Page 82 - Moreno Valley 2025 Annual Financial Report

City of Moreno Valley, California

Notes to Financial Statements
For the Year Ended June 30, 2025

Note 6. Long-term Debt (Continued)

The annual debt service requirements for the 2024 Refunding of 2014 Lease Revenue Bonds
outstanding at June 30, 2025, are as follows:

2024 Refunding of 2014 Lease Revenue
Bonds
Year Ending June 30, Principal Interest Total
2026 $1,274,805 $872,123 $2,146,928
2027 1,328,481 807,041 2,135,522
2028 1,404,522 738,716 2,143,238
2029 1,471,617 666,812 2,138,429
2030 1,543,185 591,442 2,134,627
2031 - 2035 8,977,311 1,685,985 10,663,296
2036 2,079,945 51,999 2,131,944
Totals $18,079,866 $5,414,118 $23,493,984

2020 Total Road Improvement Program Certificates of Participation

Taxable refunding certificates of participation in the original amount of $20,970,000 were issued
for the purpose of refunding the outstanding balance of the 2013 Total Road Improvement
Certificates of Participation and certain costs related to the issuance of the certificates. The
bonds mature in serial fashion through June 2035 and in term fashion through June 2019.
The certificates bear interest rates ranging from 0.435% to 3.238%. The bonds are subject to
optional redemption after June 2030. This issue is fully insured in the event of non-payment
by the City. The transaction resulted in an economic gain of $1,313,094 and a reduction of
$1,665,223 in future debt service payments.

The annual debt service requirements for the 2020 Total Road Improvement Program
Certificates of Participation outstanding at June 30, 2025, are as follows:

2020 Total Road Improvement Program
Certificates of Participation
Year Ending June 30, Principal Interest Total
2026 $ 990,000 $ 404,695 $ 1,394,695
2027 1,005,000 390,815 1,395,815
2028 1,015,000 374,715 1,389,715
2029 1,040,000 355,237 1,395,237
2030 1,060,000 334,240 1,394,240
2031 - 2035 5,685,000 1,290,909 6,975,909
2036 - 2039 5,160,000 424,664 5,584,664
Totals $ 15,955,000 $ 3,575,275 $ 19,530,275

Lease Payables

Lease payables consist of agreements of payment obligations for the use of land, building,
and equipment owned by other entities. The remaining terms of the agreements range from
1 to 33 years. The incremental borrowing rate ranges from 0.727% to 3.711%. For the year
ended June 30, 2025, the City paid $234,988 and $231,088 in lease payment and $12,383 and
$55,945 in interest payment for General Fund and CSD Zones, respectively. The outstanding
payables are in the amount of $2,396,730 as of June 30, 2025.

65