HomeMy WebLinkAbout2007-04-26 IDA AgendaTHE INDUSTRIAL DEVELOPMENT AUTHORITY OF
THE CITY OF RIVERSIDE, MISSOURI
Board of Directors
Notice of Meeting
Notice is hereby given that the Board of Directors of The Industrial Development Authority of
the City of Riverside, Missouri will conduct a meeting at 6:00 p.m. on Thursday, April 26, 2007, at the
City Hall of Riverside, 2950 NW Vivion Road, Riverside, Missouri 64150.
The tentative agenda of this meeting includes:
1. OPENING
2. ROLL CALL
3. APPROVAL OF MINUTES OF MEETINGS: March 21, 2007, March 28, 2007 and March 29,
2007
4. NEW BUSINESS
A. RESOLUTION 2007-004: A Resolution Authorizing The Industrial Development
Authority Of The City Of Riverside, Missouri, To Issue Its Industrial Development
Revenue Bonds (Riverside Horizons Infrastructure Project — City Of Riverside,
Missouri), Series 2007A In An Amount Not To Exceed $35,000,000, And Its Industrial
Development Revenue Bonds (Riverside Horizons Infrastructure Project — City Of
Riverside, Missouri), Series 2007B In An Amount Not To Exceed $10,000,000 For The
Purpose Of Paying Project Costs And Paying Costs Of Issuance Of The Bonds;
Authorizing And Approving Certain Documents In Connection With The Issuance Of
Said Bonds; And Authorizing Certain Other Actions In Connection With The Issuance Of
Said Bonds.
5. OTHER NEW BUSINESS
6. ADJOURNMENT
Representatives of the news media may obtain copies of this notice by contacting: Deborah A.
Polk, Armstrong Teasdale LLP, 2345 Grand Avenue, Suite 2000, Kansas City, Missouri 64108,
(816) 221-3420. Persons with disabilities wishing to attend can contact Diane Karwoski al: the
address and telephone number provided above or through Relay Missouri at 1-800-735-2966
(TTY/ASCII) or 1-800-735-2466 (Voice) prior to the meeting if accommodations need to be
made.
Posted by:
Date:
Time:
THE INDUSTRIAL DEVELOPMENT AUTHORITY OF
THE CITY OF RIVERSIDE, MISSOURI
Board of Directors
Notice of Meeting
Notice is hereby given that the Board of Directors of The Industrial Development Authority of
the City of Riverside, Missouri will conduct a meeting at 6:00 p.m. on Wednesday, April 26, 2007, at the
City Hall of Riverside, 2950 NW Vivion Road, Riverside, Missouri 64150.
The tentative agenda of this meeting includes:
1. OPENING
2. ROLL CALL
3. APPROVAL OF MINUTES OF MEETINGS: March 21, 2007, March 28, 2007 and March 29,
2007
4. NEW BUSINESS
A. RESOLUTION 2007-004: A Resolution Authorizing The Industrial Development
Authority Of The City Of Riverside, Missouri, To Issue Its Industrial Development
Revenue Bonds (Riverside Horizons Infrastructure Project — City Of Riverside,
Missouri), Series 2007A In An Amount Not To Exceed $35,000,000, And Its Industrial
Development Revenue Bonds (Riverside Horizons Infrastructure Project — City Of
Riverside, Missouri), Series 2007B In An Amount Not To Exceed $10,000,000 For The
Purpose Of Paying Project Costs And Paying Costs Of Issuance Of The Bonds;
Authorizing And Approving Certain Documents In Connection With The Issuance Of
Said Bonds; And Authorizing Certain Other Actions In Connection With The Issuance Of
Said Bonds.
5. OTHER NEW BUSINESS
6. ADJOURNMENT
Representatives of the news media may obtain copies of this notice by contacting: Deborah. A.
Polk, Armstrong Teasdale LLP, 2345 Grand Avenue, Suite 2000, Kansas City, Missouri 64108,
(816) 221-3420. Persons with disabilities wishing to attend can contact Diane Karwoski at the
address and telephone number provided above or through Relay Missouri at 1-800-735-2966
(TTY/ASCII) or 1-800-735-2466 (Voice) prior to the meeting if accommodations need to be
made.
Posted by, 'r7
Date:
Time: \` 'X O-CCV
PRICING SUMMARY
CITY OF RIVERSIDE
REGARDING THE
INDUSTRIAL DEVELOPMENT AUTHORITY
OF THE CITY OF RIVERSIDE, MISSOURI
INDUSTRIAL DEVELOPMENT REVENUE BONDS
(RIVERSIDE HORIZONS INFRASTRUCTURE PROJECT - CITY OF RIVERSIDE, MISSOURI)
SERIES 2007A AND SERIES 2007B
STIFEL
NICOLAUS
APRIL 26, 2007
TABLE OF CONTENTS
SECTION I. PRICING SUMMARY
SECTION II. MARKET CONDITIONS
SECTION III. PRICING DETAIL
A. TOTAL SOURCES AND USES
B. DEBT SERVICE SCHEDULE -COMBINED
C. NET DEBT SERVICE SCHEDULE -COMBINED
D. DERIVATION OF FORM 8038 YIELD STATISTICS
E. DETAIL COSTS OF ISSUANCE
F. PROOF OF RESERVE FUND REQUIREMENT
G. SOURCES AND USES -SERIES A
H. PRICING SUMMARY
I. DEBT SERVICE SCHEDULE -SERIES A
J. NET DEBT SERVICE SCHEDULE -SERIES A
K. DERIVATION OF INSURANCE PREMIUM -SERIES A
L. SOURCES AND USES -SERIES B
M. PRIMARY SUMMARY -SERIES B
N. DEBT SERVICE SCHEDULE -SERIES B
0. NET DEBT SERVICE SCHEDULE -SERIES B
SECTION IV. STANDARD & POOR'S CREDIT ANALYSIS
I. PRICING SUN'INI:ARY
PRICING DATE:
STRUCTURE:
BOND ISSUE SIZE:
RATING:
FIRST INTEREST PAYMENT:
FIRST PRINCIPAL PAYMENT:
CALL PROVISION:
YIELD STATISTICS:
• NET INTEREST COST:
• TRUE INTEREST COST:
• ALL INCLUSIVE COST:
AVERAGE ANNUAL DEBT SERVICE:
• Series 2007A: 2008-2013:
- 2014-2027:
• Series 2007B - 2008-2013:
- 2014-2027:
April 26, 2007
Industrial Development Revenue Bonds
$40,265,000
"BBB" Standard & Poor's
November 1, 2007
May 1, 2008
May 1, 2017 at Par
4.7289%
4.7025%
4.8619%
$2,296,983 (Ramp Period)
$2,467,220
$458,333 (Ramp Period)
$983,263
4.000.000
3,500.000
3.000,000
2,500.000
2.000,000
Final Pricing
City of Riverside IDA
Gross Annual Debt Service
Series 2007A and Series 2007B
SSP Rated: BBB with ACA Insured "A"
1
'1.500.000
1,000,000
500.000
11I111■■■■■■IIIMMMI
1111111111114111111
1 1 1 r Average Annual Gross Debt ,
1 1
Service for
Seams A Bonds: $2.47M, /
_1
il1111■.rr:De.■1111
1111111111111111111
Average Annual Gross
Debt Service for
Series A Bonds: $2.3M,
during ramp period
N N
m
■Series 2007A
IN Series 2007B
11. MARKET CONDI"I'IONS
2026 2027
2022 2023 2024 2025
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O
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Y Cy
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111. PRICING DETAIL.
