In response to investor inquiries, National Public Finance Guarantee Corporation (National), an indirect subsidiary of MBIA Inc. (NYSE: MBI), today confirmed that it has approximately $224 million of insured exposure to the City of Stockton, California, $89 million of which is backed by the City’s general fund.
“Bonds issued by the City of Stockton, California and insured by National are fully backed by National’s financial strength and claims-paying resources. In the event that the City should fail to make a required debt service payment for any reason bondholders who own National-insured bonds will receive their scheduled interest and principal payments on time and in full,” said National’s Chief Risk Officer Adam Bergonzi. “We will continue to monitor developments closely as the City attempts to resolve its fiscal crisis.”
The following is a summary of National’s insured exposure to various bonds issued by the City of Stockton:
|Redevelopment Agency of the City of Stockton Revenue Bonds, Series 2004 (Stockton Events Center – Arena Project)||$45,590,000|
|Stockton Public Financing Authority Lease Revenue Bonds Series 2004 (Parking and Capital Projects)||$31,640,000|
|Stockton Public Financing Authority 2006 Lease Revenue Refunding Bonds, Series A (Municipal Building)||$12,085,000|
|City of Stockton Revenue Certificates of Participation 1998 Series A (Wastewater System Project)||$78,105,000|
|City of Stockton Revenue Certificates of Participation (Wastewater System Project) Parity Obligations Surety Bond||$4,626,405|
|Stockton Public Financing Authority 2005 Water Revenue Bonds, Series A (Water System Capital Improvement Project)||$24,230,000|
|City of Stockton Community Facilities District No. 1 (Weston Ranch) Special Tax Refunding Bonds, Series 2006||$15,490,000|
|City of Stockton Community Facilities District No. 90-2 (Brookside Estates) 2005 Special Tax Refunding Bonds||$12,490,000|
The two Stockton Public Financing Authority Lease issues rely directly on the general fund for debt service, while the RDA Events Center Lease issue has its own dedicated revenue stream in addition to a backstop from the general fund. All other exposures benefit from discrete dedicated revenue streams outside of the general fund.
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