HomeMy WebLinkAbout12-21-16 City Administration Committee AgendaIf you have a disability that will require special arrangements to be made in order for you to fully participate in the meeting,
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CA Meeting
City Administration Committee
DATE: December 21, 2016
TIME: 6:00 p.m.
LOCATION: 3rd Floor,
City Hall, Council Chambers
AGENDA ITEMS
Item Voting
Item?
Presenter(s) Time
Allotted
Chair, Deb Mohlenhoff
1. Call To Order * Note: We will review the number of 15 Min*
1.1 Agenda Review No cards received at the beginning of each
1.2 Review and Approval of Minutes Yes meeting and adjust time if needed.
Approval of November 2016 Minutes
1.3 Statements from the Public No
1.4 Statements from Employees No
1.5 Council Response No
2. Consent Items Yes 5 Min
2.1 IPD – Amendment to Personnel Roster Yes John Barber, Chief, IPD
2.2 IPD – Amendment to Personnel Roster Yes John Barber, Chief, IPD
3. City Administration, Human Resources, and Policy
3.1 HR – Amendment to Anti-Discrimination Yes Schelley Michell-Nunn, Director of HR 30 Min
Ordinance and Policy
*Please note that this item will be forwarded under separate cover prior to the meeting.
4.Finance, Budget, and Appropriations
4.1 Adoption of Municipal Finance Disclosure and
Continuing Disclosure Policies and Procedures Yes Steve Thayer, City Controller 5 Min
4.2 Approval of Refunding of Bonds Yes Steve Thayer, City Controller 5 Min
4.2 Approval of Bonds Yes Steve Thayer, City Controller 10 Min
*Please note that this item will be forwarded under separate cover prior to the meeting.
4.4 Approval of 2015 Single Audit Steve Thayer, City Controller 5 Min
5. Committees Working Group No Deb Mohlenhoff, Rob Gearhart 5 Min
6. Meeting Wrap-up All 5 Min
6.1 Announcements No
6.2 Next Meeting Date: January 18, 2017
6.3 Review Agenda Items for Next Meeting No
6.4 Adjourn Yes
7:30 p.m.
Committee Charge: The CA committee will:
Review financial and administrative issues pertaining to the City, along with items relating to the City of Ithaca workforce
environment, intergovernmental relations and human resources.
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2. Consent Items
.1 IPD - Reclassification of Financial Assistant Position to Administrative Coordinator
WHEREAS, the Ithaca Police Department currently has one Financial Management Assistant who
directly oversees all accounting practices at the IPD, and
WHEREAS, the current role of Financial Management Assistant is not properly in line with the actual
job duties and more appropriately falls under the duties of Administrative Coordinator, and
WHEREAS, the IPD seeks to reclassify the position of Financial Management Assistant to that of
Administrative Coordinator, and
WHEREAS, the local Civil Service Commission approved the reclassification on December 14, 2016,
and
WHEREAS, the current salary for the IPD Financial Management Assistant is $46,368 and top pay for
the Administrative Coordinator is $58,826, a difference of $12,458. Funds for the salary increase will be
derived from the IPD 2017 budget as allocated via: the 1% municipal budget increase; now therefore be
it
RESOLVED, That Common Council hereby approves of the addition of the position of Administrative
Coordinator, effective January 1, 2017, utilizing funds allocated from the 2017 IPD Budget.
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2. Consent Items
.2 IPD - Reclassification of One Data Entry Specialist to Financial Clerk
WHEREAS, the Ithaca Police Department currently has five Data Entry Specialists, however one of the
specialist is directly responsible for the complex time-keeping and the associated financials that come
along with shift work and collective bargaining requirements, and
WHEREAS, the current role of this particular Data Entry Specialist is not properly in line with the
actual job duties and more appropriately falls under the duties of Financial Clerk, and
WHEREAS, IPD seeks to reclassify one Data Entry position to that of Financial Clerk, and
WHEREAS, the local Civil Service Commission approved the reclassification on December 14, 2016,
and
WHEREAS, the current salary for the IPD Data Entry Specialist is $38,064 and top pay for the Financial
clerk is $40,140, a difference of $2,076. Funds for the salary increase will be derived from the IPD 2017
budget as allocated via: the 1% municipal budget increase; now, therefore be it
RESOLVED, That one of the IPD Data Entry Specialist positions shall be reclassified as a Financial
Clerk, and be it further
RESOLVED, That Common Council hereby approves of the addition of Financial Clerk effective
January 1, 2017, utilizing funds allocated for this purpose from the 2017 IPD Budget.
OHSUSA:765998702.1
CITY OF ITHACA
Municipal Finance Disclosure
and
Continuing Disclosure Policies and Procedures
Dated ______________, 2016
Municipal Finance Disclosure
and
Continuing Disclosure Policies And Procedures
TABLE OF CONTENTS
Page
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ARTICLE I General ............................................................................................................. 1
Section 1.1. Purpose ................................................................................................. 1
Section 1.2. Disclosure Practices Working Group ................................................... 1
Section 1.3. Definitions............................................................................................ 1
Section 1.4. Activities of the Disclosure Practices Working Group ........................ 2
Section 1.5. Required Parties for Release of Official Statements............................ 2
Section 1.6. Required Parties for Other Disclosure Document Review .................. 2
ARTICLE II Disclosure Documents ..................................................................................... 2
Section 2.1. Disclosure Documents ......................................................................... 3
Section 2.2. Other Potential Disclosure Documents ................................................ 3
ARTICLE III Review Process ................................................................................................ 3
Section 3.1. Determination of “Disclosure Document” ........................................... 3
Section 3.2. Review of Form and Content of Disclosure Documents ..................... 3
Section 3.3. Review of Disclosure Documents other than Official
Statements and Continuing Disclosure Filings .................................... 5
ARTICLE IV Training Policy................................................................................................. 5
Section 4.1. Training ................................................................................................ 5
ARTICLE V Document Retention Policies ........................................................................... 6
Section 5.1. Official Statements............................................................................... 6
Section 5.2. Disclosure Documents other than Official Statements ........................ 7
ARTICLE VI Annual Review................................................................................................. 7
Section 6.1. Annual Review..................................................................................... 7
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OHSUSA:765998702.1
ARTICLE I
General
Section 1.1. Purpose. The purpose of the City of Ithaca Municipal Finance Disclosure and
Continuing Disclosure Policies and Procedures (these “Procedures”) is to establish processes and
controls to (i) ensure that the financial disclosures that the City of Ithaca (the “City”) makes are
accurate and comply with all applicable federal and state securities laws, and (ii) promote best
practices regarding disclosures relating to securities issued by the City.
These Procedures are being adopted by the Common Council as debt issuance disclosure best
practices.
The failure of the Common Council to comply with any provision of these Procedures shall not
affect the authorization or the validity or enforceability of any bonds, notes or other forms of
indebtedness that are otherwise issued by the City in accordance with law.
Section 1.2. Disclosure Practices Working Group. To better carry out the purposes set forth in
Section 1.1 of these Procedures, a Disclosure Practices Working Group (from time to time referred to
below as the “DPWG”) is established. Membership of the DPWG shall consist of (1) the City
Controller (the “Controller”),and (2) the responsible representative of the financial advisory firm of
the City (the “Financial Advisor”). The City Mayor or a designee thereof may participate at will.
The City Attorney, together with the City’s bond counsel (“Bond Counsel”), shall be legal advisors
to the DPWG. The City Attorney and the City’s Bond Counsel shall assist the DPWG by review of
City Preliminary and Final Official Statements and other Disclosure Documents to advise the DPWG
on requirements of the federal securities laws.
Section 1.3. Definitions. Unless otherwise defined in this document, initially capitalized terms
used in these Procedures shall have the meanings set forth below:
“City” means the City of Ithaca, New York.
“City Financial Statements” means that portion of the IAR that are the audited financial
statements.
“Disclosure Coordinator” means the City official designated by the Common Council from
time to time to administer these Procedures. The Disclosure Coordinator shall be the City Controller.
The Disclosure Coordinator may designate any other responsible staff member of the City to act as
Deputy Disclosure Coordinator to participate in preparation of Disclosure Documents.
“Disclosure Documents” means those documents defined as such in Article II.
“Disclosure Practice Working Group” or “DPWG” means the Disclosure Practice Working
Group as identified under Section 1.2 of these Procedures.
“IAR” means the Independent Auditor’s Report of the City including Notes to the Financial
Statements.
“MSRB” shall mean the Municipal Securities Rulemaking Board or any other entity
designated or authorized by the Securities and Exchange Commission (the “SEC”) to receive filings
pursuant to Rule 15c2-12 under the federal Securities Exchange Act of 1934 (“Rule 15c2-12”), as the
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same may be amended and modified from time to time, and includes the Electronic Municipal
Market Access System of the MSRB (“EMMA”).
“Official Statement” means those Disclosure Documents described in Section 2.1(A) hereof.
“Preparer” means those persons defined as such in Section 3.3(A).
“Procedures” means these Municipal Finance Disclosure and Continuing Disclosure Policies
and Procedures, as the same may be supplemented and amended from time to time.
Section 1.4. Activities of the Disclosure Practices Working Group. The DPWG shall consult as
often as necessary to fulfill its obligations for purposes specified in Section 1.1 hereof, including its
disclosure obligations in connection with the issuance of debt and its continuing disclosure
obligations thereafter. A bond or note due diligence session with the Controller, the City Attorney,
the City’s Bond Counsel and Financial Advisor in attendance at such session or by tele-conference or
a series of tele-conferences or a combination thereof, of all, or a portion of the DPWG may serve this
purpose as to obligations in connection with the issuance of debt and production of any Official
Statement in connection therewith. Post-issuance annual continuing disclosure obligations may be
met by similar DPWG meetings or teleconferences. Physical meetings of the DPWG, if any, are
intended to be internal meetings of City staff, and shall not be deemed to be public meetings for
purposes of the Open Meetings Law of the State of New York.
Members of the DPWG and counsel to the DPWG may attend meetings in person or may participate
in meetings by telephone teleconference. The Disclosure Coordinator shall be required to keep a
record of such meetings and teleconferences, and a brief summary of the matters discussed.