The Industrial Development Authority of the City of Riverside, Missouri
Industrial Development Revenue Bonds
(Riverside Horizons Infrastructure Project - City of Riverside, Missouri)
Series 2007 - FINAL
Total Issue Sources And Uses
Dated 05/09/2007 I Delivered 05/09/2007
Issue
Series A Series B Summary
Sources Of Funds
Par Amount of Bonds $30,265,000.00 $10,000,000.00 $40,265,000.00
City of Riverside Equity Contribution 2,593,016.73 856,770.77 3,449,78 .50
Reoffering Premium 846,729.30 - 846,729.30
Insurance Fee Escrow Deposit 132,080.00 132,080.00
Total Sources $33,704,746.03 $10,988,850.77 $44,693,596.80
Uses Of Funds
Deposit to Project Construction Fund 30,265,000.00 9,735,000.00 40,000,000.00
Deposit to Debt Service Reserve Fund (DSRF) 2,593,016.73 856,770.77 3,449,78"'.50
Total Underwriter's Discount (1.375%) 416,143.75 137,500.00 553,643.75
Gross Bond Insurance Premium 265,776.34 - 265,770.34
Costs of Issuance 160,476.28 53,023.72 213,500.00
Deposit to Insurance Premium Escrow - 132,080.00 132,080.00
Original Issue Discount (OID) - 62,500.00 62,500.00
Insurance Premium (Up front) - 9.777.78 9,77 7.78
Rounding Amount 4,332.93 2,198.50 6,531.43
Total Uses $33,704,746.03 $10,988,850.77 $44,693,596.80
Series 2007 - FINAL 1 Issue Summary 1 4/26/2007 1 1119 PM
Stifel, Nicolaus & Company, Incorporated
Public Finance
Page 1
The Industrial Development Authority of the City of Riverside, Missouri
Industrial Development Revenue Bonds
(Riverside Horizons Infrastructure Project - City of Riverside, Missouri)
Series 2007 - FINAL
Debt Service Schedule
Insurance
Date Principal Coupon
Interest
Premium
Total PN
Fiscal Total
115/09/20((7 - -
-
-
-
-
11/(112(817 - -
9118464.50
-
900.464.58
05/0120(1(1 88(1,1001.(81 4.5(0'2
951,718.75
1(1.0081.00
1.84(1,718.75
(16/3(1/2(818 - -
-
-
-
7719.103.33
110(12(018 - -
930,910.75
-
930.91875
-
(15/01/2109 885000.00 4.500')
930.918.75
11.1100.110
1.815.918.75
-
116/3112(09 -
-
-
-
2.756,037.5(1
11/1(1/2001 - -
911.006.25
-
91118(625
-
((5/01/2010 925,000.00 4.5009(
91111106.25
10.(881.00
1.84620/625
116/302011) - -
-
-
-
2.757.012.511
11/01/2010 - -
89(.19375
-
890.19375
115/(112011 9654881.180 4,500'2
89(.193.75
10.(00(481
1.065.103.75
(/6/30/2011 - -
-
-
2.755.307.50
11/111/2011 -
868401.25
-
868.481.25
115/01C012 1.01(.0INLI/0 4.5001?
868.481.25
101110.110
1,888481_25
106/3/82012 -
-
-
-
2.756.96250
11/012011 - -
845756.25
-
845756_25
((5/012013 1,1155.100.10 4.501'1
845.756-25
11.0(0181
1.910.756.25
((6/302013 - -
-
-
•
2.756.512.511
11/01/2013 - -
822,1018.75
8211110.75
(15/01/201.
1.8051801181 4.500'1
822,(118.75
9.470.181
2.636,488.75
06/311/201
- -
-
-
3.458,507.51
11/01/201
- -
781.406.25
-
781.4(16.25
115/01/201
1,00(.000.001 4.510'2
781 4(16.25
892(1.00
2.670.326.25
116/30201
- -
-
-
3.451,732.50
11/111/101
- -
739.106.15
-
739.1116_25
(15/01/201
196511181.00 4.501'2
739.106.25
0345.01
2.712,45(25
06/30201
-
-
-
-
3451.557.50
11/(11201
- -
694.893,75
-
694.003.75
-
115/01/201
2.060.011(.(81 4.853!4
694.893,75
7740.1011
1.762,633.75
-
((6/310201
- -
-
-
-
3.457.527.50
11/012111
- -
644.9116.25
644.0(1fi 25
-
(15/01201
2.155.01110.18( 4,054'1
6449/1,225
7.1111081
2.007.01625
-
06/30/1(11
- -
-
-
3.451922 511
11/411201
- -
592.60625
-
592.60625
05/01/201
2.260.000.00 4.854'7
592.606_25
6.450.10
2.859.056.25
((6/311/2111'
-
-
-
3451662.50
11/111/2101'
537.75625
-
537.756.25
05/01/202f
2.370.0181.011 4.854'./
537.75625
5.7611.100
2.913.51625
-
116/310/2121
- -
-
-
.
3.451_272.50
11/01/1112(
- -
480131.25
401.23125
02/01/202
2.485.108.00 4_32'1
4810.25125
5.040.01
2.970,171.25
/(6/30/2112
-
-
-
-
345(1.5(2.50
11/01/202
- -
426.525.181
-
426,5251X1
05/01/202_
2,591.001.00 4.855,1
426,525.01
1.20(10)
3.020.015.00
(16/311202_
06/30/202
- -
-
-
-
3.447.310.011
11/01/20_
363.6501/0
-
363.650110
/(5/111202.
2.720.000.01 4.056'2
363,65(1.181
3.505.00
31187,15500
1(6/302112-
- -
-
-
3.150.8115110
11/01201.
- -
197.612.51
-
297,61.50
105/01/202
2.850.000.01 48567
297.612.50
2,605.00
3.150.297.50
((6/30/202
- -
-
-
-
3,447,910.00
11/01202
- -
228412.50
-
228412.50
05/01/202
2,985,0008) 4.85751
228.412.511
1.8311181
7215.242.50
116/3020_
- -
-
-
-
3.443.655.00
11/01/202
- -
155925.00
-
155.925.00
05/111/202
3,135.1001.18( 4.857'1
155.925.00
935.01
3.1_01,860.10)
116/30/213
- -
-
•
3.147785.(81
11/01/202
- -
79.78750
-
70787.5(1
115/01/202
3285.081.100 4.8589(
79.787.50
-
3,364,787.50
06/302022
- -
-
-
•
3.444.575.01
Total 340.265,000.00 -
524,441.579413
$132,0040.01
564,038,65053
Yield Statistics
Bund Year U41an
$511.970.22
Average Life
12.715 Years
Average Coupon
4.7740220'0
Net Interest Cost (NICI
17289831'2
True Interest Cost (TIC)
470254397
Bond Yield for Arbitrage ,rptses
4.59154487
All Inclusive Cost (3.(C)
4.86196817
IRS Form e038
Net Interest Cost
4.52_81172'0
Weighted Average Maavily
12.727 Years
Sanas 2007. FINAL 1 Issue Summery 14(2612007 112:19 PM
Stifel. Nicolaus & Company, Incorporated
The Industrial Development Authority of the City of Riverside, Missouri
Industrial Development Revenue Bonds
(Riverside Horizons Infrastructure Project - City of Riverside, Missouri)
Series 2007 - FINAL
Net Debt Service Schedule
Insurance
Date Principal Coupon Interest Premium Total P+I DSR Net New D/S Fiscal Total
05/09/2007 - - - -
11/01/2007 - - 908,464.58 - 908,464.58 (75.640.99) 832.823.59 -
05/01/2008 880.000.00 4.500% 950.718.75 10.000.00 1,840,718.75 (79.199.27) 1.761,519.48
06/30/2008 - - - - - 2,594.343.07
11/01/2008 - - 930,918.75 - 930,918.75 (79.199.27) 851.719.48 -
05/01/2009 885,000.00 4.500% 930,918.75 10,000.00 1.825.918.75 (79.199.27) 1.746.719.48 -
06/30/2009 - - - - - 2.598.438.96
11/01/2009 - - 911.006.25 - 911,006.25 (79.199.27) 831.806.98
05/01/2010 925,000.00 4.500% 911.006.25 10.000.00 1,846.006.25 (79,199.27) 1.766.806.98
06/30/2010 - - - - - . 2.598.613.96
11/01/2010 - 890,193.75 890.193.75 (79.199.27) 810.994.48
05/01/2011 965.000.00 4.500% 890,193.75 10,000.00 1.865.193.75 (79,199.27) 1,785,994.48 -
06/30/2011 - - - - - - 2,596.988.96
11/01/2011 868.481.25 - 868.481.25 (79.199.27) 789.281.98 -
05/01/2012 1.010.000.00 4.500% 868.48115 10.000.00 1,888,48125 (79,19927) 1.809281.98
06/30/2012 - - - - - - - 2.598.563.96
11/01/2012 845.756.25 - 845.756.25 (79.199.27) 766.556.98
05/01/2013 1.055.000.00 4.500% 845.75625 10.000.00 1,910.756.25 (79.199.27) 1,831,556.98 -
06/30/2013 - - - - - - - 2.598.113.96
11/01/2013 - 822.018.75 - 822.018.75 (79.199.27) 742,819.48
05/01/2014 1.805.000.00 4.500% 822,018.75 9.470.00 2.636,488.75 (79.199.27) 2.557.289.48
06/30/2014 - - - - - - - 3.300.108.96
11/01/2014 - - 781.406.25 781.406.25 (79.199.27) 702.206.98 -
05/01/2015 1.880,000.00 4.500% 781.406.25 8,920.00 2.670.326.25 (79,19927) 2.591,126.98
06/30/2015 - - - - - 3_293.333.9(
11/01/2015 - - 739.106.25 - 739.106.25 (79.199.27) 659.906.98
05/01/2016 1.965.000.00 4.5009 739,106.25 8.345.00 2.712.451.25 (79.199.27) 2.633.251.98
06/30/2016 - - - - 3.293.158.9(
11/01/2016 - 694.893.75 - 694,893.75 (79.199.27) 615.694.48
05/01/2017 2,060.000.00 4.853% 694,893.75 7.740.00 2.762.633.73 (79.199.27) 2.683.434.48
06/30/2017 - - - - - 3.299.128.9).
