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2015 Debt Policy Study

St. Mary’s County, Maryland

St. Mary’s County Metropolitan Commission

April 21, 2015

Table of Contents

A Executive Summary

B County Financial and Debt Analysis

Financial Trend Analysis

Tax-Supported Debt Profile, Key Ratios and Current County Policies

Peer Group, State, National Median Comparatives

Capital Improvement Plan and Policy Impact Analysis

C Metropolitan Commission Financial and Debt Analysis

Overview and Policy Considerations

Key Ratios, Historical Performance, and National Medians

Current Debt Profile and CIP

D Potential Refunding Opportunities

E Summary and Next Steps

Appendices: Detailed Financials, Debt Service Schedules

April 21, 2015 1 St. Mary's County

A. Executive Summary

2 April 21, 2015 St. Mary's County

April 21, 2015 St. Mary's County 3

Executive Summary – County Government

St Mary’s County is operating well within its self-imposed financial and debt policies, and compares favorably to both

regional peer governments, and state and national medians.

– A five-year financial trend analysis shows the County’s reserve levels in the “Best Practice” range;

– The County’s debt amortization is rapid, providing opportunities for future deployment of cash into other projects

(via Pay-Go or debt funding);

– The County’s debt level is below several peers and national averages for similar-sized governments;

– The County’s current Debt to Assessed Value ratio is well below its 2% policy, demonstrating ample debt capacity;

– The County’s current Debt Service to Revenues ratio is well below its 10% policy, demonstrating strong debt

affordability;

– Even after the addition of the County’s full bond-funded 5-Year Capital Improvement Program, the County is

projected to remain well within its Debt to Assessed Value and Debt Service to Revenues limits;

– Furthermore, a “base case” Debt Affordability Analysis shows that the County can issue its full planned CIP with a

minimal Tax-Equivalent Impact, if any at all.

Executive Summary – Metropolitan Commission


The financial and debt profile of St Mary’s County Metropolitan Commission (“MetCom”) is strong, as evidenced by

MetCom’s favorable comparison to national Water & Sewer medians on a range of Key Ratios:

– The debt burden does not greatly exceed that of peer utilities;

– Debt amortization for MetCom is relatively fast as compared to national medians;

– The cost of the utility to the customer is slightly below national medians;

– MetCom’s operating margins are consistent with similarly-rated systems;

– MetCom continues to demonstrate ample ability to pay debt service after accounting for operating expenses;

– Liquidity has historically been strong and continues to strengthen, comparing favorably with national medians.

As MetCom’s current statutory debt policy is outdated (see page 31), the Commission may consider formally adopting

another policy ratio(s), such as a Maximum Total Outstanding Long Term Debt Per Customer, or Minimum Annual Debt

Service Coverage;

MetCom has primarily issued debt through the Maryland Department of Housing & Community Development (CDA).

However, given MetCom’s very strong financial, management, and debt track record, other, potentially more efficient and

flexible financing mechanisms might be available;

• In fact, if MetCom were to issue “standalone” bonds it is likely that such bonds would price more competitively than

CDA bonds, due to MetCom’s financial strength, and the market’s reception of CDA (housing related) debt.

Similarly, given its relatively rapid debt repayment, MetCom might consider issuing longer debt, i.e., up to a 30-year term,

which would free up additional cash-flow, and further encourage “inter-generational equity;”

Given the above considerations (MetCom’s strong operations and management, solid reserves/liquidity, manageable

debt profile, etc), MetCom might wish to consider either:

• Establishing itself as a truly “standalone” Utility Revenue Credit (as its operations are currently in line or slightly

better than a ‘AA’ rated standalone Utility System), thereby removing the need for County G.O. backing; or

• Marginally “tightening” its operations (i.e., reducing rates, operating margins, liquidity, etc) to more closely align with

a General Government/Tax supported enterprise.

Finally, based on current market conditions, MetCom may have the ability to refinance some of its existing long-term debt

for debt service savings. Preliminary results are provided in section D.

Qualitative Observations/Recommendations– MetCom


B. County General Fund Analysis and Peer Comparatives


St. Mary’s County will be compared to the following Peer Group so as to provide a frame of reference for the County’s

performance vs. similarly-sized and rated counties in the state:

– Calvert County (Aa1 /AAA – Moody’s/S&P)

– Cecil County (Aa2/AA+)

– Charles County (Aa1 /AAA)

– Queen Anne’s County (Aa2/NA)

– St. Mary’s County (Aa2/AA+)

– Talbot County (Aa2/NA)

– Washington County (Aa2/AA+)

– Wicomico County (Aa2/AA+)

– Worcester County (Aa2/AA+)

Peer Group Overview


Worcester County St. Mary’s County

Washington County Cecil County

Talbot County

Queen Anne’s County

Charles County

Calvert County

Wicomico County

0 50,000 100,000 150,000

St. Mary's

National 'Aa' Median

Maryland 'Aa' Median

Worcester

Wicomico

Washington

Talbot

Queen Anne's

Charles

Cecil

Calvert

Population (2010 Census)


Population

Source: US Census Bureau

County Population (2010 Census)

Calvert 88,737

Cecil 101,108

Charles 146,551

Queen Anne's 47,798

Talbot 37,782

Washington 147,430

Wicomico 98,733

Worcester 51,454

Maryland 'Aa' Median 99,921

National 'Aa' Median 98,514

St. Mary's 105,151

The County’s audited 2010-2014 Statement of Revenues, Expenditures and Changes in Fund Balance for the General

Fund are summarized below.


Historical Financials – General Fund

Source: CAFRs,

See Appendix A for line item detail of General Fund financials.

1 Total Revenues $184,318,500 $195,824,420 $202,664,936 $200,982,338 $204,031,070

2 Total Expenditures $179,634,052 $180,450,069 $183,382,454 $201,215,846 $201,596,913

3 Excess of revenues over expenditures $4,684,448 $15,374,351 $19,282,482 ($233,508) $2,434,157

4 OTHER FINANCING SOURCES (USES)

5 Exempt financing proceeds 230 - - 6,711,403 3,684,217

6 Proceeds from the issuance of bonds - - - - -

7 State loans - - - - -

8 Subsidy to emergency radio communications - - (1,000,000)

9 Subsidy to enterprise funds (1,830,713) (1,433,272) (85,000) (980,065) (1,000,000)

10 Other/private funding sources - 15,041 - - -

11 Construction in progress - SW/REC - - - - -

12 Capital projects - General Fund Pay-Go 955,000 (4,658,549) (11,368,059) (12,855,816)

13 Total other financing sources (uses) ($875,483) ($1,418,231) ($5,743,549) ($5,636,721) ($10,171,599)

14 Net change in fund balances $3,808,965 $13,956,120 $13,538,933 ($5,870,229) ($7,737,442)

15 Fund balances - beginning $28,744,229 $32,553,194 $46,509,314 $60,048,247 $54,178,018

16 Fund balances - end of year $32,553,194 $46,509,314 $60,048,247 $54,178,018 $46,440,576

Audted Fiscal Year

2010 2011 2012 20142013


Fund Balance/Reserves

The County’s Total Cash Reserve Level

(which is comprised of its Unassigned Fund

Balance, Bond Rating Reserve, and Rainy

Day Fund) remains above the 15% “Best

Practice” level.

The County expects Reserves to remain at or

above its current level for FY 2015.

(1) Includes County Bond Rating Reserve, which per County policy must equal a minimum of 6% of net recurring revenues.

(2) Includes Rainy Day Fund, which has increased from $1.625 million in 2010 to $2.3 million in 2014.

(3) Unassigned Fund Balance + Bond Rating Reserve + Rainy Day Fund Source: CAFRs

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

2010 2011 2012 2013 2014

Unassigned GFB as % of Revenues

Best Practice

Fiscal

Year Committed (1) Assigned (2) Unassigned

2010 $184,318,500 $0 $1,492,665 $0 $18,405,882 $12,654,647 $32,553,194 $26,179,647 14.20%

2011 195,824,420 823,119 262,879 12,614,976 2,651,885 30,156,455 46,509,314 43,681,455 22.31%

2012 202,664,936 786,922 77,454 30,466,705 3,819,813 24,897,353 60,048,247 38,422,353 18.96%

2013 200,982,338 2,009,203 108,340 26,148,468 2,424,822 23,487,185 54,178,018 37,212,185 18.52%

2014 $204,031,070 $2,050,354 $212,629 $18,993,769 $2,311,819 $22,872,005 $46,440,576 $37,972,005 18.61%

Total

Reserves as

a % of

Revenues

Non-

spendable

Reserved/

Restricted

Total Fund

BalancesRevenues

General Fund Fund Balance Total

County

Reserves

(3)


Reserve Levels Compared

* Charles County and Washington County record reserves as “Committed” Fund Balance.

**FY 2014 Unassigned Fund Balance + Bond Rating Reserve + Rainy Day Fund

Source: FY 2013 CAFRs, Moody’s Municipal Financial Ratio Analysis

The County’s Reserve position compares favorably with the Peer Group.

0.0% 10.0% 20.0% 30.0%

St. Mary's



Worcester

Wicomico

Washington

Talbot

Queen Anne's

Charles

Cecil

Calvert

Unassigned Fund Balance as % of Revenue (General Fund)*

Unassigned F.B. as a

County % of G.F. Revenues*

Calvert 12.1%

Cecil 8.8

Charles 8.0

Queen Anne's 5.1

Talbot 26.2

Washington 18.4

Wicomico 24.3

Worcester 23.6

Maryland 'Aa' Median 10.2

National 'Aa' Median 25.0

St. Mary's** 18.6

Existing County Debt Profile


*Prepayment may be subject to a “fixed rate prepayment charge” as defined in the relevant bond documents.

Source: CAFRs

Series/Project Original Par

Outstanding

6/30/14 Interest Rate Final Maturity (FY) Call Date

GOVERNMENTAL ACTIVITIES:

General Obligation Bonds:

1 Series 2005 Consolidated Public Impr Bonds 16,260,000 770,000 4.000% 3/1/2015 N/A

2 Series 2009A Refunding Bonds 13,055,000 8,095,000 2.50 - 4.0% 7/15/2019 N/A

3 Series 2009B BABs 16,945,000 16,945,000 4.75 - 5.70% 7/15/2029 7/15/2019 @ 100%

4 Series 2009C Refunding Bonds 15,645,000 13,020,000 3.0 - 5.0% 7/15/2021 7/15/2019 @ 100%

5 Series 2011 Refunding Bond - Tax Exempt 17,107,000 15,085,000 2.250% 11/1/2023 11/1/17 @ 100%

6 Series 2011 Refunding Bond - Taxable 17,250,000 13,635,000 2.410% 10/1/2019 N/A

7 Series 2014 Refunding Bond 9,934,000 9,934,000 2.320% 3/1/2025 Anytime*

Subtotal, G.O. Bonds 106,196,000 77,484,000

State Loans

8 1993 MD DNR - Point Breeze 203,550 32,568 0.000% 2018 Anytime @ 100%

9 1994 MD DNR - Sandgates Road 155,800 6,232 0.000% 2015 Anytime @ 100%

10 2001 MD Water Quality Loan 3,037,789 403,562 2.400% 2016 Anytime @ 100%

11 2004 MD Water Quality Loan 3,934,347 1,513,662 1.100% 2019 Anytime @ 100%

12 2004 MD DNR - Murray Rd Revetment 90,800 50,848 0.000% 2028 Anytime @ 100%

13 2009 MD DNR - Piney Point Lighthouse 840,925 403,644 0.000% 2026 Anytime @ 100%

14 2009 MD DNR - North Patuxent Beach 707,575 311,333 0.000% 2025 Anytime @ 100%

15 2015 MD DNR - Thomas Road 222,000 133,200 0.000% 2029 Anytime @ 100%

Subtotal, State Loans 9,192,786 2,855,049

Other

16 2012 Equipment Lease - Governmental 10,533,901 6,367,947 1.260% 2017 TBD

TOTAL - GOVERNMENTAL ACTIVITIES $125,922,687 $86,706,996

SPECIAL ASSESSMENT

17 1991 MD DNR - Tall Timbers #3 Erosion Project 164,550 13,166 0.000% 2016 Anytime @ 100%

18 1991 MD DNR - Jefferson Island Club, Inc 276,000 13,554 0.000% 2015 Anytime @ 100%

19 2008 MD DNR - Holly Point Shores 250,725 180,513 0.000% 2032 Anytime @ 100%

20 2009 MD DNR - Villas on Waters Edge 544,900 392,328 0.000% 2032 Anytime @ 100%

21 2010 MD DNR - Kingston Creek II 263,600 242,503 0.000% 2037 Anytime @ 100%

TOTAL - SPECIAL ASSESSMENT $1,499,775 $842,064

BUSINESS-TYPE ACTIVITIES

22 2012 Equipment Lease - Business-type 566,099 342,218 1.260% 2017 TBD

TOTAL - BUSINESS-TYPE ACTIVITIES $566,099 $342,218

GRAND TOTAL, PRIMARY GOVERNMENT $127,988,561 $87,891,278

Existing Primary Government Debt Service


Source: County Finance Staff.

