] NO IX] 6. Licenses & Permits: a. Are all required licenses and permits granted? YES [ ] NO - [ ] N/A If not, which are still pending and when do you expect approval? No permits required other than approval by JEH - Drainage Board I hereby certify that the foregoing information is true and correct to the best of my knowledge and belief. Authorized Representative: Thomas R. Galligan, Mayor Date: 16