11/01/2017 - 644,906.25 - 644.906.25 (79.199.27) 565,706.98
05/01/2018 2.155.000.00 4.854% 644,906.25 7.110.00 2.807.016.25 (79,199.27) 2,727.816.98
06/30/2018 - - 3.293.523.90
11/01/2018 - - 592.606.25 - 592.606.25 (72199.27) 513,406.98
05/01/2019 2260.000.00 4.854% 592,606.25 6.450.00 2.859,056.25 (79.199.27) 2.779.856.98
06/30/2019 - - - - 3.293.263.96
11/01/2019 - - 537,756.25 - 537.756.25 (79.199.27) 458,556.98
05/01/2020 2.370.000.00 4.854% 537,756.25 5.760.00 2.913.516,25 (79.199.27) 2.834,316.98
06/30/2020 - - - - - 3292.873.90
11/01/2020 480,231.25 - 480.231.25 (79.199.27) 401.031.98
05/01/2021 2,485,000.00 4.322% 480,231.25 5.040.00 2.970,271.25 (79.199.27) 2.891,071.98
06/30/2021 - - - - - 3.292,103.93
11/01/2021 - - 426.525.00 - 426.525.00 (79.199.27) 347,325.73
05/01/2022 2,590.000.00 48559 426,525.00 4.290.00 3.020,815.00 (79.199.27) 2.941,615.73
06/30/2022 - - - - - 3.288.941.45
11/01/2022 - 363.650.00 - 363.650.00 (79.199.27) 284,450.73
05/01/2023 2.720.000.00 4.856% 363,650.00 3.505.00 3.087.155.00 (79,199.27) 3.007,955.73 -
06/302023 - - - - - 3,292.406.45
11/01/2023 - 297,612.50 - 297,612.50 (79,199.27) 218,413.23
05/01/2024 2.850,000.00 4.856% 297.612.50 2.685.00 3.150,297.50 (79,199.27) 3,071,098.23
06/30/2024 - - - - - 3.289.511.46
11/01/2024 - - 228.412.50 228.412.50 (79,199.27) 149,213.23
05/01/2025 2.985,000.00 4.857% 228.412.50 1.830.00 3,215.242.50 (79,199.27) 3.136,043.23
06/30/2025 - - 3.285256.46
11/01/2025 - 155.925.00 - 155.925.00 (79,199.27) 76.725.73
05/01/2026 3.135.000.00 4.857% 155,925.00 935.00 3291.860.00 (79,199.27) 3,212.660.73 -
06/30/2026 - - - - 3.289,386.46
11/01/2026 79,787.50 79.787.50 (79,199.27) 588.23
05/01/2027 3.285.000.00 4.858% 79,787.50 3.364.787.50 (3.528,986.77) (164,199.27)
06/30/2027 - - (163,611.04)
Total $40,265,000.00 • $24,441,570.83 $132,080.00 $64,838,650.83 (6,614,200.02) 558,224,450.81
Series 2007 - FINAL 1 Issue Summary 1 4/26/2007 1 12.19 PM
Stifel, Nicolaus & Company, Incorporated
Page 3
The Industrial Development Authority of the City of Riverside, Missouri
Industrial Development Revenue Bonds
(Riverside Horizons Infrastructure Project - City of Riverside, Missouri)
Series 2007 - FINAL
Derivation Of Form 8038 Yield Statistics
Issuance
Maturity Issuance Value Price PRICE Exponent Bond Yean,
05/09/2007 - - - - -
05/01/2008 880,000.00 100.593% 885,218.40 0.9777778x 865,546.811
05/01/2009 885,000.00 100.940% 893,319.00 1.9777778x 1,766,786.4"7
05/01/2010 925,000.00 101.249% 936,553.25 2.9777778x 2,788,847.4o
05/01/2011 965,000.00 101.453% 979,021.45 3.9777778x 3,894,329.7'7
05/01/2012 1,010,000.00 101.998% 1.030,179.80 4.9777778x 5,128,006.12
05/01/2013 1055,000.00 101.998% 1,076,078.90 5.9777778x 6,432,560.54
05/01/2014 1,275,000.00 101.998% 1,300,474.50 6.9777778x 9,074,422.07
05/01/2014 530,000.00 99.375% 526,687.50 6.9777778x 3,675,108.31
05/01/2015 1,330,000.00 101.998% 1,356,573.40 7.9777778x 10,822,441.11
05/01/2015 550,000.00 99.375% 546,562.50 7.9777778x 4,360,354.17
05/01/2016 1,390,000.00 101.998% 1,417.772.20 8.9777778x 12.728,443.75
05/01/2016 575,000.00 99.375% 571,406.25 8.9777778x 5,129,958.31
05/01/2017 1,455,000.00 104.884% 1,526,062.20 9.9777778x 15,226,709.51
05/01/2017 605,000.00 99.375% 601,218.75 9.9777778x 5,998,827.08
05/01/2018 1,525,000.00 104.884% 1,599,481.00 I0.9777778x 17,558,746.98
05/01/2018 630,000.00 99.375% 626.062.50 10.9777778x 6.872,775.00
05/01/2019 1,600,000.00 104.884% 1,678,144.00 1 I.9777778x 20,100,435.91
05/01/2019 660,000.00 99.375% 655,875.00 11.9777778x 7.855,925.00
05/01/2020 1.680,000.00 104.884% 1,762,051.20 12.9777778x 22,867,508.91
05/01/2020 690,000.00 99.375% 685,687.50 12.9777778x 8,898,700.00
05/01/2021 1,765,000.00 97.625% 1,723,081.25 13.9777778x 24.084.846.81
05/01/2021 720,000.00 99.375% 715,500.00 13.9777778x 10,001,100.(0
05/01/2022 750,000.00 99.375% 745,312.50 14.9777778x 11,163.125.(0
05/01/2022 1,840,000.00 103.375% 1,902,100.00 14.9777778x 28,489,231.11
05/01/2023 785,000.00 99.375% 780,093.75 15.9777778x 12,464,164.58
05/01/2023 1,935,000.00 103.375% 2,000,306.25 15.9777778x 31,960,448.-05
05/01/2024 820,000.00 99.375% 814,875.00 16.9777778x 13,834,766.67
05/01/2024 2,030,000.00 103.375% 2,098,512.50 16.9777778x 35,628,078.8.9
05/01/2025 855,000.00 99.375% 849,656.25 1 7.9777778x 15,274,931.:.5
05/01/2025 2,130,000.00 103.375% 2,201,887.50 I7.9777778x 39,585,044.17
05/01/2026 895,000.00 99.375% 889,406.25 18.9777778x 16,878,954.17
05/01/2026 2,240,000.00 103.375% 2,315,600.00 I8.9777778x 43,944,942.22
05/01/2027 935,000.00 99.375% 929,156.25 19.9777778x 18,562,477.08
05/01/2027 2,350,000.00 103.375% 2,429,312.50 19.9777778x 48,532,265.28
Total $40,265,000.00 $41,049,229.30 $522.450,809.35
IRS Form 8038
Weighted Average Maturity = Bond Years/Issue Price
Total Interest from Debt Service
Reoffering (Premium) or Discount
Total Interest
NIC = Interest / (Issue Price * Average Maturity)
Bond Yield for Arbitrage Purposes
Series 2007 - FINAL 1 Issue Summary 1 4/26/2007 1 12:19 PM
12.727 YeErs
24,441,570.33
(784,229.30)
23,657,341.53
4.5281472%
4.5915448.%
Stifel, Nicolaus & Company, Incorporated
Public Finance
Page 4
The Industrial Development Authority of the City of Riverside, Missouri
Industrial Development Revenue Bonds
(Riverside Horizons Infrastructure Project - City of Riverside, Missouri)
Series 2007 - FINAL
Detail Costs Of Issuance
Dated 05/09/2007 Delivered 05/09/2007
COSTS OF ISSUANCE DETAIL
IDA Fees and Expenses $15,00C.00
IDA Legal Counsel $30,000.00
Trustee $7.000.00
Bond Counsel $60,000.00
Underwriters Counsel $45,000.00
Printing
$4,500.00
City Counsel $30,000.00
Rating Agency Fee $22,000.00
TOTAL
$213,500.00
