Debt Service Overview

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1 F. Debt Service Overview... F-1 Debt Service Forecast... F-1 Combined Total Debt Requirements by FY... F-2 JP Morgan Chase Revenue Notes (2010)... F-3 FFGFC Loan (2011)... F-4 Banc of America Notes Debt Service Fund (2013)... F-5 BB&T Notes (2014)... F-6 Stadium Debt Service (2025)... F-7 Sports Facility Sales Tax Debt (2027)... F-8 Redevelopment Debt Service (2035)... F-9 Water Resources Debt (4002)... F-10 Stormwater Debt Service (4012)... F-11

2 City of St. Petersburg, Florida FY14 Fiscal Plan Debt Service Overview The debt service funds of the city account for principal and interest payments on debt issues undertaken to finance various capital activities of the city including water & sewer infrastructure improvements, Tropicana Field improvements, Albert Whitted Field Airport improvements, and other major capital projects. The following schedules detail the budgeted activity for each of the debt service funds as well as a summary, by fiscal year, comparing Governmental Debt with Enterprise Fund Debt. Debt issuance is not used to fund all capital projects of the city. The majority of general capital improvement projects, such as roadway improvements are funded with the Penny for Pinellas local option one cent sales surtax for infrastructure. On March 13, 2007 the voters approved the third round of this 10-year program. The fiscal policies of the city detail a number of requirements with regard to capital expenditures and debt financing. They state that total net General Revenue Debt Service shall not exceed 25% of net revenue available for this purpose. The calculations from FY08 through FY10 were re-stated so that they are consistent with the anti-dilution calculation that is required for the city s debt covenants and for the rating agencies. Debt Service Forecast Fiscal Year 2014 F-1 Debt Service Overview

3 FY14 Fiscal Plan City of St. Petersburg, Florida COMBINED TOTAL DEBT REQUIREMENTS (PRINCIPAL AND INTEREST) - BY FISCAL YEAR ESTIMATED AS OF SEPTEMBER 30, 2014 GOVERNMENTAL ENTERPRISE DEBT DEBT Notes and Total By Year Revenue Bonds Notes Revenue Bonds Fiscal Year ,277, ,881, ,914, ,073, ,262, ,054, ,884, ,201, ,257, ,976, ,856, ,090, ,836, ,904, ,847, ,588, ,900, ,596, ,839, ,336, ,899, ,498, ,832, ,230, ,900, ,326, ,831, ,059, ,891, ,166, ,838, ,897, ,888, , ,904, ,219, ,890, ,897, ,787, ,888, ,077, ,966, ,888, ,385, ,273, ,884, ,224, ,109, ,396, ,220, ,617, ,211, ,211, ,197, ,197, ,188, ,188, ,186, ,186, ,174, ,174, ,166, ,166, ,151, ,151, ,126, ,126, ,121, ,121, ,086, ,086, ,091, ,091, ,056, ,056, ,049, ,049, ,040, ,040, ,112, ,112, Total $ 59,062, ,831, ,517, ,411, Debt Service Overview F-2 Fiscal Year 2014

4 City of St. Petersburg, Florida JP Morgan Chase Revenue Notes (2010) FY14 Fiscal Plan The JP Morgan Chase Revenue Notes Fund was established in December 2011 in resolution and is used to record debt service to refund the city's outstanding non-ad valorem revenue note, series 2008A which was for the Florida International Museum and the Mahaffey Theater. Debt service payments extend to February Downtown Redevelopment District 0 254, , , ,728 3,288, % Community Development Block Grant 0 8,960 47,030 47,030 47, , % Banc Of America Notes Debt Service Fund 0 428, % Total 0 691, , , ,762 3,401, % Debt & Loan Proceeds Debt Proceeds 0 21,522, % Total Debt & Loan Proceeds 0 21,522, % Total 0 22,213, , , ,762 3,401, % Debt 0 495,865 1,228,753 1,228,753 1,228,753 3,401, % Transfers Out General Fund 0 2, % Banc Of America Notes Debt Service Fund 0 21,468, % Total Transfers Out 0 21,470, % Total 0 21,966,637 1,228,753 1,228,753 1,228,753 3,401, % Increase/(Decrease) in Fund Balance 0 246,997 (246,995) (246,995) (246,991) 0 Beginning Balance , , ,997 6 Adjustments Ending Balance 0 246, Fiscal Year 2014 F-3 Debt Service Overview

