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WGFP Funding Comparison (Hilltop Securities Inc.)
<br />City of Louisvi le, Calorada
<br />Windy Gap Financing Analysis
<br />As of 812512029
<br />Assumptions - Pooled Ti-2 nsaction
<br />Term: 20 Years
<br />Total Project Site: i5r600,6E0
<br />CWCB Proceeds- ir000,6E0
<br />Public Deal Proceeds: 14,600,000
<br />Transaction Rating: AA-
<br />Year
<br />CWCB Loan Debt
<br />Servicem
<br />Publicly Sold
<br />Bonds Net 05m.
<br />CWCB
<br />ReserveN.
<br />Liquidity
<br />Reserve)'
<br />Total Cash
<br />Flows
<br />2C121
<br />923,850
<br />10,000
<br />926,150
<br />1,860,200
<br />2E22
<br />925,600
<br />10,000
<br />935,600
<br />2023
<br />65,500
<br />921,350
<br />10,6E0
<br />997,190
<br />2E24
<br />64,564
<br />926,350
<br />10,6E0
<br />1,001,214
<br />2025
<br />68,92E
<br />925,10E
<br />10,000
<br />1,0134,02E
<br />2E26
<br />67,ii88
<br />922,85E
<br />10,6E0
<br />1,EO0,738
<br />2027
<br />66,94E
<br />924,60E
<br />10,000
<br />1,001,44E
<br />2028
<br />65,80E
<br />925,10E
<br />10,000
<br />1,000,90E
<br />2029
<br />59,76E
<br />924,350
<br />10,000
<br />1,004,11E
<br />2030
<br />68,624
<br />922,350
<br />10,000
<br />1,000,974
<br />2C31
<br />67,480
<br />924,10E
<br />991,580
<br />2032
<br />66,336
<br />924,350
<br />%0,686
<br />M33
<br />65,192
<br />923,10E
<br />988,292
<br />M34
<br />69,048
<br />925,35E
<br />994,39E
<br />2E35
<br />67,500
<br />925,85E
<br />993,650
<br />ZC136
<br />66,552
<br />924,60E
<br />991,152
<br />2037
<br />65,304
<br />924,20E
<br />989,504
<br />2038
<br />69,1)56
<br />922,60E
<br />991,656
<br />2039
<br />67,704
<br />924,600
<br />992,504
<br />2040
<br />66,352
<br />462,425
<br />-100,000
<br />-926,350971573
<br />Total
<br />1,209,352
<br />18,022,675
<br />0
<br />01
<br />19,232,227
<br />Assumptions -City Transaction
<br />Term: 20 Years
<br />Total Project Site: 19,6001000
<br />Transaction Rating: AA -
<br />Year
<br />Principal Interest
<br />Total Debt Service f
<br />Cash FlowO)
<br />2O21
<br />380rpo0 581,4511
<br />961,450
<br />2C22
<br />400,000 562,450
<br />962,450
<br />2C23
<br />420roo0 542,4511
<br />962,450
<br />2024
<br />440ro00 521,4511
<br />961,450
<br />2025
<br />460,000 499,45E
<br />959,450
<br />2026
<br />485r000 476,450
<br />961,450
<br />2027
<br />510,000 452,200
<br />962,200
<br />2028
<br />535,000 426,700
<br />961,700
<br />2C29
<br />560r0o0 399,9511
<br />959,950
<br />2U30
<br />590,00C 371,950
<br />961,950
<br />2C31
<br />620rOo0 342,4511
<br />962,450
<br />2C32
<br />650,000 311,450
<br />961,450
<br />2C33
<br />685rOo0 279,950
<br />963,950
<br />2D34
<br />715r0o0 244,700
<br />959,700
<br />2035
<br />755,000 298,950
<br />963,950
<br />203E
<br />790r0o0 171,20E
<br />961,20E
<br />2037
<br />820,Oo0 139,600
<br />959,600
<br />2C38
<br />855,Oo0 196,900
<br />961,80E
<br />2C39
<br />890ro00 72,60E
<br />962,600
<br />204E
<br />925,000 37,000
<br />962100E
<br />Total
<br />12,485ro00 6,74fl,2COI
<br />19,233r200
<br />(1) Assumes an interest rate of 2.H%. The City would not make payments on the CWCB loan until funds are drawn. Assum es f rst draws are in 2022 with
<br />first payment in 2023.
<br />(2) Assumes M M D as of August 19, 2020 plus credit spreads fora AA- rated transaction_ Structured for level debt service. Reserve fund is funded with bond
<br />proceeds at 50% of the standard three -pronged test and is used to pay debt service in the final year_ Assumes u nderwriters d iscount of SS_00 per $1,000 of
<br />par and 575100E of oast of issuance attributed to the Louisville portion of the transaction_
<br />(3) Assumes a reserve requ irement for the CWCB loan that is equal to 1096 of the par amount attributed to Louisville. Allows for a funding of the reserve
<br />overten years. The reserve is returned W the City or available to pay debt service at the end of thefinancing term.
<br />(4) Assumes a liquidity reserve equal to the maximum annual debt service of the pooled Tina n€ing transaction must be contributed by the City to be held
<br />for the duration of the transaction by the Subdistrict_ The reserve will be returned to the City at the end of the financing term _
<br />(5) Assumes MMD as of August 19, 202E plus credit spreads for a AA- rated transaction_ Structured for level debt service and assumes underwriter's
<br />discount of $5.00 per $1,000 of par and $150,OW of cost of issuance. Does not include a reserve fund.
<br />• This analysis oes not incorporate any interest earnings on the Debt Service Reserve Fund forthe pooled transacdonr the CWCB Reserve or the Liquidity
<br />Reserve. The currentyield on COLOTRUST Prime is approximately 0.101896.
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