PowerPoint Presentation

City of Glendale, Arizona
Transportation Excise Tax
Cash Defeasance of Existing Debt
May 2024

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Finance Plan Overview
Overview
The City has a strong level of existing cash balances in its Transportation Fund from the dedicated Transportation 
Excise Tax.  
The cash balances, in conjunction with proceeds from future bond issues, are programmed to fund the City’s 
approved capital improvement plan for transportation projects.  
At this time, the City has the opportunity to use a portion of the cash balances to pay off existing debt, thereby 
achieving significant debt service savings for the City.
If and when additional funds are necessary for the transportation capital improvement program, the City can issue 
new bonds to replace the cash used at this time to pay off debt.  The expectation is that the newly issued debt will 
be at lower interest rates than the 5% stated interest rate on the debt to be paid off or defeased.
Given new General Obligation Bond voter authorization, future bonds may be issued as either General 
Obligation Bonds or Transportation Excise Tax Revenue Bonds, whichever is more beneficial to the City
The end result is the City will achieve significant debt service savings on its Transportation-related debt portfolio.  
The City has the opportunity to use a portion of its existing Transportation Excise Tax cash balances to pay off bonds 
for debt service savings

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Transportation Excise Tax Revenue Obligations Outstanding
The City of Glendale has $50.29 million in total outstanding Transportation Excise Tax Revenue Obligations
Dated
Original
Outstanding
Callable
Final
Call
Transportation Excise Tax Revenue Bonds
Date
Par Amount
Par Amount
Par Amount
Maturity
Provisions
S&P AA / Moody’s A1
Series 2015
02/25/2015
55,635,000
43,050,000
25,050,000
2031
07/01/2025
Series 2017 (Bank Loan)
06/22/2017
19,330,000
7,185,000
7,130,000 
2032
07/01/2027
Total
$74,965,000
$50,290,000 
$32,180,000
Outstanding Obligations by Fiscal Year
6,698.9
6,702.8
6,700.2
6,701.0
6,699.2
6,699.4
6,695.9
6,698.9
7,030.0
 -
 1,000
 2,000
 3,000
 4,000
 5,000
 6,000
 7,000
 8,000
FY24
FY25
FY26
FY27
FY28
FY29
FY30
FY31
FY32
(S in Thousands)
Series 2015 Principal
Series 2015 Interest
Series 2017 Principal
Series 2017 Interest

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Cash Defeasance
Defeasance Overview
Defeasance is the process by which the City is released from the financial obligations to pay a series of its Bonds.
The City deposits a portion of its Transportation Excise Tax cash balances in a bank escrow account which, when 
invested in U.S. government securities, generates the cash flows required to meet the scheduled principal, interest, 
and redemption payments on the Series 2015 Bonds through their call date.  
Defeased Bonds are considered to be legally retired and no longer outstanding, and the Transportation Excise 
Taxes are no longer pledged to, or used to make, debt service payments on the defeased Bonds.
To the extent the City issues Bonds in the future to replace the cash used for defeasance, the future value savings 
will decrease but the present value savings will remain approximately the same
Existing
Estimated
Fiscal
Series 2015
City Cash
Debt
Year
Debt Service
Contribution
Defeased
2025
626,250
      
25,140,000
 
626,250
        
2026
1,252,500
   
1,252,500
     
2027
6,103,125
   
6,103,125
     
2028
6,098,125
   
6,098,125
     
2029
6,090,375
   
6,090,375
     
2030
6,084,250
   
6,084,250
     
2031
3,695,125
   
3,695,125
     
Totals
29,949,750
 
29,949,750
   
Future Value Savings
4,809,750
     
Net Present Value Savings (@ 3% discount rate)
1,785,000
     
Summary of Defeasance Analysis

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