Total Primary Government Debt Service

FY Principal Interest Total

Total $87,891,278 $18,042,442 $105,933,720

2015 9,929,024 2,614,169 12,543,193

2016 9,692,713 2,411,498 12,104,211

2017 10,189,621 2,185,776 12,375,397

2018 8,134,319 1,941,966 10,076,285

2019 8,221,337 1,698,772 9,920,109

2020 8,206,821 1,446,711 9,653,532

2021 5,979,821 1,232,466 7,212,287

2022 6,148,821 1,034,222 7,183,043

2023 4,393,821 858,762 5,252,583

2024 4,497,821 714,422 5,212,243

2025 2,917,821 583,187 3,501,008

2026 1,798,518 464,669 2,263,187

2027 1,819,881 367,576 2,187,457

2028 1,879,881 267,748 2,147,629

2029 1,941,249 164,640 2,105,889

2030 2,002,369 55,860 2,058,229

2031 42,369 - 42,369

2032 42,360 - 42,360

2033 10,544 - 10,544

2034 10,544 - 10,544

2035 10,544 - 10,544

2036 10,544 - 10,544

2037 10,535 - 10,535

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

20

15

20

16

20

17

20

18

20

19

20

20

20

21

20

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20

29

20

30

20

31

20

32

20

33

20

34

20

35

20

36

20

37

Mil

lio

ns

Total Primary Gov't Debt Service

Principal Interest

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

20

15

20

16

20

17

20

18

20

19

20

20

20

21

20

22

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20

37

Mil

lio

ns

Debt Service by Type

General Obligation Bonds State Loans (Gen Gov't)

Leases (Gen Gov't) State Loans (Special Assessment)

Leases (Business-Type)

$0 $50 $100 $150 $200

St. Mary's



Worcester

Wicomico

Washington

Talbot

Queen Anne's

Charles

Cecil

Calvert

Millions

Primary Gov't Debt Outstanding ($000)


Governmental Debt Comparison

Source: FY 2013 CAFRs, , Moody’s Municipal Financial Ratio Analysis

The County’s debt outstanding is compared below to the Peer Group.

– Note: Figure for St. Mary’s as of 6/30/14, all others as of 6/30/13.

Goes to

$340 million

Primary Gov't Debt

County Outstanding ($000, 2013)

Calvert 123,173

Cecil 182,695

Charles 342,382

Queen Anne's 107,810

Talbot 34,277

Washington 167,218

Wicomico 98,755

Worcester 82,095

Maryland 'Aa' Median 115,491

National 'Aa' Median 41,980

St. Mary's (2014) 87,891

The County’s Debt Policies state that “the County’s debt cannot exceed 2% of the total assessed valuation of all of the

property in the County that is subject to County taxation during the County’s most recent fiscal year.”

The County’s debt as a percent of Assessed Value remains well below the Policy.

15

Tax-Supported Debt vs. Assessed Value

Source: CAFRs, MD Dept of Assessments and Taxations

April 21, 2015 St. Mary's County

Fiscal

Year Assessed Value

General Gov.

(Tax Supported)

Debt

Tax Supported.

Debt to AV

2010 12,898,164,100 113,821,641 0.88%

2011 13,191,459,207 103,571,006 0.79%

2012 12,556,588,000 96,711,431 0.77%

2013 12,195,705,000 96,594,103 0.79%

2014 12,068,067,270 87,891,278 0.73%0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

2010 2011 2012 2013 2014

Tax-Supported Debt to AV

Tax Supported. Debt to AV County Policy


Debt to Assessed Value Comparison

Debt vs. Assessed Value for the Peer Group as of 6/30/13 is shown below.

– Note: Figure for St. Mary’s as of 6/30/14, all others as of 6/30/13.

Source: FY 2013 CAFRs, Moody’s Municipal Financial Ratio Analysis

0.0% 1.0% 2.0% 3.0%

St. Mary's



Worcester

Wicomico

Washington

Talbot

Queen Anne's

Charles

Cecil

Calvert

Debt to Assessed Value

Debt to Assessed

County Value (6/30/13)

Calvert 1.0%

Cecil 2.0

Charles 1.9

Queen Anne's 1.4

Talbot 0.4

Washington 1.3

Wicomico 1.5

Worcester 0.5



St. Mary's (2014) 0.7


Projected Tax-Supported Debt to Assessed Value (No CIP)

5-Year Average Growth: -1.3%

Assumed Growth:

– FY 2015-17 MD Dept of Taxation

– FY 2018 and After 1.00%

Note: Does not include Enterprise Fund debt as

this debt is assumed to be self-supporting.

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

Projected Gen Gov. Debt to Assessed Value

Debt to AV County Policy

-

2

4

6

8

10

12

14

16

20

10

20

11

20

12

20

13

20

14

20

15

20

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20

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20

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30

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ns

Assessed Value Growth

Historical Estimate Projected

Source: CAFRs, MD Dept of Assessments and Taxations

The County’s Debt Policies state that “General Fund Debt Service shall not exceed 10% of the General Fund Budget.”

Standard & Poor’s Criteria for General Obligation Credits defines Debt Service as a Percent of Expenditures between

8% and 15% as “Strong” (2nd highest category) and below 8% as “Very Strong.”

18

Debt Service vs. Revenues

Source: CAFRs

April 21, 2015 St. Mary's County

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

2010 2011 2012 2013 2014

Debt Service as % of Revenue County Policy

Fiscal

Year

Primary

Government

Debt Service

General Fund

Revenues

Debt Service

as % of

Revenue

2010 10,769,086 184,318,500 5.84%

2011 12,721,711 195,824,420 6.50%

2012 11,619,482 202,664,936 5.73%

2013 10,884,872 200,982,338 5.42%

2014 9,959,968 204,031,070 4.88%


Debt Service to Revenues Comparison

Source: FY 2013 CAFRs, Moody’s Municipal Financial Ratio Analysis.

0.0% 5.0% 10.0% 15.0%

St. Mary's



Worcester

Wicomico

Washington

Talbot

Queen Anne's

Charles

Cecil

Calvert

Primary Gov. Debt Service as % of Revenues

Debt Service vs.

County Revenues (6/30/13)

Calvert 7.4%

Cecil 9.2

Charles 6.9

Queen Anne's 9.3

Talbot 0.1

Washington 7.0

Wicomico 11.3

Worcester 6.1



St. Mary's (2014) 4.9


Projected Tax-Supported Debt Service to Revenues (No CIP)

5-Year Average Growth 2.1%

Assumed Growth:

– FY 2016 and After 1.00%

Notes:

– Does not include Enterprise Fund debt service;

Source: CAFRs, Budgets

-

50,000,000

100,000,000

150,000,000

200,000,000

250,000,000

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

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20

23

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25

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26

20

27

20

28

20

29

20

30

General Fund Revenue Growth

GF Revenue Projected

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

Projected Debt Service to Revenues

Existing DS to Revenues County Policy

The County is well above the “Best Practice Range” for tax-supported principal payout ratios of 50-60%.


Principal Payout Ratio

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

20

15

20

16

20

17

20

18

20

19

20

20

20

21

20

22

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30

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33

20

34

20

35

20

36

20

37

Principal Payout Ratio

Best Practice Range

FY Principal Payout Ratio

Total $87,891,278

2015 9,929,024 11.3%

2016 9,692,713 22.3%

2017 10,189,621 33.9%

2018 8,134,319 43.2%

2019 8,221,337 52.5%

2020 8,206,821 61.9%

2021 5,979,821 68.7%

2022 6,148,821 75.7%

2023 4,393,821 80.7%

2024 4,497,821 85.8%

2025 2,917,821 89.1%

2026 1,798,518 91.1%

2027 1,819,881 93.2%

2028 1,879,881 95.4%

2029 1,941,249 97.6%

2030 2,002,369 99.8%

2031 42,369 99.9%

2032 42,360 99.9%

2033 10,544 100.0%

2034 10,544 100.0%

2035 10,544 100.0%

2036 10,544 100.0%

2037 10,535 100.0%


Capital Improvement Plan

Project Category FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 5-Yr Totals

Public Facilities $20,464,564 $9,641,000 $4,402,000 $9,019,200 $1,187,000 $10,363,400 $55,077,164

Highways 13,385,511 14,706,891 10,719,000 8,927,825 4,310,000 3,864,000 55,913,227

Marine - 4,787,475 4,026,825 686,723 100,000 235,125 9,836,148

Land Conservation 1,824,208 1,755,000 1,755,000 1,755,000 1,755,000 1,755,000 10,599,208

Parks Acquisition & Development 1,842,375 3,385,000 1,020,000 3,662,000 1,505,000 1,055,500 12,469,875

Public Landings 30,000 30,000 30,000 30,000 30,000 30,000 180,000

Public Schools 23,344,006 10,684,382 5,288,000 10,890,000 9,284,000 5,091,000 64,581,388

Total Uses of Funding $60,890,664 $44,989,748 $27,240,825 $34,970,748 $18,171,000 $22,394,025 $208,657,010

Source of Funding FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 5-Yr Totals

State/Federal $18,774,449 $14,452,700 $11,114,858 $14,377,147 $3,289,500 $4,545,650 $66,554,304

Impact Fees - Schools 6,685,000 1,373,000 732,000 3,803,500 2,447,000 2,615,750 17,656,250

Impact Fees -Roads 225,000 225,000 225,000 - 40,000 - 715,000

Impact Fees - Parks 425,000 275,000 125,000 350,000 625,000 412,500 2,212,500

Transfer Taxes 5,350,000 4,250,000 4,250,000 5,000,000 5,000,000 5,000,000 28,850,000

Ag/Recordation & Ag/Transfer/Mit 654,208 505,000 505,000 505,000 505,000 505,000 3,179,208

Grants/donations/other (56,610) 190,000 129,000 86,723 - 235,125 584,238

Pay-Go 1,607,640 2,186,174 101,600 104,000 75,000 - 4,074,414

Bonds 27,225,977 21,532,874 10,058,367 10,744,378 6,189,500 9,080,000 84,831,096

Total Sources of Funding $60,890,664 $44,989,748 $27,240,825 $34,970,748 $18,171,000 $22,394,025 $208,657,010

Summary of Project Estimates

State/ Federal

31.9%

Impact Fees -

Schools

8.5%

Impact Fees -

Roads

0.3%

Impact Fees -

Parks

1.1%

Transfer

Taxes

13.8% Ag

Recordation

&

Ag/Transfer/

Mit

1.5%

Grants/

donations/

other

0.3%

Pay-Go

2.0%

Bonds

40.7%

Sources

Public

Facilities

26.4%

Highways

26.8%

Marine

4.7%

Land

Conservation

5.1%

Parks

Acquisition &

Development

6.0%

Public

Landings

0.1%

Public

Schools

31.0%

Uses

The Total annual bond-funded capital needs of the County, therefore, are as follows:

The following pages show the CIP’s estimated impact on the County’s debt profile and key debt ratios/policies.

Assumptions:

− Debt Service payments begin in the fiscal year after issuance;

− All projects are assumed to be issued at level debt service for 20 years;

− FY 15 issuance assumes 4% all-in interest cost; all other issuances assume 5% all-in interest cost.


CIP Needs – Key Assumptions

FY Issued

Annual Project

Requirement

Annual Borrowing

Amount

2015 $27,225,977 $30,000,000

2016 21,532,874 20,000,000

2017 10,058,367 20,000,000

2018 10,744,378 -

2019 6,189,500 20,000,000

2020 9,080,000 -

Total $84,831,096 $90,000,000


Resulting Debt Profile – General Fund Projects

* Assumptions: Debt Service payments begin in the fiscal year after issuance; All projects are assumed to be issued at level debt service

for 20 years; FY 15 issuance assumes 4% all-in interest cost; all other issuances assume 5% all-in interest cost..

A B C D E F G H

FY 2015 2016 2017 2019

Total $105,933,720 $43,581,000 $31,586,167 $31,586,167 $31,586,167 $138,339,500 $244,273,220

2015 12,543,193 - - - - - 12,543,193

2016 12,104,211 2,180,000 - - - 2,180,000 14,284,211

2017 12,375,397 2,179,800 1,581,667 - - 3,761,467 16,136,863

2018 10,076,285 2,178,400 1,579,250 1,581,667 - 5,339,317 15,415,602

2019 9,920,109 2,180,400 1,578,000 1,579,250 - 5,337,650 15,257,759

2020 9,653,532 2,180,600 1,580,250 1,578,000 1,581,667 6,920,517 16,574,048

2021 7,212,287 2,179,000 1,580,750 1,580,250 1,579,250 6,919,250 14,131,537

2022 7,183,043 2,180,600 1,579,500 1,580,750 1,578,000 6,918,850 14,101,893

2023 5,252,583 2,180,200 1,576,500 1,579,500 1,580,250 6,916,450 12,169,033

2024 5,212,243 2,177,800 1,576,750 1,576,500 1,580,750 6,911,800 12,124,043

2025 3,501,008 2,178,400 1,580,000 1,576,750 1,579,500 6,914,650 10,415,658

2026 2,263,187 2,176,800 1,581,000 1,580,000 1,576,500 6,914,300 9,177,487

2027 2,187,457 2,178,000 1,579,750 1,581,000 1,576,750 6,915,500 9,102,957

2028 2,147,629 2,181,800 1,581,250 1,579,750 1,580,000 6,922,800 9,070,429

2029 2,105,889 2,178,000 1,580,250 1,581,250 1,581,000 6,920,500 9,026,389

2030 2,058,229 2,176,800 1,576,750 1,580,250 1,579,750 6,913,550 8,971,779

2031 42,369 2,178,000 1,580,750 1,576,750 1,581,250 6,916,750 6,959,119

2032 42,360 2,181,400 1,576,750 1,580,750 1,580,250 6,919,150 6,961,510

2033 10,544 2,176,800 1,580,000 1,576,750 1,576,750 6,910,300 6,920,844

2034 10,544 2,179,400 1,580,000 1,580,000 1,580,750 6,920,150 6,930,694

2035 10,544 2,178,800 1,576,750 1,580,000 1,576,750 6,912,300 6,922,844

2036 10,544 - 1,580,250 1,576,750 1,580,000 4,737,000 4,747,544

2037 10,535 - - 1,580,250 1,580,000 3,160,250 3,170,785

2038 - - - - 1,576,750 1,576,750 1,576,750

2039 - - - - 1,580,250 1,580,250 1,580,250

Total

Existing GF

Debt Service

General Fund Bond-Funded CIP Debt Service:

Fiscal Year Issued* 5-Year CIP

Debt

Service*

Resulting

Debt Service


Resulting Debt Profile – General Fund Projects

$0

$2,000,000

$4,000,000

$6,000,000

$8,000,000

$10,000,000

$12,000,000

$14,000,000

$16,000,000

$18,000,000

20

15

20

16

20

17

20

18

20

19

20

20

20

21

20

22

20

23

20

24

20

25

20

26

20

27

20

28

20

29

20

30

20

31

20

32

20

33

20

34

20

35

20

36

20

37

20

38

20

39

General Fund Debt Service + CIP

Total Existing GF Debt Service 2015 2016 2017 2019


General Fund CIP– Estimated Tax-Equivalent Impact

(1) Calculated from FY 2015 Budget: Annual RE Revenues of 99,001,538 divided by RE Tax Rate of 0.857/$100 Assessed Value.