5 FY14 Fiscal Plan FFGFC Loan (2011) City of St. Petersburg, Florida The FFGFC Loan Fund was established in Series 1987A, B and C Bonds. Bond debt in this fund has supported improvements for General Government, the Bayfront Center, Pier, and Tropicana Field. In FY96, additional funding was added to pay $ million in notes issued (along with Pro Sports Sales Tax Bonds) which were used to make Tropicana Field baseball ready. In FY97, $6.350 million was added to replace the air-conditioning system at Tropicana Field. In FY98, $2.815 million was added for a city-wide telephone switch, $1.770 million for a new parking meter system, and $8 million of previous FFGFC notes were refinanced. In FY01, the callable portions of the 1996 and 1997 bonds were refinanced using $ million in commission notes, significantly lowering the debt requirements. In April 2007, $7.43 million in notes were issued for the Marina, repaying the $3.775 million balance of a 2006 SSGFC Marina Improvement Loan and adding $3.5 million for the construction of a new Marina pier. These notes and the associated debt service are reflected and budgeted in the Marina Operating Fund. In FY 2009, the final payment was made on the original unrefunded portion of the 1996 FFGFC Note. Beginning in FY10, debt service payments are for the 2001 Refunding Notes. Interest Earnings % Total % General Fund 2,629,377 2,636,662 2,625,836 2,625,836 2,625,836 2,622,436 (0.13%) Pro Sports Facility 71,188 70,120 73,264 73,264 73,264 72,314 (1.30%) Total 2,700,565 2,706,782 2,699,100 2,699,100 2,699,100 2,694,750 (0.16%) Total 2,700,601 2,706,791 2,699,100 2,699,100 2,699,120 2,694,750 (0.16%) Debt 2,700,602 2,706,791 2,699,100 2,699,100 2,699,100 2,694,750 (0.16%) Total 2,700,602 2,706,791 2,699,100 2,699,100 2,699,100 2,694,750 (0.16%) Increase/(Decrease) in Fund Balance (1) Beginning Balance Adjustments Ending Balance Debt Service Overview F-4 Fiscal Year 2014

6 City of St. Petersburg, Florida Banc of America Notes Debt Service Fund (2013) FY14 Fiscal Plan The Banc of America Notes Debt Fund, created in Resolution , to refinance the Sunshine State Governmental Financing Commission Notes, is used to record debt service payments for the Florida International Museum, the Mahaffey Theater, and the repayment of Section 108 debt requirements. Interest Earnings % Total % General Fund 0 195, % Downtown Redevelopment District 820,979 40, % Community Development Block Grant 285, , , , , ,762 (0.71%) JP Morgan Chase Revenue Notes 0 21,468, % Total 1,106,211 21,926, , , , ,762 (0.71%) Total 1,106,450 21,926, , , , ,762 (0.71%) Debt 1,178,269 21,967, , , , ,762 (0.71%) Transfers Out JP Morgan Chase Revenue Notes 0 428, % Total Transfers Out 0 428, % Total 1,178,269 22,396, , , , ,762 (0.71%) Increase/(Decrease) in Fund Balance (71,819) (469,825) Beginning Balance 541, , Adjustments Ending Balance 469, Notes: The Florida International Museum and Mahaffey Theater debt secured by these notes was paid in FY12. The transfer from the CDBG fund, and the debt payment, is for the repayment of Section 108 debt requirements. This remaining debt will be paid off in Fiscal Year 2014 F-5 Debt Service Overview

7 FY14 Fiscal Plan BB&T Notes (2014) City of St. Petersburg, Florida The BB&T Notes Fund was created in December 2010 and is used to record debt service payments for on-going projects at the Progress Energy Center for the Arts, the Pier, and the Salvador Dali Museum. It is scheduled to be paid in Interest Earnings % Total % Downtown Redevelopment District 630,264 40, , , , , % Total 630,264 40, , , , , % Total 630,266 40, , , , , % Debt 28, , , , , , % Total 28, , , , , , % Increase/(Decrease) in Fund Balance 601,556 (601,556) Beginning Balance 0 601, Adjustments Ending Balance 601, Debt Service Overview F-6 Fiscal Year 2014