Series 2007 - FINAL 1 Issue Summary 1 4/26/2007 1 12:19 PM
Stifel, Nicolaus & Company, Incorporated
Public Finance
Page 5
The Industrial Development Authority of the City of Riverside, Missouri
Industrial Development Revenue Bonds
(Riverside Horizons Infrastructure Project - City of Riverside, Missouri)
Series 2007 - FINAL
Proof of Reserve Fund Requirement
Date Principal Interest TOTAL 1P+I
05/01/2008 880,000.00 1,859,183.33 2,739,183.33
05/01/2009 885,000.00 1,861,837.50 2,746,83".50
05/01/2010 925,000.00 1,822,012.50 2,747,012.50
05/01/2011 965,000.00 1,780,387.50 2,745,38"7.50
05/01/2012 1,010,000.00 1,736,962.50 2,746,962.50
05/01/2013 1,055,000.00 1,691,512.50 2,746,512.50
05/01/2014 1,805,000.00 1,644,037.50 3,449,037.50
05/01/2015 1,880,000.00 1,562,812.50 3,442,812.50
05/01/2016 1,965,000.00 1,478,212.50 3,443,21 2.50
05/01/2017 2,060,000.00 1,389,787.50 3,449,78 7.50
05/01/2018 2,155,000.00 1,289,812.50 3,444,812.50
05/01/2019 2,260,000.00 1,185,212.50 3,445,212.50
05/01/2020 2,370,000.00 1,075,512.50 3,445.512.50
05/01/2021 2,485,000.00 960,462.50 3,445,462.50
05/01/2022 2,590,000.00 853,050.00 3,443,050.00
05/01/2023 2,720,000.00 727,300.00 3,447,300.00
05/01/2024 2,850,000.00 595,225.00 3,445,225.00
05/01/2025 2,985,000.00 456,825.00 3,441,825.00
05/01/2026 3,135,000.00 31 I ,850.00 3,446,850.00
05/01/2027 3,285,000.00 159,575.00 3,444,575.00
Total $40,265,000.00 $24,441,570.83 $64,706,510.83
PROOF OF RESERVE FUND
MAXIMUM PERIODIC DEBT SERVICE
Omit Last Period? Yes
100 % of the Maximum Periodic Debt Service 3,449,707.50
AVERAGE PERIODIC DEBT SERVICE
Total P+1
Bond Years (Delivery Date)
125 % of the Average Periodic Debt Service
PERCENT OF PAR
10 % of Par
RESERVE REQUIREMENT
Computed Requirement
Proofs Requirement
64,706,5'70.83
19.98
4,048,659.19
4,026,5)0.00
3,449,787.50
3,449,787.50
Series 2007 - FINAL 1 Issue Summary 1 4/26/2007 1 12:19 PM
Stifel, Nicolaus & Company, Incorporated
Pub,,;c F nance
Page 6
The Industrial Development Authority of the City of Riverside, Missouri
Industrial Development Revenue Bonds
(Riverside Horizons Infrastructure Project - City of Riverside, Missouri),
Series 2007 A - FINAL
Sources & Uses
Dated 05/09/2007 I Delivered 05/09/2007
Sources Of Funds
Par Amount of Bonds
City of Riverside Equity Contribution
Reoffering Premium
Total Sources
Uses Of Funds
S30,265,000.00
2,593,016.73
846,729.30
$33,704,745.03
Deposit to Project Construction Fund
Deposit to Debt Service Reserve Fund (DSRF)
Total Underwriter's Discount (1.375%)
Gross Bond Insurance Premium ( 55.0 bp)
Costs of Issuance
Rounding Amount
Total Uses
30,265,00 ).00
2,593,015.73
416,143.75
265,775.34
160,475.28
4,332.93
$33,704,746.03
Series 2007 - FINAL Series A 1 4/26/2007 1 12:19 PM
Stifel. Nicolaus & Company, Incorporated
Public Finance
Page 7
The Industrial Development Authority of the City of Riverside, Missouri
Industrial Development Revenue Bonds
(Riverside Horizons Infrastructure Project - City of Riverside, Missouri),
Series 2007 A - FINAL
Pricing Summary
Maturity Type of Bond Coupon Yield
05/01/2008
05/01/2009
05/01/20(0
05/01/2011
05/01/2016
05/01/2020
05/01/2021
05/01/2027
Serial Coupon
Serial Coupon
Serial Coupon
Serial Coupon
Term 1 Coupon
Term 2 Coupon
Serial Coupon
Term 3 Coupon
4.500% 3.875%
4.500% 4.000%
4.500% 4.050%
4.500% 4.100%
4.500% 4.230%
5.000% 4.390%
4.250% 4.480%
5.000% 4.575%
Maturity Value Price
880,000.00
885,000.00
925,000.00
965,000.00
6,060,000.00
6,260,000.00
1.765,000.00
12,525,000.00
100.593%
100.940%
101.249%
101.453%
101.998%
104.884% c
97.625%
103.375% c
Dollar Price
885,21 F:.40
893,319.00
936,559.25
979,02!.45
6,181,078.80
6,565,738.40
1,723,08 .25
12,947,718.75
Total
$30,265,000.00
$31,111,729.30
Bid Information
Par Amount of Bonds
Reoffering Premium or (Discount)
Gross Production
Total Underwriter's Discount (1.375%)
Bid (101.423%)
Total Purchase Price
Bond Year Dollars
Average Life
Average Coupon
Net Interest Cost (NIC)
True Interest Cost (TIC)
530,265,000.00
846,729.30
$31,1 11,72).30
$(416,143.75)
30,695,585.55
$30,695,585.55
$370,112.44
12.229 Years
4.8790499%
4.7627108%
4.7040048%
Series 2007 - FINAL 1 Series A 1 4/26/2007 1 12:19 PM
Stifel, Nicolaus & Company, Incorporated
Public Finance
PE.ge 8
The Industrial Development Authority of the City of Riverside, Missouri
Industrial Development Revenue Bonds
(Riverside Horizons Infrastructure Project - City of Riverside, Missouri),
Series 2007 A - FINAL
Debt Service Schedule
Date Principal Coupon Merest Total PN Fiscal Teal
05/09/2017 - - - - -
11/01/2007 - - 693,464.58 693,464.58 -
05/01/21118 880.000.00 4.5(1113 725718.75 1.6(5.710.75 -
06/30/208 - - - - 2,299.183.33
11/101/2(0)8 - - 71(5,918.75 7115,910.75 -
(15/01/2(1181 805.0(54.011 4.5(0)4 71(5.910.75 1,59(1.918.75 -
06/30/2(819 - - - 2,296.837 50
11/(11/1009 - - 686-016.25 606.(1116.25 -
(15/01/201(0 025,(01(1-101 4.51813 606.11116.25 1.6110)6_25
(161311/2010 - - - - 2.297.012.50
11/01/211111 - - 665.19 ,75 665.19375
05/01/2(111 965.0081181 4.50113 665.19375 1.63((.19375
(16/3(1/2011 - - - 2295.387.50
11/1)1/21(11 - - 643.481.15 643.481.25
05/01/2012 1.010.00L0) 4.5(813 643.40125 1.653.48125
((6/30/2012 - - - - 2.296.961.50
11/(11/2(112 • - 620.756.25 6201.756.25
(15/01/2013 10554011).10( 4.5(816 62075625 1.675.75625
(16/311/2013 - - - - 2296.512.50
11/(01121013 - - 597.01875 5971(19.75
05/01/2014 1275.001.00 4.5(1113 597,011475 10722.1118.75
((6/30/21114 - - - 2.469.037 50
11/01/2014 - - 560331.25 560.33125
05/(11/2(115 1330L(08L0/( 4.5(1114 568,331.25 1.098_33115
106/30/2015 - - - - 2.466.662.511
(1/(11/2(115 - 538.4/16.25 538.406.25
115/111/2016 1.390,0/9).181 45(89./ 538.41(6.25 1928.40625
