|
RAMIR6Y
<br />I
<br />1
<br />1
<br />r
<br />1
<br />11
<br />UAL
<br />Amort
<br />Balance
<br />Savings
<br />Aup. Ann
<br />Ranking
<br />Base
<br />Reason
<br />Year
<br />Ramp
<br />Period
<br />6/30/2021
<br />PV 1$1
<br />Pv (%)
<br />Cash Flow
<br />Savings
<br />PV
<br />CIF
<br />n.
<br />fGainl/Loss
<br />2015
<br />100%
<br />26
<br />32,611,483
<br />16,250,386
<br />49.8%
<br />23,709,074
<br />911.887
<br />3
<br />7
<br />0.
<br />AssLnlp Lunge
<br />201b
<br />8u%
<br />11
<br />1b,21:8,114
<br />5,881,_ed
<br />3b 236
<br />1,2b/,248
<br />42148�
<br />23
<br />1;
<br />p.
<br />(Ga1n)/Los
<br />201b
<br />801a
<br />2/
<br />31.911,29b
<br />19,/61.548
<br />b2.1'fe
<br />29,J28.504
<br />108021.1
<br />1
<br />6
<br />q.
<br />A:...: rap C,:,.,
<br />2017
<br />601A
<br />1R
<br />13,723,n57
<br />;,32R,0;4
<br />3R.A%
<br />G,711,977
<br />372,RRP..
<br />21
<br />1R
<br />a
<br />7n17
<br />nn%
<br />2P
<br />12 I, 124,1G4)
<br />-
<br />-
<br />-
<br />-
<br />-
<br />-
<br />,_
<br />Mclhod Chan,,c
<br />2018
<br />40%
<br />19
<br />G,357,217
<br />2.GG0.981
<br />41.9:6
<br />3.434,492
<br />180,763
<br />17
<br />2G
<br />_
<br />Assump Chance
<br />2018
<br />40%
<br />19
<br />30.754.017
<br />12.880343
<br />419^A
<br />1G.G23473
<br />874.920
<br />1S
<br />13
<br />u.
<br />(Gain)/Loss
<br />2018
<br />4D%
<br />29
<br />(12,91548/)
<br />v.
<br />ALSIG INC
<br />2010
<br />None
<br />20
<br />14S,308
<br />52,211
<br />3596.
<br />66,233
<br />2,312
<br />25
<br />33
<br />w_
<br />(Gain)/Loss
<br />21111
<br />None
<br />20
<br />3,048,440
<br />1,202,280
<br />304V..
<br />1,577,9uR
<br />78,895
<br />211
<br />31
<br />2019
<br />J(I%'•
<br />2r1
<br />3,872,184
<br />11'1, l9l
<br />4,4%
<br />2,g3O5J
<br />116,653
<br />In
<br />30
<br />y.
<br />Fresh Start
<br />2005
<br />None
<br />1G
<br />(2,854.990)
<br />-
<br />-
<br />-
<br />-
<br />-
<br />-
<br />c.
<br />Benefit Change
<br />2006
<br />None
<br />6
<br />1,718,7G4
<br />293.127
<br />17',
<br />305.933
<br />50.989
<br />34
<br />32
<br />aa.
<br />Assump Change
<br />2009
<br />None
<br />10
<br />14.943.657
<br />3.870.796
<br />260/
<br />4.288.783
<br />428.978
<br />31
<br />24
<br />ab.
<br />Sp(Galn)/Loss
<br />2009
<br />None
<br />20
<br />31.977.596
<br />13.716.229
<br />43%
<br />19.206.019
<br />910.301
<br />13
<br />10
<br />IL.
<br />Sy (GairQ(Los
<br />201➢
<br />None
<br />21
<br />(11,794,554)
<br />od.
<br />Assump Change
<br />2011
<br />None
<br />12
<br />16,001,458
<br />4,753,065
<br />30%
<br />5,447,402
<br />453,9SO
<br />29
<br />22
<br />;p(ca1n)1I n•.,
<br />2011-
<br />'l.
<br />Pynn(G:Iinl/Lo»
<br />2012
<br />Non,
<br />23
<br />8,240,5S1
<br />3,926.172
<br />48%
<br />S,499,297
<br />239. i00
<br />6
<br />21
<br />ag.
<br />fGainl/Loss
<br />2012
<br />None
<br />23
<br />74,450,415
<br />35,483,171
<br />48%
<br />49,716,864
<br />2,161,603
<br />5
<br />3
<br />ah.