(2) Assumptions: Debt Service payments begin in the fiscal year after issuance; All projects are assumed to be issued at level debt service for 20 years; FY 15 issuance assumes 4% all-in

interest cost; all other issuances assume 5% all-in interest cost.

(3) Dedicated reserves to pay debt service; assumed to have initial balance of $0 in FY 2015.

The table below shows the additional revenue that would need to be raised going forward to pay for the County’s 5-year

bond-funded CIP in terms of pennies on the County’s real estate tax rate (Column G).

Assuming no use of County reserves, structuring of the new debt service, or growth in the value of 1¢, the County is

estimated to need to raise an equivalent of 3¢ through FY 2017.

Due to the natural decline in debt service after 2020, however, the County would be able to reduce revenues by an

equivalent 3¢, for a total estimated tax-equivalent impact of 0¢.

Total CIP Borrowing $90,000,000

Current (FY 15) 1¢ Value (1)

1,155,210

Assumed 1¢ Growth Rate: 0.0%

Deposit to Capital Reserve -$

A B C D E F G H I J

Fiscal

Year

2015 12,543,193 -$ 12,543,193$ 85.8% -$ -$ -$ -$

2016 12,104,211 2,180,000 14,284,211 74.8% 1,741,018 2.0 2,310,421 569,403 569,403

2017 12,375,397 3,761,467 16,136,863 69.1% 3,593,670 1.0 3,465,631 (128,039) 441,364

2018 10,076,285 5,339,317 15,415,602 64.7% 2,872,409 3,465,631 593,223 1,034,586

2019 9,920,109 5,337,650 15,257,759 66.2% 2,714,566 3,465,631 751,065 1,785,652

2020 9,653,532 6,920,517 16,574,048 63.5% 4,030,855 (1.0) 2,310,421 (1,720,434) 65,217

2021 7,212,287 6,919,250 14,131,537 65.80% 1,588,344 2,310,421 722,077 787,295

2022 7,183,043 6,918,850 14,101,893 67.75% 1,558,700 (1.0) 1,155,210 (403,489) 383,806

2023 5,252,583 6,916,450 12,169,033 70.24% (374,160) (1.0) - 374,160 757,965

2024 5,212,243 6,911,800 12,124,043 74.04% (419,150) - 419,150 1,177,116

2025 3,501,008 6,914,650 10,415,658 78.91% (2,127,536) - 2,127,536 3,304,651

2026-2039 10,899,830 80,219,550 91,119,385

Total 105,933,720$ 138,339,500$ 244,273,220$ 0.0

Capital

Reserve

Balance (3)

Total Existing

GF Debt

Service

Rolling 10-

Year Payout

Ratio

DS Inc vs.

Current FY

15 Level

Equivalent

Pennies

Raised

Revenue from

Equivalent

Pennies Raised

Addition to

(Draws from)

Capital Reserve

5-Year CIP

Debt

Service(2)

Total Resulting

Debt Service (B

+ C)

The projected impact on the County’s Key Debt Ratios of issuing the County’s full $90 Million CIP at level debt service is

shown below, assuming the same AV and Expenditure Growth Assumptions presented previously.*

The County is projected to remain in compliance with both policies.


Updated Key Debt Ratios – General Fund CIP Base Case

* Assumed Growth in Assessed Value: FY 2016 and After , 1.00%

Assumed Growth in Governmental Expenditures: FY 2016, 2.00%; FY 2017 and After – 1.00%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

20

15

20

16

20

17

20

18

20

19

20

20

20

21

20

22

20

23

20

24

20

25

20

26

20

27

20

28

20

29

20

30

20

31

20

32

20

33

20

34

20

35

20

36

20

37

20

38

20

39

Projected Debt to Assessed Value

Existing Debt to AV Proposed (CIP) Debt to AV County Policy

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

20

15

20

16

20

17

20

18

20

19

20

20

20

21

20

22

20

23

20

24

20

25

20

26

20

27

20

28

20

29

20

30

20

31

20

32

20

33

20

34

20

35

20

36

20

37

20

38

20

39

Projected Debt Service to Revenues

Existing DS to Revenues Proposed (CIP) DS to Revenues

County Policy

C. Metropolitan Commission



Executive Summary – Metropolitan Commission

The financial and debt profile of St Mary’s County Metropolitan Commission is strong, as evidenced by MetCom’s

favorable comparison to national Water & Sewer medians on a range of Key Ratios:

– The debt burden does not greatly exceed that of peer utilities;

– Debt amortization for MetCom is relatively fast as compared to national medians;

– The cost of the utility to the customer is slightly below national medians;

– MetCom’s operating margins are consistent with similarly-rated systems;

– MetCom continues to demonstrate ample ability to pay debt service after accounting for operating expenses;

– Liquidity has historically been strong and continues to strengthen, comparing favorably with national medians.

As MetCom’s current statutory debt policy is outdated (see page 31), the Commission may consider formally adopting

another policy ratio(s), such as a Maximum Total Outstanding Long Term Debt Per Customer, or Minimum Annual Debt

Service Coverage;

MetCom has primarily issued debt through the Maryland Department of Housing & Community Development (CDA).

However, given MetCom’s very strong financial, management, and debt track record, other, potentially more efficient and

flexible financing mechanisms might be available;

• In fact, if MetCom were to issue “standalone” bonds it is likely that such bonds would price more competitively than

CDA bonds, due to MetCom’s financial strength, and the market’s reception of CDA (housing related) debt.

Similarly, given its relatively rapid debt repayment, MetCom might consider issuing longer debt, i.e., up to a 30-year term,

which would free up additional cash-flow, and further encourage “inter-generational equity;”

Given the above considerations (MetCom’s strong operations and management, solid reserves/liquidity, manageable

debt profile, etc), MetCom might wish to consider either:

• Establishing itself as a truly “standalone” Utility Revenue Credit (as its operations are currently in line or slightly

better than a ‘AA’ rated standalone Utility System), thereby removing the need for County G.O. backing; or

• Marginally “tightening” its operations (i.e., reducing rates, operating margins, liquidity, etc) to more closely align with

a General Government/Tax supported enterprise.

Finally, based on current market conditions, MetCom may have the ability to refinance some of its existing long-term debt

for debt service savings. Preliminary results are provided in section D.

Qualitative Observations/Recommendations– MetCom



Overview and Policy Considerations

St. Mary’s Metropolitan Commission (“MetCom”) currently issues debt pursuant to the following statutory limitation:

“the Commission…is authorized and empowered to issue bonds…upon the full faith and credit of St. Mary's County, in

such amounts as it may deem to be necessary to carry on its work, but at no time shall the total issue of bonds for all

purposes…exceed twenty-five (25) percent of the total value of the property assessed for County taxation purposes

within all of the sanitary districts in which public water or sewer facilities are located.” (Source: Section 113-6, St. Mary's

County, Maryland - Code of Ordinances Supplement 7 Update 3)

While debt issued by MetCom is backed by the full faith and credit of the County, as will be shown MetCom operates at a

level consistent with a solid ‘AA’ rated Utility Enterprise operation.

As such, the Commission may wish to amend/augment the above policy to include ratio(s) more typically associated with

Revenue-based Water and Sewer Enterprises (vs. Tax-Supported Credits which typically use Debt vs. Assessed Value).

The following slides provide a sample range of some of these “Key Ratios” and compare MetCom’s performance versus

the national medians for ‘A,’ ‘AA,’ and ‘AAA’ rated Water & Sewer Authorities as published by Fitch Ratings in its “2015

Water and Sewer Medians” report.


Key Water & Sewer Enterprise Ratios

The following Key Ratios will be discussed to provide context for potential Policy updates/revisions for MetCom:

Key Ratio Definition Significance

1 Total outstanding Long-Term

Debt Per Customer ($)

Total amount of long-term debt

divided by the total number of utility

customers.

Indicates the existing debt burden

attributable to ratepayers

2

Annual Combined Customer Bill

vs. Median Household Income

(MHI)

Average monthly residential bill for

combined utilities times 12, divided

by the most recent yearly MHI.

Indicates the annual burden for cost

of service to ratepayers.

3 Operating Margin (%)

Operating revenues minus operating

expenditures plus depreciation,

divided by operating revenues.

Indicates financial margin to pay

operating expenses

4 Debt Service Coverage

Current year revenues available for

debt service divided by current-year

total debt service.

Indicates the financial margin to

meet current total annual debt

service with current revenues

available for debt service

5 Days Cash on Hand

Current unrestricted cash and

investments plus any restricted cash

and investments, divided by

operating expenditures minus

depreciation, divided by 365.

Indicates financial flexibility to pay

near term obligations


Key Ratio 1: Outstanding Debt per Account/Capita

Source: CAFRs, MetCom Finance Staff, Fitch Ratings, 2015 Water and Sewer Medians

(1) Does not include undrawn debt as the improvements/repairs to be financed by these amounts have not begun and the customers/citizens have not yet benefited.

(2) Per MetCom Finance Staff

(3) Estimated 2.5 citizens per account per MetCom practice.

The amount of long-term debt outstanding divided by the number of customer accounts and/or population served provides

an indication of the debt burden to the rate payers.

The table below shows the calculation of this ratio for MetCom’s Total Customer Accounts (Line 13), as well as for all

system users (Line 15).

2010 2011 2012 2013 2014

1 Total Debt:

2 Current:

3 Bonds $918,166 $1,166,188 $1,391,898 $1,327,174 $1,500,156

4 Notes 876,614 905,997 877,634 897,546 920,184

5 Subtotal, Current Debt $1,794,780 $2,072,185 $2,269,532 $2,224,720 $2,420,340

6 Noncurrent:

8 Bonds $11,091,508 $14,748,958 $16,927,070 $18,470,843 $19,567,253

9 Notes 9,166,634 8,764,123 8,131,555 9,732,586 15,563,271

10 Subtotal, Noncurrent Debt, Drawn $20,258,142 $23,513,081 $25,058,625 $28,203,429 $35,130,524

11 Total Debt, Drawn (1) $22,052,922 $25,585,266 $27,328,157 $30,428,149 $37,550,864

12 Total Customer Accounts (2) 15,622 16,128 16,228 16,505 16,721

13 Total Long-Term Debt per Customer $1,412 $1,586 $1,684 $1,844 $2,246

14 Total Population Served (3) 39,055 40,320 40,570 41,263 41,803

15 Total Long-Term Debt per Capita $565 $635 $674 $737 $898

Audted Fiscal Year


Outstanding Debt per Capita Compared


A comparison of MetCom’s ratios to the national medians are shown below, both with and without the inclusion of

MetCom’s Notes in the long-term debt figure (Fitch may not consider Notes as “utility long-term debt,” which would explain MetCom’s

significantly larger figure when Notes are included).

$0 $500 $1,000 $1,500 $2,000 $2,500

MetCom, Incl. Notes

Metcom, Bonds Only

National Median, All Credits

National 'AAA' Median

National 'AA' Median

National 'A' Median

Oustanding Debt per Account ($)

$0 $200 $400 $600 $800 $1,000

MetCom, Incl. Notes

Metcom, Bonds Only




National 'A' Median

Outstanding Debt per Capita ($)

National 'A' Median $2,218

National 'AA' Median 1,934

National 'AAA' Median 1,259

National Median, All Credits 1,836

MetCom, Incl. Notes 2,242

Metcom, Bonds Only 1,260

Oustanding Debt per Account ($)Outstanding Debt per Capita ($)

National 'A' Median $473

National 'AA' Median 521

National 'AAA' Median 349

National Median, All Credits 491

MetCom, Incl. Notes 897

Metcom, Bonds Only 504


Key Ratio 2: Annual Customer Bill vs. Median Household Income

(1) Source: Burton & Assoc. 7/24/14 Rate Study, pg 17

(2) U.S. Census Bureau Median Household Income for St. Mary’s County, 2009-2013 = $85,672 :

Calculation of Annual Customer Bill vs. Median Household Income (MHI):

− Average Monthly MetCom Customer Bill for 2015 at 6,000 gal/month = $77.52; (1)

− Average Annual Customer Bill = $77.52 * 12 = $930.24

− Annual MetCom Customer Bill as % of MHI = $930.24 / $85,672 = 1.09% (2)

As shown below, MetCom’s ratio of 1.1% is below that of the national medians, most closely resembling that of a ‘AAA’

utility:

Annual Combined Customer Bill vs. MHI (%)

National 'A' Median 2.6%

National 'AA' Median 1.6%

National 'AAA' Median 1.3%

National Median, All Credits 1.6%

MetCom 1.1%

0.0% 1.0% 2.0% 3.0%

MetCom




National 'A' Median

Annual Combined Customer Bill vs. MHI (%)


Key Ratio 3: Operating Margin

(1) Debt Service Charges (System Improvement Charges + Capital Contribution Charges) are included for purposes of consistency with regard to comparison with the national medians. Since many utilities do

not budget for and charge separate fees for debt service expenses, excluding MetCom’s Debt Service Charges would serve to understate MetCom’s actual cash-flow and operational flexibility.

Source: CAFRs

MetCom’s Operating Margin (Operating revenues minus operating expenditures net of depreciation, divided by operating

revenues) indicates MetCom’s financial margin to pay operating expenses.

The national medians are compared to MetCom’s 2014 performance on the following page.