116(311/21116 - - - - 2.466.812.511
11/01/2016 - - 507.13125 5(17.13125
05/101/21117 1.455081.(11( 5)1(1(10 507,131_25 1962.131_16 -
(I6/3(1/2017 - - - - 2.469.262.50
11/1)1/2(117 - - 471(756.25 470V56.25
(15/01/2018 1.52530/0.1111 5.110113 47(125625 1.995 756.25
116/30/21119 - - - - 2.466.512511
11/111/_2(110 - - 432.63125 432.631.25
115/01/2019 1,6110,1108/10 5/90/0 432,63125 22.(132,63125
(16/31112019 - . 2.465.262.50
11/1(1/21119 - - 392_63125 392.6315
115/111/21211 l.60//,00L11(1 5.011/50 392.63125 2.172,631_25 -
/16/30/20220 - - - 2.465_262.511
11/(11/202(1 - - 350.631.225 35(1.63125
/(5/01/21121 1,765(001.10) 12503 350,631_25 2.115,631.25 -
((6/30/2021 - - - - 2.466.262.511
11/01/2021 313,125./9) 313.125181 -
((5/01/2022 1840.0(01101 5.0013 313.125.101 2153.12500
116/30/2022 - - - - 2.466.250.00
11/111/2022 - - 267.1225./0( 267.125.1111
05/012023 1.935.1881.1111 5.0003 267,125101 2202.125.01 -
(I6/30/2023 - - . 22.469_250.00
11/(11/2023 - - 210,750./0( 2107511.0(
(15/01/2024 2.1130.0111.011 5.0010 218,750.00 2.240.750101 -
06/30/2024 - - - - 2.467.5010101
11/01/2024 - . 168.000110 168.00101
(15/01/2025 2.130300119/ 5.0000 160.001110 2.298.000.00
06/30/2025 - - - - 2.466,/00/40(
11/01/2025 - - 114751.01 114.7511.18)
(05/(1112026 2_240.0(01.100 5.1101(3 114.750.101 2.354.75000
06/30/2026 - - - 2.469.50.01
11/111/2(126 - - 58.750.00 50-751101
((5/01/2027 2350.0(0(1/0 5.11(0(3 58,750.00 2,41107520(
(06/30/2027 - - - - 2.467,500.01
Total 5.3.265,000.01 - $18,037.970.83 $48,322.970.03
Yield Statistics
BmEI Year Dollars
.Average Life
Average Courtin
No) Inleres1 Cass (NIC(
True Interest Cost (TIC/
Boal Yield for Arbitrage Purpose,
All 0¢iusive Coal (MCI
IRS Form 8038
5370.112.41
12.229 Years
4.079(4990
4.76271083
4.7040483
4,59154490
4.06361253
Net Ingress Cost
WcighIaI Averaec Maluriq
Series 2001 -FINAL I Sanas A 1 4/26/2007 1 12.19 PM
4.511701641
12.262 Years
Stifel. Nicolaus & Company, Incorporated
The Industrial Development Authority of the City of Riverside, Missouri
Industrial Development Revenue Bonds
(Riverside Horizons Infrastructure Project - City of Riverside, Missouri),
Series 2007 A - FINAL
Net Debt Service Schedule
Date Principal Coupon Interest Total P+I DSR Net New WS Fiscal Total
05/09/2007 - - - -
11/012007 - - 693.464.58 693,464.58 (56.855.20) 636,609.38 -
05/01/2008 880.000.00 4.500% 725.718.75 1.605,718.75 (59.529.76) 1.546.188.99 -
06/302008 - - - 2.182.798.37
11/01/2008 - - 705,918.75 705,918.75 (59.529.76) 646.388.99
05/01/2009 885,000.00 4.500% 705,918.75 1.590,918.75 (59.529.76) 1.531.388.99 -
06/30/2009 - - - - 2.177.777.98
11/01/2009 - - 686.006.25 686,006.25 (59.529.76) 626.476.49
05/01/2010 925,000.00 45009- 686.006.25 1.611.006.25 (59.529.76) 1,551,476.49
06/30/2010 - - - - - 2.177.952.98
11/01/2010 - 665,193.75 665.193.75 (59.529.76) 605.663.99
05/01/2011 965.000.00 4.500% 665.193.75 1.630.193.75 (59.529.76) 1.570.663.99 -
06/30/2011 - - - - 2.176.327.98
11/01/2011 - - 643.481,25 643.481.25 (59.529.76) 583.951.49 -
05/01/2012 1.010,000.00 4.5009 643.481.25 1,653.481.25 (59.529.76) 1.593.951.49 -
06/302012 - - - - - - 2.177,902.98
11/01/2012 - - 620,756.25 620,756.25 (59.529.76) 561.226.49
05/01/2013 1.055.000.00 4.500% 620.756,25 1.675,756.25 (59.529.76) 1.616.226.49
06/302013 - - - - - - 2.177.452.98
11/01/2013 - - 597.018.75 597.018.75 (59.529.76) 537.488.99
05/01/2014 1275.000.00 4.500% 597.018.75 1.872.018.75 (59.529.76) 1.812.488.99
06/30/2014 - - - - - - 2.349.977.98
11/01/2014 568.331.25 568.331.25 (59.529.76) 508.801.49
05/01/2015 1.330,000.00 4.500% 568.331.25 1.898.331.25 (59.529.76) 1.838.801.49
06/30/2015 - - - - - 2.347.602.98
11/01/2015 - - 538,406.25 538.406.25 (59.529.76) 478.876.49 -
05/01/2016 1.390.000.00 4.500% 538.406.25 1.928.40625 (59.529.76) 1.868.876.49 -
06/30/2016 - - . - - - 2.347.752.98
11/01/2016 - 507.131.25 507.131.25 (59.529.76) 447.601.49
05/01/2017 1.455.000.00 5.000% 507.131.25 1,962.131.25 (59.529.76) 1.902.601.49
06/30/2017 - - - - -
(1/01/2017 - 470.756.25 470.756.25 (59.529.76) 411.226.49
05/01/2018 1.525.000.00 5.000% 470.75625 . 1.995,756.25 (59.529.76) 1.936.2226.49 -
06/30/2018 - - - - - 2.347.452.98
11/01/2018 432.631.25 432.631.25 (59.529.76) 373.101.49
05/01/2019 1.600.000.00 5.000% 432.63125 2.032.631.25 (59.529.76) 1.973.101.49
06/30/2019 - - - - - 2.346.202.98
11/01/2019 - - 392.631.25 392.631.25 (59.529.76) 333.101.49
05/01/2020 1.680.000.00 5.0009' 392,631.25 2.072.631.25 (59.529.76) 2,013.101.49
06/30/2020 - - - 2346.202.98
11/01/2020 - - 350.631.25 350.631.25 (59.529.76) 291,101.49
05/01/2021 1.765.000.00 4.250% 350.631.25 2.115.631.25 (59.529.76) 2.056.101.49
06/30/2021 - - - - - - 2.347.202.98
11/01/2021 313.125.00 313,125.00 (59.529.76) 253.595.24
05/01/2022 1.840.000.00 5.000% 313,125.00 2.153.125.00 (59.529.76) 2,093.595.24 -
06/302022 - - - - 2.347.190.48
11/01/2022 - 267.125.00 267,125.00 (59529.761 207.59524
05/01/2023 1.935.000.00 5.000% 267.125.00 2.202,125.00 (59.529.76) 2,142.595.24
06/30/2023 - - - - - - 2.350.190.48
11/01/2023 - - 218,750.00 218.750.00 (59.529.76) 159.220.24
05/01/2024 2.030.000.00 5.000% 218.750.00 2.248.750.00 (59.529.76) 2.189.220.24 -
06/302024 - - 2.348.440,48
11/01/2024 168,000.00 168.000.00 (59.529.76) 108.470.24
05/01/2025 2,130.000.00 5.000% 168.000.00 2.298.000.00 (59,529.76) 2,238.470.24
06/30/2025 - - - - - 2.346.940.48
11/01/2025 114.750.00 114.750.00 (59.529.76) 55220.24
05/01/2026 2.240.000.00 5.0009' 114,750.00 2.354,750.00 (59.529.76) 2.295,220.24
06/30/2026 - - - - 2.350.440.48
11/01/2026 - - 58,750.00 58.750.00 (59.529.76) (779.76)
05/01/2027 2.350.000.00 5.000% 58,750.00 2.408.750.00 (2.652,546.49) (243,796.49)
