OFFICE OF: FINANCE DEPARTMENT
Office:
Fax:
951.736.2327
951.279.3794
400 SOUTH VICENTIA AVENUE, P.O. BOX 940, CORONA, CALIFORNIA 92878-0940
February 12, 2015
Municipal Securities Rulemaking Board
1900 Duke Street Suite 600
Alexandria, VA 22314
Trustee:
Christopher Davy
The Bank of New York Mellon Trust Company, N.A.
400 S. Hope Street, Ste. 400
Los Angeles, CA 90071
Dissemination Agent:
City of Corona
400 S. Vicentia Ave
Corona, CA 92882
Subject:
Secondary Market Disclosure
$20,890,000 Corona Utility Authority
2013 Wastewater Revenue Bonds (Wastewater Projects)
(CUSIP #219706)
Attached is the Annual Report as required per Section 4 of the Continuing Disclosure Agreement
for the City of Corona and the Corona Utility Authority dated June 1, 2013 in connection with
the issuance of the above referenced bonds.
The Annual Report is comprised of the following information, as of June 30, 2014:
Per Section 4:
(a) Audited financial statements for - Comprehensive Annual Financial Report
(b) Principal amount outstanding –
$ 20,890,000
(c) Updated Tables presented in the Official Statement – Attached
•
•
•
Historic Wastewater Enterprise Connections
Historic Wastewater Enterprise Daily Average Flow
Ten Largest Wastewater Enterprise Customers
•
•
•
Selected Wastewater Enterprise Rates
Wastewater Enterprise Historic Operating Results
Electric Distribution System Historic Operating Results
Per Section 5:
Significant Events - None
If you have questions related to this Annual Report of the City of Corona, please contact me.
Sincerely,
Patricia Song
Finance Manager
Patricia.Song@ci.corona.ca.us
CITY OF CORONA
CORONA UTILITY AUTHORITY
WASTEWATER ENTERPRISE
Historic Wastewater Enterprise Connections
Fiscal
Year
2009
2010
2011
2012
2013
2014
Residential
Connection
34000
34088
34813
35015
35359
35608
Commercial
Connections
2004
2067
2097
2199
2154
2191
Source: The City of Corona, Department of Water & Power
Total
Connections
36004
36155
36910
37214
37513
37799
Percentage
Change
(0.82)
0.42
2.09
0.82
0.80
0.76
CITY OF CORONA
CORONA UTILITY AUTHORITY
WASTEWATER ENTERPRISE
Historic Wastewater Enterprise Daily Average Flow
Fiscal
Year
2009
2010
2011
2012
2013
2014
Daily Average
Flow (mgd)
13.05
13.47
13.63
12.90
13.35
12.61
Source: The City of Corona, Department of Water & Power
Percentage
Change
(1.06)
3.22
1.19
(5.36)
3.50
(5.55)
CORONA UTILITY AUTHORITY WASTEWATER ENTERPRISE
Ten Largest Wastewater Enterprise Customers
Fiscal Year 2013-14
Payment
$354,097
2013-14
Percent of Total
Wastewater Enterprise
Service Charge Revenues
1.20%
Multi-Family Units
$263,556
0.89%
CORONA-NORCO USD
Public Agency
$255,131
0.86%
MG PROPERTIES
Multi-Family Units
$225,446
0.76%
STEADFAST COMPANIES
Multi-Family Units
$196,992
0.67%
TRIANA AT CORONA RANCH MAINTENANCE
CORPORATION
ERP OPERATING LIMITED PTNRSHP
MARQUESSA APTS
GREEN RIVER VILLAGE MH COMM
EBB CREEK APARTMENTS, LLC
TOTAL
Multi-Family Units
$193,161
0.65%
$186,970
$183,560
$182,218
$175,104
$2,216,235
0.63%
0.62%
0.62%
0.59%
7.51%
Customer
WATERSTONE AT CORONA POINTE
Type of Business
Multi-Family Units
EWR, INC.
