HomeMy WebLinkAbout2024-05-08 Commissioner Minutes
Historic Courthouse Roof Replacement
Bids accepted until: 04:00 PM
Tuesday, 4/16/2024
Bid Opening: 06:30 PM
Wednesday, 4/17/2024
TOTAL AMOUNT OF BASE BID BASED
ON ESTIMATED QUANTITIES
1. Detwiler Roofing Total Base Bid Price$ 901,000.00
East Earl, PA Unit Price No. GC-1 Solid wood
deck roof sheathing replacement$10 per liner foot
Alternate #1: Demolition of mechanical
equipment and platforms within the attic.$ (29,000.00)
Alternate #2: Provide cooper roofing
in lieu of prefinished galvanized steel.$ 135,000.00
Alternate #3: Provide premium metallic finish
copper roofing in lieu of standard painted color.$ 4,000.00
2. Mid State Roofing Total Base Bid Price$ 725,143.00
Bellville, PA
Unit Price No. GC-1 Solid wood
deck roof sheathing replacement$14.25 per foot
Alternate #1: Demolition of mechanical
equipment and platforms within the attic.$ (17,450.00)
Alternate #2: Provide cooper roofing
in lieu of prefinished galvanized steel.$ 212,240.00
Alternate #3: Provide premium metallic finish
copper roofing in lieu of standard painted color.$ 7,500.00
3. Niko Contracting Total Base Bid Price$ 1,384,000.00
Pittsburgh, PA Unit Price No. GC-1 Solid wood
deck roof sheathing replacement$15 per liner foot
Alternate #1: Demolition of mechanical
equipment and platforms within the attic.$ (117,900.00)
Alternate #2: Provide cooper roofing
in lieu of prefinished galvanized steel.$ 184,800.00
Alternate #3: Provide premium metallic finish
copper roofing in lieu of standard painted color.$ 3,000.00
4. CH&E Total Base Bid Price$ 954,000.00
Lancaster, PA Unit Price No. GC-1 Solid wood
deck roof sheathing replacement$20 per liner foot
Alternate #1: Demolition of mechanical
equipment and platforms within the attic.$ (18,000.00)
Alternate #2: Provide cooper roofing
in lieu of prefinished galvanized steel.$ 295,000.00
Alternate #3: Provide premium metallic finish
copper roofing in lieu of standard painted color.$ 24,000.00
Franklin County
BONDSALE DOCUMENT
GeneralObligationBonds,Seriesof20
ResultsofCompetitive
$
Prepared by:
JohnFrey
Director
&
Senior
PFM Financial Advisors LLC
Market Street
Harrisburg,PA17101
717.23. (P)
www.pfm.com
MUNICIPALMARKETUPDATE
May7,2024
HISTORICALBVALCURVEILLUSTRATIONSINCEJANUARY1,1993\[1\]
8.00
7.00
6.00
RangeAverageCurrent
5.00
(%)
4.00
Yield
3.00
2.00
1.00
0.00
YearYearYearYearYearYearYearYearYearYearYearYearYearYearYearYearYearYearYearYearYearYearYearYearYearYearYearYearYearYear
123456789
101112131415161718192021222324252627282930
MaturityYear
SPOTANALYSIS10YEARBVALSINCEJANUARY1,1993\[1\]
6.50
Since1/1/1993 AmountDate
6.00
Min 0.543 8/10/2020
5.50
Max 6.150 11/17/1994
5.00
Average 3.260 ƓΉğ
4.50
t 2.640 ЎΉАΉЋЉЋЍ
Curren
4.00
3.50
(%)
3.00
Yield
2.50
Since1/1/1993Rate%Greater%Less
Current2.64063.07%36.93%
2.00
Current+50bps3.14053.02%46.98%
1.50
Current+100bps3.64043.77%56.23%
1.00
0.50
19931994199519961997199819992000200120022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024
SPOTANALYSIS10YEARBVALSINCEJANUARY1,2023
4.000
3.750
3.500
3.250
3.000
2.750
(%)
2.500
Yield
2.250
Since1/1/2023 AmountDate
2.000
Min 2.059 4/12/2023
1.750
Max 3.634 10/30/2023
1.500
Average 2.617 ƓΉğ
1.250
Current 2.640 ЎΉАΉЋЉЋЍ
1.000
23232323232323232323232324242424
Jul
JanJan
Jun
Oct
AprApr
FebSepFeb
Dec
Aug
Nov
MarMar
May
\[1\]DatapointspriortoJanuary4,2010areprovidedbyMMD,datapointsafterJanuary4,2010areprovidedbyBVAL.