06/30/2027 - - -
2350.202.98
(244,576.25)
Total 530,265,000.00 518,057,970.83 518,322,970.83 (4,971,532,57) $43,351,438.26
Series 2007 - FINAL 1 Series A 1 4126/2007 1 12:19 PM
Stifel. Nicolaus & Company, Incorporated
Page 10
The Industrial Development Authority of the City of Riverside, Missouri
Industrial Development Revenue Bonds
(Riverside Horizons Infrastructure Project - City of Riverside, Missouri),
Series 2007 A - FINAL
Derivation Of Insurance Premium
Maturity Type Coupon Yield Gross P+I Fee Premium
05/01/2008 Serial 4.500% 3.875% 918,720.00 0.550% 5,052 96
05/01/2009 Serial 4.500% 4.000% 963,765.00 0.550% 5,30071
05/01/2010 Serial 4.500% 4.050% 1,048,950.00 0.550% 5,76923
05/01/2011 Serial 4.500% 4.100% 1,137,735.00 0.550% 6,25754
05/01/2016 Term 1 4.500% 4.230% 8,009,415.00 0.550% 44,051 78
05/01/2020 Term 2 5.000% 4.390% 9,871,294.44 0.550% 54,292 12
05/01/2021 Serial 4.250% 4.480% 2,813,508.06 0.550% 15,47429
05/01/2027 Term 3 5.000% 4.575% 23,559,583.33 0.550% 129,577.71
Total
$48,322,970.83 $265,776.34
INSURANCE PREMIUM
Base Insurance Premium 265,776.34
Series 2007 - FINAL 1 Series A 1 4/26/2007 1 12:19 PM
Stifel, Nicolaus & Company, Incorporated
Pub c Finance
The Industrial Development Authority of the City of Riverside, Missouri
Industrial Development Revenue Bonds
(Riverside Horizons Infrastructure Project - City of Riverside, Missouri),
Series 2007 B - FINAL
Sources & Uses
Dated 05/09/2007 I Delivered 05/09/2007
Sources Of Funds
Par Amount of Bonds
Additional required Equity contribution
Insurance Fee Escrow Deposit
Total Sources
Uses Of Funds
Deposit to Project Construction Fund
Deposit to Debt Service Reserve Fund (DSRF)
Total Underwriters Discount (1.375%)
Deposit to Insurance Premium Escrow
Original Issue Discount (OID)
Costs of Issuance
Insurance Premium (Up front)
Rounding Amount
Total Uses
$10,000,000.00
856,770.77
132,080.00
$10,988,850.77
9,735,000.00
856,770.77
137,500.00
132,080.00
62,50100
53,02 3.72
9,77 7.78
2,198.50
$10,988,850.77
Series 2007 - FINAL 1 Series B 1 4/26/2007 1 12:19 PM
Stifel, Nicolaus & Company, Incorporated
Public Fnonce
Page 12
The Industrial Development Authority of the City of Riverside, Missouri
Industrial Development Revenue Bonds
(Riverside Horizons Infrastructure Project - City of Riverside, Missouri),
Series 2007 B - FINAL
Pricing Summary
Maturity Type of Bond Coupon Yield Maturity Value Price Dollar Price
05/01/2027 Term 1 Coupon 4.500% 4.548% 10,000,000.00 99.375% 9,937,500.00
Total
$10,000,000.00 $9,937,500.00
Bid Information
Par Amount of Bonds
Reoffering Premium or (Discount)
Gross Production
Total Underwriter's Discount (1.375%)
Bid (98.000%)
Total Purchase Price
Bond Year Dollars
Average Life
Average Coupon
Net Interest Cost (NIC)
True Interest Cost (TIC)
$10,000,000.00
(62,500.00)
$9,937,500.00
$(137,500.00)
9,800,000.00
$9,800,000.00
$141,857.78
14.186 Years
4.5000000%
4.6409853%
4.6985734%
Series 2007 - FINAL 1 Series B 1 4/26/2007 1 12:19 PM
Stifel, Nicolaus & Company, Incorporated
Public Finance
Pace 13
The Industrial Development Authority of the City of Riverside, Missouri
Industrial Development Revenue Bonds
(Riverside Horizons Infrastructure Project - City of Riverside, Missouri),
Series 2007 B - FINAL
Debt Service Schedule
Insurance
Date Principal Coupon Interest Premium Total PN Fiscal Total
1)5/01/20)7
11/01/2007 - 215.111.111 • 215,1111.111 -
050)1/21810 - - 22500.0)) 10.00.01 2351111.111 -
(65/30/2108 - - - - - 4511.101.18)
11/01/2008 - - 2251111.10 - 225.011.0) -
050)1/2100/ - - 225.001.00 10.001.111 235.(10000 -
116/302119 - - - - - 4611.00111
1181121119 - - 225.1111.111 - 225.011111
05/11/2010 - - 2251111.(0 1)1(0(10 735./0X1(11 -
06/30/21110 - - - - - 401,100.0)
11/012010 - - 225.1111.111 - 225.1011111 -
(15/01/21)11 - 2251111/11 111.140(481 235.0111111 •
06/30/2011 - - - - - 460.1101.101
11/01/21111 - - 225.001111 • 2252010.00
05/01/2012 - - 225.110111 10.010111 735.1111.0) -
06/30/2012 - - - - - 460.1401.10
11/01/22(112 - - 225.011.(1) - 225348(211
05/01/21113 22500.00 10001110) 23500.111 •
(1(/3112013 - - - - 460.1111.111
11411/2013 - - 275,1111.111 - 225(88)18)
(15/111/21114 5300111.111 4.51154 2251110.111 9.470.111 764.47014)
(01302))I4 - - - - 989.47001
11/01/2014 - 713.075141 - 213.075111
115/012015 5511.0111111 4.5005 213.075111 8.920.(0 771.995.(11
(16/362015 - - - - - 9851(70110
11411/2015 2111.7(1)111 - 200,70400
05/01/2016
05/01/2016 575,00(,(41 4.5101 2111.7111,111 8.345111 764.04500
06/30/2016
)(6/30/2016 - - - 984.745.111
118(12016 181762.50 - 107.762.50
05/01/2017 605)08)0) 4.5(031 187.76251 7.740111 001.502.50
(16/302017 - - 980.2650(
114112(117 • - 174,15010 - 174,150111
05011/010 630400111 4.5011'7 174,151101 7.110,1 11 %11.260.111
003021118 - - - - 96.5.41001
11/0121118 - - 159.975111 - 159,97540
05/012019 601,101010) 4.510) 159.975111 6451((0) 026.475111
00302019 - - - - - 986.4111.11)
115(1121119 - - 145.125.111 (25.12510
055411/2021) 69141141.111 4.5)8)4 145.175111 5.7(01.(11 %4(1.%05111
00/50/262)1 - - - - - 986.010.111
114112020 - - 170.6(11.0) - 129.6111.111
(154112021 7211.1110.0( 1511") 129.00.101 5.040.111 054.6411111
06/302021 - - - - 984.24)1,111
11411/7021 - 113,41000 - 113.4111.011
05/012072 75)1.000.00 4.5007 113.4(11.11) 4,29(1.111 067.690401
06/302122 - - - - 901.190141
114112022 - 96.5225.10 - 96.525.(%1
)(5811/7123 7051111/11 96525.00 3.505111 885.030.(11
116/30/2023 - - - 981.555111
111012023 - - 78.862,50 - 78.062.50
1154112024 82111001.111 4,51114 78.86250 2.685.(11 901.54751
(16/30/7024 - - - - - 980.410.111
11101/2124 - - 61.412.50 - 60.412.51)
05/012125 055.011.00 4.500,1 (01412.511 1.830.(11 917.242.5(1
003112025 - - - - 977.655.01