Section 1.5. Required Parties for Release of Official Statements. The participation of the City
Controller, the City Attorney, the Bond Counsel and the Financial Advisor is required prior to the
time any City Official Statement is finalized and the Controller, must give final written approval
thereof to the Financial Advisor, retaining a copy thereof before public release thereof.
Section 1.6. Required Parties for Other Disclosure Documents Review. For all other
Disclosure Document review the Controller and the Financial Advisor are required parties.
ARTICLE II
Disclosure Documents
Section 2.1. Disclosure Documents. For purposes of these Procedures, the term “Disclosure
Documents” shall mean (i) the City’s documents and materials prepared or distributed in connection
with the City’s disclosure obligations under applicable federal and state securities laws relating to its
securities and (ii) other disclosure that the DPWG shall determine to review and approve. Disclosure
Documents shall include, but not be limited to, the following:
(A) Preliminary and Final Official Statements, and Preliminary and Final Private
Placement Memoranda, including but not limited to any City financial information included therein,
relating to the City’s debt securities, together with any supplements;
(B) (1) the City’s Financial Statements, including but not limited to the Notes to the
Financial Statements thereto;
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(2) the City’s Annual Financial Report Update Document (“AUD”) filed
annually with the Office of the State Controller.
(C) any filing made by the City with the MSRB, whether made under a continuing
disclosure agreement to which the City is a party or made voluntarily, including annual financial
information and operating data information, and material events notices as defined in Rule 15c2-12;
Section 2.2. Other Potential Disclosure Documents. The term “Disclosure Documents” shall also
include any other disclosure that the DPWG shall determine is reasonably likely to reach the
investors or the securities markets and may be material to investors, incl uding but not limited to press
releases, web site postings, and other communications required to be reviewed by the Controller as
potential representations of the City’s financial condition to investors or the securities markets. See
Section 3.1 below.
ARTICLE III
Review Process
Section 3.1. Determination of “Disclosure Document”. Whether a particular document or written,
posted or other form of communication is a Disclosure Document shall be determined by the DPWG,
including but not limited to, the determination whether a docum ent should be filed voluntarily with
the MSRB (as provided in Section 2.1(C) above) or whether a communication is reasonably likely to
reach investors or the securities markets and may be material to investors. The Controller may seek
the advice of Bond Counsel to determine whether any document should be treated as a Disclosure
Document. For purposes of these Procedures, it shall be assumed that each document specifically
listed in Section 2.1, hereof is a “Disclosure Document” subject to the review proce ss specified in
Section 3.2 hereof.
Section 3.2. Review of Form and Content of Disclosure Documents. The DPWG shall critically
review the form and content of each Disclosure Document. The DPWG may request a meeting or
tele-conference of all persons responsible for the preparation or review of the Disclosure Document.
Each bond resolution, tax anticipation note resolution and revenue anticipation note resolution will
include a delegation to the Mayor of the City as chief fiscal officer to finalize any offering document
to, among other things, include the most recent City financial information or other material
information relevant to investors, and to otherwise make corrections and clarifications to ensure that
such offering document complies with federal securities laws, and such delegation as to the offering
document may be further delegated to the City Disclosure Coordinator in accordance with these
Procedures.
(A) Disclosure Coordinator. The Disclosure Coordinator shall work with the bond
financing team (i.e., bond counsel , underwriter(s), underwriter’s counsel, financial advisor, and
appropriate City staff), and such other individuals as appropriate given the nature of the financing, to
ensure that these Procedures are followed with respect to the preparation and/or dissemination of any
Disclosure Document.
(1) The Disclosure Coordinator shall be responsible for soliciting material
information from City personnel as and if needed.
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OHSUSA:765998702.1
(2) The Disclosure Coordinator shall contact the individuals as soon as possible
to provide adequate time for such individuals to perform a thoughtful and critical review or
draft of those portions of the Disclosure Document assigned to them , if any.
(3) The Disclosure Coordinator shall maintain or cause to be maintained a
general log of all individuals or departments that were requested to review or draft in
connection with a Disclosure Document, including what sections such individuals or
department prepared or reviewed.
(4) The Disclosure Coordinator shall critically review each section of and all
financial and operating information contained in the Disclosure Document to the extent any
information provided therein is provided by a party other than the Disclosure Coordinator .
To the extent practicable, the Disclosure Coordinator shall endeavor to establish an “audit
trail” with respect to the preparation of any Disclosure Document. Of paramount importance
is that information concerning the City’s financial condition is thoroughly and critically
compared for accuracy against the City’s Financial Statements, including the notes of said
financial statements, and the other financial reports prepared and released by the City.
(5) The Disclosure Coordinator shall report any significant disclosure issues , and
concerns, if any, to the City Attorney and Bond Counsel. The City Attorney and the Bond
Counsel shall critically review the material submitted and undertake to assist the City to
develop appropriate disclosure.
Section 3.3. Review of Disclosure Documents other than Official Statements and Continuing
Disclosure Filings. The following procedures shall apply to those Disclosure Documents that are not
addressed in Section 2.1:
(A) Determination of Disclosure Document . Any City employee preparing (the
“Preparer”) any information for release to the public that could be considered a Disclosure Document
shall notify the Controller of such information. The Controller shall timely make a determination
whether such information is a Disclosure Document under Section 2.1 with the assistance of the City
Attorney and Bond Counsel.
(B) Notify Controller. If the Controller determines that a document is a Disclosure
Document, the Preparer shall inform the Controller of the (i) expected completion date of the
Disclosure Document and (ii) the expected dissemination date of the Disclosure Document to the
Controller. The Controller shall be provided with a reasonable opportunity to review such Disclosure
Document.
(C) Involvement of City Attorney. The City Attorney , in consultation with Bond
Counsel, shall assist the Preparer to:
(1) identify material information that should be disclosed;
(2) identify other persons that may have material information or knowledge of
any information omitted from such Disclosure Document; and
(3) determine when the Disclosure Document is final and ready for release by the
Controller.
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(D) Prepare Source List. The Preparer shall keep a list of individuals or groups that have
contributed to the preparation of the Disclosure Document and a list of sources from which the
information summarized or updated in the Disclosure Document was derived. These lists shall be
submitted to the Controller along with the Disclosure Document.
ARTICLE IV
Training Policy
Section 4.1. Training.
(A) City officials or employees with responsibility for collecting or analyzing information
that may be material to the preparation of a Disclosure Document, as desi gnated under Paragraph (B)
below, shall attend regular disclosure training sessions or educational forums necessary to stay up to
date with federal municipal bond disclosure requirements. Such training shall include information on
the City’s disclosure obligations under applicable federal and state securities laws and such
individual’s responsibilities and potential liabili ty regarding such obligations. The City shall maintain
a record of such training which indicates the attendance thereof by City officials or employees.
(B) The determination as to whether an employee shall receive such training shall be
made by the Controller, in consultation (if necessary) with the City Attorney or Bond Counsel.
(C) The City Controller will consult with Bond Counsel as to new developments under
federal securities laws, or otherwise, to ensure that the City maintains the best practices regarding its
disclosure obligations.
(D) At the request of the Controller, the Bond Counsel shall conduct separate training
sessions for the City Controller and the members of the Common Council.
ARTICLE V
Document Retention Policies
Section 5.1. Official Statements.
(A) Materials Retained. For a Disclosure Document that is an Official Statement or
placement memorandum as referenced in Section 2.1(A), the Common Council, shall maintain a
central depository with the following materials, for a period of five years from the date of delivery of
the securities referenced in such Disclosure Document.
(1) the printed copy of the preliminary and final Official Statement (or
preliminary and final Offering Memoranda);
(2) the “deemed final” certification provided by a City official to the underwriter
of the securities in accordance with paragraph (b)(1) of Rule 15c2-12;
(3) any executed copies of the letters, requests, and certificatio ns prepared and/or
delivered in connection the offering;
(4) the information and related sources referenced in the materials described in
(3) above;
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(5) the bond purchase agreement or official notice of sale, as applicable; and
(6) any written certification or opinions executed by a City official relating to
disclosure matters, delivered at the time of delivery of the related securities.
(B) Materials not Retained. These Procedures shall not require the DPWG to retain after
the date of delivery of the related securities t he drafts of any of the materials referenced in subsection
(A) above.
Section 5.2. Disclosure Documents other than Official Statements. For Disclosure Documents
other than those described in Section 5.1(A) above, the Controller, shall maintain a central
depository, for a period of five years from the date the respective Disclosure Document is published,
posted, or otherwise made publicly available:
(1) the final version of the Disclosure Document,
(2) final versions of all transmittal letters, requests, and certifications relating to
information in the Disclosure Document,
(3) the information and related sources referenced in the materials described in
(2) above.
The Controller shall not retain the drafts of any such materials.
ARTICLE VI
Annual Review
Section 6.1. Annual Review. The Controller shall conduct an annual review and evaluation of
these Disclosure Policies and Procedures with Bond Counsel. As appropriate, the Common Council
shall amend these Disclosure Policies and Procedures to be consistent with changes in the fed eral and
state securities laws, pronouncements of the Securities and Exchange Commission and such other
matters as the Controller deems necessary or desirable, upon advice of the City Attorney and Bond
Counsel.
766189773.01 43119-2-40
REFUNDING BOND RESOLUTION
At a regular meeting of the Common Council of the City of Ithaca, Tompkins County,
New York, held at City Hall, 108 East Green Street, in Ithaca, New York, in said City, on
January 4, 2017, at ____:00 o’clock P.M., Prevailing Time.
The meeting was called to order by Councilman _____________________, and upon roll
being called, the following were
PRESENT:
ABSENT:
The following resolution was offered by Councilman ___________________, who
moved its adoption, seconded by Councilman ___________________, to-wit:
REFUNDING BOND RESOLUTION DATED JANUARY 4, 2017.
A RESOLUTION AUTHORIZING THE ISSUANCE PURSUANT TO
SECTION 90.00 AND/OR SECTION 90.10 OF THE LOCAL FINANCE LAW
OF REFUNDING BONDS OF THE CITY OF ITHACA, TOMPKINS COUNTY,
NEW YORK, TO BE DESIGNATED SUBSTANTIALLY “PUBLIC
IMPROVEMENT REFUNDING (SERIAL) BONDS”, AND PROVIDING FOR
OTHER MATTERS IN RELATION THERETO AND THE PAYMENT OF THE
BONDS TO BE REFUNDED THEREBY.