PFM Financial Advisors LLC2
COUNTY OF FRANKLIN
(Commonwealth ofPennsylvania)
General Obligation Bonds, Series of 2024
May 8, 2024
1234
True
Interest InterestNumber
BidderCost Rate Range*of Bids
1.Janney Montgomery Scott3.958577 4.000 4
2.KeyBanc Capital Markets3.968440 4.000 7
3.Robert Baird4.045585 4.000 3
4.Bancroft Capital, LLC4.187550 4.000-4.1254
5.PNC Capital Markets4.2235474.000-5.0001
6.FHN Financial4.368980 4.250-5.0001
TOTAL20
Based on Preliminary Issue Size of $9,995,000*
*2025 through 2041 General Obligation Bonds, Seriesof 2024
Bidder Information:
1.
S&P: AA (Stable Outlook)Bid Alone
No Insurer
2.
S&P: AA (Stable Outlook)Bid Alone
No Insurer
3.
S&P: AA (Stable Outlook)Bid Alone
No Insurer
4.
S&P: AA (Stable Outlook)Bid Alone
No Insurer
5.
S&P: AA (Stable Outlook)Bid Alone
No Insurer
6.
S&P: AA (Stable Outlook)Bid Alone
No Insurer
BOND INSURANCE:
Assured Guaranty Municipal N/A
Build America Mutual N/A
PAYING AGENT:
FULTON BANK, N.A.
OPTIONAL REDEMPTION DATE:
5/1/2029 @ Par
PFM Financial Advisors LLC3
County of Franklin
Internet Bond Sale
Wednesday, May 8, 2024
Bid Summary
Bidder:# of Bids Submitted:
Janney Montgomery Scott4
KeyBanc Capital Markets7
Robert Baird3
Bancroft Capital, LLC4
PNC Capital Markets1
FHN Financial1
Total Bids20
Chronology of Bids
Time:Bidder:Bid (TIC):Winner?
11:08:43 am4.028640
KeyBanc Capital Marketsno
11:11:15 am4.222129
Bancroft Capital, LLCno
11:12:31 am4.055903
Janney Montgomery Scottno
11:12:40 am4.013980
Janney Montgomery Scott*no
11:13:03 am4.101170
Robert Bairdno
(1)
11:13:11 am4.007732
KeyBanc Capital Markets*no
11:13:22 am3.987650
Janney Montgomery Scott*no
11:13:23 am4.070828
Robert Bairdno
11:13:40 am3.997303
KeyBanc Capital Marketsno
11:13:41 am4.045585
Robert Bairdno
11:13:48 am4.208839
Bancroft Capital, LLCno
11:13:53 am4.223547
PNC Capital Marketsno
11:13:59 am3.995219
KeyBanc Capital Marketsno
11:14:41 am3.985693
KeyBanc Capital Markets*no
11:14:52 am4.191802
Bancroft Capital, LLCno
(2)
11:15:03 am3.958577
Janney Montgomery Scott*YES
11:15:45 am3.978749
KeyBanc Capital Marketsno
11:16:06 am4.187550
Bancroft Capital, LLCno
11:16:22 am4.368980
FHN Financialno
11:16:59 am3.968440
KeyBanc Capital Marketsno
(1)
First activation of the two-minute rule extended the auction period until 11:15:11
(2)
Fourth and Final activation of the two-minute rule extended the auction period until 11:17:03
*Indicates new leading bid.