11411/725 - - 41.175011 - 41.175.111
115411/2026 095,1111.111 4.5(1'4 41.17.5.111 935111 937.110.00
11030/2026
116/311/21126 - - - - - 978.285.00
11/012126 - - 21.037.511 - 21.037.511
(1501/21)27 935,1111.111 4,5(115 21,037.50 - 956037.511
(16/30/727 - - - - - 9773)75111
Total $10,000,0011.00 - S6.3113.600.00 5132,0110.10 816515,611040
Yield Statistics
Bond Ycur 0.11011
Aceregc Life
Average Coupon
Net Interest Coq (NIC)
True Inleresl Cost )TIC1
Bund Vicki for Arbitrage Parncs
011 ficfMivc Cont (AIC)
IRS Form 8030
0141,057.70
14.186 Yearn
4.50000004
4.6409863'4
4.6985784'7
4,59154404
4.8575284'4
Ncl Were. Cnsl
Weighted Avera7c Maturity
Senes 2007- FINAL 1 Sens 9 1 4/202007 1 12:19 PM
4.5726372'4
14.186 Years
S .fel. Nlcol0us & Company, Incorporated
The Industrial Development Authority of the City of Riverside, Missouri
Industrial Development Revenue Bonds
(Riverside Horizons Infrastructure Project - City of Riverside, Missouri),
Series 2007 B - FINAL
Net Debt Service Schedule
Insurance
Fiscal
Date Principal Coupon Interest Premium Total P+I DSR Net New DIS Total
05/09/2007 - - - - - - -
11/01/2007 - - 215.000.00 215.000.00 (18.785.79) 196.214.21
05/01/2008 - - 225.000.00 10,000.00 235.000.00 (19.669.51) 215.330.49 -
06/30/2008 - - - - - - 411.544.70
11/01/2008 - - 225.000.00 - 225.000.00 (19.669.51) 205.330.49 -
05/01/2009 - - 225.000.00 10.000.00 235,000.00 (19.669.51) 215330.49 -
06/30/2009 - - - - - - - 420.660.98
11/01/2009 - - 225.000.00 - 2225.000.00 (19.669.51) 205.330.49 -
05/01/2010 - 225.000.00 10.000.00 235,000.00 (19.669.51) 215330.49 -
06/30/2010 - - - - - 420,660.98
11/01/2010 - - 225.000.00 - 225.000.00 (19.669.51) 205330.49
05/01/2011 - - 225.000.00 10.000.00 235,000.00 (19.669.51) 215 330.49
06/30/2011 - - - - 420.660.98
11/01/2011 - - 225.000.00 - 225.000.00 (19.669.51) 205.330.49
05/01/2012 - - 225,000.00 10.000.00 235.000.00' (19,669.51) 215.330.49
06/30/2012 - - - - - - - 420.660.98
11/01/2012 - - 225.000.00 - 225.000.00 (19.669.511 205330.49
05/01/2013 - - 225.000.00 10.000.00 235.000.00 (19.669.51) 215.330.49 -
06/30/2013 - - - . - - 420,660.98
11/01/2013 - 225.000.00 225.000.00 (19.669.511 205330.49
05/01/2014 530.000.00 4.500% 225.000.00 9.470.00 764.470.00 (19.669.51) 744.800.49
06/30/2014 - - - - - - 950.130.98
11/01/2014 - - 213.075.00 213.075.00 (19.669.51) 193.405.49
05/01/2015 550.000.00 4.5009 213.075.00 8.920.00 771.995.00 (19.669.51) 752325.49 -
06/302015 - - - - - - - 945.730.98
11/01/2015 - 200.700.00 - 200.700.00 (19.669.51) 181.030.49
05/01/2016 575.000.00 4500% 200.700.00 8345.00 784.045.00 (19.66951) 764375.49
06/30/2016 - - - - - - 945.405.98
11/01/2016 - - 187.762.50 - 187.762.50 (19.669.511 168.092.99
05/01/2017 605.000.00 4.5009 187,762.50 7.740.00 800.502.50 (19.669.51) 780.832.99
06/30/2017 - - - - - - 948.925.98
11/01/2017 - - 174,150.00 - 174.150.00 (19.669.51) 154.480.49
05/01/2018 630.000.00 4.5009 174,150.00 7,1 10.00 81 1260.00 (19,669.51) 791.590.49 -
06/30/2018 - - - - - - 946.070.98
11/01/2018 - - 159.975.00 - 159.975.00 (19.669.51) 140.305,49
05/01/2019 660.000.00 4.5009 159.975.00 6,450.00 826.425.00 (19.669.51) 806.755.49
06/30/2019 - - - - - - 947.060.98
11/01/2019 - 145,125.00 - 145.125.00 (19.669.51) 125.455.49
05/01/2020 690.000.00 4.5009 145,125.00 5.760.00 840.885.00 (19.669.51) 821.215.49 -
06/30/2020 - - - - - - 946.670.98
11/01/2020 - - 129.600.00 129.600.00 (19.669.51) 109.930.49
05/01/2021 720.000.00 450054 129.600.00 5.040.00 854.640.00 (19.669.51) 834.970.49
06/30/2021 - - - - - - 944.900.98
11/01/2021 - - 113,400.00 - 113,400.00 (19.669.51) 93,730.49
05/01/2022 750.000.00 4.5009 113.400.00 4.290.00 867.690,00 (19.669.51) 848.020.49
06/30/2022 - - - - - - 941,750.98
11/01/2022 - 96.525.00 - 96.525.00 (19.669.51) 76.855.49
05/01/2023 785.000.00 4.5009 96,525.00 3.505.00 885,030.00 (19.66951) 865,360.49
06/30/2023 - - - - 942.215.98
11/01/2023 - - 78.862.50 - 78,862.50 (19.669.51) 59.19299
05/01/2024 820,000.00 4.5009 78.862.50 2.685.00 901.547.50 (19.669.51) 881.877.99 -
06/30/2024 - - - - - - 941.070.98
11/01/2024 - - 60,412.50 - 60.412.50 (19.669.51) 40,742.99
05/01/2025 855.000.00 4.5009 60.412.50 1.830.00 917242.50 (19.669.51) 897.572.99 -
06/30/2025 - - - - - 938,315.98
11/01/2025 - 41.175.00 - 41.175.00 (19.669.51) 21,505,49
05/01/2026 895.000.00 4.5005) 41,175.00 935.00 937.110.00 (19.669.51) 917.440.49
06/30/2026 - - - - - - 938.945.98
11/01/2026 - - 21.037.50 21.037.50 (19,669.51) 1,367.99
05/01/2027 935.000.00 4.5009 21.037.50 - 956,037.50 (876,440.28) 79,59722
06/30/2027 - - - 80,965.21
Total $10,000,000.00 - $6,383,600.00 $132,080.00 $16,515,680.00 (1,642,667.45) $14,873,012.55
Series 2007 - FINAL 1 Series a 1 1/26/2007 1 12:19 PM
Stifel, Nicolaus & Company, Incorporated
PLIb'c FHance
Page 15
IV. STANDARD & POOR'S CREDIT ANALYSIS
1:\N I );\k1 )
PUBLIC FINANc1J
PrintetyCredit Analysts:
'
John Kenward
Chicago
(1)312-233.7003
john_kenward®
standardandpoors.com
Secondary Credit Analysts:
Corey Friedman
Chicago,
(1)312.233.7010
coreyjnedmane
standardandpoors.Gam
Radgjirect
PublicationlData--'
March 5, 2007
Riverside Industrial Development Authority, Missouri
Riverside
Credit Profile
!US$40. mil indl dev rev bods (serial &term beds) (Riverside Horizons Infrastructure Proj - Riverside, MO) ser 2007
iA&B
Long Tenn Rating BBB/Stable
Riverside tax incre rev bnds (L -3B5 Levee Redev Proj) ser 2004
Long Tenn Rating BBB/Stable Affirmed
New
Rationale
Standard & Poor's Ratings Services assigned its 'BBB' rating, and stable outlook, to Riverside
Industrial Development Authority, Mo.'s series 2007A and 2007B industrial development
revenue bonds, issued for the city of Riverside.