2010 2011 2012 2013 2014

1 REVENUE

2 Service charges $11,148,449 $11,520,114 $12,081,361 $13,307,225 $13,581,393

3 Debt service charges: (1)

4 System Improvement Charges 3,962,575 4,097,521 4,327,011 4,791,887 6,353,767

5 Capital Contribution Charges 346,816 716,108 326,421 1,083,241 2,444,540

6 Subtotal, Debt Service Charges $4,309,391 $4,813,629 $4,653,432 $5,875,128 $8,798,307

7 Miscellaneous 208,631 222,178 273,607 289,695 227,615

8 Total Revenues $15,666,471 $16,555,921 $17,008,400 $19,472,048 $22,607,315

9 OPERATING EXPENSES

10 Direct operating expenses $6,495,872 $6,152,272 $6,522,441 $6,808,709 $6,839,562

11 Administrative expenses 3,470,434 3,846,265 4,155,945 4,343,989 4,679,270

12 Total Operating Expenditures $9,966,306 $9,998,537 $10,678,386 $11,152,698 $11,518,832

13 Net Revenues (Line 8 - 12) $5,700,165 $6,557,384 $6,330,014 $8,319,350 $11,088,483

14 Operating Margin (Line 13/8, %) 36% 40% 37% 43% 49%

Audted Fiscal Year


Operating Margin Compared


As shown below, MetCom’s figure is slightly above national medians.

When Capital Contribution Charges are excluded, however, MetCom’s performance is in line with the national medians.

20.0% 30.0% 40.0% 50.0% 60.0%

MetCom

MetCom, excluding Cap. Contr. Chg.




National 'A' Median

Operating Margin (%)

Operating Margin (%)

National 'A' Median 42%

National 'AA' Median 42%

National 'AAA' Median 35%

National Median, All Credits 0%

MetCom 49%

MetCom, excl Cap. Contr. Chg. 43%

0.0 0.5 1.0 1.5 2.0 2.5 3.0

MetCom




National 'A' Median

Total Annual Debt Service Coverage (x)


Key Ratio 4: Debt Service Coverage

The Debt Service Coverage ratio (Net Revenues divided by Total Annual Debt Service) measures MetCom’s ability to meet

its annual debt service requirements after all operational expenses.

MetCom’s debt service coverage is in line with the Fitch national Water and Sewer Enterprise medians.

2010 2011 2012 2013 2014

1 Net Revenues (Calculated Previously) $5,700,165 $6,557,384 $6,330,014 $8,319,350 $11,088,483

2 DEBT SERVICE

3 Principal 1,944,432 2,594,849 2,650,777 3,013,793 3,423,457

4 Interest 942,932 1,172,844 1,180,197 1,344,829 1,746,104

5 Total Debt Service $2,887,364 $3,767,693 $3,830,974 $4,358,622 $5,169,561

6 Debt Service Coverage Ratio 1.97 1.74 1.65 1.91 2.14

Audted Fiscal Year


Total Annual Debt Service Coverage (x)

National 'A' Median 2.0

National 'AA' Median 2.0

National 'AAA' Median 2.8

National Median, All Credits 2.1

MetCom 2.1

0 100 200 300 400 500 600

MetCom




National 'A' Median

Days Cash on Hand (x)


Key Ratio 5: Days Cash on Hand

Days Cash on Hand (Current unrestricted cash and investments + restricted cash and investments, divided by operating

expenditures minus depreciation, divided by 365) is a liquidity metric that gauges flexibility to pay near term obligations.

MetCom’s Cash on Hand for 2014 is in line with the 2015 national Water and Sewer Enterprise medians.


Audted Fiscal Year

2010 2011 2012 2013 2014

1 Cash & Equivelents $6,754,013 $6,577,197 $9,191,395 $11,081,716 $14,159,362

2 Total Operating Expenditures (Calculated Previously) $9,966,306 $9,998,537 $10,678,386 $11,152,698 $11,518,832

3 Operating Expenditures per day (Line 2 / 365) $27,305 $27,393 $29,256 $30,555 $31,558

4 Days Cash on Hand (Line 1 / Line 3) 247 240 314 363 449

Days Cash on Hand (x)

National 'A' Median 366

National 'AA' Median 442

National 'AAA' Median 481

National Median, All Credits 432

MetCom 449


Outstanding Debt Profile

* Denotes loan with undrawn proceeds.

Note: Annual debt service schedules by fund can be found in Appendix. Source: CAFR, MetCom Finance Staff.

Series/Project Original Par Fund

Outstanding

6/30/14* Interest Rate

Final Maturity

(FY) Call Date

METROPOLITAN COMMISSION

Long-Term Bonds:

1 Seventeenth Issue (Series 2003 G.O. Bonds) 6,105,000 Water/Sewer 2,620,000 4.0 - 4.4% 11/1/2018 11/1/2013 @ 100%

2 Twenty-first Issue (2006 CDA Refunding Bonds) 1,158,700 Water/Sewer 600,300 3.65%-4.275% 5/1/2021 5/1/2016 @ 100%

3 Twenty-third Issue (2007 CDA Infr Fin Bonds)* 10,889,100 Water/Sewer 8,007,200 3.5%-4.25% 5/1/2027 6/1/2017 @ 100%

4 Twenty-Seventh Issue (2010 CDA Infr Fin Bonds)* 12,613,963 Water/Sewer 10,619,000 .75%-4.31% 5/1/2030 6/1/2020 @ 100%

5 Thirtieth Issue (SunTrust) 1,448,492 Water/Sewer 1,248,773 2.960% 5/1/2029 5/1/2022 @ 100%

6 Thirty-First Issue (2012 CDA Infr Fin Bonds)* 8,719,514 Water/Sewer 7,980,400 .61%-3.42% 5/1/2032 6/1/2022 @ 100%

7 Thirty-Sixth Issue (2013 CDA Infr Fin Bonds)* 15,948,168 Water/Sewer 15,351,900 0.9 - 5.0% 5/1/2033 6/1/2023 @ 100%

8 Thirty-Eighth Issue (2014A 1,2 CDA Infr Fin 22,075,230 Water/Sewer 22,075,230 0.4-4.15% 5/1/2034 6/1/2024 @ 100%

Subtotal, Long-Term Bonds 78,958,167 68,502,803

Notes, Leases, Loans:

9 Sixth Issue 225,000 Sewer 47,441 6.682% 2017 Anytime

10 MD Water Quality Loan #11 4,177,116 Sewer 863,979 4.260% 2017 Anytime

11 MD Water Quality Loan #15 835,000 Water/Sewer 298,633 2.700% 2020 Anytime

12 MD Water Quality Loan #16 567,680 Sewer 242,599 1.200% 2023 Anytime

13 MD Water Quality Loan #18 4,712,200 Sewer 2,718,709 1.100% 2025 Anytime


15 MD Water Quality Loan #20 1,466,576 Water 622,279 1.100% 2024 Anytime

16 MD Water Quality Loan #22 1,136,984 Water/Sewer 753,089 1.100% 2027 Anytime

17 MD Water Quality Loan #25 191,593 Water 153,356 1.000% 2029 Anytime


19 MD Water Quality Loan #28 443,927 Water 385,440 2.200% 2030 Anytime

20 SunTrust Bank Loan #29 270,682 Sewer 134,712 2.030% 2016 Anytime

21 MD Water Quality Loan #32* 4,874,202 Water 4,874,202 1.800% 2034 Anytime

22 MD Water Quality Loan #33* 394,000 Sewer 394,000 1.700% 2033 Anytime

23 MD Water Quality Loan #34* 21,082,400 Sewer 21,082,400 2.100% 2035 Anytime



Subtotal, Notes Leases and Loans 49,807,507 41,455,600

TOTAL - METROPOLITAN COMMISSION $128,765,674 $109,958,403


MetCom Debt Service

Note: Includes undrawn principal and associated interest payments for some loans. Annual debt service

schedules by fund can be found in Appendix. Calculated CAFR, MetCom Finance Staff.

Debt Outstanding 6/30/14

By Loan Type:

Long-Term Bonds $68,502,803

Notes Leases and Loans 41,455,600

Total $109,958,403

By Fund:

Water Fund $48,405,539

Sewer Fund 61,552,865

Total $109,958,403

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

20

15

20

16

20

17

20

18

20

19

20

20

20

21

20

22

20

23

20

24

20

25

20

26

20

27

20

28

20

29

20

30

20

31

20

32

20

33

20

34

20

35

Mil

lio

ns

Debt Service by Loan Type

Total Notes, Leases, and Loans Total Long-Term Bonds

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

20

15

20

16

20

17

20

18

20

19

20

20

20

21

20

22

20

23

20

24

20

25

20

26

20

27

20

28

20

29

20

30

20

31

20

32

20

33

20

34

20

35

Mil

lio

ns

Debt Service by Fund

Total Water Debt Service Total Sewer Debt Service

Total MetCom Debt Service


Total $109,958,403 $37,299,404 $147,257,807

2015 4,380,050 2,928,018 7,308,068

2016 5,957,044 3,255,690 9,212,733

2017 6,043,024 3,079,376 9,122,400

2018 5,839,431 2,924,298 8,763,729

2019 5,980,029 2,784,523 8,764,551

2020 5,525,784 2,648,391 8,174,175

2021 5,534,281 2,509,089 8,043,370

2022 5,522,941 2,360,469 7,883,409

2023 5,665,508 2,211,041 7,876,549

2024 5,819,618 2,053,767 7,873,385

2025 5,928,639 1,885,020 7,813,659

2026 5,809,280 1,696,376 7,505,657

2027 5,975,873 1,510,140 7,486,013

2028 5,353,138 1,307,638 6,660,777

2029 5,527,677 1,135,256 6,662,934

2030 5,595,071 943,915 6,538,986

2031 4,825,348 740,016 5,565,365

2032 4,989,595 576,221 5,565,815

2033 4,586,645 402,122 4,988,767

2034 3,505,638 236,083 3,741,721

2035 1,593,789 111,954 1,705,743


MetCom Principal Payout Ratio

MetCom’s 10-Year Payout Ratio of 56.5% is over 15% above the national average for a Utility System of 40% (Source: Fitch

Ratings, 2015 Water and Sewer Medians).

The Commission may wish to consider longer amortizations to reduce rate pressure and/or add capacity.

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

National Median

FY Principal Payout Ratio

Total $109,958,403

2015 4,380,050 4.0%

2016 5,957,044 9.4%

2017 6,043,024 14.9%

2018 5,839,431 20.2%

2019 5,980,029 25.6%

2020 5,525,784 30.7%

2021 5,534,281 35.7%

2022 5,522,941 40.7%

2023 5,665,508 45.9%

2024 5,819,618 51.2%

2025 5,928,639 56.6%

2026 5,809,280 61.8%

2027 5,975,873 67.3%

2028 5,353,138 72.1%

2029 5,527,677 77.2%

2030 5,595,071 82.3%

2031 4,825,348 86.7%

2032 4,989,595 91.2%

2033 4,586,645 95.4%

2034 3,505,638 98.6%

2035 1,593,789 100.0%


MetCom CIP

Water Lines

25.4% Water Wells

1.7%

Water

Storage

Tanks

7.3%

Water -

Misc

4.7%

Sewer

Replace-

ment

9.6%

Sewer

Pump

Stations

13.8%

Sewer

Upgrades

/Expansion

31.53%

Contingency

6.0%

Uses

Pay-Go

2%

Bonds

98%

Sources

Project Category FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Totals

Water:

Water Lines $3,069,750 $11,240,300 $11,631,000 $5,948,100 $9,672,250 $7,626,500 $49,187,900

Water Wells 223,160 2,062,800 - - 926,500 - 3,212,460

Water Storage Tanks 1,871,400 1,770,000 623,700 5,862,473 2,133,700 1,858,700 14,119,973

Water - Miscellaneous 2,611,000 54,000 54,000 1,490,000 - 5,000,000 9,209,000

Contingency 583,000 1,135,000 923,000 998,000 955,000 1,086,000 5,680,000

Subtotal, Water $8,358,310 $16,262,100 $13,231,700 $14,298,573 $13,687,450 $15,571,200 $81,409,333

Sewer:

Sewer Replacement $5,020,805 $2,477,000 $419,250 $250,250 $2,350,250 $8,090,280 $18,607,835

Sewer Pump Stations 9,034,950 2,045,000 12,272,500 845,500 - 2,580,000 26,777,950

Sewer Upgrades/Expansion 3,823,645 2,369,375 3,040,375 25,965,375 2,352,475 23,611,450 61,162,695

Contingency 558,330 427,000 975,000 1,678,000 292,000 2,125,000 6,055,330

Subtotal, Sewer $18,437,730 $7,318,375 $16,707,125 $28,739,125 $4,994,725 $36,406,730 $112,603,810

Total Uses of Funding $26,796,040 $23,580,475 $29,938,825 $43,037,698 $18,682,175 $51,977,930 $194,013,143

Source of Funding FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 5-Yr Totals

System Improvement Charges

Pay-Go 696,850 663,000 673,250 545,750 250,250 155,250 2,984,350

Bonds 16,439,332 16,136,893 19,202,235 10,575,069 6,882,115 23,143,492 92,379,136

Capital Contribution Charges:

Pay-Go - - - 125,000 - - 125,000

Bonds 9,659,858 6,780,582 10,063,340 31,791,879 11,549,810 28,679,188 98,524,657

Total Sources of Funding $26,796,040 $23,580,475 $29,938,825 $43,037,698 $18,682,175 $51,977,930 $194,013,143

Summary of Project Estimates

D. Potential Refunding Opportunities



Tax-Exempt Interest Rates

Interest-rates for tax-exempt borrowing remain near all-time lows, though have increased over the past month.

The County/MetCom may be able take advantage of this favorable rate environment to refinance some of its long-term

debt for interest savings.

The “20-Bond Index” shown above consists of 20 tax-exempt bonds with an average rating of ‘Aa2’/‘AA’ (Moody’s / S&P) that mature in 20 years and serves as a general indicator of prevailing interest rates for

tax-exempt borrowers.