<br />(Gain)/Lass
<br />2013
<br />100%
<br />24
<br />140.663.232
<br />65,665,618
<br />41%
<br />92,321,103
<br />3,84G,113
<br />8
<br />1
<br />ai.
<br />Assump Change
<br />2014
<br />100%
<br />15
<br />53.834,472
<br />17,324,402
<br />32%
<br />20,598,573
<br />1,373,238
<br />26
<br />9
<br />aj_
<br />(Gain)/Loss
<br />2014
<br />10u`%
<br />2S
<br />(84,294,374)
<br />-
<br />-
<br />-
<br />-
<br />-
<br />-
<br />ak.
<br />(Gain)/Loss
<br />2015
<br />100-A
<br />26
<br />59,710,283
<br />29,752,401
<br />50-A
<br />43,402,881
<br />1,669,342
<br />4
<br />4
<br />ol.
<br />Assump Chan,,
<br />2016
<br />80%
<br />17
<br />19,877,718
<br />7,193,291
<br />36°o
<br />8,880,592
<br />522,388
<br />24
<br />1S
<br />o rn.
<br />(Gain)/Luns
<br />201G
<br />801A
<br />27
<br />50,404,089
<br />2G.23G.343
<br />52A
<br />38.955563
<br />1442,799
<br />2
<br />an.
<br />Assump Change
<br />2017
<br />609/
<br />13
<br />22,90S,190
<br />8.392.503
<br />39%
<br />1'_.202422
<br />622.357
<br />20
<br />14
<br />ao.
<br />Cam)/Lois
<br />2017
<br />60%
<br />28
<br />(32.6533541
<br />-
<br />-
<br />-
<br />-
<br />-
<br />-
<br />ap.
<br />Method L ange
<br />201d
<br />4DV
<br />19
<br />6,326,2he
<br />2.221 b28
<br />42%
<br />2,8/5010
<br />1s1.3'_b
<br />_8
<br />2;
<br />aG.
<br />Asiwnp C9ang0
<br />2018
<br />40'a
<br />19
<br />38,8uu,/bb
<br />16,249.6J1
<br />42A
<br />2u,969.961
<br />1.l0JG82
<br />18
<br />8
<br />n_
<br />(Gain)/Loss
<br />2018
<br />4u'%
<br />29
<br />(1,171,209)
<br />2n19
<br />Nun.
<br />20
<br />S, IRS, IA7
<br />2,n47GGI
<br />19%
<br />2,11R5,9G9
<br />1.34.292
<br />19
<br />29
<br />o.-
<br />IGair,)/Io»
<br />7019
<br />20%
<br />20
<br />4,463,871
<br />7,0261,470
<br />45%
<br />2,725,047
<br />136,252
<br />11
<br />28
<br />Optimal POB Size and Bases. Based on the City's current credit profile, the priority at the moment is to
<br />maximize cash flow savings and rninirnize interest cost (particularly in the "front-end" of the amortization
<br />structure). To accomplish this goal, and also best meet the City's needs, we prioritize UAL bases with the
<br />highest cash flow savings that have fully amortized (i.e. no additional "Ramp —Up"). An example of this is
<br />that our model replaced UAL base "am" (ranked S) in favor of bases "aa and ab" (ranked 24 and 10).
<br />Similarly, our model replaced UAL base "p" (ranked 6) in favor of bases "d and e" (ranked 16 and 12). The
<br />results of our optimized model recommend a UAL payoff amount of $627 million or approximately
<br />88.4% of the City's outstanding CAPERS UAL.
<br />Ramirez & Co. Recommended POR Structure (Detailed Cash Flow Savings Provided in Appendix H)
<br />i>30
<br />Par Anou it SG2�84�000
<br />Ilia,-, ,I .,,
<br />,Go
<br />sn
<br />j40
<br />sin
<br />2r,
<br />Ip
<br />lU
<br />i Jr'1y Muc IIIIIIIIIIIIIIIIII r;�L 4',, Polls -( nl eat UAL
<br />UA_ Payotf AmOLrt 5627,866,312
<br />Costs at l ssui ace. $1078,688
<br />11IMPMEMINNIMM ,
<br />POB Dcbl Scrvic, 58G3. 288,000
<br />Cash F'.uw Sa,,%, S275,403,941
<br />PV Savings (5) 5221,31G,9813
<br />PV Savings (%) M 25%
<br />AI', -in TIC 2.899L,
<br />TIC 2.88%
<br />City Council
<br />11 23 — 249
<br />5/18/2021
<br />
|