8 City of St. Petersburg, Florida Stadium Debt Service (2025) FY14 Fiscal Plan The Stadium Debt Service Fund was established in the Series 1984 Bonds. Excise Tax Secured Revenue Bonds ($85 million) were issued in 1987 to construct a multi-purpose domed stadium (Tropicana Field) in St. Petersburg. $114 million of refunding excise tax bonds were issued in October 1993 to refund the remaining outstanding 1984 Excise Tax Secured Revenue Bonds and the 1989B Public Improvement Revenue Bond issue. The 1993 refunding Excise Tax Bonds are secured by a pledge of the city's guaranteed entitlement of Municipal Revenue Sharing, the city's Half-Cent Sales Tax, and Pinellas County Tourist Development Taxes. This debt was restructured in 2003 to yield a net savings to the city of $3.544 million in FY04. Debt Service requirements run through FY16. Intergovernmental Revenue Shared State Revenue Sharing 3,125,822 2,609,011 3,125,822 3,125,822 3,125,822 2,721,000 (12.95%) Shared State Sales Tax - Half 424, , , ,000 0 (10%) Tourist Development 4,977,610 5,864,763 4,900,000 4,900,000 4,900,000 5,800, % Total Intergovernmental Revenue 8,527,857 8,473,774 8,496,350 8,496,350 8,524,000 8,521, % Interest Earnings 201,183 82, , , , ,000 (19.01%) Total 201,183 82, , , , ,000 (19.01%) Total 8,729,040 8,556,419 8,696,386 8,696,386 8,696,000 8,683,000 (0.15%) Debt 8,386,833 8,375,569 8,367,408 8,367,408 8,366,858 8,356,092 (0.14%) Transfers Out Water Cost Stabilization 150,262 63, , , ,000 55,000 (63.33%) Total Transfers Out 150,262 63, , , ,000 55,000 (63.33%) Total 8,537,095 8,439,184 8,517,408 8,517,408 8,516,858 8,411,092 (1.25%) Increase/(Decrease) in Fund Balance 191, , , , , ,908 Beginning Balance 16,419,546 16,611,494 7,724,420 16,728,729 16,728,729 16,907,871 Adjustments Ending Balance 16,611,494 16,728,729 7,903,398 16,907,707 16,907,871 17,179,779 Notes: In FY08, $8.996 million was transferred into this fund from the Water Cost Stabilization Fund as a reserve for the Excise Tax Debt. This transfer was necessary after the downgrade of the surety bond. The interest on these funds is transferred back into the Water Cost Stabilization Fund for eventual transfer to the Water Resources operations. Fiscal Year 2014 F-7 Debt Service Overview

9 FY14 Fiscal Plan Sports Facility Sales Tax Debt (2027) City of St. Petersburg, Florida The Sports Facility Sales Tax Debt Fund was established in 1995 with the Series 1995 Bonds to record principal and interest payments on the $ million Professional Sports Facility Sales Tax Revenue Bonds used for modifications to Tropicana Field. It is supported by State Sales Tax revenues earmarked for sports facilities under Florida Statutes Chapter 166, Section (6)(g) 5.A and Section In 2003, the 1995 bond issue was refinanced using the $ million Professional Sports Facility Sales Tax refinancing revenue bonds. Debt service requirements extend to October Interest Earnings (10%) Total (10%) Pro Sports Facility 1,928,816 1,929,884 1,926,740 1,926,740 1,926,740 1,927, % Total 1,928,816 1,929,884 1,926,740 1,926,740 1,926,740 1,927, % Total 1,929,190 1,930,065 1,927,090 1,927,090 1,926,859 1,927, % Debt 1,914,490 1,912,128 1,911,078 1,911,078 1,911,078 1,907,490 (0.19%) Total 1,914,490 1,912,128 1,911,078 1,911,078 1,911,078 1,907,490 (0.19%) Increase/(Decrease) in Fund Balance 14,700 17,937 16,012 16,012 15,781 20,200 Beginning Balance 1,474,625 1,489,325 1,507,262 1,507,262 1,507,262 1,523,043 Adjustments Ending Balance 1,489,325 1,507,262 1,523,274 1,523,274 1,523,043 1,543,243 Debt Service Overview F-8 Fiscal Year 2014

