Investor Presentaiton
LYRB
UIA TELECOMMUNICATIONS REVENUE BONDS, SERIES 2019
HISTORICAL FINANCIAL FORECAST AND ESTIMATED DEBT SERVICE COVERAGE WITHOUT FRANCHISE TAX REVENUES - ASSUMING NO
GROWTH IN REVENUES FROM NEW AREAS TO BE BUILT
FISCAL YEAR
2015
2016
HISTORICAL AND PROJECTED DEBT SERVICE COVERAGE
2017
2018
2019
2020
2021
2022
2023
2024
2025
UIA Network Revenues(1)
Service Contract (Lease Agreements)
702,769
Service Contract (CUE Agreements)
418,315
Service Provider Agreements
4,329,738
940,608
519,787
5,450,373
1,312,274
563,978
6,382,197
1,705,427
693,302
7,706,863
Installation
410,402
176,741
Miscellaneous
466,116
Total UIA Network Revenues: (1)
6,327,340
601,806
7,689,315
167,615
629,496
Total Available Revenues
6,327,340
7,689,315
Less: O&M Expenses (1)(2)
528,463
Less: IRU Annual Payment(3)
655,000
Net Revenues
5,143,877
749,021
655,000
6,285,294
655,000
7,234,277
655,000
7,355,390
110,353
425,869
9,055,560 10,641,814 13,907,000
9,055,560 10,641,814 13,907,000
1,166,283 2,631,424 3,489,200
982,500
9,435,300
2,539,356
710,944
9,729,606
99,100
827,994
2,844,079
746,491
10,751,215
3,185,368
783,816
11,880,092
3,185,368
783,816
11,880,092
3,185,368
783,816
11,880,092
3,185,368
783,816
11,880,092
3,185,368
783,816
11,880,092
104,055
109,258
867,650
904,379
15,313,489 16,862,913
15,313,489 16,862,913
5,330,200 5,383,500
109,258
904,379
109,258
904,379
16,862,913 16,862,913 16,862,913 16,862,913
16,862,913 16,862,913 16,862,913 16,862,913
5,437,300 5,491,700 5,546,600 5,602,100
109,258
109,258
904,379
904,379
9,983,289
11,79,413
11,425,613 11,371,213 11,316,313 11,260,813
Debt Service
Series 2011A Bonds
1,117,680
1,117,680
1,117,680
1,117,680
Series 2011B Bonds
1,007,923
1,004,883
1,006, 123
897,521
Series 2013 Bonds
782,100
780,275
Series 2015 Bonds
781,875
1,597,098
541,300
Series 2017 Bonds
1,113,024
1,172,824
Series 2018 Bonds
6,237,125
867,543
5,781,575
1,676,088
Series 2019 Bonds(4)
5,775,125
1,677,838
978,225
Total Debt Service
2,907,703
2,902,838 4,502,775 4,842,349
7,104,668
7,457,663
8,431,188
5,751,600
1,678,088 1,676,838 1,674,088 1,674,713
3,228,825 3,226,950 3,231,575 3,227,575
10,658,513 10,656,188 10,648,788 10,436,038
5,752,400 5,743,125 5,533,750
Debt Service Coverage (4) (5)
1.77
2.17
1.61
1.52
1.33
1.34
1.36
1.07
1.07
1.06
1.08
Source: The Agency and the Municipal Advisor, based on the Agency's audited financial statement for the fiscal year ended June 30, 2018.
(1) Projected based on the Agency's preliminary financial statements for the fiscal year ended June 30, 2019. Does not include Available Franchise Tax Revenues.
(2) Excludes depreciation. The Agency's Operation and Maintenance Expenses primarily consist of the monthly fees it pays to UTOPIA pursuant to the UTOPIA Service Agreement.
(3) Pursuant to the IRU Agreement, which provides long-term rights to the Agency to connect the UIA Network to the UTOPIA Network, the Agency makes an annual lease payment to UTOPIA. IRU payments were
accelerated and paid in full in FY 2019.
(4) Preliminary, subject to change.
(5) Net Revenues divided by Debt Service on the Series 2017, 2018, and 2019 Bonds.
Estimated debt service coverage without franchise tax revenues is approximately 1.07x.
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