WHEREAS, the City of Ithaca, Tompkins County, New York (hereinafter, the “City”)
heretofore issued an aggregate $5,803,167 Public Improvement (Serial) Bonds, 2008 Series A,
pursuant to various bond resolutions to pay the cost of various City purposes, such Public
Improvement (Serial) Bonds, 2008 Series A, being dated August 1, 2008 and maturing or
matured on August 1 annually (the “2008A Bonds”); and
WHEREAS, the City heretofore issued an aggregate principal amount of $3,823,277
Public Improvement (Serial) Bonds, 2008 Series B (Federally Taxable), pursuant to various bond
resolutions to pay the cost of various parking garage City purposes, such Public Improvement
(Serial) Bonds, 2008 Series B (Federally Taxable), being dated August 1, 2008 and maturing or
matured on August 1 annually (the “2008B Bonds”); and
WHEREAS, the City heretofore issued an aggregate principal amount of $1,090,084
Public Improvement (Serial) Bonds, 2009 (Federally Taxable), pursuant to various bond
resolutions to pay the cost of various parking garage City purposes, such Public Improvement
(Serial) Bonds, 2009 (Federally Taxable), being dated January 15, 2009 and maturing or matured
on January 15 annually (the “2009 Bonds”); and
WHEREAS, the City heretofore issued an aggregate principal amount of $11,283,389
Public Improvement (Serial) Bonds, 2010 Series A, pursuant to various bond resolutions to pay
the cost of various City purposes, such Public Improvement (Serial) Bonds, 2010 Series A, being
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dated January 15, 2010 and maturing or matured on January 15 annually (the “2010A Bonds”);
and
WHEREAS, the City heretofore issued an aggregate principal amount of $7,662,000
Public Improvement (Serial) Bonds, 2010 Series B (Federally Taxable), pursuant to various bond
resolutions to pay the cost of various parking garage City purposes, such Public Improvement
(Serial) Bonds, 2010 Series B (Federally Taxable), being dated January 15, 2010 and maturing or
matured on January 15 annually (the “2010B Bonds”); and
WHEREAS, it would be in the public interest to refund all, or one or more, or a portion
of one or more, of the $2,735,000 outstanding principal balance of the 2008A Bonds maturing in
2018 and thereafter (the “2008A Refunded Bonds”), the $3,005,000 outstanding principal
balance of the 2008B Bonds maturing in 2018 and thereafter (the “2008B Refunded Bonds”), the
$555,000 outstanding principal balance of the 2009 Bonds maturing in 2019 and thereafter (the
“2009 Refunded Bonds”), the $6,450,000 outstanding principal balance of the 2010A Bonds
maturing in 2020 and thereafter, and the $5,885,000 outstanding principal balance of the 2010B
Bonds maturing in 2020 and thereafter (the “2010B Refunded Bonds”, together with the 2008A,
2008B, 2009 and 2010A Refunded Bonds, the “Refunded Bonds”), each by the issuance of
refunding bonds pursuant to Section 90.00 or Section 90.10 of the Local Finance Law; and
WHEREAS, each of such refundings will individually result in present value savings in
debt service as so required by Section 90.10 of the Local Finance Law; NOW, THEREFORE, BE
IT
RESOLVED, by the Common Council of the City of Ithaca, Tompkins County,
New York, as follows:
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Section 1. For the object or purpose of refunding the outstanding aggregate
$18,630,000 principal balance of the Refunded Bonds, including providing moneys which,
together with the interest earned from the investment of certain of the proceeds of the refunding
bonds herein authorized, shall be sufficient to pay (i) the principal amount of the Refunded
Bonds, (ii) the aggregate amount of unmatured interest payable on the Refunded Bonds to and
including the date on which the Refunded Bonds which are callable are to be called prior to their
respective maturities in accordance with the refunding financial plan, as hereinafter defined, (iii)
the costs and expenses incidental to the issuance of the refunding bonds herein authorized,
including the development of the refunding financial plan, as hereinafter defined, compensation
to the underwriter or underwriters, as hereinafter defined, costs and expenses of executing and
performing the terms and conditions of the escrow contract or contracts, as hereinafter defined,
and fees and charges of the escrow holder or holders, as hereinafter mentioned, (iv) the
redemption premium to be paid on the Refunded Bonds which are to be called prior to their
respective maturities, and (v) the premium or premiums for a policy or policies of municipal
bond insurance or cost or costs of other credit enhancement facility or facilities, for the refunding
bonds herein authorized, or any portion thereof, there are hereby authorized to be issued not
exceeding $20,750,000 refunding bonds of the City pursuant to the provisions of Section 90.00
or Section 90.10 of the Local Finance Law (the “City Refunding Bonds” or the “Refunding
Bonds”), it being anticipated that the amount of Refunding Bonds actually to be issued will be
approximately $18,980,000, as provided in Section 4 hereof. The Refunding Bonds described
herein are hereby authorized to be consolidated for purposes of sale in one or more refunding
bond issues. The City Refunding Bonds shall each be designated substantially “PUBLIC
IMPROVEMENT REFUNDING SERIAL BOND” together with such series designation and
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year as is appropriate on the date of sale thereof, shall be of the denomination of $5,000 or any
integral multiple thereof (except for any odd denominations, if necessary) not exceeding the
principal amount of each respective maturity, shall be numbered with the prefix R-17 (or R with
the last two digits of the year in which the Refunding Bonds are issued as appropriate) followed
by a dash and then from 1 upward, shall be dated on such dates, and shall mature annually on
such dates in such years, bearing interest semi-annually on such dates, at the rate or rates of
interest per annum, as may be necessary to sell the same, all as shall be determined by the City
Controller pursuant to Section 4 hereof. It is hereby further determined that (a) such Refunding
Bonds may be issued in series, (b) such Refunding Bonds may be sold at a discount in the
manner authorized by paragraph e of Section 57.00 of the Local Finance Law and pursuant to
subdivision 2 of paragraph f of Section 90.10 of the Local Finance Law, and (c) such Refunding
Bonds may be issued as a single consolidated issue as to Refunding Bonds refunding the 2008A
Refunded Bonds and the 2010A Refunded Bonds and as a separate single consolidated issue as to
Refunding Bonds refunding the 2008B Refunded Bonds, the 2009 Refunded Bonds, and the
2010B Refunded Bonds. It is hereby further determined that such Refunding Bonds may be
issued to refund all, or any portion of, the Refunded Bonds, subject to the limitation hereinafter
described in Section 10 hereof relating to approval by the State Comptroller.
Section 2. The Refunding Bonds may be subject to redemption prior to maturity upon
such terms as the City Controller shall prescribe, which terms shall be in compliance with the
requirements of Section 53.00 (b) of the Local Finance Law. If less than all of the Refunding
Bonds of any maturity are to be redeemed, the particular refunding bonds of such maturity to be
redeemed shall be selected by the City by lot in any customary manner of selection as determined
by the City Controller.
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The Refunding Bonds shall be issued in registered form and shall not be registrable to
bearer or convertible into bearer coupon form. In the event said Refunding Bonds are issued in
non-certificated form, such bonds, when issued, shall be initially issued in registered form in
denominations such that one bond shall be issued for each maturity of bonds and shall be
registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York,
New York (“DTC”), which will act as securities depository for the bonds in accordance with the
Book-Entry-Only system of DTC. In the event that either DTC shall discontinue the
Book-Entry-Only system or the City shall terminate its participation in such Book-Entry-Only
system, such bonds shall thereafter be issued in certificated form of the denomination of $5,000
each or any integral multiple thereof (except for any odd denominations, if necessary) not
exceeding the principal amount of each respective maturity. In the case of non-certificated
Refunding Bonds, principal of and interest on the bonds shall be payable by check or draft mailed
by the Fiscal Agent (as hereinafter defined) to The Depository Trust Company, New York,
New York, or to its nominee, Cede & Co., while the bonds are registered in the name of Cede &
Co. in accordance with such Book-Entry-Only System. Principal shall only be payable upon
surrender of the bonds at the principal corporate trust office of such Fiscal Agent (or at the office
of the City Clerk as Fiscal Agent as hereinafter provided).
In the event said Refunding Bonds are issued in certificated form, principal of and interest
on the Refunding Bonds shall be payable by check or draft mailed by the Fiscal Agent (as
hereinafter defined) to the registered owners of the Refunding Bonds as shown on the registration
books of the City maintained by the Fiscal Agent (as hereinafter defined), as of the close of
business on the fifteenth day of the calendar month or first business day of the calendar month
preceding each interest payment date as appropriate and as provided in a certificate of the City
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Controller providing for the details of the Refunding Bonds. Principal shall only be payable
upon surrender of bonds at the principal corporate trust office of a bank or trust company or
banks or trust companies located or authorized to do business in the State of New York, as shall
hereafter be designated by the City Controller as fiscal agent of the City for the Refunding Bonds
(collectively the “Fiscal Agent”).
Refunding Bonds in certificated form may be transferred or exchanged at any time prior
to maturity at the principal corporate trust office of the Fiscal Agent for bonds of the same
maturity of any authorized denomination or denominations in the same aggregate principal
amount.
Principal and interest on the Refunding Bonds will be payable in lawful money of the
United States of America.
The City Controller, as chief fiscal officer of the City, is hereby authorized and directed to
enter into an agreement or agreements containing such terms and conditions as he shall deem
proper with the Fiscal Agent, for the purpose of having such bank or trust company or banks or
trust companies act, in connection with the Refunding Bonds, as the Fiscal Agent for said City, to
perform the services described in Section 70.00 of the Local Finance Law, and to execute such
agreement or agreements on behalf of the City, regardless of whether the Refunding Bonds are
initially issued in certificated or non-certificated form; provided, however, that the City
Controller is also hereby authorized to name the City Clerk as the Fiscal Agent in connection
with the Refunding Bonds if said Refunding Bonds are issued in non-certificated form.