3.1%

3.3%

3.5%

3.7%

3.9%

4.1%

4.3%

4.5%

4.7%

4.9%

5.1%

January 2013- Present

20- Bond Index

2%

4%

6%

8%

10%

12%

14%

19

80

19

82

19

84

19

86

19

88

19

90

19

92

19

94

19

96

19

98

20

00

20

02

20

04

20

06

20

08

20

10

20

12

20

14

Tax-Exempt Interest Rates, 1980 - Present

20- Bond Index


Preliminary Results

Based on current market conditions, MetCom has an opportunity to refund the callable outstanding maturities of its

series 2005 and 2007 G.O. Bonds for debt service savings. The details of these bonds are as follows:

MetCom is estimated to save roughly $600,000

in debt service, lowering the average interest

rate by over 200 basis points, from an average

coupon of 4.2% on the bonds being refunded

to an all-in TIC of 2.0% on the new Refunding

Bonds.*

On a net present value basis, these savings

translate to over 6% of refunded principal,

more than double the industry-standard

benchmark for a successful refunding.

* Results shown assume a Public Issuance. All figures are preliminary, subject to change based on market conditions.

Actual results may vary significantly. All figures shown net of estimated 200,000 fixed costs of issuance.

Net Present Percent Net All-in True

Series Gross Savings Value Savings P.V. Savings Interest Cost

Seventeenth Issue $91,735 $114,690 5.35% 1.64%

Twenty-first Issue 20,844 24,265 5.61% 1.56%

Twenty-third Issue 488,605 471,221 7.24% 2.10%

Total $601,183 $610,176 6.71% 2.04%

Debt Service Comparison

Fiscal Prior Refunding

Year Debt Service Debt Service Savings*

2016 $866,763 $747,971 $118,792

2017 954,399 901,050 53,349

2018 1,499,781 1,103,350 396,431

2019 1,503,121 1,501,350 1,771

2020 916,258 911,050 5,208

2021 869,300 865,050 4,250

2022 809,923 809,800 123

2023 812,869 809,200 3,669

2024 812,716 807,600 5,116

2025 814,962 810,000 4,962

2026 814,522 811,200 3,322

2027 815,389 811,200 4,189

Total $11,490,004 $10,888,821 $601,183

Summary of Refunding Results*

Refunding Candidate Fund

Existing

Security

Outstanding

6/30/14 Interest Rate

Final Maturity

(FY) Call Date

Seventeenth Issue (Series 2003 G.O. Bonds) Water/Sewer G.O. $2,620,000 4.0 - 4.4% 11/1/2018 11/1/2015 @ 100%

Twenty-first Issue (2006 CDA Refunding Bonds) Water/Sewer G.O. 600,300 3.65%-4.275% 5/1/2021 5/1/2017 @ 100%

Twenty-third Issue (2007 CDA Infr Fin Bonds) Water/Sewer G.O. 8,007,200 3.5%-4.25% 5/1/2027 6/1/2017 @ 100%

Total $11,227,500 4.16%

E. Summary and Next Steps



Summary and Potential Next Steps

Both the County General Government and Metropolitan Commission are in strong financial condition as evidenced by

comparatives, national medians, and industry best practices.

Not only does the County have the capacity to carry out its planned 5-Year CIP debt issuances, but it ought to be able to

do so with minimal, if any, impact on current tax rates.

While its current and historical operations are solid, there may be organizational, strategy and policy-related areas in

which MetCom might improve, namely:

1. Consideration of other financing vehicles beside CDA for debt issuance;

2. Issuing longer term debt to sponsor intergenerational equity (repayment of debt proportional to the useful life of

assets financed);

3. Adoption of financial/debt policies more in-line with a Utility Enterprise Credit, for example:

• Maximum Total Outstanding Long Term Debt Per Customer (not including Notes) of $3,000

• Minimum Annual Debt Service Coverage of 1.15x

• Minimum Three Days Cash on Hand of 180 days

4. Establishment of a true Revenue Credit, whereby the Commission would issue revenue bonds, freeing up the

County G.O. (MetCom’s operations are already consistent with that of a Revenue Bond Issuer).


Potential Next Steps

Davenport to revise Debt Study, if necessary/appropriate;

Discuss logistics/timeframe for upcoming County bond sale;

Discuss logistics/timing for potential refunding of applicable MetCom debt;

Return to County with Plan of Finance Presentation(s) detailing funding options and market estimates for upcoming

County bond issuance and if desired, potential MetCom Refunding;

Work with County/MetCom in developing revised financial/debt policies;

If appropriate and desired, develop presentation briefing County and/or MetCom on pros/cons of starting a Revenue

Bond program for MetCom, including case studies, pricing differential, rating agency interaction, logistics, and pro-forma

modeling.

Appendix–Historical Financials


Detailed Financials – General Fund


Source: CAFRs

1 REVENUES

2 Property taxes $94,282,830 $99,665,820 $100,043,223 $100,806,373 $103,011,131

3 Income taxes 65,115,901 71,984,221 76,289,036 76,746,270 77,384,719

4 Energy taxes 1,392,707 1,367,676 1,174,826 1,201,782 1,446,551

5 Recordation taxes 4,539,647 4,436,443 4,286,638 5,194,863 5,025,546

6 Transfer taxes - - - - -

7 Agricultural/development taxes - - - - -

8 Impact fees - - - - -

9 Other local taxes 1,074,539 1,135,508 1,234,524 1,250,662 1,207,209

10 Highway user revenues 356,019 514,215 372,661 683,079 721,923

11 Licenses and permits 1,375,944 1,420,474 1,498,956 1,497,437 1,504,387

12 Intergovernmental 10,065,653 9,789,008 12,421,869 9,581,499 10,418,326

13 Charges for services 5,384,687 4,963,134 4,955,917 3,519,566 2,790,407

14 Fines and forfeitures 354,628 320,983 185,070 227,571 208,573

15 Special assessments - - - - -

16 Other revenues 375,945 226,938 202,216 273,236 312,298

17 Total Revenues $184,318,500 $195,824,420 $202,664,936 $200,982,338 $204,031,070

18 EXPENDITURES

19 General government 19,168,114 19,663,295 19,234,482 19,559,509 20,288,779

20 Public safety 32,023,300 34,283,219 36,536,138 44,072,846 39,631,748

21 Public works 8,551,095 7,738,601 7,743,653 8,401,057 10,202,985

22 Health 6,405,099 5,906,320 6,374,143 6,495,400 6,605,425

23 Social services 4,284,540 4,271,008 3,903,105 3,826,738 4,135,430

24 Primary and secondary education 81,154,519 78,007,943 78,938,358 87,616,703 91,990,408

25 Post-secondary education 3,052,585 3,529,505 3,647,430 3,781,289 3,873,943

26 Parks, recreation, and culture 3,832,155 3,739,943 3,489,742 3,680,293 3,621,272

27 Libraries 2,276,038 2,281,038 2,281,038 2,404,204 2,476,561

28 Conservation of natural resources 382,542 378,528 372,923 399,618 437,638

29 Housing, principally, OPEB 981,314 1,073,581 946,677 1,100,256 -

30 Economic development and opportunity 1,991,675 1,732,284 1,547,966 1,570,887 1,505,754

Debt service - principal and interest 10,769,086 12,721,711 11,619,482 10,884,872 9,959,968

31 Other, principally OPEB 4,761,990 5,123,093 6,747,317 7,422,174 6,867,002


33 Excess of revenues over expenditures $4,684,448 $15,374,351 $19,282,482 ($233,508) $2,434,157


35 Exempt financing proceeds 230 - - 6,711,403 3,684,217

Proceeds from the issuance of bonds - - - - -

36 State loans - - - - -

Subsidy to emergency radio communications - - (1,000,000)

37 Subsidy to enterprise funds (1,830,713) (1,433,272) (85,000) (980,065) (1,000,000)

Other/private funding sources - 15,041 - - -

38 Construction in progress - SW/REC - - - - -

39 Capital projects - General Fund Pay-Go 955,000 (4,658,549) (11,368,059) (12,855,816)

40 Total other financing sources (uses) ($875,483) ($1,418,231) ($5,743,549) ($5,636,721) ($10,171,599)

41 Net change in fund balances $3,808,965 $13,956,120 $13,538,933 ($5,870,229) ($7,737,442)



Audted Fiscal Year

2014201220112010 20131

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

Detailed Financials – Capital Projects Fund


1 REVENUES

2 Property taxes $0 $0 $0 $0 $0

3 Income taxes - - - - -

4 Energy taxes - - - - -

5 Recordation taxes 435,309 421,585 - - -

6 Transfer taxes 4,483,543 4,099,462 4,151,361 4,268,826 5,016,978

7 Agricultural/development taxes 46,244 60,186 416,688 551,992 487,678

8 Impact fees 3,449,344 2,151,769 3,120,830 1,965,742 2,438,641

9 Other local taxes - - - - -

10 Highway user revenues - - - - -

11 Licenses and permits - - - - -


13 Charges for services - - - - -

14 Fines and forfeitures - - - - -

15 Special assessments - - - - -

16 Other revenues 585,949 135,700 260,027 1,627,024 659,846

17 Total Revenues $16,765,866 $9,590,297 $9,183,608 $10,841,810 $10,629,493

18 EXPENDITURES


20 Public safety 973,309 4,024 - 4,301,569 2,472,702

21 Public works 1,649,517 5,114,132 3,983,139 4,119,306 5,748,524

22 Health - - - - -

23 Social services - - - - -


25 Post-secondary education - - - - -

26 Parks, recreation, and culture 1,233,746 1,441,531 344,696 968,765 1,327,981

27 Libraries - - - - -

28 Conservation of natural resources 11,889,717 1,256,882 1,379,669 1,615,424 1,430,008

29 Housing, principally, OPEB - - - - -

30 Economic development and opportunity - - - - -

31 Debt service - principal and interest 130,000 - 163,948 4,640 56,438

32 Other, principally OPEB - - - - -


34 Excess of revenues over expenditures ($11,258,630) ($5,342,159) ($5,151,040) ($4,498,101) ($8,578,714)


36 Exempt financing proceeds - - 165,588 - 56,438

37 Proceeds from the issuance of bonds 30,000,000 - - - -

38 State loans 35,495 267,021 383,484 202,278 (164,698)

39 Subsidy to emergency radio communications - - - -

40 Subsidy to enterprise funds - - - - -

41 Other/private funding sources (150,061) 317,963 - - -

42 Construction in progress - SW/REC - - (725,676) (94,437) (103,010)

43 Capital projects - General Fund Pay-Go (955,000) 4,658,549 11,368,059 12,855,816

44 Total other financing sources (uses) $28,930,434 $584,984 $4,481,945 $11,475,900 $12,644,546

45 Net change in fund balances $17,671,804 ($4,757,175) ($669,095) $6,977,799 $4,065,832



Audted Fiscal Year

2014201220112010 2013

Source: CAFRs

Detailed Financials – Governmental Funds


1 REVENUES

2 Property taxes $94,282,830 $99,665,820 $100,043,223 $100,806,373 $103,011,131

3 Income taxes 65,115,901 71,984,221 76,289,036 76,746,270 77,384,719

4 Energy taxes 1,392,707 1,367,676 1,174,826 1,201,782 1,446,551

5 Recordation taxes 4,974,956 4,858,028 4,286,638 5,194,863 5,025,546

6 Transfer taxes 4,483,543 4,099,462 4,151,361 4,268,826 5,016,978

7 Agricultural/development taxes 46,244 60,186 416,688 551,992 487,678

8 Impact fees 3,449,344 2,151,769 3,120,830 1,965,742 2,438,641

9 Other local taxes 1,074,539 1,135,508 1,234,524 1,250,662 1,207,209

10 Highway user revenues 356,019 514,215 372,661 683,079 721,923

11 Licenses and permits 1,375,944 1,420,474 1,498,956 1,497,437 1,504,387


13 Charges for services 5,384,687 4,963,134 4,955,917 3,519,566 2,790,407

14 Fines and forfeitures 354,628 320,983 185,070 227,571 208,573

15 Special assessments 195,438 187,688 172,492 201,793 200,872

16 Other revenues 2,736,558 2,253,737 2,445,680 3,883,058 3,213,194

17 Total Revenues $203,574,549 $208,052,424 $214,436,002 $214,560,711 $217,684,051

18 EXPENDITURES


20 Public safety 34,784,666 35,930,315 38,359,250 50,334,264 44,293,764

21 Public works 10,200,612 12,852,733 11,726,792 12,520,363 15,951,509

22 Health 6,405,099 5,906,320 6,374,143 6,495,400 6,605,425

23 Social services 4,284,540 4,271,008 3,903,105 3,826,738 4,135,430


25 Post-secondary education 3,052,585 3,529,505 3,647,430 3,781,289 3,873,943

26 Parks, recreation, and culture 5,065,901 5,181,474 3,834,438 4,649,058 4,949,253

27 Libraries 2,276,038 2,281,038 2,281,038 2,404,204 2,476,561

28 Conservation of natural resources 12,272,259 1,635,410 1,752,592 2,015,042 1,867,646

29 Housing, principally, OPEB 981,314 1,073,581 946,677 1,100,256 -

30 Economic development and opportunity 1,991,675 1,732,284 1,547,966 1,570,887 1,505,754

31 Debt service - principal and interest 11,128,170 12,950,423 11,990,945 11,031,913 10,805,037

32 Other, principally OPEB 4,761,990 5,123,093 6,747,317 7,422,174 6,867,002


34 Excess of revenues over expenditures ($6,101,140) $10,798,115 $14,688,273 ($4,097,296) ($6,099,014)

35 OTHER FINANCING SOURCES (USES) - - - - -

36 Exempt financing proceeds 230 - 165,588 6,711,403 3,740,655

37 Proceeds from the issuance of bonds 30,000,000 - - - -

38 State loans 35,495 267,021 383,484 202,278 (164,698)

39 Subsidy to emergency radio communications - - (1,000,000) - -

40 Subsidy to enterprise funds (1,830,713) (1,433,272) - (980,065) (1,000,000)

41 Other/private funding sources (150,061) 333,004 - - -

42 Construction in progress - SW/REC - - (725,676) (94,437) (103,010)

43 Capital projects - General Fund Pay-Go - - - - -

44 Total other financing sources (uses) 28,054,951 (833,247) (1,176,604) $5,839,179 $2,472,947

45 Net change in fund balances $21,953,811 $9,964,868 $13,511,669 $1,741,883 ($3,626,067)



Audted Fiscal Year

2014201220112010 2013

Source: CAFRs

Appendix – County Debt Detail


Debt Breakout by Type


Source: County Finance Staff

Special Assessment Debt (State Loans) Business-Type Activities Debt (Equipment Lease)

