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