10 City of St. Petersburg, Florida Redevelopment Debt Service (2035) FY14 Fiscal Plan These bonds were issued in 1985 as part of a multi-year program to provide infrastructure improvements, including parking facilities, in the Downtown Redevelopment Area in accordance with interlocal agreements between the city, the Community Redevelopment Agency (CRA), and Pinellas County. The 1984 and 1985 issues were refinanced during FY88; a new $9.8 million issue (1989A) was made in March 1989, and a new $22.5 million issue (1989B) occurred in August 1989 for improvements to Tropicana Field. All outstanding issues except Series 1989B were refinanced in The 1989B issue was refunded with issue proceeds from the 1993 Excise Tax Refunding Bond issue dated October Debt service for the new issue (Series 1992) ran through FY12. Interest Earnings % Total % Downtown Redevelopment District 6,713,240 6,703, % Total 6,713,240 6,703, % Total 6,713,250 6,703, % Debt 6,713,250 6,703, % Total 6,713,250 6,703, % Increase/(Decrease) in Fund Balance Beginning Balance Adjustments Ending Balance Notes: This debt was paid off in The fund summary is presented for historical purposes. Fiscal Year 2014 F-9 Debt Service Overview

11 FY14 Fiscal Plan Water Resources Debt (4002) City of St. Petersburg, Florida The Water Resources Debt Fund was created by Resolution to record principal and interest payments on various series of Water Resources Bonds. In FY85, Series 1985A for $ million and Series 1985B for $19 million were issued to refund the $57 million Water Resources Revenue Bond Refunding Issue from 1977 and the $16.5 million in bond anticipation notes dated August 1, Outstanding Water Resources bond issues were refinanced late in FY91. During FY93, there was a new issue of approximately $34 million which was subsequently refunded with Series 1999A and 1999B. Additional bonds were issued in FY03 ($45 million), FY09 ($ million), and FY13 ($ million). Intergovernmental Revenue Federal Grants 924,585 1,188,752 1,186,809 1,186,809 1,187,781 1,186,809 % Total Intergovernmental Revenue 924,585 1,188,752 1,186,809 1,186,809 1,187,781 1,186,809 % Interest Earnings 205, , , , , , % Total 205, , , , , , % Water Resources 15,732,127 17,121,391 19,445,277 19,445,277 18,000,000 20,323, % Total 15,732,127 17,121,391 19,445,277 19,445,277 18,000,000 20,323, % Debt & Loan Proceeds Debt Proceeds 5,448, ,000,000 46,720,457 0 % Total Debt & Loan Proceeds 5,448, ,000,000 46,720,457 0 % Total 22,309,852 18,458,735 20,787,084 67,787,084 66,039,644 21,704, % Debt 15,861,905 18,046,847 20,692,938 67,692,938 63,436,341 20,692,938 % Total 15,861,905 18,046,847 20,692,938 67,692,938 63,436,341 20,692,938 % Increase/(Decrease) in Fund Balance 6,447, ,888 94,146 94,146 2,603,303 1,011,957 Beginning Balance 14,204,046 20,651,248 21,063,136 21,063,136 21,063,136 23,666,439 Adjustments (745) Ending Balance 20,651,248 21,063,136 21,157,282 21,157,282 23,666,439 24,678,396 Debt Service Overview F-10 Fiscal Year 2014

12 City of St. Petersburg, Florida Stormwater Debt Service (4012) FY14 Fiscal Plan The Stormwater Debt Service Fund was created to record principal and interest payments for bonds issued in May 1999 (Resolution ). The series 1999 bonds allowed for the acceleration of approximately 20 stormwater projects. Interest Earnings % Total % Stormwater Utility Operating 1,056,403 1,058,532 1,054,080 1,054,080 1,054,080 1,054,080 % Total 1,056,403 1,058,532 1,054,080 1,054,080 1,054,080 1,054,080 % Total 1,056,533 1,058,532 1,054,412 1,054,412 1,054,080 1,054,412 % Debt 1,055,453 1,053,533 1,055,372 1,055,372 1,055,172 1,055,372 % Total 1,055,453 1,053,533 1,055,372 1,055,372 1,055,172 1,055,372 % Increase/(Decrease) in Fund Balance 1,080 4,999 (960) (960) (1,092) (960) Beginning Balance 602, , , , , ,074 Adjustments Ending Balance 603, , , , , ,114 Fiscal Year 2014 F-11 Debt Service Overview

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