The City Controller is hereby further delegated all powers of this Common Council with
respect to agreements for credit enhancement, derived from and pursuant to Section 168.00 of the
Local Finance Law, for said Refunding Bonds, including, but not limited to the determination of
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the provider of such credit enhancement facility or facilities and the terms and contents of any
agreement or agreements related thereto.
The Refunding Bonds shall be executed in the name of the City by the manual or
facsimile signature of the City Controller, and a facsimile of its corporate seal shall be imprinted
thereon. In the event of facsimile signature, the Refunding Bonds shall be authenticated by the
manual signature of an authorized officer or employee of the Fiscal Agent. The Refunding
Bonds shall contain the recital required by subdivision 4 of paragraph g of Section 90.00 of the
Local Finance Law or subdivision 4 of paragraph j of Section 90.10 of the Local Finance Law, as
applicable, and the recital of validity clause provided for in Section 52.00 of the Local Finance
Law and shall otherwise be in such form and contain such recitals, in addition to those required
by Section 51.00 of the Local Finance Law, as the City Controller shall determine. It is hereby
determined that it is to the financial advantage of the City not to impose and collect from
registered owners of the Refunding Bonds any charges for mailing, shipping and insuring bonds
transferred or exchanged by the Fiscal Agent, and, accordingly, pursuant to paragraph c of
Section 70.00 of the Local Finance Law, no such charges shall be so collected by the Fiscal
Agent.
Section 3. It is hereby determined that:
(a) the maximum amount of the Refunding Bonds authorized to be issued
pursuant to this resolution does not exceed the limitation imposed by subdivision 1 of
paragraph b of Section 90.10 of the Local Finance Law;
(b) the maximum period of probable usefulness permitted by law at the time
of the issuance of the respective Refunded Bonds, for the objects or purposes for which
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such respective Refunded Bonds were issued is as described in Exhibit A attached hereto
and hereby made a part hereof;
(c) the last installment of the Refunding Bonds will mature not later than the
expiration of the period of probable usefulness of the objects or purposes for which said
respective Refunded Bonds were issued in accordance with the provisions of
subdivision 1 of paragraph a of Section 90.00 of the Local Finance Law or subdivision 1
of paragraph c of Section 90.10 of the Local Finance Law, as applicable;
(d) the estimated present value of the total debt service savings anticipated as
a result of the issuance of the Refunding Bonds, if any, computed in accordance with the
provisions of subdivision 2 of paragraph b of Section 90.10 of the Local Finance Law,
with regard to each of the respective series of Refunded Bonds, is as shown in the
Refunding Financial Plan described in Section 4 hereof.
Section 4. The financial plan for the aggregate of the refundings authorized by this
resolution (collectively, the “Refunding Financial Plan”), showing the sources and amounts of all
moneys required to accomplish such refundings, the estimated present value of the total debt
service savings and the basis for the computation of the aforesaid estimated present value of total
debt service savings, are set forth in Exhibit B attached hereto and hereby made a part hereof.
The Refunding Financial Plan has been prepared based upon the assumption that the Refunding
Bonds will be issued in one series to refund all of the Refunded Bonds in the principal amount of
$18,980,000, and that the Refunding Bonds will mature, be of such terms, and bear interest as set
forth in said Exhibit B. This Common Council recognizes that the Refunding Bonds may be
issued in one or more series, and for only one or more of the Refunded Bonds, or portions
thereof, that the amount of the Refunding Bonds, maturities, terms, and interest rate or rates
-9-
borne by the Refunding Bonds to be issued by the City will most probably be different from such
assumptions and that the Refunding Financial Plan will also most probably be different from that
attached hereto as Exhibit B. The City Controller is hereby authorized and directed to determine
which of the Refunded Bonds will be refunded and at what time, the amount of the Refunding
Bonds to be issued, the date or dates of such bonds and the date or dates of issue, maturities and
terms thereof, the provisions relating to the redemption of Refunding Bonds prior to maturity,
whether the Refunding Bonds will be insured by a policy or policies of municipal bond insurance
or otherwise enhanced by a credit enhancement facility or facilities, whether the Refunding
Bonds shall be sold at a discount in the manner authorized by paragraph e of Section 57.00 of the
Local Finance Law, and the rate or rates of interest to be borne thereby, whether the Refunding
Bonds shall be issued having substantially level or declining annual debt service and all matters
related thereto, and to prepare, or cause to be provided, a final Refunding Financial Plan for the
Refunding Bonds and all powers in connection therewith are hereby delegated to the City
Controller; provided, that the terms of the Refunding Bonds to be issued, including the rate or
rates of interest borne thereby, shall comply with the requirements of Section 90.00 or
Section 90.10 of the Local Finance Law, as applicable. The City Controller shall file a copy of
his certificates determining the details of the Refunding Bonds and the final Refunding Financial
Plan with the City Clerk not later than ten (10) days after the delivery of the Refunding Bonds, as
herein provided.
Section 5. The City Controller is hereby authorized and directed to enter into an
escrow contract or contracts (collectively the “Escrow Contract”) with a bank or trust company,
or with banks or trust companies, located and authorized to do business in this State as said
President shall designate (collectively the “Escrow Holder”) for the purpose of having the
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Escrow Holder act, in connection with the Refunding Bonds, as the escrow holder to perform the
services described in Section 90.10 of the Local Finance Law.
Section 6. The faith and credit of said City of Ithaca, Tompkins County, New York,
are hereby irrevocably pledged to the payment of the principal of and interest on the Refunding
Bonds as the same respectively become due and payable. An annual appropriation shall be made
in each year sufficient to pay the principal of and interest on such bonds becoming due and
payable in such year. There shall be annually levied on all the taxable real property in said City a
tax sufficient to pay the principal of and interest on such Refunding Bonds as the same become
due and payable.
Section 7. All of the proceeds from the sale of the Refunding Bonds, including the
premium, if any, but excluding accrued interest thereon, shall immediately upon receipt thereof
be placed in escrow with the Escrow Holder for the Refunded Bonds. Accrued interest on the
Refunding Bonds shall be paid to the City to be expended to pay interest on the Refunding
Bonds. Such proceeds as are deposited in the escrow deposit fund to be created and established
pursuant to the Escrow Contract, whether in the form of cash or investments, or both, inclusive
of any interest earned from the investment thereof, shall be irrevocably committed and pledged to
the payment of the principal of and interest on the Refunded Bonds in accordance with
Section 90.10 of the Local Finance Law, and the holders, from time to time, of the Refunded
Bonds shall have a lien upon such moneys held by the Escrow Holder. Such pledge and lien
shall become valid and binding upon the issuance of the Refunding Bonds and the moneys and
investments held by the Escrow Holder for the Refunded Bonds in the escrow deposit fund shall
immediately be subject thereto without any further act. Such pledge and lien shall be valid and
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binding as against all parties having claims of any kind in tort, contract or otherwise against the
City irrespective of whether such parties have notice thereof.
Section 8. Notwithstanding any other provision of this resolution, so long as any of
the Refunding Bonds shall be outstanding, the City shall not use, or permit the use of, any
proceeds from the sale of the Refunding Bonds in any manner which would cause the Refunding
Bonds to be an “arbitrage bond” as defined in Section 148 of the Internal Revenue Code of 1986,
as amended, and, to the extent applicable, the Regulations promulgated by the United States
Treasury Department thereunder.
Section 9. In accordance with the provisions of Section 53.00 and of paragraph h of
Section 90.10 of the Local Finance Law, in the event such bonds are refunded, the City hereby
elects to call in and redeem each respective series of Refunded Bonds which the City Controller
shall determine to be refunded in accordance with the provisions of Section 4 hereof and with
regard to which the right of early redemption exists. The sum to be paid therefor on such
redemption date shall be the par value thereof plus the redemption premium, and the accrued
interest to such redemption date. The Escrow Agent for the Refunding Bonds is hereby
authorized and directed to cause notice of such call for redemption to be given in the name of the
City in the manner and within the times provided in the Refunded Bonds. Such notice of
redemption shall be in substantially the form attached to the Escrow Contract. Upon the issuance
of the Refunding Bonds, the election to call in and redeem the callable Refunded Bonds and the
direction to the Escrow Agent to cause notice thereof to be given as provided in this paragraph
shall become irrevocable, provided that this paragraph may be amended from time to time as may
be necessary in order to comply with the publication requirements of paragraph a of
Section 53.00 of the Local Finance Law, or any successor law thereto.
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Section 10. The Refunding Bonds shall be sold at public competitive sale or at private
sale to an underwriter to be determined by the City Controller(the “Underwriter”) for purchase
prices to be determined by the City Controller, plus accrued interest from the date or dates of the
Refunding Bonds to the date or dates of the delivery of and payment for the Refunding Bonds.
Subject to the approval of the terms and conditions of such private sale by the State Comptroller
as required by subdivision 2 of paragraph f of Section 90.10 of the Local Finance Law, the City
Controller is hereby authorized to execute and deliver a purchase contract for the Refunding
Bonds in the name and on behalf of the City providing the terms and conditions for the sale and
delivery of the Refunding Bonds to the Underwriter. After the Refunding Bonds have been duly
executed, they shall be delivered by the City Controller to the Underwriter in accordance with
said purchase contract or to the winning purchaser by competitive bid upon the receipt by the
City of said purchase price, including accrued interest.
Section 11. The City Controller and all other officers, employees and agents of the
City are hereby authorized and directed for and on behalf of the City to execute and deliver all
certificates and other documents, perform all acts and do all things required or contemplated to
be executed, performed or done by this resolution or any document or agreement approved
hereby.
Section 12. All other matters pertaining to the terms and issuance of the Refunding
Bonds shall be determined by the City Controller and all powers in connection thereof are hereby
delegated to the City Controller. The City Controller shall be further authorized to issue said
Refunding Bonds pursuant to Section 90.00 or Section 90.10 of the Local Finance Law as said
officer shall determine necessary, in consultation with bond counsel to the City.