FY Principal Interest Total FY Principal Interest Total

Total $842,064 $0 $842,064 Total $342,218 $7,585 $349,803

2015 62,505 - 62,505 2015 112,643 3,958 116,601

2016 48,953 - 48,953 2016 114,067 2,534 116,601

2017 42,369 - 42,369 2017 115,508 1,093 116,601

2018 42,369 - 42,369 2018 - - -

2019 42,369 - 42,369 2019 - - -

2020 42,369 - 42,369 2020 - - -

2021 42,369 - 42,369 2021 - - -

2022 42,369 - 42,369 2022 - - -

2023 42,369 - 42,369 2023 - - -

2024 42,369 - 42,369 2024 - - -

2025 42,369 - 42,369 2025 - - -

2026 42,369 - 42,369 2026 - - -

2027 42,369 - 42,369 2027 - - -

2028 42,369 - 42,369 2028 - - -

2029 42,369 - 42,369 2029 - - -

2030 42,369 - 42,369 2030 - - -

2031 42,369 - 42,369 2031 - - -

2032 42,360 - 42,360 2032 - - -

2033 10,544 - 10,544 2033 - - -

2034 10,544 - 10,544 2034 - - -

2035 10,544 - 10,544 2035 - - -

2036 10,544 - 10,544 2036 - - -

2037 10,535 - 10,535 2037 - - -

Total Governmental Activities Debt Service


Total $86,706,996 $18,034,857 $104,741,853

2015 9,753,876 2,610,211 12,364,087

2016 9,529,693 2,408,964 11,938,657

2017 10,031,744 2,184,683 12,216,427

2018 8,091,950 1,941,966 10,033,916

2019 8,178,968 1,698,772 9,877,740

2020 8,164,452 1,446,711 9,611,163

2021 5,937,452 1,232,466 7,169,918

2022 6,106,452 1,034,222 7,140,674

2023 4,351,452 858,762 5,210,214

2024 4,455,452 714,422 5,169,874

2025 2,875,452 583,187 3,458,639

2026 1,756,149 464,669 2,220,818

2027 1,777,512 367,576 2,145,088

2028 1,837,512 267,748 2,105,260

2029 1,898,880 164,640 2,063,520

2030 1,960,000 55,860 2,015,860

2031 - - -

2032 - - -

2033 - - -

2034 - - -

2035 - - -

2036 - - -

2037 - - -

Governmental Activities Debt Breakout by Loan Type



Governmental Activities: Governmental Activities: Governmental Activities:

General Obligation Bonds State Loans Other - Equipment Lease

FY Principal Interest Total FY Principal Interest Total FY Principal Interest Total

Total $77,484,000 $17,749,807 $95,233,807 Total $2,855,049 $143,902 $2,998,951 Total $6,367,947 $141,148 $6,509,095

2015 6,996,000 2,486,021 9,482,021 2015 661,832 50,536 712,368 2015 2,096,044 73,654 2,169,698

2016 6,855,000 2,320,888 9,175,888 2016 552,156 40,915 593,071 2016 2,122,537 47,161 2,169,698

2017 7,475,000 2,143,281 9,618,281 2017 407,378 21,069 428,447 2017 2,149,366 20,333 2,169,699

2018 7,681,000 1,924,469 9,605,469 2018 410,950 17,497 428,447 2018 - - -

2019 7,883,000 1,684,887 9,567,887 2019 295,968 13,885 309,853 2019 - - -

2020 8,090,000 1,446,711 9,536,711 2020 74,452 - 74,452 2020 - - -

2021 5,863,000 1,232,466 7,095,466 2021 74,452 - 74,452 2021 - - -

2022 6,032,000 1,034,222 7,066,222 2022 74,452 - 74,452 2022 - - -

2023 4,277,000 858,762 5,135,762 2023 74,452 - 74,452 2023 - - -

2024 4,381,000 714,422 5,095,422 2024 74,452 - 74,452 2024 - - -

2025 2,801,000 583,187 3,384,187 2025 74,452 - 74,452 2025 - - -

2026 1,710,000 464,669 2,174,669 2026 46,149 - 46,149 2026 - - -

2027 1,765,000 367,576 2,132,576 2027 12,512 - 12,512 2027 - - -

2028 1,825,000 267,748 2,092,748 2028 12,512 - 12,512 2028 - - -

2029 1,890,000 164,640 2,054,640 2029 8,880 - 8,880 2029 - - -

2030 1,960,000 55,860 2,015,860 2030 - - - 2030 - - -

2031 - - - 2031 - - - 2031 - - -

2032 - - - 2032 - - - 2032 - - -

2033 - - - 2033 - - - 2033 - - -

2034 - - - 2034 - - - 2034 - - -

2035 - - - 2035 - - - 2035 - - -

2036 - - - 2036 - - - 2036 - - -

2037 - - - 2037 - - - 2037 - - -

Governmental Activities Debt Detail – G.O. Bonds



$16,260,000 $13,055,000

Series 2005 Consolidated Public Impr Bonds Series 2009A Refunding Bonds

FY Coupon Principal Interest Total FY Coupon Principal Interest Total

Total 770,000 30,800 800,800 Total 8,095,000 920,600 9,015,600

2015 4.000% 770,000 30,800 800,800 2015 2.500% 1,280,000 255,800 1,535,800

2016 - 2016 2.500% 1,300,000 223,550 1,523,550

2017 - 2017 3.000% 1,330,000 187,350 1,517,350

2018 - 2018 4.000% 1,360,000 140,200 1,500,200

2019 - 2019 4.000% 1,395,000 85,100 1,480,100

2020 - 2020 4.000% 1,430,000 28,600 1,458,600

2021 - 2021 -

2022 - 2022 -

2023 - 2023 -

2024 - 2024 -

2025 - 2025 -

2026 - 2026 -

2027 - 2027 -

2028 - 2028 -

2029 - 2029 -

2030 - 2030 -

Dated Date: 3/1/2005 Next Call: N/A Dated Date: 12/3/2009 Next Call: N/A

Purpose: Insurance: N/A Purpose: Insurance: N/A

Coupon Dates: Semiannual Maturity Date: Mar 1 Coupon Dates: Semiannual Maturity Date: Jul 15




$16,945,000 $15,645,000

Series 2009B BABs Series 2009C Refunding Bonds


Total 16,945,000 10,380,207 27,325,207 Total 13,020,000 2,090,163 15,110,163

2015 - 909,604 909,604 2015 3.000% 1,430,000 457,575 1,887,575

2016 - 909,604 909,604 2016 3.000% 1,470,000 414,075 1,884,075

2017 - 909,604 909,604 2017 3.000% 1,515,000 369,300 1,884,300

2018 - 909,604 909,604 2018 5.000% 1,580,000 307,075 1,887,075

2019 - 909,604 909,604 2019 4.000% 1,655,000 234,475 1,889,475

2020 - 909,604 909,604 2020 4.000% 1,720,000 166,975 1,886,975

2021 4.750% 1,470,000 874,691 2,344,691 2021 3.250% 1,790,000 103,488 1,893,488

2022 4.950% 1,510,000 802,406 2,312,406 2022 4.000% 1,860,000 37,200 1,897,200

2023 5.125% 1,555,000 725,187 2,280,187 2023 -

2024 5.250% 1,605,000 643,209 2,248,209 2024 -

2025 5.375% 1,655,000 556,599 2,211,599 2025 -

2026 5.500% 1,710,000 464,669 2,174,669 2026 -

2027 5.550% 1,765,000 367,576 2,132,576 2027 -

2028 5.600% 1,825,000 267,748 2,092,748 2028 -

2029 5.625% 1,890,000 164,640 2,054,640 2029 -

2030 5.700% 1,960,000 55,860 2,015,860 2030 -

Dated Date: 12/3/2009 Next Call: 7/15/2019 Dated Date: 12/3/2009 Next Call: 7/15/2019

Purpose: Insurance: N/A Purpose: Insurance: N/A

Coupon Dates: Semiannual Maturity Date: Jul 15 Coupon Dates: Semiannual Maturity Date: Jul 15




$9,934,000

Series 2014 Refunding Bond

FY Coupon Principal Interest Total

Total 9,934,000 1,565,045 11,499,045

2015 2.320% - 205,501 205,501

2016 2.320% 484,000 230,469 714,469

2017 2.320% 956,000 219,240 1,175,240

2018 2.320% 982,000 197,061 1,179,061

2019 2.320% 1,002,000 174,278 1,176,278

2020 2.320% 1,025,000 151,032 1,176,032

2021 2.320% 1,047,000 127,252 1,174,252

2022 2.320% 1,073,000 102,962 1,175,962

2023 2.320% 1,098,000 78,068 1,176,068

2024 2.320% 1,121,000 52,594 1,173,594

2025 2.320% 1,146,000 26,587 1,172,587

2026 - -

2027 - -

2028 - -

2029 - -

2030 - -

Dated Date: 4/10/2014 Next Call: Anytime*

Purpose: Insurance: N/A

Coupon Dates: Semiannual Maturity Date: Mar 1

* Prepayment may be subject to a “fixed rate prepayment charge” as defined in the relevant bonddocuments.

Governmental Activities Debt Detail – State Loans



$203,550 $155,800

1993 MD DNR - Point Breeze 1994 MD DNR - Sandgates Road


Total 32,568 - 32,568 Total 6,232 - 6,232

2015 0.000% 8,142 - 8,142 2015 0.000% 6,232 - 6,232

2016 0.000% 8,142 - 8,142 2016 -

2017 0.000% 8,142 - 8,142 2017 -

2018 0.000% 8,142 - 8,142 2018 -

2019 - 2019 -

2020 - 2020 -

2021 - 2021 -

2022 - 2022 -

2023 - 2023 -

2024 - 2024 -

2025 - 2025 -

2026 - 2026 -

2027 - 2027 -

2028 - 2028 -

2029 - 2029 -

* Amortization assumed to be level principal based on amount outstanding * Amortization assumed to be level principal based on amount outstanding

Original par assumes 25 years level principal based on maturity & o/s balance Original par assumes 25 years level principal based on maturity & o/s balance




$3,037,789 $3,934,347

2001 MD Water Quality Loan 2004 MD Water Quality Loan


Total 403,563 38,750 442,313 Total 1,513,661 105,152 1,618,813

2015 2.400% 255,251 22,438 277,689 2015 1.100% 317,755 28,098 345,853

2016 2.400% 148,312 16,312 164,624 2016 1.100% 321,250 24,603 345,853

2017 - 2017 1.100% 324,784 21,069 345,853

2018 - 2018 1.100% 328,356 17,497 345,853

2019 - 2019 1.100% 221,516 13,885 235,401

2020 - 2020 -

2021 - 2021 -

2022 - 2022 -

2023 - 2023 -

2024 - 2024 -

2025 - 2025 -

2026 - 2026 -

2027 - 2027 -

2028 - 2028 -

2029 - 2029 -




$90,800 $840,925

2004 MD DNR - Murray Rd Revetment 2009 MD DNR - Piney Point Lighthouse


Total 50,848 - 50,848 Total 403,644 - 403,644

2015 0.000% 3,632 - 3,632 2015 0.000% 33,637 - 33,637

2016 0.000% 3,632 - 3,632 2016 0.000% 33,637 - 33,637

2017 0.000% 3,632 - 3,632 2017 0.000% 33,637 - 33,637

2018 0.000% 3,632 - 3,632 2018 0.000% 33,637 - 33,637

2019 0.000% 3,632 - 3,632 2019 0.000% 33,637 - 33,637

2020 0.000% 3,632 - 3,632 2020 0.000% 33,637 - 33,637

2021 0.000% 3,632 - 3,632 2021 0.000% 33,637 - 33,637

2022 0.000% 3,632 - 3,632 2022 0.000% 33,637 - 33,637

2023 0.000% 3,632 - 3,632 2023 0.000% 33,637 - 33,637

2024 0.000% 3,632 - 3,632 2024 0.000% 33,637 - 33,637

2025 0.000% 3,632 - 3,632 2025 0.000% 33,637 - 33,637

2026 0.000% 3,632 - 3,632 2026 0.000% 33,637 - 33,637

2027 0.000% 3,632 - 3,632 2027 -

2028 0.000% 3,632 - 3,632 2028 -

2029 - 2029 -






$707,575 $222,000

2009 MD DNR - North Patuxent Beach 2015 MD DNR - Thomas Road


Total 311,333 - 311,333 Total 133,200 - 133,200

2015 0.000% 28,303 - 28,303 2015 0.000% 8,880 - 8,880

2016 0.000% 28,303 - 28,303 2016 0.000% 8,880 - 8,880

2017 0.000% 28,303 - 28,303 2017 0.000% 8,880 - 8,880

2018 0.000% 28,303 - 28,303 2018 0.000% 8,880 - 8,880

2019 0.000% 28,303 - 28,303 2019 0.000% 8,880 - 8,880

2020 0.000% 28,303 - 28,303 2020 0.000% 8,880 - 8,880

2021 0.000% 28,303 - 28,303 2021 0.000% 8,880 - 8,880

2022 0.000% 28,303 - 28,303 2022 0.000% 8,880 - 8,880

2023 0.000% 28,303 - 28,303 2023 0.000% 8,880 - 8,880

2024 0.000% 28,303 - 28,303 2024 0.000% 8,880 - 8,880

2025 0.000% 28,303 - 28,303 2025 0.000% 8,880 - 8,880

2026 - 2026 0.000% 8,880 - 8,880

2027 - 2027 0.000% 8,880 - 8,880

2028 - 2028 0.000% 8,880 - 8,880

2029 - 2029 0.000% 8,880 - 8,880



Governmental Activities Debt Detail – Other



$10,533,901

2012 Equipment Lease - Governmental


Total 6,367,947 141,148 6,509,095

2015 1.260% 2,096,044 73,654 2,169,698

2016 1.260% 2,122,537 47,161 2,169,698

2017 1.260% 2,149,366 20,333 2,169,699

Dated Date: 9/20/2012 Next Call:

