Page 85 - 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)

Other Debt

2019 Lease Revenue Bonds
2019 Lease Revenue Bonds (Taxable) in the original issue amount of $15,830,000 were
issued for the purpose of financing capital improvements of the City including installation
of approximately 5.8 miles of 12Kv backbone infrastructure, retrofit and/or replacement of
switches, and installation of smart meters and associated data collection system. The bonds
will mature in serial and term fashion through 2049 and bear a true interest cost of 4.00%
per annum. The Series 2019 Bonds will share the “Master Lease” bond structure to secure
repayment of the bonds that is also being used to secure the 2015 and the 2016 Lease Revenue
Bonds. This allows the City to pledge fewer assets over time for future lease financings. The
bonds will be secured primarily by four assets in the master lease, Kitching Substation, Moreno
Beach Substation, the Conference and Recreation Center and the Corporation Yard.

The annual debt service requirements for the 2019 Lease Revenue Bonds outstanding at
June 30, 2025, are as follows:

2019 Lease Revenue Bonds
Year Ending June 30, Principal Interest Total
2026 $ - $ 633,200 $ 633,200
2027 - 633,200 633,200
2028 - 633,200 633,200
2029 - 633,200 633,200
2030 - 633,200 633,200
2031 - 2035 - 3,166,000 3,166,000
2036 - 2040 2,085,000 3,125,000 5,210,000
2041 - 2045 6,005,000 2,287,600 8,292,600
2046 - 2049 7,740,000 827,600 8,567,600
Totals $ 15,830,000 $ 12,572,200 $ 28,402,200

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