Comprehensive Annual Financial Report - City of Santa Monica

CITY OF SANTA MONICA, CALIFORNIA
Wastewater Enterprise Revenue Bonds Coverage
TABLE 15
Direct Net revenue
Fiscal Gross operating available for
Debt service requirement
year revenues (1) expense (2) debt service Principal Interest Total Coverage
2007-08 $ 17,359,852 $ 12,711,059 $ 4,648,793 $ 1,455,000 $ 1,115,463 $ 2,570,463 1.81
2006-07 16,401,212 12,613,626 3,787,586 1,260,000 1,311,589 2,571,589 1.47
2005-06 14,437,130 10,463,034 3,974,096 1,190,000 1,419,825 2,609,825 1.52
2004-05 14,233,699 9,818,457 4,415,242 1,130,000 1,470,675 2,600,675 1.70
2003-04 14,191,264 9,349,681 4,841,583 1,005,000 1,591,275 2,596,275 1.86
2002-03 14,593,471 10,818,410 3,775,061 890,000 1,698,075 2,588,075 1.46
2001-02 15,196,031 8,104,968 7,091,063 795,000 1,793,475 2,588,475 2.74
2000-01 19,211,915 10,772,786 8,439,129 700,000 1,877,475 2,577,475 3.27
1999-00 16,118,683 6,124,121 9,994,562 625,000 1,952,475 2,577,475 3.88
1998-99 12,816,715 4,688,426 8,128,289 565,000 2,008,975 2,573,975 3.16
(1) Operating plus non operating revenues and net interfund transfers.
(2) Excludes depreciation expense and write-off of disposed assets.
Note:
The Hyperion Project, Wastewater Enterprise Revenue Bonds were issued November 26, 1991 at an interest rate of
6.25% with ratings of A1 from Moody's Investors Service, Inc. and A+ from Standard and Poor's Corporation. Debt
service began in FY 1992-93. These bonds were refunded by the issuance of insured Wastewater Enterprise Revenue
Bonds, 1993 Refunding Series on December 22, 1993 with an interest rate of 5.3084% with ratings of Aaa and AAA by
Moody's Investors Services, Inc. and Standard and Poor's Corporation, respectively. The Refunding Bonds are insured
by AMBAC Indemnity.
On October 13, 2005 the City issued $20,305,000 of Wastewater Enterprise Refunding Revenue Bonds bearing interest
from 3.00% to 5.00% to defease $21,535,000 of the outstanding 1993 Wastewater Enterprise Revenue Bonds, 1993
Refunding Series with ratings from Moody's Investor Services, Inc. of A1, Standard and Poor's Corporation of AA and
Fitch Ratings of AAA. The Refunding Bonds are insured by Financial Guaranty Insurance Company.
On November 17, 2008 Standard and Poor's Corporation upgraded the underlying rating to AAA.
Source: City of Santa Monica Finance Department
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