Purpose: Equipment/Vehicles Insurance:

Coupon Dates: Semiannual* Maturity Date: Semiannual

* Note: Audit refers to "bi-annual interest"

Special Assessment Debt Detail – State Loans



$164,550 $276,000

1991 MD DNR - Tall Timbers #3 Erosion Project 1991 MD DNR - Jefferson Island Club, Inc


Total 13,166 - 13,166 Total 13,554 - 13,554

2015 0.000% 6,582 - 6,582 2015 0.000% 13,554 - 13,554

2016 0.000% 6,584 - 6,584 2016 -




$250,725 $544,900

2008 MD DNR - Holly Point Shores 2009 MD DNR - Villas on Waters Edge


Total 180,513 - 180,513 Total 392,328 - 392,328

2015 0.000% 10,029 - 10,029 2015 0.000% 21,796 - 21,796

2016 0.000% 10,029 - 10,029 2016 0.000% 21,796 - 21,796

2017 0.000% 10,029 - 10,029 2017 0.000% 21,796 - 21,796

2018 0.000% 10,029 - 10,029 2018 0.000% 21,796 - 21,796

2019 0.000% 10,029 - 10,029 2019 0.000% 21,796 - 21,796

2020 0.000% 10,029 - 10,029 2020 0.000% 21,796 - 21,796

2021 0.000% 10,029 - 10,029 2021 0.000% 21,796 - 21,796

2022 0.000% 10,029 - 10,029 2022 0.000% 21,796 - 21,796

2023 0.000% 10,029 - 10,029 2023 0.000% 21,796 - 21,796

2024 0.000% 10,029 - 10,029 2024 0.000% 21,796 - 21,796

2025 0.000% 10,029 - 10,029 2025 0.000% 21,796 - 21,796

2026 0.000% 10,029 - 10,029 2026 0.000% 21,796 - 21,796

2027 0.000% 10,029 - 10,029 2027 0.000% 21,796 - 21,796

2028 0.000% 10,029 - 10,029 2028 0.000% 21,796 - 21,796

2029 0.000% 10,029 - 10,029 2029 0.000% 21,796 - 21,796

2030 0.000% 10,029 - 10,029 2030 0.000% 21,796 - 21,796

2031 0.000% 10,029 - 10,029 2031 0.000% 21,796 - 21,796

2032 0.000% 10,020 - 10,020 2032 0.000% 21,796 - 21,796

2033 - 2033 -

2034 - 2034 -

2035 - 2035 -

2036 - 2036 -

2037 - 2037 -




$263,600

2010 MD DNR - Kingston Creek II


Total 242,503 - 242,503

2015 0.000% 10,544 - 10,544

2016 0.000% 10,544 - 10,544

2017 0.000% 10,544 - 10,544

2018 0.000% 10,544 - 10,544

2019 0.000% 10,544 - 10,544

2020 0.000% 10,544 - 10,544

2021 0.000% 10,544 - 10,544

2022 0.000% 10,544 - 10,544

2023 0.000% 10,544 - 10,544

2024 0.000% 10,544 - 10,544

2025 0.000% 10,544 - 10,544

2026 0.000% 10,544 - 10,544

2027 0.000% 10,544 - 10,544

2028 0.000% 10,544 - 10,544

2029 0.000% 10,544 - 10,544

2030 0.000% 10,544 - 10,544

2031 0.000% 10,544 - 10,544

2032 0.000% 10,544 - 10,544

2033 0.000% 10,544 - 10,544

2034 0.000% 10,544 - 10,544

2035 0.000% 10,544 - 10,544

2036 0.000% 10,544 - 10,544

2037 0.000% 10,535 - 10,535

Business-Type Debt Detail



$566,099

2012 Equipment Lease - Business-Type


Total 342,218 7,585 349,803

2015 1.260% 112,643 3,958 116,601

2016 1.260% 114,067 2,534 116,601

2017 1.260% 115,508 1,093 116,601

Dated Date: 9/20/2012 Next Call:

Purpose: Equipment/Vehicles Insurance:

Coupon Dates: Semiannual* Maturity Date: Semiannual

Appendix – MetCom Debt Detail



MetCom Debt Detail – G.O. Bonds

Source: County/MetCom Finance Staff

$6,105,000 $1,158,700

Seventeenth Issue (Series 2003 G.O. Bonds) Twenty-first Issue (2006 CDA Refunding Bonds)


Total 2,620,000 291,475 2,911,475 Total 600,300 102,367 702,667

2015 4.000% 475,000 100,790 575,790 2015 4.150% 82,000 25,526 107,526

2016 4.100% 500,000 81,040 581,040 2016 4.150% 85,700 22,123 107,823

2017 4.200% 520,000 59,870 579,870 2017 4.150% 88,500 18,661 107,161

2018 4.300% 550,000 37,125 587,125 2018 4.150% 92,500 14,988 107,488

2019 4.400% 575,000 12,650 587,650 2019 4.150% 96,000 11,150 107,150

2020 - 2020 4.150% 100,100 7,166 107,266

2021 - 2021 4.275% 55,500 2,753 58,253

2022 - 2022 -

2023 - 2023 -

2024 - 2024 -

2025 - 2025 -

2026 - 2026 -

2027 - 2027 -

2028 - 2028 -

2029 - 2029 -

2030 - 2030 -

2031 - 2031 -

2032 - 2032 -

2033 - 2033 -

2034 - 2034 -

Dated Date: 8/15/2003 Next Call: 11/1/2013 Dated Date: 4/15/2006 Next Call: 5/1/2017 @ 100%

Purpose: Ref 1993 Bonds Insurance: N/A Purpose: Refunding Insurance: N/A

Coupon Dates: Semiannual Maturity Date: Nov 1 Coupon Dates: Semiannual Maturity Date: May 1




$10,889,100 $12,613,963

Twenty-third Issue (2007 CDA Infr Fin Bonds) Twenty-Seventh Issue (2010 CDA Infr Fin Bonds)


Total 8,007,200 2,522,392 10,529,592 Total 10,619,000 3,930,784 14,549,784

2015 3.500% 479,100 323,692 802,792 2015 2.310% 519,700 390,289 909,989

2016 3.625% 498,500 306,949 805,449 2016 2.240% 529,000 378,305 907,305

2017 3.750% 516,800 288,878 805,678 2017 3.110% 544,000 366,455 910,455

2018 4.000% 536,000 269,498 805,498 2018 3.170% 559,500 349,537 909,037

2019 4.000% 560,500 248,058 808,558 2019 2.970% 577,500 331,801 909,301

2020 4.000% 583,500 225,638 809,138 2020 3.650% 594,500 314,649 909,149

2021 4.000% 608,700 202,298 810,998 2021 3.310% 613,800 293,289 907,089

2022 4.125% 631,600 177,950 809,550 2022 3.690% 635,000 272,972 907,972

2023 4.125% 660,500 152,852 813,352 2023 3.470% 660,500 249,541 910,041

2024 4.125% 687,500 125,606 813,106 2024 3.590% 681,500 226,699 908,199

2025 4.125% 718,000 97,247 815,247 2025 3.720% 706,500 202,233 908,733

2026 4.250% 747,000 67,737 814,737 2026 4.310% 732,500 176,985 909,485

2027 4.250% 779,500 35,990 815,490 2027 4.310% 765,500 145,414 910,914

2028 - 2028 4.310% 797,500 112,421 909,921

2029 - 2029 4.310% 833,000 78,049 911,049

2030 - 2030 4.310% 869,000 42,146 911,146

2031 - 2031 -

2032 - 2032 -

2033 - 2033 -

2034 - 2034 -

Dated Date: 11/14/2007 Next Call: 6/1/2017 @ 100% Dated Date: 8/25/2010 Next Call: 6/1/2020 @ 100%

Purpose: Water/Sewer Impr Insurance: N/A Purpose: Water/Sewer Impr Insurance: N/A

Coupon Dates: Semiannual Maturity Date: May 1 Coupon Dates: Semiannual Maturity Date: May 1




$1,448,492 $8,719,514

Thirtieth Issue (2012 CDA Refunding Bonds) Thirty-First Issue (2012 CDA Infr Fin Bonds)


Total 1,248,773 322,206 1,570,979 Total 7,980,400 2,474,996 10,455,396

2015 2.960% 65,883 37,477 103,360 2015 1.060% 370,500 208,409 578,909

2016 2.960% 67,489 35,597 103,086 2016 1.260% 378,000 204,481 582,481

2017 2.960% 70,810 33,474 104,284 2017 1.360% 379,000 199,718 578,718

2018 2.960% 73,234 31,349 104,583 2018 1.510% 385,100 194,564 579,664

2019 2.960% 75,406 29,152 104,557 2019 1.710% 390,000 188,749 578,749

2020 2.960% 76,708 26,962 103,670 2020 1.960% 396,500 182,080 578,580

2021 2.960% 81,439 24,586 106,025 2021 2.280% 406,300 174,309 580,609

2022 2.960% 81,993 22,142 104,135 2022 2.530% 413,900 165,045 578,945

2023 2.960% 84,471 19,682 104,153 2023 2.550% 424,500 154,829 579,329

2024 2.960% 87,125 17,194 104,318 2024 2.530% 435,000 144,005 579,005

2025 2.960% 90,847 14,532 105,378 2025 2.580% 447,100 132,999 580,099

2026 2.960% 92,897 11,805 104,703 2026 2.630% 460,000 121,464 581,464

2027 2.960% 96,817 9,018 105,835 2027 3.420% 473,500 109,366 582,866

2028 2.960% 100,151 6,129 106,280 2028 3.420% 491,000 93,685 584,685

2029 2.960% 103,505 3,106 106,611 2029 3.420% 506,500 76,893 583,393

2030 - 2030 3.420% 525,000 59,570 584,570

2031 - 2031 3.420% 538,000 41,615 579,615

2032 - 2032 3.420% 560,500 23,216 583,716

2033 - 2033 -

2034 - 2034 -

Dated Date: 3/15/2012 Next Call: 5/1/2022 @ 100% Dated Date: 12/29/2012 Next Call: 6/1/2022 @ 100%

Purpose: Refunding Insurance: N/A Purpose: Water/Sewer Impr Insurance: N/A

Coupon Dates: Semiannual Maturity Date: May 1 Coupon Dates: Semiannual Maturity Date: May 1




$15,948,168 $22,075,230

Thirty-Sixth Issue (2013 CDA Infr Fin Bonds) Thirty-Eighth Issue (2014A 1,2 CDA Infr Fin Bonds)


Total 15,351,900 7,633,990 22,985,890 Total 22,075,230 8,893,594 30,968,824

2015 0.940% 614,500 593,862 1,208,362 2015 0.410% 729,730 499,393 1,229,123

2016 1.390% 622,400 588,086 1,210,486 2016 0.660% 917,500 653,606 1,571,106

2017 1.740% 628,700 579,435 1,208,135 2017 0.910% 920,500 647,550 1,568,050

2018 2.240% 640,000 568,495 1,208,495 2018 1.310% 932,000 639,174 1,571,174

2019 2.590% 656,300 554,159 1,210,459 2019 1.660% 940,500 626,965 1,567,465

2020 2.890% 670,700 537,161 1,207,861 2020 1.960% 956,500 611,352 1,567,852

2021 3.290% 688,800 517,778 1,206,578 2021 2.260% 974,000 592,605 1,566,605

2022 3.490% 716,000 495,146 1,211,146 2022 2.510% 995,500 570,593 1,566,093

2023 3.690% 738,000 470,158 1,208,158 2023 2.760% 1,021,000 545,635 1,566,635

2024 3.890% 764,500 442,925 1,207,425 2024 2.910% 1,049,000 517,456 1,566,456

2025 4.090% 795,000 413,186 1,208,186 2025 3.110% 1,079,500 486,930 1,566,430

2026 4.290% 831,000 380,671 1,211,671 2026 3.210% 1,108,000 453,357 1,561,357

2027 4.390% 864,500 345,021 1,209,521 2027 3.310% 1,146,000 417,790 1,563,790

2028 4.490% 903,500 307,069 1,210,569 2028 3.410% 1,184,000 379,858 1,563,858

2029 4.990% 944,000 267,174 1,211,174 2029 4.020% 1,226,000 339,483 1,565,483

2030 4.990% 990,000 220,068 1,210,068 2030 4.090% 1,268,500 290,870 1,559,370

2031 4.990% 1,040,000 170,667 1,210,667 2031 4.090% 1,326,500 238,988 1,565,488

2032 4.990% 1,094,500 118,771 1,213,271 2032 4.090% 1,374,500 184,734 1,559,234

2033 4.990% 1,149,500 64,156 1,213,656 2033 4.160% 1,437,000 128,517 1,565,517

2034 - 2034 4.160% 1,489,000 68,738 1,557,738

Dated Date: 10/2/2013 Next Call: 6/1/2023 @ 100% Dated Date: Next Call:

Purpose: Water/Sewer Impr Insurance: N/A Purpose: Water/Sewer Impr Insurance:

Coupon Dates: Semiannual Maturity Date: May 1 Coupon Dates: Maturity Date:

Note: Coupons calculated based on schedule provided by County Note: Coupons calculated based on schedule provided by County


MetCom Debt Detail – Notes, Leases, Loans


$4,177,116 $835,000

Sixth Issue MD Water Quality Loan #11 MD Water Quality Loan #15

FY Coupon Principal Interest Total FY Coupon Principal Interest Total FY Coupon Principal Interest Total