Section 13. The validity of the Refunding Bonds may be contested only if:
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1. Such obligations are authorized for an object or purpose for which said City is not
authorized to expend money, or
2. The provisions of law which should be complied with at the date of publication of
this resolution are not substantially complied with,
and an action, suit or proceeding contesting such validity is commenced within twenty days after
the date of such publication, or
3. Such obligations are authorized in violation of the provisions of the Constitution.
Section 14. A summary of this resolution, which takes effect immediately, shall be
published in the official newspapers of said City, together with a notice of the City Clerk in
substantially the form provided in Section 81.00 of the Local Finance Law.
Dated: January 4, 2017.
EXHIBIT A
REFUNDED BOND ISSUES
OBJECTS OR PURPOSES
AND PERIODS OF PROBABLE USEFULNESS
$5,803,167 Public Improvement (Serial) Bonds, 2008 Series A
Objects or purposes, periods of probable usefulness, Section 11.00 Local Finance
Law subdivisions and bond resolution adoption dates all per Bond Determinations
Certificate dated August 1, 2008 incorporated herein by reference.
AND
$3,823,277 Public Improvement (Serial) Bonds, 2008 Series B (Federally Taxable)
Objects or purposes, periods of probable usefulness, Section 11.00 Local Finance
Law subdivisions and bond resolution adoption dates all per Bond Determinations
Certificate dated August 1, 2008 incorporated herein by reference.
AND
$1,090,084 Public Improvement (Serial) Bonds, 2009 (Federally Taxable)
Objects or purposes, periods of probable usefulness, Section 11.00 Local Finance
Law subdivisions and bond resolution adoption dates all per Bond Determinations
Certificate dated January 15, 2009 incorporated herein by reference.
AND
$11,283,389 Public Improvement (Serial) Bonds, 2010 Series A
Objects or purposes, periods of probable usefulness, Section 11.00 Local Finance
Law subdivisions and bond resolution adoption dates all per Bond Determinations
Certificate dated January 15, 2010 incorporated herein by reference.
AND
$7,662,000 Public Improvement (Serial) Bonds, 2010 Series B (Federally Taxable)
Objects or purposes, periods of probable usefulness, Section 11.00 Local Finance
Law subdivisions and bond resolution adoption dates all per Bond Determinations
Certificate dated January 15, 2010 incorporated herein by reference.
______________________________________________________
Each of the above-referenced objects or purposes shall be refunded by a pro-
rata allocation of the Refunding Bonds and amortized on a substantially level or
declining debt service basis in accordance with paragraph d of Section 21.00
and paragraph c of Section 90.10 of the Local Finance Law based upon
presently outstanding principal balances for each object or purpose.
EXHIBIT B
PRELIMINARY REFUNDING FINANCIAL PLAN
CITY OF ITHACA,
TOMPKINS COUNTY, NEW YORK
LEGAL NOTICE OF ESTOPPEL
NOTICE IS HEREBY GIVEN that the resolution, a summary of which is published
herewith, has been adopted by the Common Council of the City of Ithaca, Tompkins County,
New York, on January 4, 2017, and the validity of the obligations authorized by such resolution
may be hereafter contested only if such obligations were authorized for an object or purpose for
which said City is not authorized to expend money, or if the provisions of law which should have
been complied with as of the date of publication of this notice were not substantially complied
with, and an action, suit or proceeding contesting such validity is commenced within twenty days
after the date of publication of this notice, or such obligations were authorized in violation of the
provisions of the Constitution.
Dated: Ithaca, New York
January 4, 2017
_______________________________________
City Clerk
SUMMARY OF REFUNDING BOND RESOLUTION DATED JANUARY 4,
2017.
SUMMARY OF A RESOLUTION AUTHORIZING THE ISSUANCE
PURSUANT TO SECTION 90.00 AND/OR SECTION 90.10 OF THE LOCAL
FINANCE LAW OF REFUNDING BONDS OF THE CITY OF ITHACA,
TOMPKINS COUNTY, NEW YORK, TO BE DESIGNATED
SUBSTANTIALLY “PUBLIC IMPROVEMENT REFUNDING (SERIAL)
BONDS”, AND PROVIDING FOR OTHER MATTERS IN RELATION
THERETO.
WHEREAS, the City of Ithaca, Tompkins County, New York (hereinafter, the “City”)
heretofore issued an aggregate principal amount of $5,803,167 Public Improvement (Serial)
Bonds, 2008 Series A (the “2008A Bonds”), $3,823,277 Public Improvement (Serial) Bonds,
2008 Series B (Federally Taxable) (the “2008B Bonds”), $1,090,084 Public Improvement
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(Serial) Bonds, 2009 (Federally Taxable), $11,283,389 Public Improvement (Serial) Bonds, 2010
Series A, and $7,662,000 Public Improvement (Serial) Bonds, 2010 Series B (Federally
Taxable); and
WHEREAS, it would be in the public interest to refund all, or one or more, or a portion
of one or more, of the outstanding $2,735,000 principal balance of the 2008A Bonds maturing in
2018 and thereafter (the “2008A Refunding Bonds”), the outstanding $3,005,000 principal
balance of the 2008B Refunded Bonds maturing in 2018 and thereafter (the “2008B Refunded
Bonds”), the outstanding $555,000 principal balance of the 2009 Refunded Bonds maturing in
2019 and thereafter (the “2009 Refunded Bonds”), the outstanding $6,450,000 principal balance
of the 2010A Bonds maturing in 2020 and thereafter, and the $5,885,000 principal balance of the
2010B Refunded Bonds maturing in 2020 and thereafter (the “2010B Refunded Bonds”; together
with the 2008A, 2008B, 2009 and 2010A Refunded Bonds, the “Refunded Bonds”), each by the
issuance of refunding bonds pursuant to Section 90.00 or Section 90.10 of the Local Finance
Law;
NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of Ithaca,
Tompkins County, New York, as follows:
Section 1. For the object or purpose of refunding the outstanding aggregate
$18,630,000 principal balance of the Refunded Bonds, including providing moneys which,
together with the interest earned from the investment of certain of the proceeds of the refunding
bonds herein authorized, shall be sufficient to pay (i) the principal amount of the Refunded
Bonds, (ii) the aggregate amount of unmatured interest payable on the Refunded Bonds to and
including the date on which the Refunded Bonds which are callable are to be called prior to their
respective maturities in accordance with the refunding financial plan, as hereinafter defined, (iii)
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the costs and expenses incidental to the issuance of the refunding bonds herein authorized, (iv)
the redemption premium to be paid on the Refunded Bonds which are to be called prior to their
respective maturities, and (v) the premium or premiums for a policy or policies of municipal
bond insurance or cost or costs of other credit enhancement facility or facilities, for the refunding
bonds herein authorized, or any portion thereof, there are hereby authorized to be issued not
exceeding $20,750,000 refunding bonds of the City pursuant to the provisions of Section 90.00
and/or Section 90.10 of the Local Finance Law (the “City Refunding Bonds” or the “Refunding
Bonds”), it being anticipated that the amount of Refunding Bonds actually to be issued will be
approximately $18,980,000, as provided in Section 4 hereof.
Section 2. The Refunding Bonds may be subject to redemption prior to maturity upon
such terms as the City Controller shall prescribe, which terms shall be in compliance with the
requirements of Section 53.00 (b) of the Local Finance Law.
Section 3. It is hereby determined that:
(a) the maximum amount of the Refunding Bonds authorized to be issued
pursuant to this resolution does not exceed the limitation imposed by subdivision 1 of
paragraph b of Section 90.10 of the Local Finance Law;
(b) the maximum period of probable usefulness permitted by law at the time
of the issuance of the respective Refunded Bonds, for the objects or purposes for which
such respective Refunded Bonds were issued is as provided in Exhibit A attached to the
complete resolution which is not published as part of this summary (the “Complete
Resolution”);
(c) the last installment of the Refunding Bonds will mature not later than the
expiration of the period of probable usefulness of the objects or purposes for which said
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respective Refunded Bonds were issued in accordance with the provisions of
Section 90.00 or Section 90.10 of the Local Finance Law, as applicable;
(d) the estimated aggregate present value of the total debt service savings
anticipated as a result of the issuance of the Refunding Bonds, if any, computed in
accordance with the provisions of subdivision 2 of paragraph b of Section 90.10 of the
Local Finance Law, with regard to the Refunded Bonds, is $1,613,713.01 as shown in the
Refunding Financial Plan described in Section 4 hereof.
Section 4. The financial plan for the aggregate of the refundings authorized by this
resolution (collectively, the “Refunding Financial Plan”), showing the sources and amounts of all
moneys required to accomplish such refundings are set forth in Exhibit B to the Complete
Resolution which Exhibit B is not published as part of this summary. The Refunding Financial
Plan has been prepared based upon the assumption that the Refunding Bonds will be issued in
one series to refund all of the Refunded Bonds in the principal amount of $18,630,000, and that
the Refunding Bonds will mature, be of such terms, and bear interest as set forth on said
Exhibit B.
Section 5. The City Controller is hereby authorized and directed to enter into an
escrow contract or contracts (collectively the “Escrow Contract”) with a bank or trust company,
or with banks or trust companies, located and authorized to do business in this State as said
President shall designate (collectively the “Escrow Holder”) for the purpose of having the
Escrow Holder act, in connection with the Refunding Bonds, as the escrow holder to perform the
services described in Section 90.10 of the Local Finance Law.
Section 6. The faith and credit of said City of Ithaca, Tompkins County, New York,
are hereby irrevocably pledged to the payment of the principal of and interest on the Refunding
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Bonds as the same respectively become due and payable. An annual appropriation shall be made
in each year sufficient to pay the principal of and interest on such bonds becoming due and
payable in such year. There shall be annually levied on all the taxable real property in said City a
tax sufficient to pay the principal of and interest on such Refunding Bonds as the same become
due and payable.
Section 7. All of the proceeds from the sale of the Refunding Bonds, including the
premium, if any, but excluding accrued interest thereon, shall immediately upon receipt thereof
be placed in escrow with the Escrow Holder for the Refunded Bonds.
Section 8. The City Controller is delegated authority to sell said Refunding Bonds at
public competitive sale or at private sale to such underwriter as the City Controller shall
determine and determine the details in connection therewith.