The rating reflects the city's:
Reliance on lease and gaming tax revenues from the Argosy Casino, which is owned by
Penn National Gaming (BB/Stable), to fund city operations and capital improvements;
■ Below-average income levels; and
• Very high debt burden.
These weaknesses are tempered by the city's:
Participation in the diverse Kansas City, Mo., MSA economy; and
• Very strong financial reserves, which are supported by substantial annual gaming revenues.
Standard & Poor's also affirmed its 'BBB' rating on the city's series 2004 tax increment
revenue bonds, reflecting the city's pledge, subject to annual appropriation, to provide funds to
make debt service payments in the event that incremental revenues from the city's levee area
tax increment financing (TIF) district are insufficient. Incremental revenues from the levee area
Riverside Industrial Development Authority, Missouri
Riverside
TIF district currently cover most of the debt service on the city's series 2004 and earlier tax increment
revenue bonds, and are projected by the city to provide complete debt service coverage on the tax
increment revenue bonds by fiscal 2008.
The series 2007 bonds are secured by the city's pledge to appropriate, on an annual basis, the
necessary funds to make annual debt service payments. Debt service is expected to be paid from
incremental revenues from the city's levee district, as well as gaming tax revenues. Proceeds from the
city's future sale of land in the levee redevelopment area will be used to redeem the series 2007B bonds
before maturity. Even if none of the series 2007B bonds are redeemed early, and incremental revenues
do not grow as expected with development in the levee area, the city's annual intake of casino gaming
revenues is more than adequate to pay debt service on both series 2007 bonds. Gaming tax revenues in
2006 provide 2.3x coverage of projected maximum annual debt service (MADS) on the series 2007
bonds, and provide total MADS coverage, including the tax increment revenue bonds, of 1.5x.
Riverside (population 2,979) is located on the Missouri River, just north of downtown Kansas City
(`AA' GO rating) in Platte County. The local economy is based mostly on the Argosy Casino 1;934
employees) and several small manufacturing companies. Residents also have easy access to a wide
variety of employment opportunities in downtown Kansas City, and in neighboring suburbs. Median
household effective buying income levels were at 90% and 82%, respectively, of state and national
levels in 2003. The estimated market value of the property tax base is currently $284 million, which is
a high $95,230 per capita.
The city's financial position is anchored by the collection of gaming and lease revenues frorn the
casino, which began operations in 1994. Casino -related revenues provide a large operating surplus for
the city each year; as a result, the city does not levy property taxes. The casino plans to open a hotel
next to the casino riverboat in April 2007, which is expected to result in enhanced future gaming
revenues. At fiscal year-end June 30, 2006, the city reported a total general fund balance of $39.1
million (938% of expenditures), all of which is unreserved. Although it does not have a formal fund
balance policy, the city targets general fund reserve levels at no less than $25 million. The city has
maintained general fund cash and investments at $25 million or higher since fiscal 2001. The city
ended fiscal 2006 with a $3.2 million general fund surplus, following the transfer out of $9.4 million
for capital projects. General fund revenues in 2006 consisted of gaming tax proceeds (47%), lease
payments from the casino for the use of city -owned land (25%), investment income (8%), and sales
taxes (7%). The city's gaming tax, which brought in nearly $8 million in fiscal 2006, is used for capital
expenditures and debt service, and can be used to support operations, if necessary.
The city's financial practices are considered good under Standard & Poor's Financial Management
Assessment (FMA). An FMA of good indicates that practices exist in most areas, although not all may
be formalized or regularly monitored by governance officials. Management reviews revenues and
expenditures on a monthly basis, prepares monthly budget reports for the city council, and provides the
council with a comprehensive quarterly budget update. Financial projections are updated annually for
the current and four subsequent fiscal years; the projections are provided to the council as part of the
budgeting process. Capital spending is budgeted with the help of a five-year capital improvement plan
that is updated twice yearly. The city has its own investment policy, and quarterly investment reports
are provided to the council. The city does not have a debt management policy at this time, which is not
surprising, given the city's use of gaming tax revenues for capital projects. Although the city does not
Standard & Poor's 1 ANALYSIS 2
Riverside Industrial Development Authority, Missouri
Riverside
have a formal fund balance policy, the council and management target maintaining a minimum of $25
million of cash and investments in the general fund.
The city's small population and limited tax base lead to a very high per capita debt burden, at
$24,600 per capita and 25.8% of market value. The city pays debt service on its various bond.—not
from a debt service extension, but with tax increment revenues and payments in lieu of taxes from the
levee redevelopment area, and from gaming tax proceeds. The city recently constructed new municipal
and public safety buildings with gaming tax proceeds; the gaming tax is expected to provide fer the
city's capital needs going forward. As a consequence of the large amount of gaming tax revenues
flowing into the city each year, the city has no additional debt plans at this time.
Outlook
The stable outlook reflects Standard & Poor's expectation that the city will continue to maintain strong
reserve levels as it completes planned infrastructure improvements to its levee redevelopment area, and
that gaming revenues will continue to come in at current or higher levels. The outlook also refiects the
expectation that the city will have limited additional debt needs going forward.
Levee Redevelopment District
The Riverside-Quindero Levee District was created following the 1993 floods that devastated Riverside
and other communities on both banks of the Missouri River. Following the flooding, the levee district
and Riverside developed a financing plan for the levee project. The city's 2003 BANs, which were
refunded with series 2004 bond proceeds, were used to finance construction of the city's portion of the
levee improvement project.
The L-385 levee protects approximately 1,300 acres, including more than 800 acres of vaunt land,
from a 500 -year flood. The levee improvements were completed in spring 2005. A road interchange
within the protected area is being financed with cash from the city; a state grant is expected to be
completed in 2007. The city owns 537 acres within the project area, 400 acres of which the city expects
will be sold to private developers once road and other infrastructure improvements are completed. As
the infrastructure improvements are completed, the developable area will be available for retail,
commercial, and industrial uses.
Ratings Detail IAs 0105 -Mar -20071
Rtreistde lI 0ev llttlli.Ntasoun
rRwerstd Misstp r€.
ERiverside leader Path (Riverside) Ind! dev rev beds (seral'&terra beds)D
tA&B
Lo, Tem Reties
www.standardandpoors.com
;R pssMlr tuetwirfii R erside.Mo)ser200l
New Rating
3
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