Source: The City of Corona, Department of Water & Power
Multi-Family Units
Multi-Family Units
Mobilehome Spaces
Multi-Family Units
CITY OF CORONA
CORONA UTILITY AUTHORITY
SELECTED WASTEWATER ENTERPRISE RATES
Service Type
Inside Standard Wastewater
Residential/Mobile Home Parks (per space)
Motels & Hotels (per unit)
Motels & Hotels (per living unit)
Restaurants, supermarkets, mortuaries and bakeries - meter 1" or smaller
Restaurants, supermarkets, mortuaries and bakeries - meter greater than 1"
Laundries (per machine)
Inside Commercial 5/8" or City park restroom
Inside Commercial 3/4"
Inside Commercial 1"
Inside Commercial 1 1/2"
Inside Commercial 2"
Inside Commercial 3"
Inside Commercial 4"
Inside Commercial 6"
Inside Commercial 8"
Source: The City of Corona, Department of Water & Power
Fiscal Year 2013
Monthly Fixed
Service Charge
Fiscal Year 2014
Monthly Fixed
Service Charge
$
$
44.71
7.44
44.71
160.08
261.12
23.73
44.71
70.61
101.45
182.41
285.83
526.87
858.26
1,719.12
2,765.22
45.60
7.59
45.60
163.28
266.34
24.20
45.60
72.02
103.48
186.06
291.55
537.41
875.43
1,753.50
2,820.52
Corona Utility Authority
Wastewater Enterprise
Historic Operating Results (for Fiscal Year Ended June 30)
2010
Gross Revenues
Utility Service Charges
Fees and Permits
Fines and Penalties
Capacity Fees
Operating Grants
Investment Earnings
Other Revenues
Total Gross Revenues
Direct Costs and Allocated Costs
Personnel Services
Contractual
Material and Supplies
Net Power Sales Payments
Utilities
Total Direct Costs and Allocated Costs
Net Revenues
Debt Service
SRF Loan - 1997
2013 Wastewater Revenue Bonds
Total Debt Service
$
$
$
Subordinate Debt Service
1997 Lease Agreement
Interfund Loan - Biosolids Dryer
Total Subordinate Debt Service
Cash available for Capital Projects
or other improvements
(1)
26,167,119
204,995
500
270,010
122,308
1,196,647
2,229,530
30,191,109
$
$
$
$
5,241,066
790,727
8,405,536
1,864,767
3,497,436
19,799,532
$
$
$
Debt Service Coverage
Cash Available for Subordinate Debt Service
2011
2012
26,317,303
461,067
370,058
325,863
693,193
212,775
28,380,259
$
$
$
$
4,764,074
1,405,091
8,206,714
2,695,946
17,071,825
10,391,577
$
1,503,293
1,503,293
$
$
6.91
2013
28,055,728
405,721
540,066
905,148
565,823
470,606
30,943,092
$
29,353,868
419,423
376,456
990,044
5,782
470,465
31,616,038
$
365,188
370,140
31,884,608
$
$
2,926,565
20,941,000
$
2,998,595
18,698,866
11,308,434
$
9,879,534
$
10,675,038
$
13,185,742
1,503,293
1,503,293
$
1,503,293
1,503,293
$
1,503,293
1,503,293
$
817,645
817,645
7.52
$
6.57
$
29,561,485
443,596
251,446
892,754
$
$
5,320,422
1,852,581
10,841,432
$
4,803,750
1,642,243
11,838,218
2,779,347
21,063,558
$
7.10
4,867,043
1,325,980
9,507,249
16.13
$
8,888,284
$
9,805,141
$
8,376,241
$
9,171,745
$
$
$
$
549,220
1,024,299
1,573,519
$
$
546,563
1,023,672
1,570,235
$
$
547,305
1,023,474
1,570,779
$
$
551,750
1,023,332
1,575,082
$
7,313,202
$
8,234,362
$
6,806,006
$
7,598,226
$
Only interest payments were due for 2013 Wastewater Revenue Bonds' first annual debt service payment.
Source: The City of Corona
$
2014
$
12,368,097
12,368,097
(1)
City of Corona
Electric Distribution System
Historic Operating Results (for Fiscal Year Ended June 30)
2010
Revenues
Less Operation & Maintenance Costs
Net Revenues
Share of Payments under 2005
Installments Purchase Agreement
DEBT COVERAGE
(1)
$
$
2011
9,743,662
(6,926,045)
2,817,617
$
$
9,819,105
(6,666,798)
3,152,307
2012
2013
2014
$ 10,223,581
(5,727,541)
$ 4,496,041
$ 11,105,643
(6,797,614)
$ 4,308,029
$ 10,932,178
(6,737,351)
$ 4,194,827
1,230,173
1,231,317
1,209,614
426,887
2.29
2.56
3.72
10.09
(1)
1,222,840
3.43
In fiscal year 2013, the interest expense for 2005 Installments Purchase Agreement was reduced because the debt service interest
payment to the 2005 COPs was paid using the available funds from the Certificate Payment fund.
Source: The City of Corona