* * * * * * * * * * * * * * * * * * *
A COPY OF THE COMPLETE TEXT OF THIS RESOLUTION TOGETHER
WITH ALL EXHIBITS INCLUDING BOND DETERMINATIONS
CERTIFICATES FOR THE REFUNDED BONDS IS ON FILE IN THE OFFICE
OF THE CITY CLERK WHERE THEY ARE AVAILABLE FOR PUBLIC
INSPECTION DURING NORMAL BUSINESS HOURS.
* * * * * * * * * * * * * * * * * * *
Dec 15, 2016 11:04 am Prepared by RBC Capital Markets Page 1
SOURCES AND USES OF FUNDS
City of Ithaca
Refunding of 2008 Series AB, 2009 and 2010 Series AB
Dated Date 03/01/2017
Delivery Date 03/01/2017
Refunding of Refunding of Refunding of
2008 Series B 2009 2010 Series B
Refunding of Refunding of (Federally (Federally (Federally
Sources: 2008 Series A 2010 Series A Taxable) Taxable) Taxable) Total
Bond Proceeds:
Par Amount 2,635,000.00 6,120,000.00 3,120,000.00 590,000.00 6,515,000.00 18,980,000.00
Premium 169,727.35 750,393.55 920,120.90
2,804,727.35 6,870,393.55 3,120,000.00 590,000.00 6,515,000.00 19,900,120.90
Refunding of Refunding of Refunding of
2008 Series B 2009 2010 Series B
Refunding of Refunding of (Federally (Federally (Federally
Uses: 2008 Series A 2010 Series A Taxable) Taxable) Taxable) Total
Refunding Escrow Deposits:
Cash Deposit 0.33 0.72 0.66 0.47 0.08 2.26
SLGS Purchases 2,783,766.00 6,827,864.00 3,097,481.00 583,426.00 6,465,461.00 19,757,998.00
2,783,766.33 6,827,864.72 3,097,481.66 583,426.47 6,465,461.08 19,758,000.26
Delivery Date Expenses:
Cost of Issuance 10,412.28 24,183.35 12,328.77 2,331.40 25,744.20 75,000.00
Underwriter's Discount 7,321.18 17,004.02 9,286.22 1,639.28 19,721.50 54,972.20
17,733.46 41,187.37 21,614.99 3,970.68 45,465.70 129,972.20
Other Uses of Funds:
Additional Proceeds 3,227.56 1,341.46 903.35 2,602.85 4,073.22 12,148.44
2,804,727.35 6,870,393.55 3,120,000.00 590,000.00 6,515,000.00 19,900,120.90
Dec 15, 2016 11:04 am Prepared by RBC Capital Markets Page 2
SAVINGS
City of Ithaca
Refunding of 2008 Series AB, 2009 and 2010 Series AB
Present Value
Prior Refunding to 03/01/2017
Date Debt Service Debt Service Savings @ 3.2899665%
12/31/2017 485,476.89 327,461.02 158,015.87 155,884.40
12/31/2018 1,500,953.78 1,359,317.00 141,636.78 126,031.68
12/31/2019 1,584,353.78 1,451,056.50 133,297.28 113,743.69
12/31/2020 2,526,850.66 2,366,827.25 160,023.41 134,252.92
12/31/2021 2,529,091.28 2,361,352.25 167,739.03 136,429.87
12/31/2022 2,527,335.04 2,366,673.50 160,661.54 125,708.98
12/31/2023 2,516,628.78 2,357,986.25 158,642.53 119,788.73
12/31/2024 1,996,925.65 1,860,618.50 136,307.15 105,265.27
12/31/2025 1,882,735.02 1,756,669.75 126,065.27 93,925.50
12/31/2026 1,882,578.77 1,752,405.50 130,173.27 93,847.41
12/31/2027 1,876,553.76 1,750,742.25 125,811.51 87,555.85
12/31/2028 921,935.63 833,520.75 88,414.88 58,424.08
12/31/2029 915,771.88 826,614.00 89,157.88 56,965.48
12/31/2030 906,975.01 817,870.75 89,104.26 55,023.56
12/31/2031 900,650.01 807,409.75 93,240.26 55,760.38
12/31/2032 891,725.01 805,397.00 86,328.01 49,599.42
12/31/2033 560,043.76 523,153.50 36,890.26 21,920.28
12/31/2034 552,053.13 511,150.00 40,903.13 23,585.50
26,958,637.84 24,836,225.52 2,122,412.32 1,613,713.01
Savings Summary
PV of savings from cash flow 1,613,713.01
Plus: Refunding funds on hand 12,148.44
Net PV Savings 1,625,861.45
Dec 15, 2016 11:04 am Prepared by RBC Capital Markets Page 3SUMMARY OF REFUNDING RESULTSCity of IthacaRefunding of 2008 Series AB, 2009 and 2010 Series ABRefunding of Refunding of2008 Series B Refunding of 2010 Series BRefunding of Refunding of (Federally 2009 (Federally (Federally2008 Series A 2010 Series A Taxable) Taxable) Taxable) TotalDated Date 03/01/2017 03/01/2017 03/01/2017 03/01/2017 03/01/2017 03/01/2017Delivery Date 03/01/2017 03/01/201703/01/2017 03/01/2017 03/01/2017 03/01/2017Arbitrage Yield 2.221208% 2.221208% 3.863013% 3.021084% 4.001229% 2.221208%Escrow Yield 0.613833% 1.216121% 0.613834% 0.829691% 1.212043% 1.164567%Value of Negative Arbitrage 18,451.45 122,331.88 41,194.82 10,767.46 310,576.85 503,322.46Bond Par Amount 2,635,000.00 6,120,000.00 3,120,000.00 590,000.00 6,515,000.00 18,980,000.00True Interest Cost 1.885448% 2.358285% 3.905562% 3.090024% 4.039241% 3.333138%Net Interest Cost 1.971105% 2.542371% 3.931232% 3.092659% 4.066021% 3.463265%All-In TIC 1.999321% 2.419147% 3.962335% 3.188507% 4.089104% 3.392320%Average Coupon 3.742492% 4.357557% 3.896349% 3.029111% 4.035839% 4.063584%Average Life 3.479 6.602 8.532 4.372 10.030 7.593Weighted Average Maturity 3.532 6.698 8.532 4.372 10.030 7.561Par amount of refunded bonds 2,735,000.00 6,450,000.00 3,005,000.00 555,000.00 5,885,000.00 18,630,000.00Average coupon of refunded bonds 4.106640% 4.154557% 6.704845% 5.942466% 6.180740% 5.543105%Average life of refunded bonds 4.033 6.596 9.615 4.530 10.753 7.958Remaining weighted average maturity of refunded bonds 4.017 6.587 9.574 4.520 10.665 7.922PV of prior debt 2,826,961.86 6,806,113.62 3,838,946.22 619,933.16 7,421,879.04 21,513,833.91Net PV Savings 157,449.50 312,616.23 590,830.19 38,895.82 526,069.71 1,625,861.45Percentage savings of refunded bonds 5.756837% 4.846763% 19.661570% 7.008256% 8.939162% 8.727115%Percentage savings of refunding bonds 5.975313% 5.108108% 18.936865% 6.592512% 8.074746% 8.566183%
Dec 15, 2016 11:04 am Prepared by RBC Capital Markets Page 4
SUMMARY OF BONDS REFUNDED
City of Ithaca
Refunding of 2008 Series AB, 2009 and 2010 Series AB
Maturity Interest Par Call Call
Bond Date Rate Amount Date Price
2008 Series A, 2008:
SERIAL 08/01/2018 4.000% 410,000.00 08/01/2017 100.000
08/01/2019 4.000% 430,000.00 08/01/2017 100.000
08/01/2020 4.125% 445,000.00 08/01/2017 100.000
08/01/2021 4.125% 465,000.00 08/01/2017 100.000
08/01/2022 4.125% 485,000.00 08/01/2017 100.000
08/01/2023 4.125% 500,000.00 08/01/2017 100.000
2,735,000.00
2008 Series B (Federally Taxable), 2008B:
SERIAL 08/01/2018 6.625% 120,000.00 08/01/2017 100.000
08/01/2019 6.625% 130,000.00 08/01/2017 100.000
08/01/2020 6.625% 140,000.00 08/01/2017 100.000
08/01/2021 6.625% 150,000.00 08/01/2017 100.000
08/01/2022 6.625% 160,000.00 08/01/2017 100.000
08/01/2023 6.625% 170,000.00 08/01/2017 100.000
08/01/2024 6.625% 180,000.00 08/01/2017 100.000
08/01/2025 6.625% 190,000.00 08/01/2017 100.000
08/01/2026 6.625% 205,000.00 08/01/2017 100.000
08/01/2027 6.700% 220,000.00 08/01/2017 100.000
08/01/2028 6.700% 235,000.00 08/01/2017 100.000
08/01/2029 6.750% 250,000.00 08/01/2017 100.000
08/01/2030 6.750% 265,000.00 08/01/2017 100.000
08/01/2031 6.750% 285,000.00 08/01/2017 100.000
08/01/2032 6.750% 305,000.00 08/01/2017 100.000
3,005,000.00
2009 (Federally Taxable), 2009:
SERIAL 01/15/2019 5.625% 80,000.00 01/15/2018 100.000
01/15/2020 5.625% 85,000.00 01/15/2018 100.000
01/15/2021 5.750% 90,000.00 01/15/2018 100.000
01/15/2022 6.000% 95,000.00 01/15/2018 100.000
01/15/2023 6.000% 100,000.00 01/15/2018 100.000
01/15/2024 6.125% 105,000.00 01/15/2018 100.000
555,000.00
2010 Series A, 2010A:
SERIAL 01/15/2020 4.000% 690,000.00 01/15/2019 100.000
01/15/2021 4.000% 720,000.00 01/15/2019 100.000
01/15/2022 4.000% 755,000.00 01/15/2019 100.000
01/15/2023 4.000% 785,000.00 01/15/2019 100.000
01/15/2024 4.000% 820,000.00 01/15/2019 100.000
01/15/2025 4.000% 855,000.00 01/15/2019 100.000
01/15/2026 4.250% 895,000.00 01/15/2019 100.000
01/15/2027 4.500% 930,000.00 01/15/2019 100.000
