Page 84 - 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)

Lines of Credit

The City has no available, unused lines of credit.

b. Changes in Long-term Debt - Business-Type Activities
The following is a schedule of changes in business-type activities long-term debt for the
year ended June 30, 2025:

Balance Balance Due Within
July 1, 2024 Additions Deletions June 30, 2025 One Year
Direct Placements
Finance Leases - Streetlight Refinancing, 2021 $ 5,936,832 $ - $ (506,055) $ 5,430,777 $ 523,769
Other Debt
Refunding Lease Revenue Bonds, 2014 2,510,101 - (2,510,101) - -
Unamortized premium/discount 93,551 - (93,551) - -
Lease Revenue Bonds, 2019 15,830,000 - - 15,830,000 -
Unamortized premium/discount (275,074) - 11,003 (264,071) (11,003)
Refunding Lease Revenue Bonds, 2021 26,360,000 - (1,460,000) 24,900,000 1,470,000
Refunding Lease Revenue Bonds, 2024 - 2,314,584 (184,450) 2,130,134 150,195
Unamortized premium/discount - 266,599 (24,236) 242,363 24,236
Totals $ 50,455,410 $ 2,581,183 $ (4,767,390) $ 48,269,203 $ 2,157,197
Direct Borrowing/Direct Placements

2021 Streetlight Refinancing

2021 Streetlight Refinancing in the original issue amount of $7,402,587 refinanced the
remaining balance of the 2018 Streetlight Financing agreement. The original agreement funded
the purchase of approximately 9,411 streetlights from Southern California Edison (SCE) and
the retrofit of those lights, as well as the approximately 2,000 additional streetlights already
owned by the City, with LED fixtures. The bonds will bear interest of 3.47% and are subject
to optional redemption beginning in 2026. Debt service payments will be paid through MVU
streetlight rates.

The annual debt service requirements for the 2021 Streetlight Refinancing outstanding at
June 30, 2025, are as follows:

2021 Streetlight Refinancing
Year Ending June 30, Principal Interest Total
2026 $ 523,769 $ 183,904 $ 707,673
2027 542,103 165,570 707,673
2028 561,078 146,595 707,673
2029 580,718 126,955 707,673
2030 601,045 106,628 707,673
2031 - 2034 2,622,064 208,629 2,830,693
Totals $ 5,430,777 $ 938,281 $ 6,369,058

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