PFM Financial Advisors LLC4
COUNTY OF FRANKLIN
Summary of 2024 Financing Plan
1
FINAL
Series of 2024
June 18, 2024
Settlement
Bond Par Amount$9,870,000
BQ Status Tax-Exempt, Bank-Qualified
2345
FiscalExistingAnnual
Year Total DebtNew DebtNew Net
EndingServiceServiceDebt Service
12/31/20247,247,729145,857 7,393,585
12/31/20256,264,234424,800 6,689,034
12/31/20266,268,229418,600 6,686,829
12/31/20276,269,139417,600 6,686,739
12/31/20286,029,325396,600 6,425,925
12/31/20296,259,625426,400 6,686,025
12/31/20306,260,425425,000 6,685,425
12/31/20316,259,925428,600 6,688,525
12/31/20326,262,925422,000 6,684,925
12/31/20336,263,975420,600 6,684,575
12/31/20346,262,925424,200 6,687,125
12/31/20356,259,575427,600 6,687,175
12/31/20366,263,725420,800 6,684,525
12/31/20376,264,775424,200 6,688,975
12/31/20386,261,350427,400 6,688,750
12/31/20396,261,300425,400 6,686,700
12/31/20403,406,0003,278,400 6,684,400
12/31/20416,687,200 6,687,200
12/31/2042
12/31/2043
12/31/2044
12/31/2045
TOTAL104,365,18116,441,257120,806,437
PFM Financial Advisors LLC5
FRANKLIN COUNTY
Series of 2024Settle 6/18/2024
New MoneyDated 6/18/2024
123456789
Semi-AnnualFiscal YearExistingTotal
DatePrincipalCouponYieldInterestDebt ServiceDebt ServiceDebt ServiceDebt Service
45413
11/1/2024145,856.67145,856.67145,856.677,247,728.727,393,585.39
5/1/2025197,400.00197,400.00
4.0003.430
11/1/202530,000197,400.00227,400.00424,800.006,264,234.006,689,034.00
5/1/2026196,800.00196,800.00
4.0003.320
11/1/202625,000196,800.00221,800.00418,600.006,268,229.006,686,829.00
5/1/2027196,300.00196,300.00
4.0003.170
11/1/202725,000196,300.00221,300.00417,600.006,269,139.006,686,739.00
5/1/2028195,800.00195,800.00
4.0003.120
11/1/20285,000195,800.00200,800.00396,600.006,029,325.006,425,925.00
*5/1/2029195,700.00195,700.00
4.0003.200**
11/1/202935,000195,700.00230,700.00426,400.006,259,625.006,686,025.00
5/1/2030195,000.00195,000.00
4.0003.200**
11/1/203035,000195,000.00230,000.00425,000.006,260,425.006,685,425.00
5/1/2031194,300.00194,300.00
4.0003.200**
11/1/203140,000194,300.00234,300.00428,600.006,259,925.006,688,525.00
5/1/2032193,500.00193,500.00
4.0003.200**
11/1/203235,000193,500.00228,500.00422,000.006,262,925.006,684,925.00
5/1/2033192,800.00192,800.00
4.0003.200**
11/1/203335,000192,800.00227,800.00420,600.006,263,975.006,684,575.00
5/1/2034192,100.00192,100.00
11/1/203440,000192,100.00232,100.00424,200.006,262,925.006,687,125.00
4.0003.650**
5/1/2035191,300.00191,300.00
4.0003.650**
11/1/203545,000191,300.00236,300.00427,600.006,259,575.006,687,175.00
5/1/2036190,400.00190,400.00
4.0003.650**
11/1/203640,000190,400.00230,400.00420,800.006,263,725.006,684,525.00
5/1/2037189,600.00189,600.00
4.0003.650**
11/1/203745,000189,600.00234,600.00424,200.006,264,775.006,688,975.00
5/1/2038188,700.00188,700.00
4.0003.650**
11/1/203850,000188,700.00238,700.00427,400.006,261,350.006,688,750.00
5/1/2039187,700.00187,700.00
4.0003.650**
11/1/203950,000187,700.00237,700.00425,400.006,261,300.006,686,700.00
5/1/2040186,700.00186,700.00
4.0003.650**
11/1/20402,905,000186,700.003,091,700.003,278,400.003,406,000.006,684,400.00
5/1/2041128,600.00128,600.00
4.0003.750**
11/1/20416,430,000128,600.006,558,600.006,687,200.006,687,200.00
TOTALS9,870,0006,571,256.6716,441,256.6716,441,256.67104,365,180.72120,806,437.39
*Optional redemption date of May 01, 2029
**Priced to an optional redemption date of May 01, 2029
PFM Financial Advisors LLC6
FRANKLIN COUNTY
Series of 2024
Sources & Uses of Funds
SOURCES:
Principal9,870,000.00
Net Original Issue Premium127,602.65
Accrued Interest0.00
Total9,997,602.65
USES:
Deposit to Project Fund9,795,667.65
Underwriter's Discount$8.00 78,960.00
0 bps
Bond Insurance0.00
Bond Counsel Fee35,000.00
Financial Advisor Fee47,000.00
Credit Rating (S&P: AA)19,475.00
Formatting & Printing Official Statement12,000.00
Auction Administrator3,500.00
Paying Agent (Fulton Bank)1,000.00
Miscellaneous Expenses/Rounding5,000.00
Total9,997,602.65
Pricing Date5/8/2024
Dated Date6/18/2024
Settlement Date6/18/2024
Yield of the Issue3.706947
OIP/(OID) Calculation
DatePriceOIP/(OID)
11/1/2025100.752%225.60
11/1/2026101.534%383.50
11/1/2027102.629%657.25
11/1/2028103.565%178.25
11/1/2029103.577%1,251.95
11/1/2030103.577%1,251.95
11/1/2031103.577%1,430.80
11/1/2032103.577%1,251.95
11/1/2033103.577%1,251.95
11/1/2034101.545%618.00
11/1/2035101.545%695.25
11/1/2036101.545%618.00
11/1/2037101.545%695.25
11/1/2038101.545%772.50
11/1/2039101.545%772.50
11/1/2040101.545%44,882.25
11/1/2041101.099%70,665.70
TOTAL127,602.65
PFM Financial Advisors LLC7
COUNTY OF FRANKLIN
SUMMARY OF OUTSTANDING INDEBTEDNESS
DEBT SERVICE REQUIREMENTS
12345678910
LGUDA Debt*Other Financings
Fiscal G.O. BondsG.O. NoteG.O. BondsG.O. BondsG.O. Bonds Sub-Total Motorolla Total
Year Series ofSeries ofSeries ofSeries ofSeries of LGUDA LIDA LoanCapital Lease Debt
Ended 20182020 \[1\]202120232024 Debt Service*20052021 Service
12/31/20242,124,6383,898,565206,300459,217145,857 6,834,576 65,945493,064 7,393,585
12/31/20255,084,525206,150414,550424,800 6,130,025 65,945493,064 6,689,034
12/31/20265,080,925241,000403,800418,600 6,144,325 49,440493,064 6,686,829
12/31/20275,082,725259,800433,550417,600 6,193,675 493,064 6,686,739
12/31/20285,084,525508,000436,800396,600 6,425,9256,425,925
12/31/20295,086,125508,700664,800426,400 6,686,0256,686,025
12/31/20305,082,325509,100669,000425,000 6,685,4256,685,425
12/31/20315,083,125509,200667,600428,600 6,688,5256,688,525
12/31/20325,083,125504,000675,800422,000 6,684,9256,684,925
12/31/20335,082,125503,650678,200420,600 6,684,5756,684,575
12/31/20345,084,925503,000675,000424,200 6,687,1256,687,125
12/31/20355,086,125502,050671,400427,600 6,687,1756,687,175
12/31/20365,085,525500,800677,400420,800 6,684,5256,684,525
12/31/20375,082,925509,250672,600424,200 6,688,9756,688,975
12/31/20385,081,850512,100667,400427,400 6,688,7506,688,750
12/31/20392,729,5003,531,800425,400 6,686,7006,686,700
12/31/20403,406,0003,278,400 6,684,4006,684,400
12/31/20416,687,200 6,687,2006,687,200
12/31/2042
12/31/2043
12/31/2044
12/31/2045
Totals73,295,5133,898,5659,212,60015,804,91716,441,257118,652,851181,3301,972,256120,806,437
Principal**:54,200,00006,710,0009,970,0009,870,00080,750,0002,775,02683,525,026
Call Date:11/1/2026Non-Callable11/1/202611/1/20285/1/2029
New Money &
Cur Ref 2013 & Letterkenny Ind'l Motorolla Lease
Purpose:Cur Ref Portion New MoneyNew MoneyNew Money
2014Dev't Authority(911)
of 2011
*Debt issued under PA's Local Government Unit Debt Act (LGUDA) and filed with PA's Dept. of Community and Economic Development (DCED)
** Outstanding as of May 8, 2024
\[1\]2020 Note : JPMorgan Chase bank loan
PFM Financial Advisors LLC8
COUNTY OF FRANKLIN
GENERAL OBLIGATION BONDS
SERIES OF 2024
SUMMARY OF FINANCING
2024 Bonds Principal:$9,870,000
Pricing Date:5/8/2024
Settlement Date:6/18/2024
Credit Rating:S&P: AA (Stable)
Arbitrage Yield:3.706947%
Method of Sale:Competitive Internet Auction
Est. Available for Projects:$9,795,668