Total 47,442 6,478 53,920 Total 863,978 118,804 982,782 Total 298,630 45,128 343,758

2015 6.682% 14,803 3,170 17,973 2015 4.260% 276,065 51,529 327,594 2015 2.700% 46,518 10,778 57,296

2016 6.682% 15,792 2,181 17,973 2016 4.260% 287,826 39,768 327,594 2016 2.700% 47,772 9,520 57,292

2017 6.682% 16,847 1,127 17,974 2017 4.260% 300,087 27,507 327,594 2017 2.700% 49,062 8,230 57,292

2018 - - - 2018 - - - 2018 2.700% 50,388 6,906 57,294

2019 - - - 2019 - - - 2019 2.700% 51,748 5,546 57,294

2020 - - - 2020 - - - 2020 2.700% 53,142 4,148 57,290

2021 - - - 2021 - - - 2021 - - -

2022 - - - 2022 - - - 2022 - - -

2023 - - - 2023 - - - 2023 - - -

2024 - - - 2024 - - - 2024 - - -

2025 - - - 2025 - - - 2025 - - -

2026 - - - 2026 - - - 2026 - - -

2027 - - - 2027 - - - 2027 - - -

2028 - - - 2028 - - - 2028 - - -

2029 - - - 2029 - - - 2029 - - -

2030 - - - 2030 - - - 2030 - - -

2031 - - - 2031 - - - 2031 - - -

2032 - - - 2032 - - - 2032 - - -

2033 - - - 2033 - - - 2033 - - -

2034 - - - 2034 - - - 2034 - - -

2035 - - - 2035 - - - 2035 - - -




$567,680 $4,712,200 $976,700

MD Water Quality Loan #16 MD Water Quality Loan #18 MD Water Quality Loan #19


Total 242,599 31,698 274,297 Total 2,718,713 318,547 3,037,260 Total 538,736 60,958 599,694

2015 1.200% 32,031 5,340 37,371 2015 1.100% 233,859 42,437 276,296 2015 1.100% 51,261 8,709 59,970

2016 1.200% 32,416 4,956 37,372 2016 1.100% 236,432 39,864 276,296 2016 1.100% 51,824 8,145 59,969

2017 1.200% 32,805 4,567 37,372 2017 1.100% 239,032 37,264 276,296 2017 1.100% 52,394 7,575 59,969

2018 1.200% 33,198 4,173 37,371 2018 1.100% 241,662 34,635 276,297 2018 1.100% 52,971 6,999 59,970

2019 1.200% 33,597 3,775 37,372 2019 1.100% 244,320 31,975 276,295 2019 1.100% 53,554 6,417 59,971

2020 1.200% 34,000 3,372 37,372 2020 1.100% 247,008 29,289 276,297 2020 1.100% 54,143 5,827 59,970

2021 1.200% 34,408 2,964 37,372 2021 1.100% 249,725 26,571 276,296 2021 1.100% 54,738 5,231 59,969

2022 1.200% 10,144 2,551 12,695 2022 1.100% 252,472 21,825 274,297 2022 1.100% 55,340 4,629 59,969

2023 - - - 2023 1.100% 255,249 21,047 276,296 2023 1.100% 55,949 4,021 59,970

2024 - - - 2024 1.100% 258,056 18,239 276,295 2024 1.100% 56,562 3,405 59,967

2025 - - - 2025 1.100% 260,898 15,401 276,299 2025 - - -

2026 - - - 2026 - - - 2026 - - -

2027 - - - 2027 - - - 2027 - - -

2028 - - - 2028 - - - 2028 - - -

2029 - - - 2029 - - - 2029 - - -

2030 - - - 2030 - - - 2030 - - -

2031 - - - 2031 - - - 2031 - - -

2032 - - - 2032 - - - 2032 - - -

2033 - - - 2033 - - - 2033 - - -

2034 - - - 2034 - - - 2034 - - -

2035 - - - 2035 - - - 2035 - - -




$1,466,576 $1,136,984 $191,593




2015 1.100% 89,621 11,506 101,127 2015 1.100% 61,386 11,766 73,152 2015 1.000% 9,543 2,089 11,632

2016 1.100% 90,607 10,520 101,127 2016 1.100% 62,061 11,091 73,152 2016 1.000% 9,639 1,993 11,632

2017 1.100% 91,604 9,522 101,126 2017 1.100% 62,744 10,409 73,153 2017 1.000% 9,735 1,897 11,632

2018 1.100% 92,612 8,514 101,126 2018 1.100% 63,434 9,718 73,152 2018 1.000% 9,832 1,799 11,631

2019 1.100% 93,630 7,496 101,126 2019 1.100% 64,131 9,020 73,151 2019 1.000% 9,931 1,701 11,632

2020 1.100% 94,660 6,466 101,126 2020 1.100% 64,837 8,315 73,152 2020 1.000% 10,030 1,601 11,631

2021 1.100% 69,545 5,424 74,969 2021 1.100% 65,551 7,603 73,154 2021 1.000% 10,130 1,501 11,631

2022 - - - 2022 1.100% 66,271 6,881 73,152 2022 1.000% 10,232 1,401 11,633

2023 - - - 2023 1.100% 67,001 6,152 73,153 2023 1.000% 10,334 1,297 11,631

2024 - - - 2024 1.100% 67,737 5,414 73,151 2024 1.000% 10,437 1,195 11,632

2025 - - - 2025 1.100% 63,155 4,670 67,825 2025 1.000% 10,541 1,091 11,632

2026 - - - 2026 1.100% 34,526 2,251 36,777 2026 1.000% 10,647 985 11,632

2027 - - - 2027 10,257 1,876 12,133 2027 1.000% 10,753 879 11,632

2028 - - - 2028 - - - 2028 1.000% 10,861 771 11,632

2029 - - - 2029 - - - 2029 1.000% 10,710 663 11,373

2030 - - - 2030 - - - 2030 - - -

2031 - - - 2031 - - - 2031 - - -

2032 - - - 2032 - - - 2032 - - -

2033 - - - 2033 - - - 2033 - - -

2034 - - - 2034 - - - 2034 - - -

2035 - - - 2035 - - - 2035 - - -




$582,547 $443,927 $270,682

MD Water Quality Loan #26 MD Water Quality Loan #28 SunTrust Bank Loan #29



2015 1.000% 27,531 6,357 33,888 2015 2.200% 20,360 9,991 30,350 2015 2.030% 54,943 2,225 57,168

2016 1.000% 27,806 6,081 33,887 2016 2.200% 20,808 9,543 30,350 2016 2.030% 56,069 1,100 57,168

2017 1.000% 28,084 5,803 33,887 2017 2.200% 21,265 9,085 30,350 2017 2.030% 23,700 120 23,820

2018 1.000% 28,365 5,523 33,888 2018 2.200% 21,733 8,617 30,350 2018 - - -

2019 1.000% 28,649 5,239 33,888 2019 2.200% 22,211 8,139 30,350 2019 - - -

2020 1.000% 28,935 4,951 33,886 2020 2.200% 22,700 7,650 30,350 2020 - - -

2021 1.000% 29,225 4,663 33,888 2021 2.200% 23,199 7,151 30,350 2021 - - -

2022 1.000% 29,517 4,371 33,888 2022 2.200% 23,710 6,641 30,350 2022 - - -

2023 1.000% 29,812 4,075 33,887 2023 2.200% 24,231 6,119 30,350 2023 - - -

2024 1.000% 30,110 3,777 33,887 2024 2.200% 24,765 5,586 30,350 2024 - - -

2025 1.000% 30,411 3,475 33,886 2025 2.200% 25,309 5,041 30,350 2025 - - -

2026 1.000% 30,715 3,171 33,886 2026 2.200% 25,866 4,484 30,350 2026 - - -

2027 1.000% 31,022 2,865 33,887 2027 2.200% 26,435 3,915 30,350 2027 - - -

2028 1.000% 31,333 2,555 33,888 2028 2.200% 27,017 3,334 30,350 2028 - - -

2029 1.000% 31,646 2,241 33,887 2029 2.200% 27,611 2,739 30,350 2029 - - -

2030 1.000% 31,962 1,925 33,887 2030 2.200% 28,218 2,132 30,350 2030 - - -

2031 - - - 2031 - - - 2031 - - -

2032 - - - 2032 - - - 2032 - - -

2033 - - - 2033 - - - 2033 - - -

2034 - - - 2034 - - - 2034 - - -

2035 - - - 2035 - - - 2035 - - -




$4,874,202 $394,000 $21,082,400



Total 4,874,202 1,296,827 6,171,029 Total 394,000 94,155 488,155 Total 21,082,400 6,582,454 27,664,854

2015 1.800% - 97,647 97,647 2015 1.700% 18,697 8,480 27,177 2015 2.100% - 339,639 339,639

2016 1.800% 218,400 109,127 327,527 2016 1.700% 17,998 7,612 25,610 2016 2.100% 859,076 538,887 1,397,963

2017 1.800% 221,313 97,894 319,207 2017 1.700% 18,304 7,306 25,610 2017 2.100% 877,116 487,476 1,364,592

2018 1.800% 225,297 93,910 319,207 2018 1.700% 18,615 6,995 25,610 2018 2.100% 895,536 469,056 1,364,592

2019 1.800% 229,352 89,855 319,207 2019 1.700% 18,931 6,678 25,609 2019 2.100% 914,342 450,250 1,364,592

2020 1.800% 233,480 85,727 319,207 2020 1.700% 19,253 6,357 25,610 2020 2.100% 933,543 431,048 1,364,591

2021 1.800% 237,683 81,524 319,207 2021 1.700% 19,581 6,029 25,610 2021 2.100% 953,148 411,444 1,364,592

2022 1.800% 241,962 77,246 319,208 2022 1.700% 19,913 5,696 25,609 2022 2.100% 973,164 391,428 1,364,592

2023 1.800% 246,317 72,899 319,216 2023 1.700% 20,252 5,358 25,610 2023 2.100% 993,600 370,992 1,364,592

2024 1.800% 250,750 68,466 319,216 2024 1.700% 20,596 5,014 25,610 2024 2.100% 1,014,466 350,126 1,364,592

2025 1.800% 255,264 63,952 319,216 2025 1.700% 20,946 4,664 25,610 2025 2.100% 1,035,770 328,822 1,364,592

2026 1.800% 259,859 59,357 319,216 2026 1.700% 21,303 4,307 25,610 2026 2.100% 1,057,521 307,072 1,364,593

2027 1.800% 264,536 54,680 319,216 2027 1.700% 21,665 3,945 25,610 2027 2.100% 1,079,729 284,864 1,364,593

2028 1.800% 269,298 49,918 319,216 2028 1.700% 22,033 3,577 25,610 2028 2.100% 1,102,403 262,190 1,364,593

2029 1.800% 274,145 45,091 319,236 2029 1.700% 22,408 3,202 25,610 2029 2.100% 1,125,554 239,038 1,364,592

2030 1.800% 279,080 40,136 319,216 2030 1.700% 22,788 2,822 25,610 2030 2.100% 1,149,190 215,402 1,364,592

2031 1.800% 284,103 35,113 319,216 2031 1.700% 23,176 2,434 25,610 2031 2.100% 1,173,323 191,270 1,364,593

2032 1.800% 289,217 29,999 319,216 2032 1.700% 23,570 2,040 25,610 2032 2.100% 1,197,963 166,630 1,364,593

2033 1.800% 294,423 24,793 319,216 2033 1.700% 23,971 1,639 25,610 2033 2.100% 1,223,120 141,472 1,364,592

2034 1.800% 299,723 19,493 319,216 2034 - - - 2034 2.100% 1,248,806 115,786 1,364,592

2035 - - - 2035 - - - 2035 2.100% 1,275,030 89,562 1,364,592




$5,270,600 $2,600,300

MD Water Quality Loan #35 MD Water Quality Loan #37


Total 5,270,600 1,646,173 6,916,773 Total 2,600,300 580,216 3,180,516

2015 2.100% - 84,912 84,912 2015 2.000% 107,020 52,006 159,026

2016 2.100% 214,769 135,249 350,018 2016 2.000% 109,160 49,866 159,026

2017 2.100% 219,279 121,870 341,149 2017 2.000% 111,343 47,682 159,026

2018 2.100% 223,884 117,266 341,150 2018 2.000% 113,570 45,456 159,026

2019 2.100% 228,585 112,564 341,149 2019 2.000% 115,842 43,184 159,026

2020 2.100% 233,386 107,764 341,150 2020 2.000% 118,159 40,867 159,026

2021 2.100% 238,287 102,862 341,149 2021 2.000% 120,522 38,504 159,026

2022 2.100% 243,291 97,858 341,149 2022 2.000% 122,932 36,094 159,026

2023 2.100% 248,400 92,750 341,150 2023 2.000% 125,391 33,635 159,026

2024 2.100% 253,616 87,534 341,150 2024 2.000% 127,899 31,127 159,026

2025 2.100% 258,942 82,208 341,150 2025 2.000% 130,457 28,569 159,026

2026 2.100% 264,380 76,770 341,150 2026 2.000% 133,066 25,960 159,026

2027 2.100% 269,932 71,218 341,150 2027 2.000% 135,727 23,299 159,026

2028 2.100% 275,601 65,548 341,149 2028 2.000% 138,442 20,584 159,026

2029 2.100% 281,388 59,762 341,150 2029 2.000% 141,210 17,815 159,026

2030 2.100% 287,298 53,852 341,150 2030 2.000% 144,035 14,991 159,026

2031 2.100% 293,331 47,818 341,149 2031 2.000% 146,915 12,111 159,026

2032 2.100% 299,491 41,658 341,149 2032 2.000% 149,854 9,172 159,026

2033 2.100% 305,780 35,370 341,150 2033 2.000% 152,851 6,175 159,026

2034 2.100% 312,201 28,948 341,149 2034 2.000% 155,908 3,118 159,026

2035 2.100% 318,759 22,392 341,151 2035 -

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