6,450,000.00
2010 Series B (Federally Taxable), 2010B:
SERIAL 01/15/2020 6.000% 275,000.00 01/15/2019 100.000
01/15/2021 6.000% 290,000.00 01/15/2019 100.000
01/15/2022 6.000% 300,000.00 01/15/2019 100.000
01/15/2023 6.000% 315,000.00 01/15/2019 100.000
01/15/2024 6.000% 335,000.00 01/15/2019 100.000
01/15/2025 6.000% 350,000.00 01/15/2019 100.000
01/15/2026 6.000% 365,000.00 01/15/2019 100.000
01/15/2027 6.000% 385,000.00 01/15/2019 100.000
01/15/2028 6.125% 405,000.00 01/15/2019 100.000
01/15/2029 6.125% 425,000.00 01/15/2019 100.000
01/15/2030 6.250% 445,000.00 01/15/2019 100.000
01/15/2031 6.250% 465,000.00 01/15/2019 100.000
01/15/2032 6.250% 485,000.00 01/15/2019 100.000
01/15/2033 6.250% 510,000.00 01/15/2019 100.000
01/15/2034 6.375% 535,000.00 01/15/2019 100.000
5,885,000.00
18,630,000.00
Dec 15, 2016 11:04 am Prepared by RBC Capital Markets Page 5
BOND PRICING
City of Ithaca
Refunding of 2008 Series AB, 2009 and 2010 Series AB
Maturity Premium
Bond Component Date Amount Rate Yield Price (-Discount) Takedown
Serial Bonds:
01/15/2018 400,000 3.000% 1.030% 101.705 6,820.00 2.500
01/15/2019 415,000 3.000% 1.300% 103.133 13,001.95 2.500
01/15/2020 1,085,000 3.000% 1.530%104.114 44,636.90 2.500
01/15/2021 1,125,000 4.000% 1.740%108.425 94,781.25 2.500
01/15/2022 1,180,000 4.000% 1.940% 109.531 112,465.80 2.500
01/15/2023 1,225,000 4.000% 2.090% 110.501 128,637.25 2.500
01/15/2024 775,000 4.000% 2.250% 111.083 85,893.25 2.500
01/15/2025 810,000 4.000% 2.390% 111.488 93,052.80 2.500
01/15/2026 850,000 5.000% 2.560% 119.253 163,650.50 2.500
01/15/2027 890,000 5.000% 2.690% 119.908 177,181.20 2.500
8,755,000 920,120.90
Serial Bonds (Federally Taxable):
07/15/2017 60,000 1.600% 1.600% 100.000 2.500
01/15/2018 250,000 1.820% 1.820% 100.000 2.500
01/15/2019 345,000 2.180% 2.180% 100.000 2.500
01/15/2020 625,000 2.550% 2.550% 100.000 2.500
01/15/2021 635,000 2.750% 2.750% 100.000 2.500
01/15/2022 650,000 3.030% 3.030% 100.000 2.500
01/15/2023 665,000 3.230% 3.230% 100.000 2.500
01/15/2024 680,000 3.420% 3.420% 100.000 2.500
01/15/2025 595,000 3.570% 3.570% 100.000 2.500
01/15/2026 610,000 3.670% 3.670% 100.000 2.500
01/15/2027 635,000 3.770% 3.770% 100.000 2.500
01/15/2028 655,000 3.970% 3.970% 100.000 3.000
01/15/2029 675,000 4.120% 4.120% 100.000 3.000
01/15/2030 695,000 4.270% 4.270% 100.000 3.000
01/15/2031 715,000 4.370% 4.370% 100.000 3.000
01/15/2032 745,000 4.400% 4.400% 100.000 3.000
01/15/2033 490,000 4.430% 4.430% 100.000 3.000
01/15/2034 500,000 4.460% 4.460% 100.000 3.000
10,225,000
18,980,000 920,120.90
Dated Date 03/01/2017
Delivery Date 03/01/2017
First Coupon 07/15/2017
Par Amount 18,980,000.00
Premium 920,120.90
Production 19,900,120.90 104.847845%
Underwriter's Discount (54,972.20) (0.289632%)
Purchase Price 19,845,148.70 104.558212%
Accrued Interest
Net Proceeds 19,845,148.70
Dec 15, 2016 11:04 am Prepared by RBC Capital Markets Page 6
BOND SUMMARY STATISTICS
City of Ithaca
Refunding of 2008 Series AB, 2009 and 2010 Series AB
Dated Date 03/01/2017
Delivery Date 03/01/2017
Last Maturity 01/15/2034
Arbitrage Yield 2.221208%
True Interest Cost (TIC) 3.333138%
Net Interest Cost (NIC) 3.463265%
All-In TIC 3.392320%
Average Coupon 4.063584%
Average Life (years) 7.593
Weighted Average Maturity (years) 7.561
Duration of Issue (years) 6.510
Par Amount 18,980,000.00
Bond Proceeds 19,900,120.90
Total Interest 5,856,225.52
Net Interest 4,991,076.82
Total Debt Service 24,836,225.52
Maximum Annual Debt Service 2,366,827.25
Average Annual Debt Service 1,472,018.63
Underwriter's Fees (per $1000)
Average Takedown 2.617887
Other Fee 0.278435
Total Underwriter's Discount 2.896322
Bid Price 104.558212
Par Average Average
Bond Component Value Price Coupon Life
Serial Bonds 8,755,000.00 110.510 4.244% 5.662
Serial Bonds (Federally Taxable) 10,225,000.00 100.000 3.969% 9.246
18,980,000.00 7.593
All-In Arbitrage
TIC TIC Yield
Par Value 18,980,000.00 18,980,000.00 8,755,000.00
+ Accrued Interest
+ Premium (Discount) 920,120.90 920,120.90 920,120.90
- Underwriter's Discount (54,972.20) (54,972.20)
- Cost of Issuance Expense (75,000.00)
- Other Amounts
Target Value 19,845,148.70 19,770,148.70 9,675,120.90
Target Date 03/01/2017 03/01/2017 03/01/2017
Yield 3.333138% 3.392320% 2.221208%
Dec 15, 2016 11:04 am Prepared by RBC Capital Markets Page 7
BOND DEBT SERVICE
City of Ithaca
Refunding of 2008 Series AB, 2009 and 2010 Series AB
Period Bond Total
Ending Principal Interest Debt Service Balance Bond Value
12/31/2017 60,000 267,461.02 327,461.02 18,920,000 18,920,000
12/31/2018 650,000 709,317.00 1,359,317.00 18,270,000 18,270,000
12/31/2019 760,000 691,056.50 1,451,056.50 17,510,000 17,510,000
12/31/2020 1,710,000 656,827.25 2,366,827.25 15,800,000 15,800,000
12/31/2021 1,760,000 601,352.25 2,361,352.25 14,040,000 14,040,000
12/31/2022 1,830,000 536,673.50 2,366,673.50 12,210,000 12,210,000
12/31/2023 1,890,000 467,986.25 2,357,986.25 10,320,000 10,320,000
12/31/2024 1,455,000 405,618.50 1,860,618.50 8,865,000 8,865,000
12/31/2025 1,405,000 351,669.75 1,756,669.75 7,460,000 7,460,000
12/31/2026 1,460,000 292,405.50 1,752,405.50 6,000,000 6,000,000
12/31/2027 1,525,000 225,742.25 1,750,742.25 4,475,000 4,475,000
12/31/2028 655,000 178,520.75 833,520.75 3,820,000 3,820,000
12/31/2029 675,000 151,614.00 826,614.00 3,145,000 3,145,000
12/31/2030 695,000 122,870.75 817,870.75 2,450,000 2,450,000
12/31/2031 715,000 92,409.75 807,409.75 1,735,000 1,735,000
12/31/2032 745,000 60,397.00 805,397.00 990,000 990,000
12/31/2033 490,000 33,153.50 523,153.50 500,000 500,000
12/31/2034 500,000 11,150.00 511,150.00
18,980,000 5,856,225.52 24,836,225.52
Dec 15, 2016 11:04 am Prepared by RBC Capital Markets Page 8
ESCROW REQUIREMENTS
City of Ithaca
Refunding of 2008 Series AB, 2009 and 2010 Series AB
Period Principal
Ending Interest Redeemed Total
07/15/2017 329,190.63 329,190.63
08/01/2017 156,286.26 5,740,000.00 5,896,286.26
01/15/2018 329,190.63 555,000.00 884,190.63
07/15/2018 312,896.88 312,896.88
01/15/2019 312,896.88 12,335,000.00 12,647,896.88
1,440,461.28 18,630,000.00 20,070,461.28
Dec 15, 2016 11:04 am Prepared by RBC Capital Markets Page 9
ESCROW DESCRIPTIONS
City of Ithaca
Refunding of 2008 Series AB, 2009 and 2010 Series AB
Type of Type of Maturity First Int Par Max
Security SLGS Date Pmt Date Amount Rate Rate
Mar 1, 2017:
SLGS Certificate 07/15/2017 07/15/2017 270,090 0.560% 0.560%
SLGS Certificate 08/01/2017 08/01/2017 5,881,247 0.610% 0.610%
SLGS Certificate 01/15/2018 01/15/2018 800,459 0.830% 0.830%
SLGS Note 07/15/2018 07/15/2017 234,990 1.040% 1.040%
SLGS Note 01/15/2019 07/15/2017 12,571,212 1.220% 1.220%
19,757,998
SLGS Summary
SLGS Rates File 15DEC16
Total Certificates of Indebtedness 6,951,796.00
Total Notes 12,806,202.00
Total original SLGS 19,757,998.00
Dec 15, 2016 11:04 am Prepared by RBC Capital Markets Page 10
ESCROW SUFFICIENCY
City of Ithaca
Refunding of 2008 Series AB, 2009 and 2010 Series AB
Escrow Net Escrow Excess Excess
Date Requirement Receipts Receipts Balance
03/01/2017 2.26 2.26 2.26
07/15/2017 329,190.63 329,190.94 0.31 2.57
08/01/2017 5,896,286.26 5,896,285.27 (0.99) 1.58
01/15/2018 884,190.63 884,190.06 (0.57) 1.01
07/15/2018 312,896.88 312,896.35 (0.53) 0.48
01/15/2019 12,647,896.88 12,647,896.40 (0.48)