Proceeds of the Bonds may be applied for the purpose of providing
funds for and towards: (a) the acquisition of additional facilities to be
used by the County; (b) the design, construction, furnishing and any
other expenses related to upgrades and/or additions to existing and/or
Use of Proceeds:
additional facilities of the County; (c) such additional capital projects
as the Board of Commissioners of the County may approve from time
to time and (d) the payment of costs, fees and expenses with respect
to issuing the Bonds.
FINANCING TEAM MEMBERS
County Of Franklin
Issuer
Black & Davison P.C.
Solicitor
Barley Snyder LLP
Bond Counsel
PFM Financial Advisors LLC
Financial Advisor
Janney Montgomery Scott LLC
Underwriter
Fulton Bank, N.A.
Paying Agent
S&P
Rating Agency
PFM Financial Advisors LLC9
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PFM Financial Advisors LLC14
Disclosures:
PFM is the marketing name for a group of affiliated companies providing a range of services. All
services are provided through separate agreements with each company. This material is for
general information purposes only and is not intended to provide or give a specific
recommendation. Financial advisory services are provided by PFM Financial Advisors LLC which
is a registered municipal advisor with the Securities and Exchange Commission (SEC) and the
Municipal Securities Rulemaking Board (MSRB) under the Dodd-Frank Act of 2010. Swap
advisory services are provided by PFM Swap Advisors LLC which is registered as a municipal
advisor with both the MSRB and SEC, a commodity trading advisor with the Commodity Futures
Trading Commission, and a member of the National Futures Association. Consulting services are
provided through PFM Group Consulting LLC. PFM financial modeling platform for strategic
forecasting is provided through PFM Solutions LLC. For more information regarding PFMÓs
services or entities, please visit www.pfm.com.
The information and any analyses contained in this presentation are taken from, or based upon,
information obtained from the recipient or from publicly available sources, the completeness and
accuracy of which has not been independently verified, and cannot be assured by PFM. The
information and any analyses in these materials reflect prevailing conditions and PFMÓs views as
of this date, all of which are subject to change. To the extent projections and financial analyses
are set forth herein, they may be based on estimated financial performance prepared by or in
consultation with the recipient and are intended only to suggest reasonable ranges of
results. Opinions, results, and data presented are not indicative of future performance. Actual rates
may vary based upon market conditions at the time of pricing. The printed presentation is
incomplete without reference to the oral presentation or other written materials that supplement it.
To the extent permitted by applicable law, no employee or officer of PFMÓs financial advisory
business, nor any of PFMÓs affiliated companies, accept any liability whatsoever for any direct or
consequential loss arising from negligence or from any use of this presentation or its contents. Any
municipal financial product or financial strategy referenced may involve significant risks, including,
but not limited to: market, interest rate, or credit risk, and may not be suitable for all clients. The
ultimate decision to proceed with any transaction rest solely with the client.
PFM Financial Advisors LLC15