20,070,461.28 20,070,461.28 0.00
Dec 15, 2016 11:04 am Prepared by RBC Capital Markets Page 11
ESCROW CASH FLOW
City of Ithaca
Refunding of 2008 Series AB, 2009 and 2010 Series AB
Net Escrow
Date Principal Interest Receipts
07/15/2017 270,090.00 59,100.94 329,190.94
08/01/2017 5,881,247.00 15,038.27 5,896,285.27
01/15/2018 800,459.00 83,731.06 884,190.06
07/15/2018 234,990.00 77,906.35 312,896.35
01/15/2019 12,571,212.00 76,684.40 12,647,896.40
19,757,998.00 312,461.02 20,070,459.02
Escrow Cost Summary
Purchase date 03/01/2017
Purchase cost of securities 19,757,998.00
Dec 15, 2016 11:04 am Prepared by RBC Capital Markets Page 12
PROOF OF NEW YORK STATE EFFECTIVE INTEREST COST
City of Ithaca
Refunding of 2008 Series AB, 2009 and 2010 Series AB
Effective Interest Cost 3.28996648%
Par 18,980,000.00
Accrued Interest
-OID / +OIP 920,120.90
Proceeds 19,900,120.90
NPV of Debt Service at EIC
Debt Service PV factor
to Final Total EIC Debt at EIC of
Date Maturity Service 3.290% PV of Cashflow
07/15/2017 327,461.02 327,461.02 0.9879271140 323,507.62
01/15/2018 1,008,796.00 1,008,796.00 0.9719388822 980,488.06
07/15/2018 350,521.00 350,521.00 0.9562093979 335,171.47
01/15/2019 1,110,521.00 1,110,521.00 0.9407344735 1,044,705.39
07/15/2019 340,535.50 340,535.50 0.9255099893 315,169.01
01/15/2020 2,050,535.50 2,050,535.50 0.9105318923 1,867,077.97
07/15/2020 316,291.75 316,291.75 0.8957961950 283,332.95
01/15/2021 2,076,291.75 2,076,291.75 0.8812989746 1,829,833.79
07/15/2021 285,060.50 285,060.50 0.8670363716 247,157.82
01/15/2022 2,115,060.50 2,115,060.50 0.8530045891 1,804,156.31
07/15/2022 251,613.00 251,613.00 0.8391998915 211,153.60
01/15/2023 2,141,613.00 2,141,613.00 0.8256186038 1,768,155.54
07/15/2023 216,373.25 216,373.25 0.8122571105 175,750.71
01/15/2024 1,671,373.25 1,671,373.25 0.7991118544 1,335,614.18
07/15/2024 189,245.25 189,245.25 0.7861793361 148,780.71
01/15/2025 1,594,245.25 1,594,245.25 0.7734561127 1,233,078.73
07/15/2025 162,424.50 162,424.50 0.7609387970 123,595.10
01/15/2026 1,622,424.50 1,622,424.50 0.7486240568 1,214,586.01
07/15/2026 129,981.00 129,981.00 0.7365086135 95,732.13
01/15/2027 1,654,981.00 1,654,981.00 0.7245892419 1,199,181.43
07/15/2027 95,761.25 95,761.25 0.7128627689 68,264.63
01/15/2028 750,761.25 750,761.25 0.7013260725 526,528.44
07/15/2028 82,759.50 82,759.50 0.6899760816 57,102.08
01/15/2029 757,759.50 757,759.50 0.6788097746 514,374.56
07/15/2029 68,854.50 68,854.50 0.6678241788 45,982.70
01/15/2030 763,854.50 763,854.50 0.6570163696 501,864.91
07/15/2030 54,016.25 54,016.25 0.6463834699 34,915.21
01/15/2031 769,016.25 769,016.25 0.6359226489 489,034.85
07/15/2031 38,393.50 38,393.50 0.6256311218 24,020.17
01/15/2032 783,393.50 783,393.50 0.6155061488 482,183.52
07/15/2032 22,003.50 22,003.50 0.6055450345 13,324.11
01/15/2033 512,003.50 512,003.50 0.5957451270 305,023.59
07/15/2033 11,150.00 11,150.00 0.5861038174 6,535.06
01/15/2034 511,150.00 511,150.00 0.5766185391 294,738.57
24,836,225.52 24,836,225.52 19,900,120.90
Dec 15, 2016 11:04 am Prepared by RBC Capital Markets Page 13
PROOF OF ARBITRAGE YIELD
City of Ithaca
Refunding of 2008 Series AB, 2009 and 2010 Series AB
Present Value
to 03/01/2017
Date Debt Service Total @ 2.2212084507%
07/15/2017 129,756.67 129,756.67 128,694.15
01/15/2018 574,300.00 574,300.00 563,340.83
07/15/2018 168,300.00 168,300.00 163,275.05
01/15/2019 583,300.00 583,300.00 559,668.65
07/15/2019 162,075.00 162,075.00 153,800.71
01/15/2020 1,247,075.00 1,247,075.00 1,170,410.38
07/15/2020 145,800.00 145,800.00 135,333.84
01/15/2021 1,270,800.00 1,270,800.00 1,166,619.91
07/15/2021 123,300.00 123,300.00 111,948.57
01/15/2022 1,303,300.00 1,303,300.00 1,170,316.06
07/15/2022 99,700.00 99,700.00 88,543.61
01/15/2023 1,324,700.00 1,324,700.00 1,163,544.22
07/15/2023 75,200.00 75,200.00 65,326.06
01/15/2024 850,200.00 850,200.00 730,454.29
07/15/2024 59,700.00 59,700.00 50,728.21
01/15/2025 869,700.00 869,700.00 730,883.24
07/15/2025 43,500.00 43,500.00 36,155.23
01/15/2026 893,500.00 893,500.00 734,479.50
07/15/2026 22,250.00 22,250.00 18,089.16
01/15/2027 912,250.00 912,250.00 733,509.23
10,858,706.67 10,858,706.67 9,675,120.90
Proceeds Summary
Delivery date 03/01/2017
Par Value 8,755,000.00
Premium (Discount) 920,120.90
Target for yield calculation 9,675,120.90
Dec 15, 2016 11:04 am Prepared by RBC Capital Markets Page 14
FORM 8038 STATISTICS
City of Ithaca
Refunding of 2008 Series AB, 2009 and 2010 Series AB
Dated Date 03/01/2017
Delivery Date 03/01/2017
Redemption
Bond Component Date Principal Coupon Price Issue Price at Maturity
Serial Bonds:
01/15/2018 400,000.00 3.000% 101.705 406,820.00 400,000.00
01/15/2019 415,000.00 3.000% 103.133 428,001.95 415,000.00
01/15/2020 1,085,000.00 3.000% 104.114 1,129,636.90 1,085,000.00
01/15/2021 1,125,000.00 4.000% 108.425 1,219,781.25 1,125,000.00
01/15/2022 1,180,000.00 4.000% 109.531 1,292,465.80 1,180,000.00
01/15/2023 1,225,000.00 4.000% 110.501 1,353,637.25 1,225,000.00
01/15/2024 775,000.00 4.000% 111.083 860,893.25 775,000.00
01/15/2025 810,000.00 4.000% 111.488 903,052.80 810,000.00
01/15/2026 850,000.00 5.000% 119.253 1,013,650.50 850,000.00
01/15/2027 890,000.00 5.000% 119.908 1,067,181.20 890,000.00
8,755,000.00 9,675,120.90 8,755,000.00
Stated Weighted
Maturity Interest Issue Redemption Average
Date Rate Price at Maturity Maturity Yield
Final Maturity 01/15/2027 5.000%1,067,181.20 890,000.00
Entire Issue 9,675,120.90 8,755,000.00 5.7802 2.2212%
Proceeds used for accrued interest 0.00
Proceeds used for bond issuance costs (including underwriters' discount) 58,920.83
Proceeds used for credit enhancement 0.00
Proceeds allocated to reasonably required reserve or replacement fund 0.00
Proceeds used to currently refund prior issues 0.00
Proceeds used to advance refund prior issues 9,611,631.05
Remaining weighted average maturity of the bonds to be currently refunded 0.0000
Remaining weighted average maturity of the bonds to be advance refunded 5.8196
Dec 15, 2016 11:04 am Prepared by RBC Capital Markets Page 15
FORM 8038 STATISTICS
City of Ithaca
Refunding of 2008 Series AB, 2009 and 2010 Series AB
Refunded Bonds
Bond
Component Date Principal Coupon Price Issue Price
2008 Series A:
SERIAL 08/01/2018 410,000.00 4.000% 102.121 418,696.10
SERIAL 08/01/2019 430,000.00 4.000% 101.129 434,854.70
SERIAL 08/01/2020 445,000.00 4.125% 100.934 449,156.30
SERIAL 08/01/2021 465,000.00 4.125% 100.185 465,860.25
SERIAL 08/01/2022 485,000.00 4.125% 99.736 483,719.60
SERIAL 08/01/2023 500,000.00 4.125% 99.171 495,855.00
2,735,000.00 2,748,141.95
2010 Series A:
SERIAL 01/15/2020 690,000.00 4.000% 101.894 703,068.60
SERIAL 01/15/2021 720,000.00 4.000% 101.131 728,143.20
SERIAL 01/15/2022 755,000.00 4.000% 100.752 760,677.60
SERIAL 01/15/2023 785,000.00 4.000% 100.000 785,000.00
SERIAL 01/15/2024 820,000.00 4.000% 98.680 809,176.00
SERIAL 01/15/2025 855,000.00 4.000% 97.790 836,104.50
SERIAL 01/15/2026 895,000.00 4.250% 100.000 895,000.00
SERIAL 01/15/2027 930,000.00 4.500% 101.479 943,754.70
6,450,000.00 6,460,924.60
9,185,000.00 9,209,066.55
Remaining
Last Weighted
Call Issue Average
Date Date Maturity
2008 Series A 08/01/2017 08/07/2008 4.0166
2010 Series A 01/15/2019 01/15/2010 6.5866
All Refunded Issues 01/15/2019 5.8196